Loan rates?

[tusharparmar]

If anyone in Houston area is wondering I went with shell federal credit union and got 4.99% for 60 months. Very smooth process.I got in right before the rates went up to 5.24% for 60 months.

That's nice, I got it at 5.49% from DCU but I am definitely thinking to refinance before payment starts.

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[runwithscissors]

Dang.. how long does it take to get the membership application processed at USSFCU? I applied June 13th Tuesday last week, over a week. Still pending status. no emails or anything... I called couple days ago... agent said there is nothing she can do... just wait it out....
I found this after getting approved at PenFed. Their check is sitting on my desk and my R1S is getting delivered next week so I might be running out of time and have to just go with PenFed. I've got 5.64% for 72 month but USSFCU's rate of 4.49% for 60 month is really tempting... almost a full percentage lower and I can pay it off a year sooner without raising the monthly payment much.

I got approved via Rivian/Chase for the 5.64% and was waiting on USSFCU which just came back today with approval for 4.49%/60.

"You are approved for $xx,xxx at an interest rate of 4.49% for 60 months. This interest rate does include the discount for automatic payments using the USSFCU account. Your estimated monthly payments are $x,xxx.

To expedite the process and successful delivery of your Rivian, we offer FedEx overnight delivery of the cashier's check for $30.

We also offer GAP insurance for a one-time fee of $399.00.
Both fees may be added to the loan, or paid for outside of the loan."

Process was pretty painless but I made sure to upload all supporting documentation quickly. I didn't finalize it yet but didn't know about the pay off penalty so I'll have to ask (embarassed).

 

[tjp74]

I got approved via Rivian/Chase for the 5.64% and was waiting on USSFCU which just came back today with approval for 4.49%/60.

So how long did it take to get your membership established at USSFCU? when did you apply for the membership? and how long to apply and get approved for the actual loan? I hear some say instant pre-approval onr same day but it can take a week to get the membership... it's been over a week with no sign of any movement for me...

 

[LevelHeaded]

So how long did it take to get your membership established at USSFCU? when did you apply for the membership? and how long to apply and get approved for the actual loan? I hear some say instant pre-approval onr same day but it can take a week to get the membership... it's been over a week with no sign of any movement for me...

I routinely called, and every time I spoke to a human they were able to move the process forward. I’m not confident it would have moved forward in a timely manner without that manual human contact.

 

[runwithscissors]

So how long did it take to get your membership established at USSFCU? when did you apply for the membership? and how long to apply and get approved for the actual loan? I hear some say instant pre-approval onr same day but it can take a week to get the membership... it's been over a week with no sign of any movement for me...

Account took: 6/15-6/19
Applied for Loan on 19th, Approved 20th.

Still working through everything with guide/service center which is not really fun...

Make sure you upload the documents below for the membership including drivers license and receipt/letter for US Capital Historical Society membership. They will then send you a DocuSign for the membership documents.

Thank you for your interest in membership with United States Senate Federal Credit Union.
To continue the review process of your membership request we will need the following:

• Copy of the valid certificate of membership U.S. Capitol Historical Society

Please advise the USSFCU products and services you are interested in or if you have questions. Your application will expire in one week with no documents uploaded.

 

[tjp74]

hey

Account took: 6/15-6/19
Applied for Loan on 19th, Approved 20th.

Hey that's not fair... I applied 6/13 and haven't heard a thing as of this morning 6/22
anyways, I called again, this agent said my application hasn't been picked up for review yet... not sure how yours was picked up way ahead of me. She admited mine was taking longer than usual so she went ahead and asked due dilegent questions and passed it over to the application process department... hopefully that will move the process forward like another member up there suggested.

 

[runwithscissors]

hey


Hey that's not fair... I applied 6/13 and haven't heard a thing as of this morning 6/22
anyways, I called again, this agent said my application hasn't been picked up for review yet... not sure how yours was picked up way ahead of me. She admited mine was taking longer than usual so she went ahead and asked due dilegent questions and passed it over to the application process department... hopefully that will move the process forward like another member up there suggested.

Sorry to hear that but I mentioned in the messages section for account application that this whole application is contingent on me getting an auto loan that needs to be processed ASAP. No idea if that worked or not, could be complete luck.

 

[tjp74]

it's a first world problem... I should be thankful and glad I've got my dream configuration picked out and getting it delivered 6 month ahead of last estimate. Few days of delay isn't going to kill me.

 

[yancantcook]

are there lots of fees associated with refinancing an auto loan? Picked a R1S shop car yesterday afternoon, got call saying it is already at my location sacramento service center, do I want to pickup the next day!

Going through the USSFCU looks like it will take at least 1-2 weeks from account application to loan funding?

 

[shrink]

Thanks for the information on USSFCU posted here! I had not previously heard of them and they're the only ones I can find with rates currently under 5% on a 60-month term.

I applied for membership on 6/28 and just had my membership approved earlier today, 7/12/2023. I just applied for an auto loan as well. I hope it doesn't take too long. The following message is on their website:

I was told to expect a "Late July or Early August" R1S delivery so I think I have enough time.

EDIT: About 5 minutes after submitting the application I got a call from 847-844-2430. I thought it was a scam since it was about 10pm local time for me, but it's actually a 24/7 customer service line for credit union loan applications. They are legit.

 

[alextakesphotos]

Thanks for the information on USSFCU posted here! I had not previously heard of them and they're the only ones I can find with rates currently under 5% on a 60-month term.

I applied for membership on 6/28 and just had my membership approved earlier today, 7/12/2023. I just applied for an auto loan as well. I hope it doesn't take too long. The following message is on their website:

I was told to expect a "Late July or Early August" R1S delivery so I think I have enough time.

EDIT: About 5 minutes after submitting the application I got a call from 847-844-2430. I thought it was a scam since it was about 10pm local time for me, but it's actually a 24/7 customer service line for credit union loan applications. They are legit.

Is your loan funded? I summitted mine 48 hours ago and still nothing.

 

[shrink]

Is your loan funded? I summitted mine 48 hours ago and still nothing.

Yes. Fully funded. I did call on Monday, 7/17 to follow up. A loan officer called me back early morning, 7/18. She was ready to fund that same day but I told her to hold off until I had a delivery date. I got the ready for delivery email on Wednesday, 7/19, called my loan officer, and she funded the loan.

 

[Destreyf]

@shrink @alextakesphotos

When you were submitting your application, what type of vehicle did you select? I don't see Rivian listed and wondered what option you were using on your applications.

 

[alextakesphotos]

@shrink @alextakesphotos

When you were submitting your application, what type of vehicle did you select? I don't see Rivian listed and wondered what option you were using on your applications.

Tesla and then put Rivian R1S or whatever you are applying for on the model.

 

[Count Orlok]

competition may be ramping up as Ford captive is offering 1.9% on the Lightning. Ford also seems to be optimistic the Count is going to buy more than one vehicle:

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