Loan rates?

[DTown3011]

Wow those are double what they were last week. I’m STILL waiting for my membership to be approved. Submitted Feb 1, it’s been 10 days.

I JUST got my Tower CU membership approved on Friday, but only after calling Tower directly and working with an extremely nice CS agent who sent a few emails to push things along. Took almost 2.5 weeks. The best part? I sent my member number over to my loan officer assuming we would be moving forward and now they need me to add my wife’s name to the loan because she’s also on our purchase agreement from Rivian. Talk about a run around!

Towers rates have gone up, but anyone looking to apply I would highly recommend applying for membership FIRST. The problem with this is you have to make the $35 donation to their foundation first in order to apply. Then expect to be asked for multiple pieces of documentation that they didn’t tell you that you needed in the first place.

Parsons has been calling me (4 voicemails now) to finalize my account/loan almost in desperation, but I would prefer Tower since the rate is about 1% lower.

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[paariv]

I JUST got my Tower CU membership approved on Friday, but only after calling Tower directly and working with an extremely nice CS agent who sent a few emails to push things along. Took almost 2.5 weeks. The best part? I sent my member number over to my loan officer assuming we would be moving forward and now they need me to add my wife’s name to the loan because she’s also on our purchase agreement from Rivian. Talk about a run around!

Towers rates have gone up, but anyone looking to apply I would highly recommend applying for membership FIRST. The problem with this is you have to make the $35 donation to their foundation first in order to apply. Then expect to be asked for multiple pieces of documentation that they didn’t tell you that you needed in the first place.

Parsons has been calling me (4 voicemails now) to finalize my account/loan almost in desperation, but I would prefer Tower since the rate is about 1% lower.

Same. Had to call them to see what the holdup was, they asked for documents they’d never told me I needed, and I got approved after I answered some more ID verification questions. Loan still hasn’t moved so I guess I have to call them Tuesday to unlock that holdup.

When did you get a loan officer? I’ve been stuck at conditionally approved for a week+ now. Have they confirmed they can send a picture of the check and a tracking number when the time comes? I have some worries they’re going to completely fail at that.

 

[DTown3011]

Same. Had to call them to see what the holdup was, they asked for documents they’d never told me I needed, and I got approved after I answered some more ID verification questions. Loan still hasn’t moved so I guess I have to call them Tuesday to unlock that holdup.

When did you get a loan officer? I’ve been stuck at conditionally approved for a week+ now. Have they confirmed they can send a picture of the check and a tracking number when the time comes? I have some worries they’re going to completely fail at that.

The CS agent told me I have a loan officer and gave me their name, but I have never actually spoken to them. Haha

I will be letting them know that I need a photocopy of the check along with the tracking number before they send. It gives all this information in our purchase agreement provided by Rivian so I am assuming they will comply.

 

[BrentInCO]

I JUST got my Tower CU membership approved on Friday, but only after calling Tower directly and working with an extremely nice CS agent who sent a few emails to push things along. Took almost 2.5 weeks. The best part? I sent my member number over to my loan officer assuming we would be moving forward and now they need me to add my wife’s name to the loan because she’s also on our purchase agreement from Rivian. Talk about a run around!

Towers rates have gone up, but anyone looking to apply I would highly recommend applying for membership FIRST. The problem with this is you have to make the $35 donation to their foundation first in order to apply. Then expect to be asked for multiple pieces of documentation that they didn’t tell you that you needed in the first place.

Parsons has been calling me (4 voicemails now) to finalize my account/loan almost in desperation, but I would prefer Tower since the rate is about 1% lower.

Is this the same CU you’re referring to? https://www.towerfcu.org/borrow/loan-rates/

 

[Rivianation]

DCU still awesome.... 4.99% for 60.

Link: DCU - Digital Credit Union in MA

 

[DTown3011]

Is this the same CU you’re referring to? https://www.towerfcu.org/borrow/loan-rates/

Yes, but they recently raised their rates. They were down as low as 2.21% less than a few weeks ago.

 

[Tzadik_nistar]

Yes, but they recently raised their rates. They were down as low as 2.21% less than a few weeks ago.

Most likely they raised the rates in order to reduce the number of originations due to the high amount of work they have.

 

[DTown3011]

Most likely they raised the rates in order to reduce the number of originations due to the high amount of work they have.

Well that and the fact the Fed has raised rates twice recently - honestly anything under than 3% is pretty rare it was crazy to find. My CS agent said they have been inundated lately and they are aware they’ve blown up on social media and message boards.

 

[Tzadik_nistar]

Well that and the fact the Fed has raised rates twice recently - honestly anything under than 3% is pretty rare it was crazy to find. My CS agent said they have been inundated lately and they are aware they’ve blown up on social media and message boards.

I dont understand why they would even consider rates at 2.24% why wouldnt they invest in treasuries where there is no need to repo for 4.8%+. Unless it has to do with banks having 10x borrowing power or something....

 

[DTown3011]

I dont understand why they would even consider rates at 2.24% why wouldnt they invest in treasuries where there is no need to repo for 4.8%+. Unless it has to do with banks having 10x borrowing power or something....

Me either. Perhaps to attract members? Hoping to upsell them on other opportunities? To be honest, I was going to pay cash by no reason to give Rivian all my cash when I can finance at that Lova rate, and earn more in a high-yield savings account or something else.

 

[Tzadik_nistar]

Me either. Perhaps to attract members? Hoping to upsell them on other opportunities? To be honest, I was going to pay cash by no reason to give Rivian all my cash when I can finance at that Lova rate, and earn more in a high-yield savings account or something else.

Same!! I Just lattered into Treasuries where the lowest rate is 4.6% and highest 5.02%

 

[Tzadik_nistar]

I have perfect credit and history so the only excuse to decline me is "never intended to fund you in the first place" scam

 

[DTown3011]

I'm to the point where I'm close to cancelling my loan with Tower. I finally got my membership approved and now they need me to add my wife to the loan because she's also on the purchase agreement. They sent me a message saying to call and add her. I've called on 2 different times today, been on hold for 45 minutes each time, and nobody answers. It's honestly not even worth it at this point...

 

[zymolysis]

I'm to the point where I'm close to cancelling my loan with Tower. I finally got my membership approved and now they need me to add my wife to the loan because she's also on the purchase agreement. They sent me a message saying to call and add her. I've called on 2 different times today, been on hold for 45 minutes each time, and nobody answers. It's honestly not even worth it at this point...

Tower FCU and Parsons FCU have both been slow and/or difficult to deal with. I have opened accounts with other financial institutions (including credit unions), previously, but never had so many hoops to go through.
Parsons wanted me to prove who I am by sending them a copy of my cable or utility bill - uh, the utility bill doesn't come to me, and we don't have cable. And why would that prove who I am? I've got a current US passport and an Arizona driver license, if they truly want proof of who I am. But that's not what they asked for.

 

[Dark-Fx]

Tower FCU and Parsons FCU have both been slow and/or difficult to deal with. I have opened accounts with other financial institutions (including credit unions), previously, but never had so many hoops to go through.
Parsons wanted me to prove who I am by sending them a copy of my cable or utility bill - uh, the utility bill doesn't come to me, and we don't have cable. And why would that prove who I am? I've got a current US passport and an Arizona driver license, if they truly want proof of who I am. But that's not what they asked for.

That's a pretty typical thing to ask for to protect them against someone using your documents to commit identity fraud. They'd have to have access to your mailbox too, which greatly reduces the liklihood.

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