Hey Dwell,

I'm not 100% on the insurance but taxes and title I wouldn't see why not. I just ordered mine like you so I haven't gone through any loan processes yet. Are you week 37?

 

Sup Mike:

I wish! I'd welcome week 37 with open arms!

Im day 3 from ordering it from the dealer.

 

Not sure about insurance but they allow an extra 10% over MSRP for tag, title, and tax.

 

I'm sorry, my bad. I meant tag, title and tax.

Thank you for the answer- mucho appreciated!

 

You can finance the entire purchase price if you want to and have the credit to do so. i could have, but i did have some $$ down.

I've had Yuko for over a month now, and Penfed hasn't gotten the title. i've been calling every few days asking if they've gotten it and they haven't. Basically, what i've been told is that you actually have 60 days to get them the title.

Usually, they get it within 30 days of registration. Well, to explain why they haven't gotten the title after 30 days now. It turns out that my dealer didn't actually pay registration the car for almost 3 weeks.

 

Apparently, the amount PenFed lends on a car is based on the MSRP. PenFed is a little different in that they seem to have their own figures for MSRP and will include some options, but not others. If I recall correctly, when I did my loan earlier this year, they would add to MSRP for the Sport Package but not for the Convenience Package. It didn't seem to make a lot of sense.

I think they also look at your personal credit when deciding what to lend. In my case, with good credit, they sent me one check for their "MSRP" value (which was payable to me and the dealer), and another smaller check for the balance of the loan amount I requested which was payable to me alone. You might run into trouble getting the full amount you want (including your taxes and ins, for example) if your credit is less than stellar.

 

Thanks for the info. In my case I want vanity plates, but what I am being told by the dealer is that I have to get regular plates first, then apply for vanity plates. I plan on doing some research today with the Secretary of State to see if I can do the entire tax, title and vanity plates with the Secretary of State myself. That way I know the title will be received by PENFED in 30 days.

 

FYI - Penfed is now 4.75% as of September 1.

August 2008 was 4.5%

July 2008 was 4.25%

Strange to see them jumping so much during an election year.

 

Or put a little differently....

On $25, 0000 @ 5 years:

4.25% = $463
4.5% = $466
4.75% = $468

 

Dang this sucks!

I was planning on getting that 4.5 rate, but guess I'll have to settle for the 4.75. I hope it doesn't bump up to 5 when I go to apply in October.

 

Hah, well dwell that doesn't make it to bad.

 

A buddy of mine just bought a new Infinity. He was supposed to come over yesterday so I could show him how to get a loan on PenFed. He went jet skiing instead.

Boy is he's gonna be pissed when he hears this!

I'm glad I locked my loan down before I took delivery in June. Went with the payment saver at 4.5 (now 5.0) with free loan GAP coverage. I see they also dropped that benefit. Now even with the payment saver, you have to pay the $299 fee.

 

Yeah, I at first was a little disappointed as well, but when I ran the numbers it really only was an additional $3 a month so not bad. On a purchase such a house, that can certainly make more of a difference.

 

What's the payment saver? I got 4.25% and paid the $299 for the gap which works out to be an extra $4.98 per month (60 months)

 

The "Payment Saver" option is the same as a regular loan except you have the option to pay less each month with a balloon due at the end of the loan period. In June it was .25 percent more than the standard loan, but they gave you the GAP free (no $299 fee).

I have been making the regular (full amortization) payment rather than the lower set payment since I got it. I like the option that if I needed to, I could cut my monthly payment in half for a while. More than likely, I will never need to do that, but it was worth the .25% increase and the free GAP, for me.

 

That's good thinking. Now how are you sending in the normal amount? I assume by snail mail or seperate online transations each month b/c I tried to set up my auto ACH deposits for extra $ each month but they will only allow the minimum amount...i.e if I owe $385 each month and want to send them $400 they won't allow that. (even though I think that should be against the law if it's not)

 

Who won't allow it? Your Bank or PenFed?

In either case, I can't see how they could prevent it. If its the Bank, raise hell. If its PenFed, call them tomorrow and tell them what you want to do. The only problem I could see if if the amount you want to pay would change every month.

In my case, I wanted to do payments by snailmail. They sent a payment book with the minimum amount on it, but a space to enter the actual amount paid. I just bump it up and send them the chech each month.

 

That's strange, I applied for it last week and was approved at the 4.5% rate. They had to confirm some information of mine, and on the phone the woman made sure to rush through my paperwork so that it processed by friday, so that I kept that rate. She told me that rates were going up to 5.15% in September though, which I guess they didn't.

 

PenFed won't allow it.

 

This sounds like a good idea and something I would like to do. So if I choose this option I would recieve a reduced monthly payment and pay for 60 months. Then what is left on the loan I can make a ballon payment, correct? Like, if I choose to pay more than what is required like you are doing I would naturally have a smaller ballon payment at the end. I used their calculator on the site and they said on a 20,150 loan the payments would be rougly 240 with about 9000 left as the ballon payment. So if I paid more than 240 I would owe less in the end I'm assuming.

Guess I'm running in circles but this just sounds like a nice option to have for me. The only thing I'm concerned about is that Penfed says that...

"Your Payment Saver Auto Loan payment is calculated based on the loan term, the amount you have requested, and the residual value of the vehicle. The residual is the expected value of your vehicle at the end of your loan term.

The difference between your loan amount requested and the residual value is amortized over the loan term, resulting in a low monthly payment without the danger of your becoming upside-down in the loan."


Does this mean my ballon payment is what is left on the loan or the current value of the car? I'd hate to make all these payments and them say you owe 14k rather than 9k just because the car is worth that much.

 

A little news for you on PenFed. If you have not actually drafted the loan check you are subject to the current interest rate....it says it on the letter with the check "The rate for your loan will be the rate in effect at the time the auto draft is received by PENFED."

So unless you are driving your mini right now you are paying the current interest rate.

 

You might want to make sure that you really have the 4.5% rate.

I contacted PenFed way back in July when I ordered about whether there was a "rate lock" if one applied while waiting for their order to be processed and I was verbally told that an approval would be good for 90 days but the actual loan rate would not be set until the actual date of the purchase.

Maybe they changed their policy or I got bad information, but a heads up to you to make sure you get the expected rate.

 

As I highlighted above, I think this is another problem with using their "Auto Draft" as a opposed to a regular check sent to you for the amount of your loan. I did not use the auto draft. I got a check made out by the bank for the amount I borrowed. My loan began with that check and my first payment was due on the 6th of the following month. I actually made my first payment before I took delivery. I didn't mind though. Looked at it as starting to pay off my loan early. If the deal didn't go through, I would just return the check to pay off the loan.

 

You know if you apply online, it's only 4.75. I did mine that way and got the results of my loan as soon as I hit enter. Very cool. 5th loan with them, no regrets.

 

They told me I'd still recieve the 4.5% even though I won't be getting my car for 2 weeks, since I actually got a certified check from them. I already know how much I need the loan to be, so I didn't want to mess with the draft check. The draft check would have brought up issues with picking up my car (the dealership won't allow you to take it home until the draft check clears) and would have locked me at whatever rate it is when I get my car (which in this case will be higher). I had asked her if I wanted to change the loan amount in a week or so (if I decided to put more down payment down, whether they could disburse a new amount) and she told me that if I did that I'd get the new higher rate.