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Let's talk financing rates
- Thread starter flashflooder
- Start date
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- Model 3
Goosby
Member
That I am, thank you for pointing this out. Classic case of not reading the fine print and assuming what it says....
Update: LA Financial CU has preapproved me for a great rate, verbally they say it's 2.24% for 72 months, which matches their website. But they refuse to put the rate in the preapproval letter, so I can't use the letter for a rate beat on my unsecured loan with LightStream. I opened new applications with Everence and Allegacy tonight for 60 month loans each, hopefully they will make a written preapproval or approval letter with the rate in it. I think preapproval letter is fine and then I can call LightStream and explain.
For LA Financial, you need to go thru the whole process, then cancel after you get the loan docs. Then send that to LightStream and your done. I did it because my delivery was cancelled and VIN was reassigned. So the loan documents had to be cancelled since it was tied to the VIN, but before it was , i sent it to Lightstream and was approved in 3 hours. Then i waited till 2 days before the next delivery and it was funded the next day and cleared they following day when i oicked up my car. Just walked in with a cashiers check from my bank as if i was payin cash.
When i was tryin to work with LightStream, no pre-approval of anything was accepted except for the offical loan docs and terms to which they will match exactly and beat the rate by 0.10%.
When i was tryin to work with LightStream, no pre-approval of anything was accepted except for the offical loan docs and terms to which they will match exactly and beat the rate by 0.10%.
Allegacy FCU - Closing on 2.74% for 75 months this Thursday(8/30). They'll overnight a check and I have pickup scheduled for 9/4. Gap insurance is added at $375 (or so). I was approved for lightstream but could not get Allegacy to send any formal pre-approval/approval documentation that I could use for a rate match so I just went with them. On top of that, Allegacy was easy to work with and I liked my loan officer.
Knightshade
Well-Known Member
Yeah- they know what's up with lightstream at this point.
Like t.mcivery I'm just going with Allegacy directly- 2.29% for 66 months and they were very nice.
Plus they're actually physically only an hour or two from me if I ever needed to visit a branch or something- so the $2/month or so I'd have saved with lightstream isn't a big deal.
So it seems like the other lenders have caught on to people getting a rate beat with Lightstream and are now not putting anything in writing. I guess the only way now, as CuriousM3 said, is to actually go through the loan process with them and cancel at the last moment after receiving the official documents.
CrazyCoconut
Member
Loghtstream only matters if you care about getting an unsecured loan. If not, just go with your credit union.
That just seems shady to me. Next the Credit Unions will just say no Tesla’s financed for new members. They have figured out they should not give preapproval letters on a Tesla. They are obviously offering competitive rates but can’t continue doing so when people drive costs up with bad intentions. This behavior is going to mess things up for the rest of us trying to do business with one of them because our local banks have high rates.
Welcome to the free market. There's nothing wrong with shopping around for a better rate, and if Lightstream has found a way to increase their business by giving out desirable unsecured loans at low rates then more power to them.
wbhokie
Member
So happy I got this part done. I guess with all of the flood of new orders at the same time banks are noticing the patterns.
I have no problem using a credit union vs Lightstream as would I think most, but the unsecured loan and being a "cash" buyer is why people are doing the Lightstream rate beat. If the CU's would offer an unsecured loan I don't think most would go through the hassle of LS rate beat for only 0.1%. The CU's should realize this and they would greatly profit from the increased influx of Model 3's.
wbhokie
Member
Unsecured loans are not normal. Almost any lender wants collateral. That's why they don't do it, and also why Lightstream is very picky about qualifying people for them too. Lightstream just happens to do unsecured loans in general for other reasons too. (I used them for a pool loan a few years back)
Pandamoanium
Member
I've noticed some of the newer posts stating they're not qualifying for it even with great info. Bummer for those wanting to go that route.
Many aren’t shopping, they are using them with no intention of following through to do business with the credit union. Makes it harder for legitimate borrowers.
I was able to get Lightstream to do a rate-beat today from a scan of a Preapproval letter from a credit union. The letter included the exact amount that will be paid out, the number of months and rate, and the name and signature of the loan officer at the credit union. Lightstream also warned me that the loan amount must match exactly to what Lightstream had approved, if that was different they would not have considered to process the rate beat. They beat the rate by 0.1% and approved funding. I signed electronically and will get the money through wire transfer tomorrow (unsecured loan). Hope this helps somebody. Also Lightstream is really easy to contact via phone and they are totally helpful.
If Lightstream had required full loan documentation to beat (instead of simple preapproval letter) then I likely would have just moved forward with the secured loan at the credit union.
If Lightstream had required full loan documentation to beat (instead of simple preapproval letter) then I likely would have just moved forward with the secured loan at the credit union.
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