Lowest interest rates in September?

[SeaGeo]

Nice! It looks like their 2.99% rate applies up to a 36 month term though, and it’s 3.69% for a 60 month term. Unless there’s room to finagle with them?

That's what it looks like. It didn't increase with length at much when I got mine.

They have a .25% EV discount, and u want to say there may be another discount in there if you have a checking account with them.

Sponsored

 

[SeaGeo]

Did you go into a physical branch? At least on their online loan application as of last week, they didn't have Rivian as a selectable manufacturer.

Yeah.

 

[sevengroove]

That's what it looks like. It didn't increase with length at much when I got mine.

They have a .25% EV discount, and u want to say there may be another discount in there if you have a checking account with them.

Good to know.

Also, just got my 8 steps email like 10 mins back. Sh*t just got real!

 

[Aroohoo]

Good to know.

Also, just got my 8 steps email like 10 mins back. Sh*t just got real!

congrats!

If you aren't sure on financing just yet, I would suggest holding off on completing that step. You can always ask your guide to go back and unlock it, but depending on how responsive your guide is that may take some time.

 

[sevengroove]

congrats!

If you aren't sure on financing just yet, I would suggest holding off on completing that step. You can always ask your guide to go back and unlock it, but depending on how responsive your guide is that may take some time.

Gotcha, that’s helpful. My guide seems to be pretty responsive but I would rather not make too many changes too. So the financing step has to be completed before delivery is unlocked, is that right?

 

[Aroohoo]

Gotcha, that’s helpful. My guide seems to be pretty responsive but I would rather not make too many changes too. So the financing step has to be completed before delivery is unlocked, is that right?

I would assume so, however there has been some talk about step 8 unlocking prior to closing out the financing step.

 

[itselectric]

I would love to hear any feedback on working with Parsons as well. I just got my VIN and 6/8 steps are open. Parsons rate is 2% lower than the best rate at the local CUs.

 

[goldburger]

This is a depressing thread my credit score is over 800 and I went with the rivian / Chase finance 5.3% for 72 I think it was.

chase fucking sucks. i have over 800 score, as well as business banking, and they just... don't care.

 

[snakeey11]

I would love to hear any feedback on working with Parsons as well. I just got my VIN and 6/8 steps are open. Parsons rate is 2% lower than the best rate at the local CUs.

I applied for membership last Thursday (9/15) afternoon and reached out via email today to get a status update. Had a quick call to confirm some details and then was sent a document to e-sign and someone from member services said they'd be contacting me tomorrow morning to finalize things and make an initial $5 deposit to open my account, and then I'll be immediately applying for the financing.

I hope it doesn't take too long at that point since my truck was shipped back in August and I'm fairly certain it's at the service center (my coworker picked his up last Friday and it was sent out the same week). I figure a few more days isn't much in the grand scheme of things, especially since the rate is so much better than even my other local CUs, let alone the large national banks.

 

[itselectric]

I applied for membership last Thursday (9/15) afternoon and reached out via email today to get a status update. Had a quick call to confirm some details and then was sent a document to e-sign and someone from member services said they'd be contacting me tomorrow morning to finalize things and make an initial $5 deposit to open my account, and then I'll be immediately applying for the financing.

I hope it doesn't take too long at that point since my truck was shipped back in August and I'm fairly certain it's at the service center (my coworker picked his up last Friday and it was sent out the same week). I figure a few more days isn't much in the grand scheme of things, especially since the rate is so much better than even my other local CUs, let alone the large national banks.

Thank you for the response! I am hoping to apply tomorrow. No idea where the truck is, just got the "confirm config" and steps this afternoon.

One thing I'm really curious about is how that CU handles Rivians paperwork needs. I was reading about the experience of others needing to provide proof of the check and not matching what Rivian required, it all sounds like a bit of fun.

I, and I think others, would definitely appreciate if you wouldn't mind following up if you end up going with Parsons to see how it pans out.

I'll post my experience here if I do the same.

 

[Aag12]

Fyi got approved for 2.5% at 60mo for 80k at adelfi. I haven't gotten funding, but will hope to soon.

Membership and loan took 1 business day to approved, but still going through final underwriting. My delivery is Wednesday, so hopefully adelfi moves quick in the last step

 

[Aag12]

chase fucking sucks. i have over 800 score, as well as business banking, and they just... don't care.

These cu are just under pricing like crazy. Can't compete with a cu who's not in it for profit... You can get a risk free returns on a treasury bond for over 4%, why would anyone invest in an auto loan below 4%!?! Doesn't make sense other than trying to build membership value and utilizing all the cheap deposits you have.

Chase on the other hand is trying to make as much money as possible. Also this is partly rivians fault. They are marking up the rate and making money on the loan.

 

[Mike TDM]

My CU has 2.99% until the end of November. I keep hoping I get the Rivian, scheduled for Nov.22 -Jan 23 delivery before the end of Nov.!

 

[sevengroove]

Did you apply to Parsons FCU? Seems like that's a pretty great rate, particularly being EV specific. Any personal experience with them? Anyone?

Missed this message from earlier - yes, I applied! A couple of notes about the process so far:

• My membership took about two days to approve. Parsons FCU will pull a hard inquiry on your credit for this step.
• This inquiry is valid in their system for 30 days, so if you apply for a loan within those 30 days they won't pull your credit again. So plan accordingly.
• None of the above is made obvious in the application process, I had to talk to someone to find out.
• I applied for the auto loan on Monday and was told I can expect to hear back from the underwriters on Wednesday. Was asked to budget roughly 4-5 business days from application to approval.
• You will need a specific type of checking account to get one half of the rate discount that brings you to 2.5% (the other half is setting up automatic payments). It's free to open and maintain. I haven't opened that account yet and was advised I can do this upon loan approval or after.
• Rivian requires a tracking number and photo of the check. Parsons can provide both, and can typically mail out the check overnight on the same business day as the request is made.

 

[itselectric]

Missed this message from earlier - yes, I applied! A couple of notes about the process so far:

• My membership took about two days to approve. Parsons FCU will pull a hard inquiry on your credit for this step.
• This inquiry is valid in their system for 30 days, so if you apply for a loan within those 30 days they won't pull your credit again. So plan accordingly.
• None of the above is made obvious in the application process, I had to talk to someone to find out.
• I applied for the auto loan on Monday and was told I can expect to hear back from the underwriters on Wednesday. Was asked to budget roughly 4-5 business days from application to approval.
• You will need a specific type of checking account to get one half of the rate discount that brings you to 2.5% (the other half is setting up automatic payments). It's free to open and maintain. I haven't opened that account yet and was advised I can do this upon loan approval or after.
• Rivian requires a tracking number and photo of the check. Parsons can provide both, and can typically mail out the check overnight on the same business day as the request is made.

Thanks for this. I just applied for an account (checking and savings to get the additional rate discount) as well. Someone else mentioned it takes a few days to get those up and running before you can apply for a loan. Is that accurate?

Their rates almost seem too good to be true right now, but fingers crossed it all works out for everyone.

Sponsored