[tdx44]

Wanted to update this thread with fresh info, figured it might be helpful for peeps like me who are still trying to apply for a loan: I reach out to almost every one of the CUs on the first thread. Between the rate hikes, non responsive unions because of the Holidays and backlog and some that were playing shady games, the two that I'm still moving forward with are Gold Coast (2.9% for 60 mos refi) and Park Community (3.5% for 60 mos). Both were quick to reply, helpful in moving the process along and transparent enough with their rates that they made me want to do business with them. Given the small difference in their rates i will go with whichever locks first, and will update the thread once i do so.

 

[javi_ID4]

Wanted to update this thread with fresh info, figured it might be helpful for peeps like me who are still trying to apply for a loan: I reach out to almost every one of the CUs on the first thread. Between the rate hikes, non responsive unions because of the Holidays and backlog and some that were playing shady games, the two that I'm still moving forward with are Gold Coast (2.9% for 60 mos refi) and Park Community (3.5% for 60 mos). Both were quick to reply, helpful in moving the process along and transparent enough with their rates that they made me want to do business with them. Given the small difference in their rates i will go with whichever locks first, and will update the thread once i do so.

Anytime you can reduce a percentage point or more during a refinance, is worth the effort.

 

[pokepud3]

Still waiting on GCFCU to lock in rates/approve loan app. They seem overloaded. My car apparently has reached the lot at this point code 50.. but dealer hasn't reached out yet, even though he said yesterday he would.. so still got a few days it seems, can stall for the rest.

 

[Neptune]

Picked up my car yesterday! Here was the timeline.

12/20: Car arrived at dealer. GCFCU needed an insurance binder and the signed purchase agreement in order to mail the check. I had to call the dealer, insurance agent and GCFCU to figure out what needed to be done. The dealer had to send unsigned forms to insurance, then insurance was able to send a binder to GCFCU. This took a business day.

12/21: I called GCFCU and it took them all day to get back to me. They mailed the check that evening via priority mail, but it didn't arrive until the weekend. Of course everything was closed until after Christmas.

12/27: The dealer did the paperwork for the registration and plates. They didn't call me until it was dark outside. I decided not to pick it up since it was late in the day.

12/28 Picked up car and paid the remaining balance (GCFCU approved me for 50k so I owed about 7k). The dealer did NOT subtract the $500 deposit from what I owed until I mentioned it. So make sure you don't get double charged for the $500 deposit.

Pretty good experience with GCFCU but unfortunately I had to pay insurance from 12/21-12/27 even though I didn't have the car yet. It starts on the day the binder is made. The holiday obviously slowed things down, but I'm glad to finally have the car and it came in time to claim the 7500 tax credit for 2022.

 

[Mrau]

I had to pay insurance from 12/21-12/27 even though I didn't have the car yet. It starts on the day the binder is made

Call your insurance company. Normally you can't insure a vehicle you do not own. They should adjust your insurance date to match day of delivery and extend your expiration date.

 

[pokepud3]

GCFCU is now sending me paper work which I will have to sign and NOTARIZE then send back. Anyone else do this as well? Seems excessive compared to other credit unions i've used.

 

[pokepud3]

Picked up my car yesterday! Here was the timeline.

12/20: Car arrived at dealer. GCFCU needed an insurance binder and the signed purchase agreement in order to mail the check. I had to call the dealer, insurance agent and GCFCU to figure out what needed to be done. The dealer had to send unsigned forms to insurance, then insurance was able to send a binder to GCFCU. This took a business day.

12/21: I called GCFCU and it took them all day to get back to me. They mailed the check that evening via priority mail, but it didn't arrive until the weekend. Of course everything was closed until after Christmas.

12/27: The dealer did the paperwork for the registration and plates. They didn't call me until it was dark outside. I decided not to pick it up since it was late in the day.

12/28 Picked up car and paid the remaining balance (GCFCU approved me for 50k so I owed about 7k). The dealer did NOT subtract the $500 deposit from what I owed until I mentioned it. So make sure you don't get double charged for the $500 deposit.

Pretty good experience with GCFCU but unfortunately I had to pay insurance from 12/21-12/27 even though I didn't have the car yet. It starts on the day the binder is made. The holiday obviously slowed things down, but I'm glad to finally have the car and it came in time to claim the 7500 tax credit for 2022.

Did they ever require you to send in a form that's been notarized. And if so from the point they sent the form to approval how long did that take?

 

[pokepud3]

FYI expect the process for GCFCU to take 3-4 weeks from start to finish. They'd massively overbooked right now. I'm still waiting on the loan underwriters to approve.

 

[Victor3576]

What documents this Gold Coast Credit Union required to approve and why this 4 weeks delay to complete?

 

[pokepud3]

What documents this Gold Coast Credit Union required to approve and why this 4 weeks delay to complete?

