CrazyCoconut
Member
No.That was quite helpful. Thanks for the confirmation @Goosby.
Does Lightstream require a copy of the VIN'd MVPA before disbursing the fund?
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No.That was quite helpful. Thanks for the confirmation @Goosby.
Does Lightstream require a copy of the VIN'd MVPA before disbursing the fund?
As long as it is a auto loan, the bank has to be alien holder. The only way to avoid that is to get a personal loan and buying a car with the proceeds that way is deceptive and unethical if not illegal.
According to Lightstream, if qualified for their unsecured loan, there is no need to involve them as the lien holder or as loss payee on insurance policy.With Lightstream, do you have to put them as the lien holder? I noticed their website says you do but I thought they deposited cash directly into your account so do we really have to?
Not an expert here. Hopefully no funny business involved. Below is an excerpt from their approval letter.The nature of an auto loan is a secured loan. There is a difference for the bank between a personal loan and an auto loan. A personal loan could be unsecured but the proceeds should not be used to buy a property car. If this is done, it is deceitful. I was a banker for 30 years and this bv was the MO. Unless things change today, which I doubt. If you try to apply on li or e for a loan the bank will offer the following categories: Mortgage, Personal, Auto etc. I hope this help.
Thanks for the info. I still can’t figure out why I wasn’t approved for unsecured. I have good credit and income but I’m self-employed so maybe that’s it. I applied for a 50k loan, maybe they’d switch me to unsecured if it was 30k or something?According to Lightstream, if qualified for their unsecured loan, there is no need to involve them as the lien holder or as loss payee on insurance policy.
Not an expert here. Hopefully no funny business involved. Below is an excerpt from their approval letter.
I just got 2.39 for 60 months unsecured with lightstream on a rate beat to tower fcu in Maryland. $35 donation to the tower charity for membership.
Anyone know if I finance through Tesla with the full intention of paying off the loan in full a few months after delivery if there’s any issue with that? Any penalties? Thanks.
If you are certain that you will invest the $350 difference, by all means get the lower payment. You can open an account at a discount brokerage firm and put in the 350 monthly.I have been approved for a 36m 0.99% rate with 20% down, and a 60m 2.39% rate with 0% down and can't really decide which to go with. I am financially in a place that the $1,350 monthly payment wouldn't put a huge strain on me and it would save about 3K over the course of the loan. But having roughly $350 extra a month to put into investments instead of a car loan also seems like a positive. What to do....opinions?
HA! This reminds me of my local LR dealer. They had to turn a few customers away because of this exact issue. Also made me sign an agreement to not export the RR we got. Good ol days.Cash option for Tesla, and you’ll also not claim the vehicle as being financed with your insurance agency. I am paying with a cashiers check, though I’m slightly disappointed I don’t get to walk in with a briefcase full of bills. Oh well.