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    1. #71
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      Quote Originally Posted by likeXC90 View Post
      For those of you borrowing, the (USA) Federal Reserve yesterday (6/13) bumped up the benchmark interest rate +0.25% to 2% from 1.75% and will likely do so again 2 more times this year per
      https://www.nytimes.com/2018/06/13/u...est-rates.html
      which means interest rates for car loans (and home mortgages, credit cards, etc) are going up.
      Quote Originally Posted by cybereyes View Post
      she will make a note and call me back in a few months to start the process over and to ensure I get the same rate, at least I hope. ... So it looks like 14 January is our requested date
      The Fed has pretty much guaranteed it will raise interest rates two more times this year, probably each time +0.25%, for a total of 0.50%. I'm not smart enough to say that banks and credit unions will simply increase their rates also by 0.50%. While I hope I'm wrong, I recommend you take this strong possibility into account when you are financing . . .

      Quote Originally Posted by cybereyes View Post
      We are going to go a little early and just sign for the car last ... then train to Gothenburg to sign for the car and go home.
      To help cut down on the 9-12 week wait/shipping time, have you considered another possibility of signing for the car at the beginning of your trip then go off exploring? Just a thought . . .
      2019 XC90 T8i (OSD 2018 July)
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    3. #72
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      Quote Originally Posted by cybereyes View Post
      Yeah I will have to reapply, but in the process of moving over to Bob, I was able to reduce my rate to the 2.79 without using a preferred dealer and after explaining to her the process that I was going through she said she will make a note and call me back in a few months to start the process over and to ensure I get the same rate, at least I hope. She is actually suppose to be getting back to me this week to verify when we will be picking up our vehicle because I told her Bob would likely let me know this week. So it looks like 14 January is our requested date since we are getting a fully loaded T8. I got my papers from Bob today and I will be sending them back to him tomorrow. Also got our passports in the mail today, so one more step completed. We are going to go a little early and just sign for the car last since we aren't going to want to rent snow tires and take our new car out in the snow in Sweden. Was hoping to drive it, but I can wait. Our plan now is to go to Copenhagen first, fly out to Rome from then back to Copenhagen, then train to Oslow, then train to Stockholm, and then train to Gothenburg to sign for the car and go home.
      Sounds like a great trip.....have fun!!!
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    4. #73
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      Quote Originally Posted by likeXC90 View Post
      The Fed has pretty much guaranteed it will raise interest rates two more times this year, probably each time +0.25%, for a total of 0.50%. I'm not smart enough to say that banks and credit unions will simply increase their rates also by 0.50%. While I hope I'm wrong, I recommend you take this strong possibility into account when you are financing . . .


      To help cut down on the 9-12 week wait/shipping time, have you considered another possibility of signing for the car at the beginning of your trip then go off exploring? Just a thought . . .
      That is a good idea, but our car will not be available for pickup until the 14th of January and my wife has some military training to attend on the 25th of January. If we dont go early then we are going to be really pressed for time. I don't think we can sign for the car any sooner than the 14th to my knowledge, at least that is the date we are requesting based on Bobs info on production times for fully loaded T8s. So the only way for us to hit all the destinations we want to see is to go early and pick up the car last and fly home the next day after signing for it. So essentially we will be saving some time by not taking the car with us on our adventures. As soon as we are able to sign for it, we will take some pics, sit it in and soak up all the new car smells and give it to them to ship back.

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    6. #74
      Junior Member scooterb's Avatar
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      Quote Originally Posted by linkerbox View Post
      Additional data point for excellent credit on 60 months. Volvo was 3.49, PenFed was 3.24% and LightStream originally came in at 3.69 but I sent them PenFed approval and they lowered it to 3.14. I was actually surprised that Volvo was so in line/competitive with other rates based on other info I read here. But LightStream's unsecured loan looks both cheaper and simpler.

      6/15 Edit: Alliant Credit Union came in at 2.99 and I took that to LightStream and I'm now at 2.89!
      Out of curiosity what did you have to submit to Lightspeed for the price match? Did you have to submit a ton of docs to the Credit Union to get an approval letter to send to Lightstream?

