Model 3 Financing

[DirtnStreet]

The $10 donation is part of the joining online process- you pick which thing you want to donate to- and then when you fund the account (also during the process) you simply add that $10 to your funding and it goes from you->account->donation target automatically.

Join Allegacy | Allegacy Federal Credit Union

Just join there. Where you live doesn't appear to matter (though I think they did ask if I was a US citizen)

You get your account number on screen once you've been approved for membership (this was instantly for me after submitting the application) and then get an email with your member number.

You can apply for the loan without the member number if the email is slow or something, you'll just need to provide it to them eventually.

New Car Loans | Allegacy Federal Credit Union

Hit apply now to apply for it.


The best rate (2.29%) is for loans up to 66 months- the website does say they'll do 100% finance but I had "10% down" on my app since I was expecting $ from a trade in going toward the purchase.

The 2.29% rate also requires auto-draft of payments, but you do not have to autodraft it from an Allegacy account, you can give them the account # for an account with any bank and they'll draft it from there.

Allegacy does 90% max LTV on Teslas.

 

[127.0.0.0]

Yup, you can join now if you want and then apply for loan later.

It was about 48 hours from the time I applied for loan till approval... all they really asked for was a couple of pay stubs (though they mention if you have income from other sources they'd need something showing those- might be relevant if you have rental income or you get bonuses not reflected on a normal paystub, etc)

OKay, Cool I will get everything ready I guess Currently the way I have it setup is on order thru Tesla loan I guess I can edit it to My Own Credit Union Loan Thing.. And I guess Once I get the vin issue will apply the loan then since It does not take that long sounds like.

 

[127.0.0.0]

So Quick question again I am about to join the CU they ask for Social security Do they run credit while we are even becoming a member of this Allegacy CU ? and also They ask about I guess somewhere to fund account what is that about is that because we have to donate to someone of out choice to become a member that is why you fund ? or how does that work ? and once I get the membership or become member can I just apply the loan over the phone with there rep or everything is online filling out on the website ?

 

[Slumpey326]

Does it hurt your credit score a lot to try and get pre approved from 3 different credit unions to see which one will give you the best rate?

 

[Slumpey326]

Allegacy does 90% max LTV on Teslas.

Is the 90% that your credit union would finance after sales tax, fees that would be paid to Tesla or is it just 90% the value of the car.

For example, if Tesla model 3 purchase price is $50,500 and then with sales tax/shipping/fees the total comes out to $56,000. Would your credit union finance 90% off of $50,500 (ie purchase price of car) or off of $56,000 (all in everything owed day of pickup).

 

[DirtnStreet]

Is the 90% that your credit union would finance after sales tax, fees that would be paid to Tesla or is it just 90% the value of the car.

For example, if Tesla model 3 purchase price is $50,500 and then with sales tax/shipping/fees the total comes out to $56,000. Would your credit union finance 90% off of $50,500 (ie purchase price of car) or off of $56,000 (all in everything owed day of pickup).

90% of MSRP

 

[Slumpey326]

So you mean the first part in example, before taxes/fees ie 90% of $50,500

 

[voip-ninja]

So you mean the first part in example, before taxes/fees ie 90% of $50,500

Generally speaking LTV is based on MSRP and does not include taxes fees etc.

Many banks and credit unions will loan you 100% or more of MSRP to cover other costs but usually at a much higher interest rate.

 

[voip-ninja]

So Quick question again I am about to join the CU they ask for Social security Do they run credit while we are even becoming a member of this Allegacy CU ? and also They ask about I guess somewhere to fund account what is that about is that because we have to donate to someone of out choice to become a member that is why you fund ? or how does that work ? and once I get the membership or become member can I just apply the loan over the phone with there rep or everything is online filling out on the website ?

They will probably run credit for you to join. For sure they will pull credit when you apply for a loan.

You have to fund $5 to start the account and both that and your donation will come from the same source typically a credit card.

Once you are a member the easiest way to apply for an auto loan is to call them and do it over the phone.

 

[Slumpey326]

Thanks for the clarification, Do you know if it hurt your credit score a lot to try and get pre approved from 3 different credit unions to see which one will give you the best rate?

 

[Sentry]

Thanks for the clarification, Do you know if it hurt your credit score a lot to try and get pre approved from 3 different credit unions to see which one will give you the best rate?

