R56 Financing with PenFed
#301
I got my certified loan check with a specific amount way in advance of purchase. The paperwork I signed gave me my interest rate and first date of payment. I take that to mean that I am locked into my interest rate regardless of rate increases before the loan check is actually cashed. I just have to cash that check within the 90 day period that it is valid.
#304
I had my PenFed check for a month before my car came in. Even though they approve your loan and send out a check, they the contract doesn't become valid until you actually use the check. You have 90 days to use the check. If for some reason you don't use the check within 90 days, the contract becomes void and you reapply at whatever intrest rate they currently have. I applied for my loan once my car was on the boat. PenFed sent out the check a few days later which was about a month before I actually took delivery of my Mini. Once I took delivery of the car, I signed the promissary note and a few other documents that were in the envelope along with the check and mailed them back to PenFed. I chose to have them send me a payment book. I received my payment book a few weeks after picking up my car and my first payment was due 1 month after picking up my car.
Last edited by RussKeys; 09-02-2008 at 02:03 PM.
#308
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It's kind of funny when you call. I've been calling to see if they've received my title and here's how it goes..
Me: Hi, i'm calling to check and see if you've gotten the title to my car for the car loan.
1st person... what is a title? title? what's this for?
Me: You know, the title to the vehicle.
1P: Oh, you mean the collateral.
Me: I guess so.
1P: Let me check... *papers rustling* no, not yet.
Me: K, ill call back in a week.
2nd time I call, and taking a clue from the first person.
Me: Hi, i'm calling to check if you've received the collateral on my car loan.
2nd Person: Collateral? collateral for what?
Me: Umm.. the car loan I took out last month...?
2P: Oh, you mean the title. Let me go check. *more rustling papers and faint whispering* No, not yet. I can check one more place.
Me: Okay, I can hold on.
2P: Okay hon, hold on. *phone gets put down*
2P: I just checked the title room and they haven't received it.
Me: Okay, i'll call back next week.
3rd attempt...
Me: Hi, i'm calling to see if you've received the title collateral for the car loan I took out.
3rd Person: title collateral? Oh, the title. I don't see it registered on my screen. Let me go check the title room.
3P: Not yet, try again in a few days.
Me: It's been more than a month, and it says I get hit with a penalty if you dont receive it in 30 days.
3P: Oh, well, your registeration didn't complete til last thursday (3 weeks after purchase). Give it another few weeks.
Me: So, I wont get hit with the higher interest rate?
3P: I don't know what the interest rate is now if you applied for a new loan.
Me: Uh, that's not what I meant. The penalty APR i meant.
3P: Oh, we don't do that til 60 days because certain motor vehicle departments are slow.
Me: Uh, okay, i'll call back in a week.
4th attempt...
Me: Hi, i'm calling to check if you've received the collateral on my car loan.
4th Person: Collateral? let me check. No we haven't gotten your pink slip.
Me: I'm not close to the cut off for the penalty APR am I?
4P: Let me check in the pink slip room.
Me: pink slip room huh.
4P: yes, we have a big room full of pink slips. hold on, k?
Me: Sure.
4P: No pink slip yet. You've got another month or so before we penalize you.
Me: What's the penalty APR anyway?
4P: No idea, you'll have to call the loan department for a new application.
and it goes on, but you get the idea.
Me: Hi, i'm calling to check and see if you've gotten the title to my car for the car loan.
1st person... what is a title? title? what's this for?
Me: You know, the title to the vehicle.
1P: Oh, you mean the collateral.
Me: I guess so.
1P: Let me check... *papers rustling* no, not yet.
Me: K, ill call back in a week.
2nd time I call, and taking a clue from the first person.
Me: Hi, i'm calling to check if you've received the collateral on my car loan.
2nd Person: Collateral? collateral for what?
Me: Umm.. the car loan I took out last month...?
2P: Oh, you mean the title. Let me go check. *more rustling papers and faint whispering* No, not yet. I can check one more place.
Me: Okay, I can hold on.
2P: Okay hon, hold on. *phone gets put down*
2P: I just checked the title room and they haven't received it.
Me: Okay, i'll call back next week.
3rd attempt...
Me: Hi, i'm calling to see if you've received the title collateral for the car loan I took out.
3rd Person: title collateral? Oh, the title. I don't see it registered on my screen. Let me go check the title room.
3P: Not yet, try again in a few days.
Me: It's been more than a month, and it says I get hit with a penalty if you dont receive it in 30 days.
3P: Oh, well, your registeration didn't complete til last thursday (3 weeks after purchase). Give it another few weeks.
Me: So, I wont get hit with the higher interest rate?
3P: I don't know what the interest rate is now if you applied for a new loan.
Me: Uh, that's not what I meant. The penalty APR i meant.