There is no delay to it.. but it was in the middle of the holiday season.. so I lost half a week just to christmas/new years. Other then that it takes them about 2-3 weeks for account creation, then the loan. They said they are getting 100 apps a day right now.

 

[Neptune]

Did they ever require you to send in a form that's been notarized. And if so from the point they sent the form to approval how long did that take?

Sorry I just saw this. No, I didn't have to get anything notorized.

I'm surprised they haven't raised the rate if they're so overwhelmed. 100 apps a day is nuts if the staff is only a few people. I'm glad I applied early, it was well worth locking in 2.99% despite the waiting.

 

[@NavNM]

(Final) Update: Refi finished today at 3.49% for 72 months with Tower FCU. They definitely sound busy, but it didn't take too long. I submitted most documents online last Wednesday and priority mailed my Power of Attorney (POA) on Wednesday as well.
Given my location, I'm guessing the POA arrived on Friday. Final approval came today and the payoff check went out today as well.

Overall very good experience with Tower.

Thank goodness that whole process is over.

 

[Anakinr2]

Refinanced for 2.99% for 60 months at Tower FCU today. Just had to make few calls to keep following up since I submitted all paperwork during the Christmas break. Overall good experience. If you are going for 36 months rates are at 2.24% currently.

 

[Spin]

Refinanced for 2.99% for 60 months at Tower FCU today. Just had to make few calls to keep following up since I submitted all paperwork during the Christmas break. Overall good experience. If you are going for 36 months rates are at 2.24% currently.

Those are great rates!

 

[LHNinME]

Based on information at this site, plus other things I read, I opened an account at Clean Energy Credit Union (cleanenergycu.org) back in Nov 2021 when I reserved my first ID.4. My plan was that this would be my car financing account. At the time I opened the account, they had 1.49% interest on new EV loans. I set it up with direct deposit from my 2nd job and was busy saving money (since my car reservation was taking forever). Pretty quickly, I met their requirements for a "Rewards Checking Account" and started earning 3.50% which was amazing to me. This sort of interest on a checking account? Who knew!

Then, I decided to buy a Leaf in Sept 2022. Nissan financing (NMAC) gave me a rate of 2.25%. Meanwhile, Clean Energy loans had jumped up to 4.49% (and it is currently at 5.89% for new cars) so I decided to go with NMAC. I wanted to give Clean Energy the business, but this wasn't a reasonable difference.

Meanwhile, my checking account is still earning 3.50%. I was reaching the threshold ($15,000) for that interest rate, so I opened a 6 month CD (transferring $6000), also at 3.50%, which means I can keep earning on the checking account and now the CD.

My goal is still to pay down the Leaf loan quickly, but I think somewhere in this scenario I am still coming out ahead.

FWIW, the folks at Clean Energy seem very nice, get back to me quickly, and I like their mobile app for looking at my accounts, transferring money, etc. Plus, I like their whole philosophy of "clean energy."

 

[pokepud3]

I ended up closing 60 mo at 2.99 at Gcfcu. They ended up not needing notary and issued the check Friday . A week after submitting application for loan.

 

[tdx44]

GCFCU has better rates but i got tired of them never responding (maybe they have gotten better) and went with Park Community at 3.5% for 60 mos. The rate was a little higher but they were MUCH easier and pleasant to work with, super responsive etc.

Also, true story, I got a call during the process from their fraud department to the tune of : "We're suddenly getting all these applications from other states, and were worried someone was scamming us. Do you know why this is happening?" So I told them everything about this forum and this thread, and they said they would actually advertise on these pages to get even more customers Priceless!

 

[pokepud3]

I had to call them and email me multiple times a day due to their overload. With that said I was surprised by their $150 in Florida doc fees at the end. Tower fcu is probably a better choice if want a shorter loan period. Their 36 mo rate unbelievable.

 

[nathanmarcus00]

Would it be dumb to sign a Bank of America 8+% private party rate to have a quick process, then immediately refinance to Tower? I’d like to close on my car tomorrow but cant wait the 2-3 weeks processing time that Tower has because the seller won’t wait

 

[TucsonEV]

Would it be dumb to sign a Bank of America 8+% private party rate to have a quick process, then immediately refinance to Tower? I’d like to close on my car tomorrow but cant wait the 2-3 weeks processing time that Tower has because the seller won’t wait

I don't think so, as long at there is no pre-payment penalty.

I basically am doing the same thing. I financed with VW just to get things going - it was mid December and it was before they announced the battery requirements got waived until March.
I waited until the new year to apply with Tower. I got approved for 3.49% (VW was 6.75% ) and it's been relatively painless so far. I am just waiting for them to get my notarized form, whole process so far has taken about a week. They have been very responsive but I still think it would take a few weeks to get a check in hand if you were trying to finance directly through them.