No it will not. Any hard inquiries a few days apart from each other are combined into one as the credit agencies know you are shopping around.

 

[127.0.0.0]

I did just put the application to join and I guess when choosing the account Type I choose vacation club in order to make that donation which was like $5.00 And I did put my credit card afterward And it says approval pending and It was also asking for proof of address and driver license and couple other things which I have no idea Some sort of University ID and Some YM badge number does anyone know what that is ? Because I have no idea of those two items and for Proof of address I just gave them a copy of Water bill

 

[Goosby]

I did just put the application to join and I guess when choosing the account Type I choose vacation club in order to make that donation which was like $5.00 And I did put my credit card afterward And it says approval pending and It was also asking for proof of address and driver license and couple other things which I have no idea Some sort of University ID and Some YM badge number does anyone know what that is ? Because I have no idea of those two items and for Proof of address I just gave them a copy of Water bill

I submitted a membership application yesterday and they wanted the same information from me. I sent a scan of drivers license and CC statement for both my wife and I (since we’re both on the account). After sending the info, I called a CSR and they said to give it ~24 hours for the approval email. In the mean time they recommended applying for an auto loan as a non-member and then their system would match the SSN once the member approval went through.

Today I got notice of my member acceptance, but do not have my member number to create an online account. Apparently my loan officer has been busy all day as well because I’ve yet to hear anything regarding my application, even though I was told they’d follow up shortly when I called. I’ll give it another hour and then try calling again. Seems odd it would take so long for an approval given it has always been a ~15-20 minute process from my past experience.

 

[127.0.0.0]

I submitted a membership application yesterday and they wanted the same information from me. I sent a scan of drivers license and CC statement for both my wife and I (since we’re both on the account). After sending the info, I called a CSR and they said to give it ~24 hours for the approval email. In the mean time they recommended applying for an auto loan as a non-member and then their system would match the SSN once the member approval went through.

Today I got notice of my member acceptance, but do not have my member number to create an online account. Apparently my loan officer has been busy all day as well because I’ve yet to hear anything regarding my application, even though I was told they’d follow up shortly when I called. I’ll give it another hour and then try calling again. Seems odd it would take so long for an approval given it has always been a ~15-20 minute process from my past experience.

Yeah That is what I thought this initial joining approval should not be that long Its been 2 hours and Have not heard anything so far. So you think Putting an application before approval is the best way ? I really want to speed things up because I just got the call from Tesla and they want to shoot for delivery a week from today. Anyhow thanks for your feedback so I guess it does answer my one question that I submit the right stuff I guess also in terms of donation or Vacation CLub $5. I will call them in another hour or so If I do not get any other email and try to apply loan as a non member and ask em to attached once the membership is approved.

 

[Goosby]

Yeah That is what I thought this initial joining approval should not be that long Its been 2 hours and Have not heard anything so far. So you think Putting an application before approval is the best way ? I really want to speed things up because I just got the call from Tesla and they want to shoot for delivery a week from today.

That’s what I was told by the representative I spoke with (be sure to select non-member for the application), and after calling again another representative said they typically provide approvals for auto loans within 24 hours; however, today and Tuesday are their busiest days so they are experiencing slight delays. Still haven’t gotten confirmation of loan approval yet (after 24 hours), but did get my lightstream unsecured loan approved... so just waiting on Allegacy to send me the good news. Sadly I don’t think it is possible to get the loan rate beat and account funded today, so it’ll all probably happen on Tuesday, and I’ll schedule pickup on Wednesday. For once, I am actually upset about a long weekend.

 

[127.0.0.0]

That’s what I was told by the representative I spoke with (be sure to select non-member for the application), and after calling again another representative said they typically provide approvals for auto loans within 24 hours; however, today and Tuesday are their busiest days so they are experiencing slight delays. Still haven’t gotten confirmation of loan approval yet (after 24 hours), but did get my lightstream unsecured loan approved... so just waiting on Allegacy to send me the good news. Sadly I don’t think it is possible to get the loan rate beat and account funded today, so it’ll all probably happen on Tuesday, and I’ll schedule pickup on Wednesday. For once, I am actually upset about a long weekend.

LOL @ long weekend Yeah, Same here I will try to get the application going as a non member and hopefully by Tuesday everything is approved so I can pick up the car by end of next week or earlier.