    7. #75
      Junior Member scooterb's Avatar
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      Thought I would post my own experience thus far.

      I applied to Patelco CU and got a quasi-approval: An email saying YOU'RE APPROVED, but with no stated terms, etc. Nothing I can really submit to Lightstream for a match. In order to get something like that it looks like they want me to involve the dealer or get them the following directly:

      Required documents (for Franchise Dealer purchase):
      * Signed purchase contract from dealer
      * Dealer contact (Finance Manager name, contact number, and email)
      * Proof of insurance (visit patelco.org/insurance for a free quote)
      * Provide a clear color copy/scan of your driver's license (s)

      Required documents (for Non-Franchise Dealer purchase):
      * Signed purchase contract from dealer
      * Dealer contact (Finance Manager name, contact number, and email)
      * Proof of insurance (visit patelco.org/insurance for a free quote)
      * Scan or copy of driver's license (s)
      * Report of Sale (ROS)
      * Dealer License
      * Certificate of Title (front & back)
      * NMVTIS Report (CA only)

      Obviously I am not going to be able to give them all that on an OSD order. Not sure if they are the exception rather than the rule of what they ask for leading up to an acceptance letter that would suffice for the Lightstream match? Any others with rate beat experiences that could shed some light?

      I DID do the Lightstream application and found it ridiculously easy. I was approved for an unsecured 60M rate of 3.69%. Would like to try to whittle that down via a price beat somewhere. Perhaps apply to Penfed?

    8. #76
      Junior Member scooterb's Avatar
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      Update. Applied to Alliant, and while they seemed to have raised their best rate since Linkerbox applied, I got approved for 60M at 3.24% Screenshot that approval which showed terms and the key word APPROVED and sent to Lightstream and they just lowered me to 3.14%.

      Also heard back from dealer that if you finance (traditional style) taxes and registration are due as part of the 30 day Pre-Delivery payment, but if you pay CASH fees and registration are paid at final delivery. With the unsecured nature of the Lightstream offering it becomes essentially a CASH transaction so only the balance of the car should be due 30 days out. I was really trying to break the 2.XX% barrier but may just sit with this. It really was a slick process and love that I don't have to mess with titling documents liens, etc. Thanks again Nquery!

    9. #77
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      Quote Originally Posted by scooterb View Post
      Also heard back from dealer that if you finance (traditional style) taxes and registration are due as part of the 30 day Pre-Delivery payment, but if you pay CASH fees and registration are paid at final delivery.
      I did traditional financing outside Volvo but taxes and registration were NOT due at the 30 day pre-delivery payment.
      Quote Originally Posted by scooterb View Post
      but if you pay CASH, fees and registration are paid at final delivery.
      Paying fees taxes and registration after car arrival is completely my responsibility and the default option for my dealer regardless of how I pay for the vehicle (cash or finance).
      Must be different a dealer thing, state, or insurance requirement?
      2019 XC90 T8i (OSD 2018 July)
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    10. #78
      Member GregK's Avatar
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      Quote Originally Posted by likeXC90 View Post
      I did traditional financing outside Volvo but taxes and registration were NOT due at the 30 day pre-delivery payment.

      Paying fees taxes and registration after car arrival is completely my responsibility and the default option for my dealer regardless of how I pay for the vehicle (cash or finance).
      Must be different a dealer thing, state, or insurance requirement?
      Exactly the same here in Missouri......
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    11. #79
      Quote Originally Posted by linkerbox View Post
      Additional data point for excellent credit on 60 months. Volvo was 3.49, PenFed was 3.24% and LightStream originally came in at 3.69 but I sent them PenFed approval and they lowered it to 3.14. I was actually surprised that Volvo was so in line/competitive with other rates based on other info I read here. But LightStream's unsecured loan looks both cheaper and simpler.

      6/15 Edit: Alliant Credit Union came in at 2.99 and I took that to LightStream and I'm now at 2.89!
      +1 for Lightstream

      Did the rate match thru Alliant - their best rate is currently 3.24%, so Lightstream came back with 3.14%. It was really easy!

