Financing the 2022 Lightning Purchase - Add Your Options

[Zprime29]

Are there any options beyond going through the dealer for an interest only loan? I've tried searching a few times but all I come up with are descriptions of how they work or for home loans. I can't seem to find any information on banks or credit unions that do them for auto.

Note, I'm not buying anytime soon and just looking at all my options.

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[4Reeley]

What do you understand the process is from here?

Send the executed buyers order to Parsons, they send you a Docusign package, you sign electronically, they generate a check. They'll send you a scan of the check and FedEx label if you ask for it. Luckily, my dealer let me drive off with the signed buyers order. I gave them my trade, that's it. They received the check from Parsons a few days later. Calling your loan officer until he answers is your best bet for a response at each step. They are a pretty small CU and literally swamped with applications.

 

[EV Outdoors]

Send the executed buyers order to Parsons, they send you a Docusign package, you sign electronically, they generate a check. They'll send you a scan of the check and FedEx label if you ask for it. Luckily, my dealer let me drive off with the signed buyers order. I gave them my trade, that's it. They received the check from Parsons a few days later. Calling your loan officer until he answers is your best bet for a response at each step. They are a pretty small CU and literally swamped with applications.

Did parsons tell you they had to be listed as the lender on the buyers order? My dealership said there isn’t a place for that they only do it on the title.

 

[4Reeley]

Did parsons tell you they had to be listed as the lender on the buyers order?

Yes they did say that but my buyer's order did not show them anywhere. F&I did ask who the lender would be but it wasn't on the buyers order. Not sure if it was keyed in elsewhere. The cover letter that Pasons sends with the check has their official lien holder name/address stated for all title and registration docs.

 

[greenne]

Yes they did say that but my buyer's order did not show them anywhere. F&I did ask who the lender would be but it wasn't on the buyers order. Not sure if it was keyed in elsewhere. The cover letter that Pasons sends with the check has their official lien holder name/address stated for all title and registration docs.

I was able to get a hold of my loan officer this morning. He basically confirmed the process described. Send buyers order, sign/comfirm electronic docs, parsons sends check to dealer.

My dealer already said they won't release truck without full payment, but I will see if Parsons can overnight it.

Loan Officer did say to try to have lien info on buyers order, but it def needs to be on registration/title paperwork

 

[JLee]

Did parsons tell you they had to be listed as the lender on the buyers order? My dealership said there isn’t a place for that they only do it on the title.

I just wrote it on a blank area on the buyers order and Parsons was fine with that.

That said, their funding department is running behind and I am missing my pickup appointment - going to have to push it to next week

 

[EV Outdoors]

I just wrote it on a blank area on the buyers order and Parsons was fine with that.

That said, their funding department is running behind and I am missing my pickup appointment - going to have to push it to next week

Ok perfect thank you for that advice

 

[newF150]

Almost there with my Parsons financing. I seem to be getting quicker response from them lately. I needed the buyer's order corrected as it indicated a to be financed amount much higher than I needed, the dealer didn't put in my cash on delivery\deposit so the Docusign I got from Parsons was for an amount much larger than I wanted. Waiting for the dealer to send me an updated order to send in. So almost there!

 

[SmokingtheMeats]

My dealer just contacted me after me having the truck for almost 2 months. Stated they need me to contact Parson's for the ELT/PA Financial Institution Number. I have reached out to Parson's but haven't heard back yet. Looking online, I only see a code for them in California. Anyone have to do this with their dealer?

 

[Aspesi4]

My dealer just contacted me after me having the truck for almost 2 months. Stated they need me to contact Parson's for the ELT/PA Financial Institution Number. I have reached out to Parson's but haven't heard back yet. Looking online, I only see a code for them in California. Anyone have to do this with their dealer?

This same crap happened to me for financing in Massachusetts.

I reached out Parsons and they said they lend to Massachusetts all the time and were able to close the loan for me. It was a struggle on a Friday afternoon, but it ultimately worked out.

 

[4Reeley]

ELT/PA Financial Institution Number.

In my cover letter from Parsons they showed 8 different state ELT codes. Unfortunately PA wasn’t one of them. Were you able to close without the ELT, @Aspesi4 ? Or did Parsons have to come up with something?

 

[Aspesi4]

In my cover letter from Parsons they showed 8 different state ELT codes. Unfortunately PA wasn’t one of them. Were you able to close without the ELT, @Aspesi4 ? Or did Parsons have to come up with something?

I closed without it. There's a list of acceptable lenders in MA with numbers, Parsons wasn't on the list. They just cut a check and it all worked out.

 

[TheBigBezo]

These rate hikes are brutal. Most places are over 4% now, even my local credit union is at %3.99. Most of the bigger folks are close to if not past 5%. Supposedly there will be another rate increase in December. Trying to lock in a rate ASAP.

 

[lightspeed]

Parsons is at 3.99% now, any better places to go?

 

[CRAIGC540]

Parsons denied us also (820+ credit score), reason ? We had 1 hard inquiry within last 3 month. We went with EECU got an instant approval with 2.99% for 72 month.

Just try another CU

MYEECU.ORG did me good, they are in Fresno California and the vehicle will need to be registered in California.
To become a member you can donate to a teachers fund, when calling press 3 for loan dept and be patient they take a while to answer.