I just got it too! Haha, it sounds like just the thing for right now.

 

Thanks to the original poster for the PenFed info! Applied last night and the check is already on it's way Question: I didn't let them know in time I wanted it sent Fedex, so do they just send it regular mail?

 

weinerdog,

They send it regular mail. Mine was in my box in two days

 

As a fellow college student, what's your guys' opinion on financing part of a mini through a college loan? I have a job and some money saved (could put a down payment for about 1/2 the car since I'm going used) but wouldn't be able to cover monthly costs with my job. But a college loan allows me to defer most of it. I'd only need like $10k or so, but do you guys think that's better than taking a regular loan and worrying about payments?

 

Most college loans are subsidized (stafford ones) but some are not so the interest could be deferred; either way they are sent directly to the school's registrar's office. If you are looking to do this as a 'college loan' your only bet might be to do a private college loan but then the interest is usually a variable rate. I don't expect the FED to increase rates since we're in an election year but you should look into all of your options before making any decisions and weight out both pros and cons. Keep in mind the interest on your 'college' loan would be tax deductible.

 

Well it would definitely be a private college loan, and I'd defer all payments. This is how I'm most likely going to do it. It's much easier to get, although the rate is a bit higher than a regular auto loan.

 

I applied for my loan on 6/14. When should I receive a response? I haven't gotten one in an email yet...maybe because it's a weekend?

 

Cooperfan,
Take this the right way, but I love to see that OCMD (Obsessive Compulsive MINI Disorder) is alive and well here! You applied yesterday. And today is Sunday.

I don't remember getting an email from PenFed after I applied. You can sign in and click the link to check your loan application status. I think it will say either: Pending, Approved, Call Us, or Disbursed. (make sure you look for a "see notes" link, or something like that, even if it says approved. This means they need to speak with you) Mine was was approved on a Sunday and I got the check and loan docs the following Friday.

Cheers!

 

After applying for autoloan from PenFed, you don't receive any email confirmation. Even you don't receive any final confirmation online page. That's why I called customer service immediately. She told me that my loan was approved and asked for VIN and several vehicle options. The she told me that check would be mailed out on Monday. If you want to pick up check in a local branch, you can do that too. That was fast. I applied yesterday 06-14-08. They were open on Saturday. I don't know about Sunday.

 

I applied autoloan from PenFed on 6/14 and received check along with Promisory Notes and other related documents on 6/16. I live in Maryland. I assume that all documents were from Alexandria VA. Good to live very close to PenFed Main Office.

 

I applied for the loan 6.11.08 and got the check along with the other welcome notes 6.16.08. I'm just wondering why it says "pre-approved" on the check. Is it because I haven't supplied them the exact amount of the car and the VIN # and make and model? I won't have any problem issuing it to the dealer would I?

 

I strongly suggest that you call customer service. I prefer to talk on the phone instead relying on computer screen and waiting, especially this critical loan. My check already has the name of my dealer, which I gave to customer service just after applying online along with VIN and description of my MINI. So if I were you, I would call customer service and clarify every detail of the loan to make sure that everything will go very smoothly when I meet my "new baby." :-) Good luck!!!

 

I have the same thing. Went to the dealer today (my car came in) and we will not be able to get our cars until the check (draft) clears....they have to send some paperwork back to PenFed and then it has to clear.....

at least that's what I was told today.

I'll be calling PenFed tomorrow. I assume this is because we didn't have an exact figure to provide to them along with a VIN #....I wasn't sure what extended maintenance etc I was interested in so I just got preapproved for 30k and they sent a blank check for me to make out.....

 

I don't want to wait any longer if I go through Ped Fed. I too won't know the final price until I take delivery. I have my VIN though. Will I end up having the same problem with waiting for the check to clear???

 

I'm very confused, I was preapproved and I asked what the next step was, they said to call with the VIN and amount then they would get the check out to me. If the check has the exact amount on it will there still need a "waiting period" for the check to clear? Anyone know?

 

No that will be a certified bank check.

 

OMG! So how long does it take for the check to clear??

My brother also said that I didn't give the exact figure that's why it's pre-approved so I guess you're right! I e-mailed my MA before I applied though and he gave me the final figure but I wanted to make sure that they didn't charge me for something I didn't want before I go ahead and submit it to PenFed that's why I opted not to provide the amount yet.

So you went to the dealership thinking you could take your MINI home already but got prevented because of that!? That is soooooo... aaargh!!

Please pleeease lemme know how the call to PenFed goes!

 

when I did the application, it said my car's value was a lot less then what it is. I added the features I have on my car, well 2 of the many features I have and the amount was the same as no features. Not that big of a deal as the amount it showed was enough to cover the amount I'm borrowing but I still find that odd. I guess I will call them tomorrow.

 

Just want to say thanks to the posters in this thread. I was all ready to pull the trigger to use Pen Fed, but my local credit union matched what Pen Fed is doing and since I already have an account it was much easier.

But thanks none the less.

 

So I e-mailed him early this morning and asked how they handle it, you know, if they put a hold on the car until the check clears and how long it takes. I got a reply quickly and here's what he said:

"When your MINI arrives, we have everything right now to be able to contract your MINI. We'll give you a "Bill of Sale" or "Purchase Order" which is what your Credit Union needs. You'll immediately be able to drive off with your MINI, and the Credit Union will cut us a cashier check in 1-3 days.

And everyone is happy..."

So there you go.. I don't know if it just depends on the dealership but I'm happy with that answer.

Toolazyforalogin hope you get your MINI soon!

 

Maybe it depends on the dealership.....Personally I think they're just upset that I got financing elsewhere. I am going to give them the pre-approved check on Monday the 23rd (they will overnight to PenFed) hoping that I can pick the car up on Monday the 30th since I am not around Friday-Sun this week.

That would work out well for me b/c the person buying my car is taking delivery on the 30th...

 

My experience for PenFed was a bit different.
I wish it had went as smoothly like many of you.

My first application was denied because of my insufficient income and limited credit experience. (I just started my internship 2 weeks ago, and I thought my student credit card would establish just enough credit! Silly me)

So I applied with a co-signer (father), my application was pending because I had to notarize a guarantor statement for him, thus I had to print out the form, have him go to the bank and notarize it and scan it back to PenFed. Now I found that I am approved this morning and am waiting for what comes next. In the end it took longer than others, but same result! The process wasn't too painful. I got the 4.25% rate compared to MFS who offered 7% or so at first then updated to a new 5.25% rate. But I still went with PenFed.

 

Glad to hear it ultimately worked out for you. A little effort, but your good for the long run. My dealer (Annapolis MINI) had no problem at all with PenFed's check at the time of delivery.

 

Don't worry, I'm having to jump through a few hoops myself. I too thought my almost perfect credit score would be more then enough but now I have to prove my income...just waiting for a paycheck stub to fax to them then we will see. If not Mini told me I would get a good rate through them, low 5% so it's not that big of a deal if they deny me.

 

I applied with PenFed last Sunday. Was approved Monday morning. Check was at my house Tuesday afternoon. I picked up my Mini last night, no issues at all. All I can say about PenFed Best experience I have ever had with a bank!!