    12. #80
      For those that used LightStream Rate Beat program - Did you have to sign loan agreement prior to them adjusting the loan amount? I applied for a loan through Lafayette Federal Credit Union, although it took several days to get approved I was approved for 3.5% at 72 mo. (Best advertised rate I could find anywhere else was 3.99 @ 72) In the meantime, I applied through LightStream but the rate was 5.64. I hate to agree to this loan and then be told that they won't beat the rate.. Cant find a phone number for LightStream.. I assume they don't want me calling.

    13. #81
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      Just out of curiosity, did you get a quote from Volvo finance?
      2016 XC60 T5 FWD OSD (May 2016), 6 countries, 2500km

    14. #82
      I didn't. Checked my local credit union & PenFed. Best I seen of those was 3.99 for 72 month loan. I didn't figure Volvo would be as competitive and didn't like the idea of more than a couple hard inquiries. Searched for the cheapest advertised rate I could find - Lafayette Federal - and started there.

    15. #83
      Member GregK's Avatar
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      Here are the Pen Fed rates.......

      RATES
      APR AS LOW AS* TERM LOAN AMOUNT APPROX LOAN PMT.1
      2.49%
      36 mos $500 - $100,000 $721.79
      3.49%
      48 mos $7,500 - $100,000 $559.19
      3.74% 60 mos $10,000 - $100,000 $457.84
      3.99% 72 mos $15,000 - $100,000 $391.35
      4.49% 84 mos $25,000 - $100,000 $347.73
      2012 S60 T5 (OSD 4/2012) Ember Black/Offblack l Premium,Multimedia,Climate,Dynamic l BLIS/PCC/ABL/F&R Park Assist/Sport Pedals/Chrome Endpipes

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    16. #84
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      Quote Originally Posted by anotherwillsmith View Post
      For those that used LightStream Rate Beat program - Did you have to sign loan agreement prior to them adjusting the loan amount? I applied for a loan through Lafayette Federal Credit Union, although it took several days to get approved I was approved for 3.5% at 72 mo. (Best advertised rate I could find anywhere else was 3.99 @ 72) In the meantime, I applied through LightStream but the rate was 5.64. I hate to agree to this loan and then be told that they won't beat the rate.. Cant find a phone number for LightStream.. I assume they don't want me calling.
      No you do not have to actually sign the other loan(s). Just email lightstream a copy of the approval. (After you have been approved for lightstream). It's super easy.
      2018 V90CC Ocean Race, Blond/Charcoal Interior, Polestar (OSD July, 2018)

    17. #85
      Just locked in 72 months at 3.4% with LightStream rate beat. Super easy dealing with them.


      Sent from my iPhone using Tapatalk

    18. #86
      Junior Member Lucca's Avatar
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      Those who have gone the lightstream route... I understand the benefit of an unsecured type loan, especially for a set up like OSD where it takes a while for the vehicle to get titled. But I wonder if the loan in fact hits your credit report as an unsecured loan? I don’t know if I’m comfortable with $40k-$80k unsecured balances on my credit report. That might be counterproductive if one needs to enter another financing transaction before the lightstream loan is paid off. You might get declined because of “balance of unsecured loans is too high” or get approved on higher rates due to that same reason.
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    19. #87
      Quote Originally Posted by Lucca View Post
      Those who have gone the lightstream route... I understand the benefit of an unsecured type loan, especially for a set up like OSD where it takes a while for the vehicle to get titled. But I wonder if the loan in fact hits your credit report as an unsecured loan? I don’t know if I’m comfortable with $40k-$80k unsecured balances on my credit report. That might be counterproductive if one needs to enter another financing transaction before the lightstream loan is paid off. You might get declined because of “balance of unsecured loans is too high” or get approved on higher rates due to that same reason.
      My loan is secured. They've instructed me to list them as a lienholder on the title. I'm ok with that - as long as they don't go asking for it soon.

