Lightstream's Rate Beat Program & Tesla Lending

[RogWilco]

Has anyone had success doing this specifically with a competing Tesla Lending offer? What did you send Lightstream for documentation? I'm skeptical they will accept a screenshot of my Tesla account page showing the loan approval details, but maybe that's all I need?

 

[rdlink]

Following.

 

[Anthony0535]

I spoke with lighstream and they will not accept the screen shot. They told me they need written proof of the terms which I have been unable to get from Tesla. I also applied with Tower Federal Credit Union who is offering 2.75 on a 5 year loan. However they denied my loan because they are telling me they will not accept my drivers license unless I walk into the branch and physically show them, despite me speaking with them prior and them telling me they will lend in Missouri. I have held numerous positions in lending for 20 years and never heard of anything like that. I believe it’s jaut a teaser rate and using that as an excuse to not give me the 2.75 because everything else is golden, 800 FICO extremely low DTI, salaried, same employee for 15 years etc. But if you are in the Maryland area I would look into them.

 

[RogWilco]

I can confirm that they indeed won't accept a screenshot. They were also extremely picky about the terms matching exactly (the Tesla Lending offer was for a few thousand less which they said would also disqualify the offer). That part makes sense, though it was a little disappointing for a relatively small difference in the loan amount.

Oh well.

 

[TORQU3]

Also, I got approved, but it wasn't for unsecured. It wasn't worth jumping through a bunch more hoops to save 0.1% if I didn't get to hold the title. I went with DCU which is who a bank with anyway, they are great and have competitive rates. Check is arriving tomorrow, now I just need the car to arrive....

 

[gtbuzz]

I had to send my truth in lending disclosure. Just an approval letter wasn't going to work.

 

[jhonnyXives]

I had to send my truth in lending disclosure. Just an approval letter wasn't going to work.

When do you get the TILA? It seems like you only get the TILA once you have the insurance binder in the bank's name and the bank has the MVPA , which is like 1 signature away from getting the loan.

 

[dmurphy]

Also, I got approved, but it wasn't for unsecured. It wasn't worth jumping through a bunch more hoops to save 0.1% if I didn't get to hold the title. I went with DCU which is who a bank with anyway, they are great and have competitive rates. Check is arriving tomorrow, now I just need the car to arrive....

I love DCU, and they hold my mortgage, but if you have any way to get into Campbell FCU, I strongly recommend them. They were amazing on my Tesla loan, and at a flat 2% to boot!

 

[jhonnyXives]

I just submitted my Truth In Lending Disclosure to Lightstream, they said they will not match my loan because its "
Secured Loan" and rate beat only applies to "Unsecured" loan. So yeah, either this changed recently because it does mention in their Rate Beat program they will only match "Unsecured" loans. Shady practice to lure people, pull their credit history and then most likely use that data for marketing.

 

[GOOCHY]

I spoke with lighstream and they will not accept the screen shot. They told me they need written proof of the terms which I have been unable to get from Tesla. I also applied with Tower Federal Credit Union who is offering 2.75 on a 5 year loan. However they denied my loan because they are telling me they will not accept my drivers license unless I walk into the branch and physically show them, despite me speaking with them prior and them telling me they will lend in Missouri. I have held numerous positions in lending for 20 years and never heard of anything like that. I believe it’s jaut a teaser rate and using that as an excuse to not give me the 2.75 because everything else is golden, 800 FICO extremely low DTI, salaried, same employee for 15 years etc. But if you are in the Maryland area I would look into them.

I'm going with them for financing but they advertise much lower rates than what they actually offer. I'm in the same boat as you - 800+ credit score, zero DTI other than a moderate mortgage, high household income - they refused to offer me the advertised rate because it was only valid for a 3 year finance. The rate they offered was still lower than Tesla but it's definitely shady.