Loan rates?

[TXR1S]

I applied for Ussfcu membership on 4/14/23. I submitted few docs after application. Today I was asked call their hotline for required due diligence questions.

Those of you have applied for loan, how long do lock in your rate? I had the 8 steps for purchase open up R1S on 4/14/23 and not sure if my R1S will be ready before end of next month or sooner.

60 days.

After my R1S has been in transit for 2 weeks, I decided to fund the loan 1) to make sure I can take delivery very quickly upon arrival at SC and 2) to solve my irrational fear they would back out on this crazy rate. They funded the loan and sent check to Rivian same day, as long as the paperwork is signed by 4pm EST.

The level of service with USSFCU has been literally mind blowing.

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[ycking]

60 days.

After my R1S has been in transit for 2 weeks, I decided to fund the loan 1) to make sure I can take delivery very quickly upon arrival at SC and 2) to solve my irrational fear they would back out on this crazy rate. They funded the loan and sent check to Rivian same day, as long as the paperwork is signed by 4pm EST.

The level of service with USSFCU has been literally mind blowing.

Thanks for confirming that. So do they sent the check directly to Rivian?

I understand you want to fund it early, but be careful. I also wanted to fund it early but after reading some posts on reddit and these forums I notice its better to wait. There has been issues with delivery and quality check that may delay your order more. My guide also have told me that I would only want my bank to transfer funds once the vehicle has completed its quality checks and is ready for you.

 

[LaxRN]

60 days.

After my R1S has been in transit for 2 weeks, I decided to fund the loan 1) to make sure I can take delivery very quickly upon arrival at SC and 2) to solve my irrational fear they would back out on this crazy rate. They funded the loan and sent check to Rivian same day, as long as the paperwork is signed by 4pm EST.

The level of service with USSFCU has been literally mind blowing.

I did the same thing and no regrets. Once my guide told me my vehicle was at the SC I got my credit union to cut the check. The check was delivered the next day, I took a screen shot of the confirmation it was received and sent it to my guide. I had my "ready for delivery" email about 3 hours after that. So glad I did it that way. I had everything set for delivery.

 

[Hed007]

I applied for Ussfcu membership on 4/14/23. I submitted few docs after application. Today I was asked call their hotline for required due diligence questions.

Those of you have applied for loan, how long do lock in your rate? I had the 8 steps for purchase open up R1S on 4/14/23 and not sure if my R1S will be ready before end of next month or sooner.

I too have been very impressed with USSFCU. See my timeline's below:

Account Application Date 4/8/2023 Approval 4/10/2023

Vehicle Application Date 4/15/2023 Approval 4/18/2023

I am waiting on vehicle to arrive at Miami Service Center before I submit the check and register the vehicle for insurance.

On a secondar note, I am trading in a 2020 Kia Telluride with 14K miles. I paid 50K during the pandemic and Rivian offered 44K trade in value. A couple hundred bucks less than carmax and carvana.

So far everything has gone smoothly with Rivian and USSFCU

 

[WestRivian7000]

Thanks all for rhe the tip on USSFCU.
Applied for account on 4/18.
Applied for loan and approved in 2hrs. 4/19.
3.99% for 60months.

 

[WestRivian7000]

I just received my confirmation on the portal. Same as you. 60 months @ 3.74% for $70K

I was quoted 3.99% for 60 months. What gives? 849 credit score. Did you opt to pay the loan payments from USSFCU account?

 

[Hed007]

you

Who knows. When I applied I a most immediately got a call asking some additional questions. The person on the phone quoted 3.99% but when I received the approval by the web portal it was 3.75%

840 CS approved for 70K

 

[TXR1S]

The 3.74% they are currently offering is definitely inclusive of an auto pay discount from a USSFCU checking or savings account.

 

[Revvian]

I did 96 month at 3.75. Lol. Why not when money in the bank makes a lot more than that.

That's an amazing rate, do you mind sharing who the lender/bank is pls?

 

[Ngkgb]

That's an amazing rate, do you mind sharing who the lender/bank is pls?

Interior Federal Credit Union. I believe their rates have increased since then.

 

[Hed007]

That's an amazing rate, do you mind sharing who the lender/bank is pls?

United States Senate Federal Credit Unión. As previously mentioned, you can become a member by making a $60 donation to the Historical Preservation Society

 

[Southern R1S]

Interior Federal Credit Union. I believe their rates have increased since then.

Yeah, their website shows a minimum rate of 6.29% for a 96 month loan on a new vehicle currently. Rates say they were updated April 3, 2023 so they may be even higher since then.

Did you lock/fund a while back, or did they just decide to go insane on their rates in April?

 

[Ngkgb]

Yeah, their website shows a minimum rate of 6.29% for a 96 month loan on a new vehicle currently. Rates say they were updated April 3, 2023 so they may be even higher since then.

Did you lock/fund a while back, or did they just decide to go insane on their rates in April?

This was back in December. I think they raised their rates in January.

 

[Southern R1S]

This was back in December. I think they raised their rates in January.

Makes sense & congrats on that rate -- now just pay it off as slowly as possible since you can net profit with high yield savings, CDs, treasuries, etc!

 

[Ngkgb]

Makes sense & congrats on that rate -- now just pay it off as slowly as possible since you can net profit with high yield savings, CDs, treasuries, etc!

Exactly! Getting 5% in savings. No point of paying the loan down early.

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