    20. #88
      Junior Member Lucca's Avatar
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      Quote Originally Posted by anotherwillsmith View Post
      My loan is secured. They've instructed me to list them as a lienholder on the title. I'm ok with that - as long as they don't go asking for it soon.
      Got it. I’d definitely be comfortable with that too. It’s the “unsecured” label that would worry me on such a high balance loan.
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    21. #89
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      Quote Originally Posted by Lucca View Post
      Those who have gone the lightstream route... I understand the benefit of an unsecured type loan, especially for a set up like OSD where it takes a while for the vehicle to get titled. But I wonder if the loan in fact hits your credit report as an unsecured loan? I don’t know if I’m comfortable with $40k-$80k unsecured balances on my credit report. That might be counterproductive if one needs to enter another financing transaction before the lightstream loan is paid off. You might get declined because of “balance of unsecured loans is too high” or get approved on higher rates due to that same reason.
      It's just a revolving auto loan on my credit reports. No negative impact. I don't even think secured vs unsecured is a data point on credit reports.
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    22. #90
      Junior Member Lucca's Avatar
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      Suggested OSD Financing option

      Quote Originally Posted by nquery View Post
      It's just a revolving auto loan on my credit reports. No negative impact. I don't even think secured vs unsecured is a data point on credit reports.
      If it shows as a revolving auto loan it’s probably fine too (key word being “auto”).

      The amount of unsecured debt IS most definitely something that lenders take into consideration when underwriting credit.
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    23. #91
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      Quote Originally Posted by Lucca View Post
      If it shows as a revolving auto loan it’s probably fine too (key word being “auto”).

      The amount of unsecured debt IS most definitely something that lenders take into consideration when underwriting credit.
      That's true in a general sense but I don't think that credit reports specifically distinguish between 'secured' and 'unsecured' credit per se. My unsecured lightstream loan is simply reported as an installment loan with a specified monthly payment, end period, etc. Whether it's secured or unsecured is unknown to the CRA's as far as I can tell. I think a secured lightstream would report the same way as an unsecured loan.

      It's the kind of account that matters and is used to determine one's credit utilization percentage, which is one of the key factors in a credit score. Generally speaking, real estate and installment loans do not contribute to this calculation. In my case, my unsecured lightstream installment loan is definitely not being included in my credit utilization ratio.

      As you allude to, I suppose that a lender could dig deeper and and decide to not underwrite if they are concerned about the unsecured loan amount, but during my fairly extensive research on these loans before acquiring, I never came across any anecdotal evidence of this online.
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    24. #92
      Junior Member Lucca's Avatar
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      Quote Originally Posted by nquery View Post
      That's true in a general sense but I don't think that credit reports specifically distinguish between 'secured' and 'unsecured' credit per se. My unsecured lightstream loan is simply reported as an installment loan with a specified monthly payment, end period, etc. Whether it's secured or unsecured is unknown to the CRA's as far as I can tell. I think a secured lightstream would report the same way as an unsecured loan.

      It's the kind of account that matters and is used to determine one's credit utilization percentage, which is one of the key factors in a credit score. Generally speaking, real estate and installment loans do not contribute to this calculation. In my case, my unsecured lightstream installment loan is definitely not being included in my credit utilization ratio.

      As you allude to, I suppose that a lender could dig deeper and and decide to not underwrite if they are concerned about the unsecured loan amount, but during my fairly extensive research on these loans before acquiring, I never came across any anecdotal evidence of this online.
      I highly doubt that your lightstream loan is not being included in your credit utilization and/or debt to income ratio. It's money which you have taken on credit and have to repay on a monthly basis. That's precisely the type of obligation that would go into such analysis. But I wasn't referring to that or to the impact on credit score calculation, as it's a lot of factors that go into determining that. I was referring to the credit risk profile which underwriters take into consideration when approving credit and determining rates; and it's not a matter of digging deeper, this is all about the information included in the credit report and how to interpret it.