3P: Oh, we don't do that til 60 days because certain motor vehicle departments are slow.
Me: Uh, okay, i'll call back in a week.
4th attempt...
Me: Hi, i'm calling to check if you've received the collateral on my car loan.
4th Person: Collateral? let me check. No we haven't gotten your pink slip.
Me: I'm not close to the cut off for the penalty APR am I?
4P: Let me check in the pink slip room.
Me: pink slip room huh.
4P: yes, we have a big room full of pink slips. hold on, k?
Me: Sure.
4P: No pink slip yet. You've got another month or so before we penalize you.
Me: What's the penalty APR anyway?
4P: No idea, you'll have to call the loan department for a new application.
and it goes on, but you get the idea.
#309
Yup, while they have great rates I too dealt with confusion trying to get my loan approved. I provided the requested information and still never got a decision. I called and they did not have a clue why it wasn't approved. Finally I just told them to never mind and I went with BMW and so far they have been great! I can make as many payments online as I want so I can pay the loan off asap so this ease will more then make up for the .75 percentage point more I am paying. I get a bill in the mail and I can also make payments online if I want. Easy.
#310
#313
Yeah I've been calling them too and they still have not received it. They said sometimes the processing takes a while before it gets to them. I dunno. It's been more than a month since I got PeeWee.
#314
And oh yeah, I never signed up for the automated pay because I was planning to just use the payment book but I tried it anyway. My first payment was 2 days ago and I did the transfer on the 29th, I checked my PenFed account and it updated my payment due date to next month. But 3 days later, I checked my other account and the payment wasn't deducted yet AND the payment due date on my PenFed one updated again to show the November due date!
So I called and they said that they automatically deduct the payment every month and that I don't have to do anything. Eventhough I told the lady that I never signed up for the automated pay and just tried it a few days before the due date. She said it doesn't matter.. Now, she said I actually did two months of payments but they won't deduct the second one until the next month.. geez.. so much for being in control of your accounts.
But I will call and clarify again. They always seem to give me different answers each time!
So I called and they said that they automatically deduct the payment every month and that I don't have to do anything. Eventhough I told the lady that I never signed up for the automated pay and just tried it a few days before the due date. She said it doesn't matter.. Now, she said I actually did two months of payments but they won't deduct the second one until the next month.. geez.. so much for being in control of your accounts.
But I will call and clarify again. They always seem to give me different answers each time!
#317
#318
#319
Our rate through BMW Finance is 5.54%. Once we are there picking up the car, we will see if they will give us a bit better of a rate. The credit union we were going to use was going to give us 5.5%, but the $25 initiation fee makes the BMW rate better. There is only a few dollars difference between the two rates.
#320
And oh yeah, I never signed up for the automated pay because I was planning to just use the payment book but I tried it anyway. My first payment was 2 days ago and I did the transfer on the 29th, I checked my PenFed account and it updated my payment due date to next month. But 3 days later, I checked my other account and the payment wasn't deducted yet AND the payment due date on my PenFed one updated again to show the November due date!
So I called and they said that they automatically deduct the payment every month and that I don't have to do anything. Eventhough I told the lady that I never signed up for the automated pay and just tried it a few days before the due date. She said it doesn't matter.. Now, she said I actually did two months of payments but they won't deduct the second one until the next month.. geez.. so much for being in control of your accounts.
But I will call and clarify again. They always seem to give me different answers each time!
So I called and they said that they automatically deduct the payment every month and that I don't have to do anything. Eventhough I told the lady that I never signed up for the automated pay and just tried it a few days before the due date. She said it doesn't matter.. Now, she said I actually did two months of payments but they won't deduct the second one until the next month.. geez.. so much for being in control of your accounts.
But I will call and clarify again. They always seem to give me different answers each time!
#321
I applied a couple of days ago for a loan from PenFed, thinking it'd be a few weeks before the PW MCc S Sidewalk came in for me to check out. Then I found out the car arrived today! So, I called PenFed this am to see if anything could be done to expedite my financing and the lady says, "Uh, it looks like that check was sent out Wed." I get home from work and sure enough, there's a check in my mailbox! And it was Wed night I applied for the loan! It was fast, if nothing else!
We'll see what happens re: titling... I get my car on Monday!
We'll see what happens re: titling... I get my car on Monday!
#323
Sorry if this has been covered, but if you sign up with Pen-Fed, does the check come to you with an already typed-in loan amount, or do you write in the loan amount you're going to be using when you're at the dealer? I imagine the second option, but just wanted to make sure being I never used secondary financing.
#324
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If you give them the VIN in advance with the amount then it comes already printed and ready to go. Otherwise it's a draft check and you write it in - you may get screwed like I did and have to wait 10 days for that to clear. go back and read this thread if you have other questions that have been answered!