Yes, this is correct. You just link up your current checking account and they will auto draft from it.
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Tesla loan comparison spreadsheet - auto updates hourly
- Thread starter T3slaMecca
- Start date
- Status
Yes, this is correct. You just link up your current checking account and they will auto draft from it.
Spoke with my Allegacy loan officer today. Was pre approved for 2.74/72 months with auto draft into Allegacy account. Increases to 3.24 without auto draft. They also will only loan 90% LTV. Finally they require proof of funds for the initial down payment along with mvpa and copy of window sticker before cutting check to Tesla. HTH.
So it looks like ActorsFCU doesn't have the process down quite yet.. Hopefully they don't require you to have 10% in Actor's savings account.
Thanks, updated the spreadsheet
Glad it worked out!
Let me correct myself - I got an automated response right away from Actors to send the documents. I sent everything (+ a few that they didn't actually ask but since you had mentioned
eg. SGA profile etc). Wonder if it was too much information to process in a day I’ll check if there is a hard pull but I think they need 5% of the loan in their account.
Yes, the condition for PFCU is to pay from the PFCU account to get that 1.99% rate. I already opened the account when I applied for membership and it was auto-approved immediately (I am yet to donate to the public library). The loan application took a day (applied on Friday afternoon, got pre-approval letter this afternoon).
TechSavvyWife
Member
For those of you who used Allegacy, how did you get around the membership questions in order to join as a member?
voip-ninja
Give me some sugar baby
During the process to join there is a choice in the eligibility requirements to choose an affiliated organization. At that point you can choose an organization to make a donation to in order to qualify.
TechSavvyWife
Member
I guess I should have read it a little close cause it was obvious once you selected it. I was too excited.
voip-ninja
Give me some sugar baby
I guess I should have read it a little close cause it was obvious once you selected it. I was too excited.
Buying a fancy new car should be exciting.
I just got the approval from lightstream and the email is saying they want to be listed as the lein holder. I haven’t even gotten to the rate match yet. Honestly if I don’t have the benefit of holding the title the 0.1% less than my DCU loan isn’t worth it. I have and proved proof of well over 200k in liquid and near liquid assets in cash, stocks, 401k, and IRA. Also have about 300k in equity in my home as well as an 800 or so credit score. So I wouldn’t think credit worthiness would not be an issue. Maybe they had a policy change? Anyone else experience this?
voip-ninja
Give me some sugar baby
I don't know that they have been forthcoming in why they approve some applicants for an unsecured loan vs. a secured loan. It is also possible that the criteria is changing or that they are trying to reduce the # of unsecured loans they have due to a spike in activity.
For example, they could have an internal target of only having x millions of dollars of their loans unsecured and due to the huge increase in activity with Model 3 purchases they've hit their cap for the month/quarter/year.
You could always call them and ask and see if they can give you any more information.
I also got secured from them.
I got a counteroffer from them if you go to the document section/pdf that shows explanation on the reason for a counteroffer.
Check if you have anything show up that may deem you a higher risk than average?
(In my case they had a few reasons) to make it secured.
We didn't go through Lightstream but my friend and I recently got hired as well (1-2 months) when we configured and ordered our Model 3 through a credit union. There were no problems. We didn't get a pay raise either. Sounds like you're in great shape, keep it up!
Keep in mind that lightstream .1% difference is probably around $250 in savings.
Yea exactly, at this point with delivery in two days it's more important to have the loan and check ready rather than save on the order of $250 over the term of the loan.
Called Actors FCU they said that the % to be pledged depends on the credit of the person. Which is why you see different values around.
I called the Arlington Community FCU and had an approval @ 2.99% in an hour. Wasn’t shopping for the absolute lowest rate but didn’t want to be taken advantage of. They were VERY professional and completed the transaction and they answer my phone calls whenever I’ve had to call them. I’m picking up my3 this Friday.
Got my loan from my usual bank, DCU. I can't rave enough about them every time I have originated an auto loan. It has been very easy. There might be some with slightly better rates, but DCU will get you through the process pretty fast and overnight the check. Good stuff. Now I just hope the car arrives on time!
FYI The spreadsheet has an error - Credit Union of Texas is not 1.99% for 72 months (that is the 24 month rate). The rate was over 4% for 72 months (and we have great credit). they offered to rate match Allegacy (2.74 for 72 mo), but not worth it since we're preapproved and the IDA said they have good experience with Allegacy.
- Status
Similar threads
