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Let's talk financing rates
- Thread starter flashflooder
- Start date
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- Model 3
Would it be possible to make a new thread for the GAP discussion?
Since it's not 100% relevant to the financing rates (it's a good discussion especially with regards to light stream)?
BTW Actors FCU shows 5% on savings in their loan application website.
Instead of the 10% on a spreadsheet and on the other section of their website.
Anybody that has done the Actors FCU which member association did you use (songwriters association?)
Was it all online (and how quick it was?)
Since it's not 100% relevant to the financing rates (it's a good discussion especially with regards to light stream)?
BTW Actors FCU shows 5% on savings in their loan application website.
Instead of the 10% on a spreadsheet and on the other section of their website.
Anybody that has done the Actors FCU which member association did you use (songwriters association?)
Was it all online (and how quick it was?)
Glamisduner
Active Member
Not disagreeing with the separate thread idea, but just curious to know why GAP is particularly pertinent to LightStream? something to to do with unsecured loans?
Knightshade
Well-Known Member
I think the original question came up because since it's unsecured there's no way to do gap (since the car and the loan have no direct connection)
"Yes I'd like to insure the gap between the value of my car and the car loan on it"
"What car loan?"
This forum has been invaluable to me, and saved me $1500+ in interest on my Model 3 loan, so I thought it was time to finally post.
For those of you looking to use LightStream for an unsecured loan, they have become pretty picky about what documentation they will accept for their Rate Beat program. I applied to 2 Credit Unions both of which approved me for rates in the low 2s.
Neither of the CUs would provide an Approval Document with the loan terms (amount, rate, length, payment method) spelled out, which LightStream requires. The CUs did send pre-approval letters, but LightStream will not accept those for Rate Beat. After days of email back and forth with the CUs, getting email confirmation of terms which LightStream wouldn’t take, I was stuck in a catch 22 between the CUs and LightStream.
I decided to apply to another Credit Union, was approved online, and took screenshots of my application terms, my approval, etc and put them in a PDF. LightStream accepted that documentation for the Rate Beat Program. So my advice is to screenshot all the details when you apply, because getting that in writing from the Credit Unions after the fact has proven difficult.
I hope his saves some of you some time and frustration. Outside of the Rate Beat hiccup, LightStream has been great to deal with so far.
For those of you looking to use LightStream for an unsecured loan, they have become pretty picky about what documentation they will accept for their Rate Beat program. I applied to 2 Credit Unions both of which approved me for rates in the low 2s.
Neither of the CUs would provide an Approval Document with the loan terms (amount, rate, length, payment method) spelled out, which LightStream requires. The CUs did send pre-approval letters, but LightStream will not accept those for Rate Beat. After days of email back and forth with the CUs, getting email confirmation of terms which LightStream wouldn’t take, I was stuck in a catch 22 between the CUs and LightStream.
I decided to apply to another Credit Union, was approved online, and took screenshots of my application terms, my approval, etc and put them in a PDF. LightStream accepted that documentation for the Rate Beat Program. So my advice is to screenshot all the details when you apply, because getting that in writing from the Credit Unions after the fact has proven difficult.
I hope his saves some of you some time and frustration. Outside of the Rate Beat hiccup, LightStream has been great to deal with so far.
aren't they legally required to provide them due to the truth in lending act?
Yes, but they have wised up since a lot of people were using them to rate beat. Now they are waiting until the last minute to give you the official approval in writing. You can wait until the very end and back out to do the LD rate beat but it cuts things very close.
voip-ninja
Give me some sugar baby
Those of you who opened accounts with one or more CUs and ultimately went with someone else (LightStream etc).
Did you cancel the CU accounts? I was going to cancel them but wasn’t sure if this will cause a hit to my credit.
Did you cancel the CU accounts? I was going to cancel them but wasn’t sure if this will cause a hit to my credit.
From somewhere I read that if you open lines of credit, make a purchase on them, pay it off, and never using it again (shredding the credit card and not closing the account) helps boost credit score. Not sure if this is true, but could be similar if it is
voip-ninja
Give me some sugar baby
Knightshade
Well-Known Member
Not closing lines of credit helps your score because it lowers your overall utilization percentage
a savings account isn't a credit line though and such accounts generally don't appear at all on your credit report either way.
Glamisduner
Active Member
Is there a trick to joining allegacy credit union? I don't think I qualify based on the information on their site. Is there some trick to be able to qualify?
Also what happens if I fill out the the loan information on the tesla website but then decide to go another route?
Also what happens if I fill out the the loan information on the tesla website but then decide to go another route?
Knightshade
Well-Known Member
there's a list of like 20 places you can just donate $10 and become a member of the credit union... just sign up as a member and it'll be part of the process.
You don't have to "accept" whatever loan Tesla offers (and probably shouldn't as I've yet to see anybody get a decent rate that way compared to what some CUs are offering)
Glamisduner
Active Member
Tesla asks you to enter your 3rd party financing option. I'm just wondering what happens if I change it.
What are these 20 places? I found a list of eligible organizations but couldn't find a way to join most of them?
For example, if I donate to this place:
https://www.cfsfc.org/donate/
Does that make a member and eligible? Eligibility says you must be a member of the organization not just donate to it?
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Knightshade
Well-Known Member
During the membership application for the CU they ask you to pick one, then when you fund your account you include the required donation on top of the $5 minimum to open the account, they handle the rest.
I didn't change 3rd parties- I originally had "loan from tesla" so I could see their rate, and when it sucked I just changed it to 3rd party and added my allegacy info.
Mainly it's so they know who will need to be on the lien for the title
My process with Allegacy has been great so far. They take care of the membership setup with CFSFC and you'll fill out some paperwork to get that going. Once the loan is approved they'll setup a checking account where you'll deposit the $10 for CFSFC. I still haven't donated yet as Allegacy said I just need to fund the account before they can send the check to Tesla.
voip-ninja
Give me some sugar baby
Look at the thread sticky-noted at the top of the forum that has financial rates in spreadsheet format. It has notes about joining CUs, what qualifies you and probably answers many of your questions.
Glamisduner
Active Member
That's where I found them, but I posted in that thread and got clarification. Still seems a bit shady to me. Might have just wasted $15 but whatever I'm going to give it a shot.
So you filled out the membership and selected to donate, but the donation does not happen until later on in the process (after joining and depositing $5 in a saving account)?
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Go ahead and close the account. I went through this twice last year with two different cu's.
No harm to credit
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