      All loans have a category that is recorded into the credit report. Mortgage, auto loan, auto lease, credit card, revolving charge account, student loan, are all examples of categories. "Unsecured loan" and "installment loan" are also two of the categories most commonly used. "Installment loans" are treated by underwriters same as unsecured loans, otherwise they would have been labeled differently (i.e. real estate, auto, boat, home equity, etc...). Unsecured personal loans are generally listed as installment loans. I'd expect that a lightstream "secured" auto loan would hit the credit report as an "auto loan" and not as an "installment loan".

      Let's put it like this, unsecured loans have no collateral securing them and are thus considered riskier loans. As the amount of unsecured balances in our credit profile grows, the riskier that our credit risk profile gets, and therefore a lender might determine that our profile has become too risky to approve a new financing transaction or elect to approve the transaction with a higher interest rate to offset the amount of additional risk being taken. Again, it would all come down to a number of other factors as well. This is just part of the equation.

      My intention is not to get in a back and forth with you, and don't get me wrong, I'm not saying that you or anyone that went that route made a bad decision. Personal/unsecured loans are very useful and I have used them in the past myself. There's nothing wrong with that. Plus it shows that you have researched this, and I could see how this could be a non-issue for you as not all credit profiles are the same and it's too many variables that go into the credit approval process.

      If someone gets approved on a $40k-$80k unsecured loan it's likely because he/she is worth it based on his/her strong credit profile. My intention is to let it be known that our credit risk profile takes a bigger hit by having a $40k unsecured loan versus having an auto loan for the same amount. It is in each one of us to determine what we are comfortable with based on our overall situation.

      Just food for thought... my 2 cents as someone from the banking industry.
      Last edited by Lucca; 02-27-2019 at 03:18 PM.
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    25. #93
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      Quote Originally Posted by Lucca View Post
      I highly doubt that your lightstream loan is not being included in your credit utilization and/or debt to income ratio. It's money which you have taken on credit and have to repay on a monthly basis. That's precisely the type of obligation that would go into such analysis. But I wasn't referring to that or to the impact on credit score calculation, as it's a lot of factors that go into determining that. I was referring to the credit risk profile which underwriters take into consideration when approving credit and determining rates; and it's not a matter of digging deeper, this is all about the information included in the credit report and how to interpret it.

      All loans have a category that is recorded into the credit report. Mortgage, auto loan, auto lease, credit card, revolving charge account, student loan, are all examples of categories. "Unsecured loan" and "installment loan" are also two of the categories most commonly used. "Installment loans" are treated by underwriters same as unsecured loans, otherwise they would have been labeled differently (i.e. real estate, auto, boat, home equity, etc...). Unsecured personal loans are generally listed as installment loans. I'd expect that a lightstream "secured" auto loan would hit the credit report as an "auto loan" and not as an "installment loan".

      Let's put it like this, unsecured loans have no collateral securing them and are thus considered riskier loans. As the amount of unsecured balances in our credit profile grows, the riskier that our credit risk profile gets, and therefore a lender might determine that our profile has become too risky to approve a new financing transaction or elect to approve the transaction with a higher interest rate to offset the amount of additional risk being taken. Again, it would all come down to a number of other factors as well. This is just part of the equation.

      My intention is not to get in a back and forth with you, and don't get me wrong, I'm not saying that you or anyone that went that route made a bad decision. Personal/unsecured loans are very useful and I have used them in the past myself. There's nothing wrong with that. Plus it shows that you have researched this, and I could see how this could be a non-issue for you as not all credit profiles are the same and it's too many variables that go into the credit approval process.

      If someone gets approved on a $40k-$80k unsecured loan it's likely because he/she is worth it based on his/her strong credit profile. My intention is to let it be known that our credit risk profile takes a bigger hit by having a $40k unsecured loan versus having an auto loan for the same amount. It is in each one of us to determine what we are comfortable with based on our overall situation.

      Just food for thought... my 2 cents as someone from the banking industry.
      Thanks, I appreciate the lengthy response. I agree with what you are saying overall and you have made me curious about how auto loans are being reported.