Quick question on the Ligstream rate beat is it better to get approved by them as well so we can rate match my understanding was they will beat it by 0.10 % so 2.19 % for 66 months right instead of 2.29 % say if we get approved with Allegacy.

Oh and I wanted to ask you Did you had to attach vin number with loan application or not ? because I have my date scheduled for next week but they have not assigned the vin number yet.

 

[Goosby]

LOL @ long weekend Yeah, Same here I will try to get the application going as a non member and hopefully by Tuesday everything is approved so I can pick up the car by end of next week or earlier.

Quick question on the Ligstream rate beat is it better to get approved by them as well so we can rate match my understanding was they will beat it by 0.10 % so 2.19 % for 66 months right instead of 2.29 % say if we get approved with Allegacy.

Oh and I wanted to ask you Did you had to attach vin number with loan application or not ? because I have my date scheduled for next week but they have not assigned the vin number yet.

You have the correct understanding of lightstream. I read it’s best to apply for both around the same time just so everything is processing concurrently, but I doubt it matters much. The biggest benefit of lightstream is having the money sent directly to your bank account, which is nice for the convenience factor when paying. I don’t really see much of a benefit in the secured/unsecured aspect since there’s still a debt to be paid; I guess a cheap, unsecured auto loan is a cool thing to be trusted with. I know your insurance could, theoretically, be cheaper since you could skimp on coverage, but why anyone with a Tesla would I don’t know. I’ve read a few members here have had issues getting sufficient documentation from Allegacy for Lightstream to rate beat, so if it proves to be a hassle I’m going to just forgo Lightstream entirely; the ~$2/mo in interest savings isn’t worth the hassle.

No VIN required for either application. I think both companies are familiar with the chaos that is Tesla.

 

[SoCalGuy]

FYI there's tons of Lighstream related info on the 55 pages of "Let's talk financing rates" thread on the main Model 3 forum page

 

[127.0.0.0]

You have the correct understanding of lightstream. I read it’s best to apply for both around the same time just so everything is processing concurrently, but I doubt it matters much. The biggest benefit of lightstream is having the money sent directly to your bank account, which is nice for the convenience factor when paying. I don’t really see much of a benefit in the secured/unsecured aspect since there’s still a debt to be paid; I guess a cheap, unsecured auto loan is a cool thing to be trusted with. I know your insurance could, theoretically, be cheaper since you could skimp on coverage, but why anyone with a Tesla would I don’t know. I’ve read a few members here have had issues getting sufficient documentation from Allegacy for Lightstream to rate beat, so if it proves to be a hassle I’m going to just forgo Lightstream entirely; the ~$2/mo in interest savings isn’t worth the hassle.

No VIN required for either application. I think both companies are familiar with the chaos that is Tesla.

Hi Did you hear back from them yet Because My Membership still have not been approved still waiting. I guess because of the long weekend It won't happen until Tuesday, Also On Friday I was able to get hold of a rep over the phone they said go ahead and apply the loan online as a non-member and they will tie it to the membership once the membership gets approved. So I did apply it on Friday for both However I have not heard anything so far. Lets hope things start moving on Tuesday. Hopefully you were able to get your application moving let me know if there is anything I need to gather before that I got the pay stubs if they ask and w2

 

[Goosby]

Hi Did you hear back from them yet Because My Membership still have not been approved still waiting. I guess because of the long weekend It won't happen until Tuesday, Also On Friday I was able to get hold of a rep over the phone they said go ahead and apply the loan online as a non-member and they will tie it to the membership once the membership gets approved. So I did apply it on Friday for both However I have not heard anything so far. Lets hope things start moving on Tuesday. Hopefully you were able to get your application moving let me know if there is anything I need to gather before that I got the pay stubs if they ask and w2

I called and left messages multiple times yesterday trying to get ahold of the loan officer. No luck. Called this morning and was able to get a new officer assigned, but she wanted 2x paystubs and a lot of other redundant information that I’m certain was provided during the application process. It’s supposedly in underwriting now, but I don’t expect to hear anything until Tuesday at the earliest given the holiday. The officer did say she wouldn’t be able to provide an approval letter and would instead verbally confirm to Tesla; we’ll see how that plays out. I think I’m going to accept their loan, get the final term sheet, then ask Lightstream for a rate beat and pay off Allegacy with the money Lightstream sends me; will probably be like $3 in interest. If that doesn’t work, then I’ll keep Allegacy and call it good.