Lowest interest rates in September?

[Ccomtois]

It took me about 4 days to go from loan application to pre-approval letter in inbox. So I think you should be fine for next Wednesday.

My app to pre-approval went quickly, but overall it still took time because I had to keep following up...whole process more than a couple week.

But what I did was initially go thru Rivian Financial (5.39%), which made my overall buying experience the easiest thing I've ever been thru. And I'm refinancing thru Parsons @ 2.79%.

So far, it's worked out for me.

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[sevengroove]

My app to pre-approval went quickly, but overall it still took time because I had to keep following up...whole process more than a couple week.

But what I did was initially go thru Rivian Financial (5.39%), which made my overall buying experience the easiest thing I've ever been thru. And I'm refinancing thru Parsons @ 2.79%.

So far, it's worked out for me.

That's a good compromise especially for folks whose delivery days are approaching really fast.

 

[AxelR]

My app to pre-approval went quickly, but overall it still took time because I had to keep following up...whole process more than a couple week.

But what I did was initially go thru Rivian Financial (5.39%), which made my overall buying experience the easiest thing I've ever been thru. And I'm refinancing thru Parsons @ 2.79%.

So far, it's worked out for me.

Isn’t there going to be an issue with the title refinancing so quickly? It’s rare that the titling process moves fast and that could put you outside of the acceptable window for the CU/Parsons which would then kick your interest rate to the highest possible.

 

[Ccomtois]

That's a good compromise especially for folks whose delivery days are approaching really fast.

From the minute I got the 8 step to purchase, it went so fast until I took delivery (literally a week). There was no way I could do the financing that quickly, and I wasn't about to delay anything, which is why I decided to initially take the Rivian financing.

 

[Ccomtois]

Isn’t there going to be an issue with the title refinancing so quickly? It’s rare that the titling process moves fast and that could put you outside of the acceptable window for the CU/Parsons which would then kick your I retest rate to the highest possible.

Hope not ;-)

 

[itselectric]

Closing the loop here and hoping to help others with timelines.

AdelFi wasn't able to get my documents sent to Rivian over the course of three full business days after loan was approved. They weren't responsive via their messaging center or over the phone, which caused delays. After the paperwork was all sent to them, they had to "re-approve" the loan for some reason, even though it has only been since Thursday when I applied.

In total, the process would have taken 5 business days, meaning you could take delivery on the 6th business day. They are also not open on Saturdays which didn't help.

I think the CUs are busy but the process was not good and I was never able to speak to a loan officer over the phone to get any simple questions answered.

Parsons took a full business week to reach out to activate my checking account - didn't even get to the loan application stage, which would have been another business week or so.

Long story short, I went with a local CU with a higher rate that approved me within half a day, sent the money and documents same-day as approval and had no issues getting the R1T funded.

 

[Aroohoo]

Update on Parsons:

From time of preapproval to the check being cut it was 3 business days.
It was a bit of a mad rush today to get a copy of the check and a tracking number to upload to Rivian so I can keep my scheduled delivery for tomorrow. Was told this morning that someone would send that out by early afternoon; didn't see anything by 2:30 so gave them a call. Was on hold for 15min or so, but eventually got through and got it resolved.

All in all, they are responsive when you get ahold of them. I'm sure they overwhelmed with a rush of applications before they raise their rates.

 

[Timo]

Closing the loop here and hoping to help others with timelines.

AdelFi wasn't able to get my documents sent to Rivian over the course of three full business days after loan was approved. They weren't responsive via their messaging center or over the phone, which caused delays. After the paperwork was all sent to them, they had to "re-approve" the loan for some reason, even though it has only been since Thursday when I applied.

In total, the process would have taken 5 business days, meaning you could take delivery on the 6th business day. They are also not open on Saturdays which didn't help.

I think the CUs are busy but the process was not good and I was never able to speak to a loan officer over the phone to get any simple questions answered.

Parsons took a full business week to reach out to activate my checking account - didn't even get to the loan application stage.

Long story short, I went with a local CU with a higher rate that approved me within half a day, sent the money and documents same-day as approval and had no issues getting the R1T funded.

Thank you for sharing your experience. I finally got an email/call from Parson's today and told them I had gone a different direction.

Interesting that AdelFi was unable to send them paperwork. Did they share why they had delays? Did you send them a signed copy of the purchase contract beforehand?

Maybe I'll reach back out to them to get the ball rolling on my end. I was waiting until PDI was done to get maximum float but don't feel like dragging my feet once I can actually get the truck!

 

[itselectric]

Thank you for sharing your experience. I finally got an email/call from Parson's today and told them I had gone a different direction.

Interesting that AdelFi was unable to send them paperwork. Did they share why they had delays? Did you send them a signed copy of the purchase contract beforehand?

Maybe I'll reach back out to them to get the ball rolling on my end. I was waiting until PDI was done to get maximum float but don't feel like dragging my feet once I can actually get the truck!

They were just swamped, I think. I called in four times today and had them leave the underwriter messages that I needed it sent before close of business to take delivery tomorrow. They waited until closing time to let me know it wasn't going to get done today. I just wish they had said that earlier in the day so we didn't need to scramble.

I typically finance through the CU I ultimately went with this time, because they are so responsive and communicative + you can talk directly to the underwriters to work things out.

Great low rates - but fair warning, expect at least a full week if not more for either bank.

 

[Timo]

They were just swamped, I think. I called in four times today and had them leave the underwriter messages that I needed it sent before close of business to take delivery tomorrow. They waited until closing time to let me know it wasn't going to get done today. I just wish they had said that earlier in the day so we didn't need to scramble.

I typically finance through the CU I ultimately went with this time, because they are so responsive and communicative + you can talk directly to the underwriters to work things out.

Great low rates - but fair warning, expect at least a full week if not more for either bank.

Good info, thanks again. I typically use San Diego County CU for everything but was lured by the 2.xx rates. I'm still a few days from delivery so I'm going to ping them now to see what happens.

 

[itselectric]

Good info, thanks again. I typically use San Diego County CU for everything but was lured by the 2.xx rates. I'm still a few days from delivery so I'm going to ping them now to see what happens.

Best wishes to you! I hope it works out.

 

[sevengroove]

Parsons took a full business week to reach out to activate my checking account - didn't even get to the loan application stage, which would have been another business week or so.

This is really surprising to hear. I already had the default savings account set up through my membership application. Once I got preapproved I called their membership team and they literally added the checking account instantly while I was on the phone with them. Definitely supports the YMMV theory with Parsons, but I'm glad you got your loan eventually sorted.

All in all, they are responsive when you get ahold of them. I'm sure they overwhelmed with a rush of applications before they raise their rates.

This has been my experience with them too. Their process is not well-laid out or clear, and there is some educating I have had to do for them as well about Rivian's process. Thankfully my timeframe has afforded them the buffer they need to get things in place. Now the ball is in Rivian's court to get my R1S ready for delivery!

 

[tierneyalvin]

it's almost always best to finance through Rivian and then refinance after the fact, just makes things utterly painless

 

[snakeey11]

Finally got Parsons to cut my check today, after about a week worth of poking and prodding. Other than all the bugging I had to do from my end, I will begrudgingly admit that the process ended up actually being pretty smooth once I had them engaged in fits and starts. And I'm stoked with the 2.79% rate and the fact that I finally get to pick up my truck tomorrow!

 

[Aag12]

How do they verify that you are "christian"?

They dont.you just click a box saying you agree with their mission

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