      Fortunately, I track and keep copies of my credit reports and scores so was able to do an apples-to-apples comparison. Both my current Equifax report with the unsecured lightstream auto loan and a prior Equifax credit report with a secured VW Finance auto loan report identically - with type specified as "installment". I see no distinction, other than the actual dollars/numbers. Same debt/credit ratio math in both cases (i.e. the ratio was not lower for my secured VW loan). I suppose it's possible that Equifax is hiding more details but I am looking at the full-blown verbose reports, and not some translated version via credit karma, etc. So I am not seeing any evidence of a distinction between secured and unsecured auto loans on my credit reports. I also know that it has not impacted my FICO scores negatively - and has probably been a bit of a positive as it adds to my credit mix.

      I am going to do some further research out of my own interest and will let you know what I find ...
      Last edited by nquery; 02-27-2019 at 04:16 PM.
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    26. #94
      Quote Originally Posted by Lucca View Post
      Lightstream loan...impact on credit score calculation
      FWIW we financed our summer 2018 OSD car through PenFed. Then our car's shipment from Gothenburg was delayed for months by Volvo's Great Summer 2018 OSD Shipment Fiasco. It appeared our car might not be redelivered in time to meet even PenFed's generous time allowed to deliver a US title showing PenFed's lien. We therefore re-financed (at a slightly lower "ratebeat" rate) unsecured through Lightstream. Our credit scores from all three agencies haven't changed enough to notice despite the change from a secured loan to an unsecured loan for the same principal amount and term.
      Last edited by Orphanscribe; 02-27-2019 at 09:01 PM.

    27. #95
      Junior Member Lucca's Avatar
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      Suggested OSD Financing option

      Quote Originally Posted by Orphanscribe View Post
      FWIW we financed our summer 2018 OSD car through PenFed. Then our car's shipment from Gothenburg was delayed for months by Volvo's Great Summer 2018 OSD Shipment Fiasco. It appeared our car might not be redelivered in time to meet even PenFed's generous time allowed to deliver a US title showing PenFed's lien. We therefore re-financed (at a slightly lower "ratebeat" rate) unsecured through Lightstream. Our credit scores from all three agencies haven't changed enough to notice despite the change from a secured loan to an unsecured loan for the same principal amount and term.

      That’s great that things worked out well for you in the end. But please re-read my last post. I’m not specifically talking about credit score. It’s about the impact that unsecured loans have on the overall credit risk profile. And I must stress again, I’m not implying that one is more or less credit worthy because one has or doesn’t have any unsecured debt. Each credit profile is unique and is to be evaluated on its own merits. I’m only speaking on general terms.
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      2016 Mazda CX-9 Signature - Machine Gray Metallic/Auburn Nappa (replacing with a OSD 2020 XC60 T8 Polestar Engineered)
      2012 Volvo S60 T6 R-Design w. Polestar tune - Black Sapphire Metallic/Offblack (Sold 2014)
      2006 Volvo S40 T5 Premium/Sport Package - Electric Silver/Offblack (Sold 2016)

    28. #96
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      So I took a second look at my credit reports and I see that in fact the unsecured Lightstream loan is in fact being reported with a loan type code of "auto" and account type code of "installment", the same as my prior secured loan via VW finance. I missed the loan type field earlier (was working). So these loans really do look identical to a secured auto loan on a credit report.

      Nonetheless, you are correct that if an underwriter chose to question the specific account, or already knows that Suntrust often provides unsecured loans, then it's possible that they might choose to adjust your credit risk profile. A small risk maybe, but it exists.
      Last edited by nquery; 02-27-2019 at 10:51 PM.
      2018 V90CC Ocean Race, Blond/Charcoal Interior, Polestar (OSD July, 2018)

    29. #97
      Junior Member Lucca's Avatar
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      Quote Originally Posted by nquery View Post
      So I took a second look at my credit reports and I see that in fact the unsecured Lightstream loan is in fact being reported with a loan type code of "auto" and account type code of "installment", the same as my prior secured loan via VW finance. I missed the loan type field earlier (was working). So these loans really do look identical to a secured auto loan on a credit report.

