You donate as part of opening the account. You'll pay $15 total. $10 for the donation and $5 to fund the account.
Everything went smoothly and timely for me with allegacy, although they went provide anything in writing for lightstream.
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Let's talk financing rates
- Thread starter flashflooder
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- Model 3
You donate as part of opening the account. You'll pay $15 total. $10 for the donation and $5 to fund the account.
Everything went smoothly and timely for me with allegacy, although they went provide anything in writing for lightstream.
After deciding on an unsecured loan from LightStream, I changed my financing type to cash by emailing my ISA. He then asked me to go to the website and reconfirm everything was correct. No issues.
I now have an option to send payment via ACH or bring a cashier's check to my delivery in a couple weeks. Not sure why anyone would choose to pay via ACH in advance, but that's a different topic.
Glamisduner
Active Member
How far in advance did tesla give you a vin? How long did lightstream take to beat the rate with a full approval?
Can I bring actual cash to pay for part of the remaining balance?
I went ahead and filled in the loan info with the best pre-approval I have received so far.
This Credit Union will only finance 130% of the base price 45.5k? (base price is 35,000) for a model 3 I believe. Crazy that mine is costing 73k then lol.
But I'm hoping for one of the other CU's to beat the 2.79% of the CU I put the info in for. Of course now that setting is locked, but I hope I can email to change it to Allegacy or to lightstream (if they come through in time) without delaying my delivery.
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I asked for it go the VIN about 2 weeks in advance. LightStream did the rate beat in a couple of hours once they received documentation that was satisfactory to them.
Cashier's check made to Tesla Motors Inc. is what you need to bring to delivery.
That's correct, once I'm ready for Allegacy to send the funds to Tesla, I'll need to deposit the donation and $5 for the savings account.
Glamisduner
Active Member
Dang well I didn't want to deposit some cash into my account as I didn't want to receive a false flag from the IRS as having received additional income this year (wifey is giving me some cash until I sell my truck). But it sounds like it will have to go into my account then if tesla will not take cash at delivery.
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Interesting they asked me to join, $5 saving plus donate before they would approve me.
I guess I interpreted that as I had better sign up now so I went ahead and did it. Oh well, probably going to end up using them anyways.
I'd love to lightstream their offer.
It does not sound like they ever actually give me an approval doc until the check is being sent to tesla. So I don't think I can lightstream this one.
I don't even know what rate they approved me at yet, Just that I was approved! I wonder if I would be better off just lightstreaming the rate from my current CU (%2.79 -> 2.69% unsecured) and be done with it. With credit score over 800 I thought I would be able to do better but I guess not. I wonder if it would be better to take the unsecured loan at a slightly higher rate, sure would be nice to have the title in hand if I ever decide to sell the model 3 for another tesla before my 5 year loan is up.
I really doubt it since that is not legal...
They must at some point show you a website (maybe the DocuSign) with the terms.
They almost always have the same visual format as the attached.
Unless you are going in person and they don't let you take a screenshot/take a copy of the contract before signing.
Attachments
Slumpey326
Member
can anyone hear provide any feedback on low rates with credit unions for people living in FL. I am seeing alot of credit unions outside FL with great rates for 72 or 84 month terms but the membership requirements are too strict. Anyone have any luck to share if they are finding credit unions with not so strict membership terms but great rates.
I would recommend checking their requirements closely. You may find that joining or being a member of another organization may be all that is required.
Peoples' Alliance Credit union(2.24% 72mo) if you live, worship, study or work. Withing Miami and adjacent zip codes.
There's also University Credit Union - Home had 2.40% on 72mo if I recall almost same requirements.
There's also University Credit Union - Home had 2.40% on 72mo if I recall almost same requirements.
There are some great rates at ActorsFCU (1.99% @ 72 months) if you're willing to jump through some hoops Tesla Loan Comparison Spreadsheet - Auto Update Rates
Slumpey326
Member
Looking at their membership guidelines I see this:
or a qualifying family member of a current Credit Union member (qualifying family members include spouse/significant other, children, grandchildren, siblings, parents, and grandparents).
does this mean you can join if you belong to any credit union. I looked at the spreadsheet am I feel alot are for california.
Posted on the spreadsheet thread, but wanted to post here too since this one talks about LightStream a lot.
Don’t waste your time with LightStream. It is a bait-and-switch. They will do everything they can to avoid matching the rate and are quite rude if you try to follow up on the phone.
I obtained an approval through Pasadena credit union, then applied and contacted LightStream for a match. They originally said it would be no problem. Then they started making excuses.
First, they said an approval in an email was not enough. Then, they said Pasadena CU required a checking account. Then, they said Pasadena CU was not open to anyone. When I explained it was open to anyone, they forwarded me to a supervisor who was very dismissive. He implied I was a problem because I called twice in one day (oh the horror!) and told me to take it or leave it. If I didn’t like the loan they offered, I should go online and click “cancel.” So I did.
Hopefully I can save you all the aggravation and hard credit pull. Don’t bother applying, it isn’t worth it.
Don’t waste your time with LightStream. It is a bait-and-switch. They will do everything they can to avoid matching the rate and are quite rude if you try to follow up on the phone.
I obtained an approval through Pasadena credit union, then applied and contacted LightStream for a match. They originally said it would be no problem. Then they started making excuses.
First, they said an approval in an email was not enough. Then, they said Pasadena CU required a checking account. Then, they said Pasadena CU was not open to anyone. When I explained it was open to anyone, they forwarded me to a supervisor who was very dismissive. He implied I was a problem because I called twice in one day (oh the horror!) and told me to take it or leave it. If I didn’t like the loan they offered, I should go online and click “cancel.” So I did.
Hopefully I can save you all the aggravation and hard credit pull. Don’t bother applying, it isn’t worth it.
lairdb
Member
FWIW, my experience with Lightstream could not have been better. Briefly outlined here, I got a good rate from a CU, applied online to Lightstream and got their rack rate, sent (written, non-email) proof of the CU approval and rate, and had the rate beat in hours. Never spoke to a human; couldn't have been easier. A+++++ would borrow again. YMMV.
I currently have a 2.49% with my credit union that I have a very good relationship with, but due to a mishap with the loan officer, I may not get the funding on time for the vehicle. I am now thinking of potentially the Lightstream rate beat program as I have an approval letter.
Does anyone know if Lightstream calls for verification? I don't want my loan officer to know I've cheated on them (haha...) as I feel guilty about it but also need the loan for the vehicle.
Does anyone know if Lightstream calls for verification? I don't want my loan officer to know I've cheated on them (haha...) as I feel guilty about it but also need the loan for the vehicle.
hurjio
Member
AFAIK they don't, but they're pretty strict on what they want on the approval letter (can't be pre-approval letter).
Slumpey326
Member
can you please advise what lightstream's wants on the approval letter inorder for the rate beat to work.
Is there some kind of truth in lending law that says the lender must specify the loan $ amount, rate and term of the loan? I am applying for loans and I was approved but they stated that the interest rate was not guaranteed and would be set on the day of loan closing. Can they do that? I thought all loans had to have the terms of approval. Usually the rate is locked for like 30 days.
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