CrazyCoconut
Member
IMHO, this is key. They want to lend to people who do not NEED the loan and can pay for the car outright if necessary.
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Let's talk financing rates
- Thread starter flashflooder
- Start date
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- Model 3
voip-ninja
Give me some sugar baby
i was preapproved right away for LA financial so it took me to a congratulations screen which i printed to pdf and sent to LS. i also received an email from LA that said the same thing. i think sending LS a pdf copy of an email should be sufficient as long as it contains all the loan terms being approved.
Thinking this is the key. My equifax score (which LightStream uses) is 794 but I have enough liquid assets to cover the loan so I was approved for unsecured.
As an aside, my equifax score is always ~25-30 points lower than my scores from the other two. Been that way for years, even as my credit score has gradually gone up. Anyone know why that is?
stayfocus18
Member
I have a strategy so its really not that panicked... thanks to this thread I have a plan... applied to mcu and another credit union so far.
I’m getting a 72 just because the interest rate difference is small over the course of that many years. I still plan on making payments at a rate of a 60, but it’s nice to have the flexibility.
ProphetM
Member
After nearly two months of total silence since order, 1 month since changing to white interior, I had my edit link disappear on Sunday, got an email mostly asking for loan info on Monday, and then a call on Tuesday (today), where I was told the car should be here by the end of the week and they're looking to deliver early next week. I'm still mid-application at Allegacy, with a new membership account set up but the auto loan web form had some sort of error that stalled me out - it thought a required field was empty but none were, so I couldn't continue. I'll have to call them in the morning.
And cars last longer now, too.
Can you please confirm the rate again? And when did you get this approval? Was it before 19th August? I ask because I got an approval from dcu for 2.99% ... their lowest rate ( includes direct deposit discount and EV rate). As per the loan officer over the phone their rates increased over the weekend.
Chak
Member
I applied last week when the rate was 2.49 and got the pre-approval. When I called this week about the status, they said rates went up by 0.5%. But after checking with her manager she said they can still honor 2.49 as long as I submit MVPA with VIN on it by this Friday. I explained this to Tesla DA to see if he can speed up things. He gave me VIN#, but said MVPA with VIN on it won't be available until a few days before delivery on Sept 6th. He said he would try to get it to me as soon as he can.
It's sort of crazy to think you can get a 5 year loan now for 1.49-1.99%, especially when you consider that online savings rates are around 1.9% and expected to go up as rates increase. You can actually make money on your loan!
I do remember the days when GM used to do 0% financing for 5 years, pre-dating the high interest online savings accounts though.
I do remember the days when GM used to do 0% financing for 5 years, pre-dating the high interest online savings accounts though.
CrazyCoconut
Member
I also applied to LightStream and got a near instant approval. Got a better credit union rate and sent them the letter which states all of the terms but is marked as pre-approval and they are giving me a hard time about matching the rate. Been back and forth with them a few times this morning, without the MVPA I can't get anything else to them besides this pre-approval letter. Anyone have sucess calling them and making an appeal? Can't even find a # on theirwebsite.
CrazyCoconut
Member
I think this is like the 10th time this number has been posted in this thread (and the other thread in Ordering).
Search is your friend
voip-ninja
Give me some sugar baby
Lightstream isn't going to match without a formal document from the lender that is labeled as an approval.
This is right where I am, Everence won't give me an approval letter without a VIN and lightstream won't match Everence formal pre-approval offer because it is labeled "pre approval" and has conditions in it related to VIN/order details.
I don't think calling them up is going to do anything to shake it loose.
Yeah, but net interest income might pass financing rate by next year (remember it was not too long ago when you could get 3-5% in online savings...ok it's been like 8-10 years)Keep in mind you are taxed on your gains
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