      Nonetheless, you are correct that if an underwriter chose to question the specific account, or already knows that Suntrust often provides unsecured loans, then it's possible that they might choose to adjust your credit risk profile. A small risk maybe, but it exists.
      That’s great! So they didn’t even require you to list them as lien holder and send them the car’s title and yet they report it as an auto loan on your credit report. That’s the best of both worlds! With the loan type being auto, I find it highly unlikely that anyone will inquire on the account or treat it as anything else than an auto loan, regardless of the lender.
      Our garage...

      2018 Mazda MX-5 Miata GT - Machine Gray Metallic/Cherry Top/Black (FUN LITTLE TOY!!!)
      2016 Mazda CX-9 Signature - Machine Gray Metallic/Auburn Nappa (replacing with a OSD 2020 XC60 T8 Polestar Engineered)
      2012 Volvo S60 T6 R-Design w. Polestar tune - Black Sapphire Metallic/Offblack (Sold 2014)
      2006 Volvo S40 T5 Premium/Sport Package - Electric Silver/Offblack (Sold 2016)

    30. #98
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      Quote Originally Posted by Orphanscribe View Post
      Then our car's shipment from Gothenburg was delayed for months by Volvo's Great Summer 2018 OSD Shipment Fiasco. It appeared our car might not be redelivered in time to meet even PenFed's generous time allowed to deliver a US title showing PenFed's lien.
      To close the loop, like Orphanscribe I too was one of "The Forgotten" whose title receipt was in danger of missing Navy Federal Credit Union's deadline. However NFCU was pretty darn cool about all of it. I simply told them about the whole Volvo situation/fiasco, sent them some documentation I received from the FDC
      • Auto Shipment Order
      • Certificate of Origin
      • Bill of Sale

      that showed I really did take a car and they were happy with it. As long as I was upfront about the whole OSD process before the loan and kept them updated during the loan, NFCU was surprisingly chillaxed.
      So yeah, I'd recommend Navy Federal Credit Union in a heartbeat! (Lightstream, from what I've been reading here, doesn't seem so bad either!)
      2019 XC90 T8i (OSD 2018 July)
      “Scientists study the world as it is; engineers create the world that has never been.” - Theodore von Karman

    31. #99
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      Hi

      I applied to PenFed and it's taking days. They want my dealer to send an invoice. That is being done. Meanwhile Lightstream approved an unsecure loan for 4.94!! My dealer offered 3.94 (it went up since March). HELP

    32. #100
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      Quote Originally Posted by caribchakita View Post
      Hi

      I applied to PenFed and it's taking days. They want my dealer to send an invoice. That is being done. Meanwhile Lightstream approved an unsecure loan for 4.94!! My dealer offered 3.94 (it went up since March). HELP
      Not sure why PenFed is taking days. Do you know your credit score? Do you know if other debt might be causing them to take a harder/longer look at your credit history? I don't know if we can post phone #'s here (I'll try in a separate reply just in case it gets rejected.) But we applied (actually my husband did since I'm not bringing in any income) and he was preapproved within a few hours. We received the draft check last week (PenFed overnighted it via Fedex) and we brought that into our dealer last Thursday. PenFed included something called Gap Insurance (we chose not to get this through them as our auto insurance company offers a better deal) in the Good Faith Estimate. They also wanted a copy of our insurance, but when my husband explained how we were buying the car and that we would not have insurance until August when we actually took possession of the car in Florida AND when we offered to include a copy of the Swedish insurance from Volvo, they seemed to be ok with that.
      For us the whole PenFed thing was very easy. At some point in the process we were contacted by the branch manager of a Penfed branch in DC. You can try calling her and see if she can help you. BTW we financed for 36 months so our rate is 2.49%

    33. #101
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      Quote Originally Posted by caribchakita View Post
      Hi

      I applied to PenFed and it's taking days. They want my dealer to send an invoice. That is being done. Meanwhile Lightstream approved an unsecure loan for 4.94!! My dealer offered 3.94 (it went up since March). HELP
      PenFed manager we spoke to: Mai Shahin-202-488-0154.
      Good Luck.

