Purchasing a Tesla- no loans at the current time above $50K

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Contributor

I was told that USAA will not approve a car loan above $50k.  if that is true is that for everyone or certain people?  If rthat is the case then there should be no loans above $50K going to anyone trying to buy a Home, Boat or an RV.  I would like some to explain this to me.  its frustrating to know that i may have to leave USAA to get a loan for a car then in a few months or year  come back to USAA.  Or maybe i won't come back.    

 

Very Frustraing

6 REPLIES

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Thank you for your message, and I am very sorry to hear of your frustration. I would be glad to explain why our Consumer Loan Lending limits have changed. In anticipation of a possible recession, USAA needs to ensure it is appropriately protecting the financial security of members; therefore, USAA is taking actions to tighten credit. By the time a member has their first payment due on their new loan, they may be in a different financial position. USAA does not want to make the situation worse for members. While some of our members may not have been financially affected, many USAA members are affected, and it is important for USAA to provide a standardized offer to protect our membership during this time. I understand this is not what you were looking for. USAA needs to ensure it is appropriately protecting the financial security of all members and the association. We continually look for ways to improve our products and services so they are of the highest quality for our members. Thank you for taking the time to send your feedback.

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I understand that the policy might need to be adjusted but i just don't think that this answer is for everyone in every single situation.  It s just hard to belive the USAA is telling former and active members of all ranks no for a car loan.  The only other way this would be availible from your members is to leave USAA to get a loan then come back to USAA to refinance.  This would be very unfortnate to happen to long standing members that have been with USAA for 10+years.   

 

So, i would like to have a manager to call me to discuss this situation.  I do feel that every situation can be worked and be worked.   Thank you very much.

 

I look forward to talking to a Manager soon

 

Floyd Stern

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@Sleepyfloyd, I would be glad to forward your post to the appropriate area for review. In this forum we do not have the capabilities of facilitating a request for a callback. We do want to be sure we capture your feedback. Thank you for taking the time to share your thoughts in our Member Community. ~Suzy

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Had same problem with boat loan except max is 35K. What kind of boat can you get for 35K??? Very frustrating. Navy Federal isn't doing this. 

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@shawndavis, now I know why my interest rates on my NFCU accounts are going down. 😂
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Buying a new Tesla and you can't get a loan higher than 50K? Solution--put half down and see if they'll reconsider. Or see if the dealership will offer financing. I thought about replace my 19yr vehicle with a new one, but will have to wait until things change.