R56 Financing with PenFed
#276
#277
I wish! I'd welcome week 37 with open arms!
![LOL](https://www.northamericanmotoring.com/forums/images/smilies/lol.gif)
Im day 3 from ordering it from the dealer.
![Frown](https://www.northamericanmotoring.com/forums/images/smilies/frown.gif)
#278
Not sure about insurance but they allow an extra 10% over MSRP for tag, title, and tax.
#279
#280
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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.
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?
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.
#281
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.
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.
Last edited by richs10; 08-17-2008 at 04:51 AM.
#282
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.
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.
#284
#287
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.
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.
#288
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.
#289
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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.
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.
#290
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.
#291
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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.
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.
#292
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)
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.
#293
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.
#294
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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.
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.
#295
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.
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.
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.
#296
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.
So unless you are driving your mini right now you are paying the current interest rate.
#297
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.
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.
#298
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.
So unless you are driving your mini right now you are paying the current interest rate.
#299
#300
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.
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.