    34. #102
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      Quote Originally Posted by Iweenie View Post
      PenFed manager we spoke to: Mai Shahin-202-488-0154.
      Good Luck.
      Thanks...surprisingly enough, I have no debt and my score is 820 or higher..cannot recall..thanks for that phone. Will call.

    35. #103

      Question Questions on OSD financing

      I'm completely new to OSD and have been trying to get up to speed. So glad I found swedespeed. Thanks for all the tips and suggested lenders. I was hoping to get OSD this year. But looks like I'm too late. According to flyvolvo.com, MY2020 OSD is open - but when would I get delivery? I wanted to switch cars ASAP. Also how does it work if I order now and pay my deposit of 3000, when do I ask for the loan to kick in ? Just 30 days before delivery? Would the lender be OK quoting a loan now but actually start paying it out in 2020? Also doesn't that put you at a disadvantage if the interest rates go down?

    36. #104
      Member ig_mb's Avatar
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      Quote Originally Posted by QuantumTwitch View Post
      I'm completely new to OSD and have been trying to get up to speed. So glad I found swedespeed. Thanks for all the tips and suggested lenders. I was hoping to get OSD this year. But looks like I'm too late. According to flyvolvo.com, MY2020 OSD is open - but when would I get delivery? I wanted to switch cars ASAP. Also how does it work if I order now and pay my deposit of 3000, when do I ask for the loan to kick in ? Just 30 days before delivery? Would the lender be OK quoting a loan now but actually start paying it out in 2020? Also doesn't that put you at a disadvantage if the interest rates go down?
      For Volvo, model years start in August, so MY2020 starts this August/2019.

      Once your order is entered into the system and accepted by the factory, it will take about 1-2 months before they actually build your car. Delivery at the FDC in Sweden would be after that. About 30 days before your trip, you must pay the balance of the car. If you are financing, the loan must be funded then. Finally, depending where you are in the US, add at least 6-8 weeks for delivery at your local dealer. All in all, estimate 4-6 months (may be more depending on model and options) between the time you put your deposit until you get to drive the car to your garage.

      Some lenders will have no problem understanding the process and the fact that the must fund the loan about 2-3 months before the car makes it into the US. But there are also plenty of horror stories. YMMV.

      If you want to switch cars now, OSD may not be the best choice. There are no guaranteed delivery dates, just estimates.

      I'd suggest go to your dealer and engage them in conversation. Or call Bob or William - they will explain everything in great detail.

    37. #105
      Junior Member
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      Quote Originally Posted by QuantumTwitch View Post
      But looks like I'm too late.
      You are definitely not too late (if you're in the USA) to place an order as MY2020 OSD ordering opened in April. The one concern I would have is getting a desired delivery date - the early order likely gets the requested delivery date which for most are the summer months. Note that Europe MY2020 OSD ordering actually starts earlier. For the record I OSD ordered my MY2019 XC90 early April 2018 and took delivery in early July 2018. I could have opted for earlier OSD delivery but wanted to be in Sweden during the peak summer time.
      Quote Originally Posted by QuantumTwitch View Post
      I wanted to switch cars ASAP.
      Your best option to quickly get a custom order is to (fastest to slowest rank) 1. Comprehensively search the Volvo USA database to find what MY2019 model you want but you might have to travel to get it. Note MY2020 models dont show up on USA dealer lots until 3rd or 4th 2019 I believe. 2. Place a custom order through a dealer who has the ability to quickly place a MY2020 custom order - note not all dealers are the same 3. Do OSD for a MY2020 model which (is tons of fun and) can be fast if delivered off-season.
      Quote Originally Posted by QuantumTwitch View Post
      Would the lender be OK quoting a loan now but actually start paying it out in 2020? Also doesn't that put you at a disadvantage if the interest rates go down?
      This all depends on the lender. No matter what bank you go with (with the exception of Volvo financing but their rates are usually but not always higher) you'll have to describe the situation.
      Good luck!
      Last edited by likeXC90; 05-21-2019 at 07:26 PM.
      2019 XC90 T8i (OSD 2018 July)
      “Scientists study the world as it is; engineers create the world that has never been.” - Theodore von Karman

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