I could have but didn't want to jump through hoops to get it. Credit union wanted to keep our business. Getting our M3 financed through them too.How did you get them to match? Did you meet the membership requirements of PAFCU?
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I could have but didn't want to jump through hoops to get it. Credit union wanted to keep our business. Getting our M3 financed through them too.How did you get them to match? Did you meet the membership requirements of PAFCU?
Signed up with Vibe CU. Originally it was 2.75%, plus a .25% discount if you autopay. Noticed they had a new promotion, 0.5% off 'the lowest qualified rate' from what they offer. Asked them if that could apply to mine, and it did! So in the end, 1.99% for 72mo, ~$60k financed
DP: Offered unsecured from Lightstream with 3.69% but could not get them to match rate from CU. Emailed CU preapproval letter with terms spelled out. Lightstream shot me down saying preapproval letter is not official and they need truth in lending document. Called customer service who said will forward to credit, no response after 1 day. Called customer service again on Friday and was told credit team lead shot it down for the same reason. Attached a few more emails to try one more time. If they cant match then will have to go with CU. Maybe it depends who is reviewing and who was able to get them match with preapproval was lucky!
Thank you for the information. You are smart saving down the screenshot of the application. I only have an email confirming application submitted (didn't provide to lightstream). I do have emails with the loan officer requesting proof of income etc and an email confirming everything is set (provided to lightstream). Rate was mentioned in the preapproval letter. I will post what they say on Monday, pass or fail. Thanks.That stinks. They just beat my rate from tower this week. I was worried about the preapproval letter too so I gave them that, a screen shot of my online application with terms, and a screenshot of my secure “congratulations” email exchange with a tower rep (which is the only document I had identifying the actual rate). This did it, no questions asked. Hope this helps, although like you said, could be some rep variance there. Good luck!
For anyone that’s gone with LightStream do they offer GAP coverage and at what cost if so? If not where are you getting GAP coverage?
Regards,
Ski
You have to 'live, work, worship, or attend school in any county in the Lower Peninsula of Michigan.' Or if you are a relative of a Vibe member, or 'Retirees of Michigan Bell, SBC, Ameritech, AT&T, or Western Electric'Wow that's pretty awesome. What are the membership requirements?
GAP coverage. LOL.
An unsecured auto loan by its very nature won’t worry about GAP coverage since the assumption is that the borrower is taking the loan and making cash purchase of whatever vehicle they want at whatever price they want.
If the car were totaled and the pay off did not cover the outstanding loan amount doesn’t matter since the buyer would have the monies to make up this difference.
If you are really worried about GAP coverage then inquire with your insurance company they might be able to tack it onto your auto or homeowners policy.
@voip-ninja,
Thanks for the “Snarky” opening. Really makes one want to come back for educational information. I’ll figure it out on my own. Thanks.
Ski
@voip-ninja if I were only able to get a secured loan, should GAP coverage actually be something I should be looking at? Should it be through the CU/bank or in my auto-insurance? Is GAP insurance worth it and how much does it usually cost?
Does anyone have a contact email (specific person) or phone number for Lightstream? I've been approved for an unsecured loan with them, but want to work with someone to do their Rate Beat program. My local CU has me approved for 2.59% for 36mos, but I figured I might as well save the 0.1% and do unsecured too. Seems like most of the other financing options are either unavailable to me or have too many hoops to jump through.
Update on Aspire Federal Credit Union. I got financed at 1.99% 2 weeks ago. But, sorry to report that...I just emailed my contact there to see if it was a promotional rate or what. She just got back to me:
"Unfortunately, the rate has increased to 2.99% since you applied."