Good for you man...that's a good deal. This penfed is a 1 yr membership for $20....is that a recurring cost every year or can I let my membership lapse once I receive my auto loan?

 

We are in SW Ohio.

 

6 or 7 loans through Pen Fed (www.penfed.org) and never a single problem except... make sure you insurance company sends them proof of insurance that meets their standards in a timely manner... your responsibility... or they will charge you crazy insurance rates, one year policy, added to your loan the day after the cut-off and you need G.W. Bush's signature to undo it... luckily I'm good at forgery so I got mine reversed.... but they don't play!

Also, they only loan MSRP so you don't get overcharged on your vehicle purchase, take that as someone looking out for you, not giving you a hard time. Remember we all get crazy when we find the right car we want and it's very hard to see past the total amount due at the bottom of the yellow sheet. If your paying $3k over MSRP, your paying $4k too much.

JK

 

It looks like I'm in a bit of a time crunch. Bimini is going to get here a LOT sooner than expected. He/she (I haven't decided sex yet) was loaded on a truck today in SC. So odds are high I'll be able to pick her up this weekend (maybe even sooner) if I can get things lined up. So I applied to penfed and was approved today. I selected fedex delivery. So what happens next? I'm sure I have to sign paperwork and send that back which at best would take 2 days. The way I read something on the site, they send paperwork automatically if you're approved, and they do it the same day if approved by 4:30 eastern. So to my thinking, Fedex has my paperwork. And I would think that they want the signatures notarized. Anyway, all this back & forth could delay things.

 

I got it next day when I was approved, no FedEx needed. The loan was funded properly as it shows a payment due in a month. I didn't have to have anything notarized. The only thing I have to send back to them is my signature for the savings account that you have to open.

 

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.

 

mysticturner,

When you had to join, Did you join MOAA?

I'm about to start working on my loan financing and want to get everything all set.

Thanks!

 

Minikart4me -

Unless you are, or have been, a Commissioned Officer of the United States (covers NOAA and the Public Health Service), MOAA is not open to you.

HOWEVER, The National Military Family Association seems not to require a current or prior connection to the military, just a $20 bill.
https://www.penfed.org/howToJoin/overview.asp

 

So can anyone join the PenFed? I am not a member of the military. Can I just call them and give them $20?

 

Follow the link

 

yes, anyone can join, i did the same, called them gave a donation and opened an account, approved for the loan. Now i'm just waiting for the car to go to production! Let's hope they keep the same rate or goes down until i get my MINI.
BTW- donation is for the military familys - good cause just for that alone to help out the kids.

 

Thank you! I kept looking to see which one was the option to join and donate, but it seemed like I was being routed through a bunch of different pages, and I think (know) i got lost.

Thanks!

 

Ok I just joined the NMFA. I would suggest that you do it directly through them and get your membership # and then call up PFCU and apply for the loan. The reason I suggest this is b/c when you use PFCU to become a member of NMFA you have to use your credit card as a cash advance and most credit card companies charge for that (mine does at least....)

So call 1-800-260-0218 (NMFA direct) instead and pay the $20 as a purchase and wait the 48 hrs for your membership # and then call the PCFU back or login online and get started.

I say this b/c I have been confused over the last couple of days how to register online if you're not part of the military.....and the bottom line is you can't.

 

Couldn't you just use a debit card, and that would work the same as a credit card, without incurring the cash advance charge?

 

I would never give my debit card to anyone on the phone or internet. My brother used to use his debit card which was compromised and it took 3 weeks for the bank to run their trace etc and finally restore his account...he had no money in the account and then when his bills were automatically withdrawn for payments that month he was hit with insufficient funds fees etc and late payments......also my friend was in Italy using her debit card for dinner and the waiter accidentally added two extra zero's to her bill.....so 150 euros became 15,000 which she did not have in her account etc....it's a serious hassle for that to become compromised.......

rather than deal with a crazy fiasco I always opt to use credit via phone / internet b/c at least that's not directly affecting your funds during the event..........IMO debit is for atm's and supermarkets only.

just my $0.02

 

I don't know what I joined. It was option 6 - send us $20 and you'll be our friend.

 

You agreed to 3 tours overseas in the military. jk but I did ask if that was a requirement...

 

 

one time deal, once you're in the CU, you're in.

(in case no one answered off line.)

 

Thanks, I had the same question.

Another thing, does PenFed require you to be a US citizen.

 

i dont recall ever being asked anything like that... if you can open a bank account at a BoA, i assume you could with penfed...

 

Got my loan approval through PenFCU in about 2 hours after joining. IT WAS EASY!! THANKS to whomever it was posted this information!!

Waiting for my MA to send me the bottom line quote and I'll fax VIN, dealership name/address, etc to PENFCU.

They'll FEDEX the check out right away.

BO will be here NEXT WEEK!!!!! WOOOHOOOO!!!!!

 

congrats mini bo bini! by the way, i love your screen name - cute!

 

I was getting ready to look for a loan for my Mini in the next week or so and I think you guys have just found me one. Have any of you guys used this company before? I would like to see some more feedback from you all if I can before I really start my research.

 

Been around a long time - used them in '85 when we bought the Rabbit Cabrio. Primary customer base is military and Department of Defense civilians. It literally is the credit union in the Pentagon.