R56 Financing with PenFed
#251
OK, clearly I need to call. I got stuck at one point at the end of the online application process (it wanted me to get some kind of protection I didn't want, and there was no way it would select the "no" button, so I hit the "save" button, and for 2 days now the status says "pending." (and if I click "view comments" nothing happens).
Sigh. Maybe tomorrow I can actually get out of work before the East Coast shuts down for the day. Ha. Not likely.
Sigh. Maybe tomorrow I can actually get out of work before the East Coast shuts down for the day. Ha. Not likely.
#252
OK, clearly I need to call. I got stuck at one point at the end of the online application process (it wanted me to get some kind of protection I didn't want, and there was no way it would select the "no" button, so I hit the "save" button, and for 2 days now the status says "pending." (and if I click "view comments" nothing happens).
Sigh. Maybe tomorrow I can actually get out of work before the East Coast shuts down for the day. Ha. Not likely.
Sigh. Maybe tomorrow I can actually get out of work before the East Coast shuts down for the day. Ha. Not likely.
#253
#255
#256
Not always that easy. Wasn't for me. I never was denied but never approved. I have excellent credit but I stalled at pending so I ended up going with BMW Financial for not quite a percentage point more. I work in a cash business and it's not always easy to prove what I make even though I claim it. I think it was because I went from part time to full time but I'm not really sure since I never heard from anyone about anything.
I'm glad I didn't go with them, they don't seem to communicate well. At least with me.
The BMW Financing was easy as pie. but i know that's just me.
#257
Not always that easy. Wasn't for me. I never was denied but never approved. I have excellent credit but I stalled at pending so I ended up going with BMW Financial for not quite a percentage point more. I work in a cash business and it's not always easy to prove what I make even though I claim it. I think it was because I went from part time to full time but I'm not really sure since I never heard from anyone about anything.
I'm glad I didn't go with them, they don't seem to communicate well. At least with me.
The BMW Financing was easy as pie. but i know that's just me.
I'm glad I didn't go with them, they don't seem to communicate well. At least with me.
The BMW Financing was easy as pie. but i know that's just me.
#258
If anyone thinks of buying in the Atlanta area & wants 36 months or less, Georgia's Own Credit Union has 3.99%:
http://www.georgiasown.org/loans_veh.html
I know most folks look @ 60+ months, and for that, I've not found better than PenFed. I'm going with a 36-month though & will probably pay it off in 24 months.
Credit Unions ROCK!
http://www.georgiasown.org/loans_veh.html
I know most folks look @ 60+ months, and for that, I've not found better than PenFed. I'm going with a 36-month though & will probably pay it off in 24 months.
Credit Unions ROCK!
#261
#263
Yeah, he was probably approved but there was something missing on the actual application. They told me I was approved over the phone but for them to proceed with the loan application, I had to give them more information.
#264
Like I said the communication wasn't the best.
#265
#266
The application process with Pen Fed was painless but like another poster who went to Prestige Mini, make sure you're prepared to wait the ten business days for the check to clear. Apparently, it's company policy and all their customers who use Pen Fed have this waiting period.
Now...what you stated is true if you request an open amount from PenFed in which they will write in the final value. This requires 10 days to clear.
#267
#268
I received my check today and was reading through all the documentation. Anyone catch the penalty if PENFED does not have the Vehicle Title in 30 days? Max interest rate is applied to the loan.
Anyone run into issues trying to get the title to PENFED in the prescribed 30 days?
Anyone run into issues trying to get the title to PENFED in the prescribed 30 days?
#269
They said they mailed it yesterday, but now they're saying because I ordered a re-issue over the phone, the new draft doesn't have the internet-only rate of 4.5%, but is the phone rate of 4.9%.
My options were to accept it as is, and they'll note on my account that I should have gotten the rate, and hope that the loan examiner notices. Or I could cancel this draft and wait for yet another re-issue.
I'm doing the former, and I'll follow up to make sure they get it right. I'm tired of waiting.
My options were to accept it as is, and they'll note on my account that I should have gotten the rate, and hope that the loan examiner notices. Or I could cancel this draft and wait for yet another re-issue.
I'm doing the former, and I'll follow up to make sure they get it right. I'm tired of waiting.
#270
They said they mailed it yesterday, but now they're saying because I ordered a re-issue over the phone, the new draft doesn't have the internet-only rate of 4.5%, but is the phone rate of 4.9%.
My options were to accept it as is, and they'll note on my account that I should have gotten the rate, and hope that the loan examiner notices. Or I could cancel this draft and wait for yet another re-issue.
I'm doing the former, and I'll follow up to make sure they get it right. I'm tired of waiting.
My options were to accept it as is, and they'll note on my account that I should have gotten the rate, and hope that the loan examiner notices. Or I could cancel this draft and wait for yet another re-issue.
I'm doing the former, and I'll follow up to make sure they get it right. I'm tired of waiting.
#271
And I did get my draft today - FedEx'ed, at PenFed's expense. That was good of them.
#272
I hold in my hand - The CHECK! As stated earlier, yesterday I applied for the loan with PenFed online. About 2 hours later I was approved. No emails. No phone calls. I had selected the Fedex option. This morning about 9:00, Fedex dropped an envelope on my doorstep (didn't even ring the bell - the dog let me know they were there). No signature required (kinda scary). Inside is 3 pieces of paper - welcome to penfed, the check with attached instructions, and how to get an extended warranty. The check amount and pay to is blank. A spot for me to sign. Spots for the car info (VIN, model etc). Just fill in the dealer name, amount to loan (up to the limit applied for) and send it. They say they'll send loan papers after the check arrives back at the credit union.
I have to admit very fast. Somewhat slick. But this looks like a real opportunity for ID theft. But unless MINI can beat 4.25%, I'm using it. I had no idea that financing thru PenFed would move so fast.
I have to admit very fast. Somewhat slick. But this looks like a real opportunity for ID theft. But unless MINI can beat 4.25%, I'm using it. I had no idea that financing thru PenFed would move so fast.
Excellent post. Thanks for sharing this.
They also seem to be lower than all the lenders I've researched. As of today, Penfed was at 4.5%. Bunch of others were at 6.5%.
~dwell
#275