Has anybody here registered their Model 3 under a business LLC along with your name and successfully applied & approved for a loan from Lightstream and/or fed choice with your business' name on the loan application? Tesla wants the company's name on the loan documents and today is Sunday, I can't verify the banks if they can inclued the company's name.
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.