Thank tentimesodds and dailo. Still waiting for their Rate Beat response today. I guess I have to be a bit patient with email comms.
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Let's talk financing rates
- Thread starter flashflooder
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- Model 3
My guess is yes—they say the offer you send them has to be available to anyone and has to exactly match a loan they offer, and their calculator allows 84 month new car loans. Can’t vouch for it personally, though, so YMMV.
I don't see this? It comes up as 3.99 when I look. Is there something special you have to do to get the above rate?
Name Term Rate
New Auto - 2018 up to 60 months as low as 2.99
New Auto - 2018 61 to 72 months as low as 3.99
wbhokie
Member
I don't want to be nit-picky but did you get quoted that or did you just quick look on their site? That's their advertised rate if you use their car buying service, which you can't do with a Tesla as far as I know. I believe their rate would actually be 3.29/72 (And that may also not apply to the full amount of a tesla loan either as USAA can be picky on their approved financing vs other lenders) but please correct me if I am mistaken.
An update to my unanswered question and an update to my loan processing:
1) Lightstream specifically states that their loan is made out to individuals only here under Questions/FAQs/Loan Use. So I qualified as an individual, no problem.
2) See previous post here which describes prior to the current unfolding events. Since PTOFCU has a higher rate at 2.49% APR for 72 months, I decided that I will not go with them. Instead, I'm aiming to go with Fed Choice for the 2.24% APR. I didn't care much for the 0.1% APR reduction from Lightstream, as it wasn't really worth my time to apply. So going through the loan process with Fed Choice while in contact with Tesla IDA (Inside Delivery Advisor), Tesla wanted the secured loan from Fed Choice to have my business name on the loan paper work. I e-mailed the loan officer at Fed Choice since I couldn't find any information on their website if they can or can't do business loan. The response was no, they will not. So the next thing I did was ask if the loan amount could be deposited into my account and I make the payment to Tesla. After a couple of days passed without any answer, I changed plans where I will now apply at Lightstream, utilize their Rate Beat Program and get an unsecured loan (meaning not a lien holder like typical car financing), to avoid registration problems with Tesla. Good thing that I had requested an e-mail from Fed Choice earlier to show what loan I qualified for to show proof to Lightstream in the event that I utilized them. I submitted the approval e-mail from the Fed Choice loan officer along with online print out of account approval due to the wording in the loan approval e-mail stipulating the account opening needs to be approved. Later in the day yesterday, I get a reply back stating that I need an official approval letter. I'm like, WTF, I just attached everything that is as official as it gets for online communication. So I replied back with the same loan approval attachment. I get an e-mail back again stating the same thing. At this point, I'm frustrated what constitutes "official letter" that Lightstream is requesting. So I requested further clarification. Before closing out of the night, I send one last message to Fed Choice requesting an official letter detailing the loan agreement for review. I get a reply back from the loan officer this morning that one will be prepared. Also this morning, I get a reply stating I should call Lightstream. So I called in, explained kindly to the representative about my situation, and about 5-10 minutes later, I was approved. There appears to be some misunderstanding or overlooked issue with the account approval requirement stipulated in the loan approval email, even though I submitted clear evidence that the account was approved. So a simple approval e-mail with pertinent information regarding the loan purpose, the rate and term length is official enough for Lightstream. At this time, I'm still waiting on Fed Choice to get me an official letter, which is now moot. I would've gone with Fed Choice if I got a proper and favorable reply back with respect to my question. So now I can have the car registered under me and my business, and pay Tesla in cash to avoid loan registration matching.
I'm happy with 1.39% APR financing for 72 months with Lightstream. I hope all this information may be helpful to anyone in a situation like me with Lighstream's Beat Rate Program and dealing with Tesla registration under a business.
wbhokie
Member
Well fedchoice does have a promotion that you get 1% off an auto loan if you close within 30 days after joining as a new member.. i wonder if that played a part
Fed Choice has a hidden promotion for new members to receive a 1.0% APR reduction within 30 days of applying. So normal rate was 2.49% APR dropped down to 1.49% APR.
Not a math mistake nor a typo.
Correct, that played a part of it. Anybody can read it here for further details, which was also linked in the post above.
wbhokie
Member
Well I wasn't crazy then! That was my plan to use them, I'm just waiting to get my delivery date set in stone before applying to make sure I hit that 30 day window.
Looks like Fed Choice moved the new membership 1.00% APR reduction bonus here. Found it by Google search. So it wasn't really hidden... Just hard to find.
wbhokie
Member
That link doesn't work for me. Still works Hey Federal Employees | FedChoice Federal Credit Union for me - Still, you just need to contact someone there when you apply and mention it. I screen-shotted the page for reference in case I can't find it again. Worst case is the promotion goes away.
It also says siblings of federal employees. My sister is a teacher which is considered a federal employee. I emailed them about what they consider "area" in relation to the cities they list.
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