I received my "pre-approved auto loan draft". This thing still cuases me to wait until it clears for me to drive the Mini home? If so, I wouldn't waste an hour each way to drop this check off when I can mail it..

 

from everything I've read, yes, that is the case. supposedly if you supply penfed w/ your vin number during the app process, you don't run into this issue

 

Yes it is a preapproval loan draft and they wouldn't let me leave without the funds being reconciled. once the federal reserve xfers to their bank I can have the vehicle.

 

PenFed mispelled my name on the voucher! this is void.. isn't it?

Thoms instead of Thomas*

 

call the dealership and penfed

 

You're right, what the hell am I doing posting on here for

 

It just went back down.... I will confirm that I saw the 4.5% this morning and now it's back to 4.25%

 

Ok so last night i went in to pick up my car. I went with Pen fed, they sent me a check, i walked in gave my check signed papers and left driving my car. No issues.

 

What we did, was.. we were waiting for our money from our acct.. we had lost the pin.. so we couldn't access the acct online.. so we had to apply for a new pin blah blah blah..
now fast forward.. impatient husband wanting his very own mini.. didnt have to wait.. we wired 10 gs to the dealership.. which was an auto payment... we then had to wait for the other 10 gs.. hubby didnt want to.. so the dealership.. financed it through miniusa.. the 10 gs.. when the check came we sent it right to mini usa.. paid the loan off.. the dealership picked up the interest payment.. and we were good to go..
Car paid for in a total of 2 hours.. and off we went.. it took 10 days for us to get our pin, and another 10 for the $ to clear.. went off without a hitch..

 

I'm glad it worked out for you! My MA doesn't know anything about this pre-approved auto loan draft deal. I may have to call the general sales manager or something

 

Just got off the phone w/ penfed....they sent the $ this morning so i'm just waiting for the dealership to confirm receipt in their bank.....so I should have my car tomorrow or Thursday.

 

My MA phoned me and said everything should be okay, I'll bring that pre-approved voucher and I will drive off!

 

I just don't understand why some dealer won't let MINI lovers drive off with their new baby with pre-approved loan check and personal check. Those dealers completely suppress consumer's freedom. We, MINI lover, have the power.

 

They kept insisting that I use Mini financing. I told them to match 4.25% and then it wouldn't be a problem. Apparently they didn't like that.

I'm on the phone w/ penfed again. The dealership's bank never received the funds and penfed has got the heads up their a$$'s. No one seems to know squat down there. No wonder it's internet only deals. Now they're telling me the dealership hasn't cashed the check yet but the dealership told me they did on Thursday last week....wtf

 

PENFED is a mess, I have had real headaches with them, took them for ever to submit a cashier check that they promise me they would right away, every single person that I talk to on the phone tells me a different thing from the last one.
But at the end we are getting 4.25%, can't get that rate anywhere else, so I guess we got to eat all that crap because of it.

It took an extra week and a half to fix things up with both Penfed and the dealer but now I got my MINI S, the cashiers check took 2 days to clear, cashiers check is much better than a pre approved draft, you can ask for one at no extra charge.

 

Too late for me. This is starting to get me heated . I already sold my car so I'm stuck here starting at this screen when I should be motoring!

 

i just got my packet, and there's a lot things to sign.. i hope this doesn't go badly.

 

It seems for some it's no hassle and for others a different story.


I'm just going with Mini Financing. That way I know I can get my car asap. Mini knows I'm putting down almost 30% down and they are more then willing to work with me. My rate might be a percentage point and a half more but less hassle.

 

I'm just signing the promissory note and the gap insurance form.. i'll fax the insurance form over to my insurance office and tell the dealer where to send the title......this is whenever the $ gets there.....

 

Well I guess everything went smoothly for me in the end. I think I made matters more complicated than it should have been jumping back and forth on e-mails when I should have contacted both places directly with my concerns.

I went in with my dad last night to my dealership. Gave both a bank check and the PenFed pre-approved voucher, my MA asked if there is any other info that he needed - I was unsure but I just replied, 'nope'.

After that we signed some papers, he demonstrated the features on my new baby, gave us some gifts and we drove off. Pretty smooth in retrospect.

My name was mispelled on the PenFed check but PenFed said it was okay. Their system was updated right away.

 

what kind of gifts?

 

I'm not sure why several people have had such problems using PenFed for their financing. My experience, from joining up to the closing of the transaction with my dealer was as smooth as butter. I applied over the internet on a Sunday and was immediately approved. Spoke with them on the phone because I was confused about how I verified my approval online. I got my check and docs by the following Friday.

I suspect that the use of these "pre-approved checks" may be part of the rub. Perhaps the dealers are not familiar with these. I knew how much I wanted to borrow and that I would write a personal check for the difference due. I called my dealer after I received and reviewed the PenFed check and loan docs and made sure using the check and my personal check was ok (it was).

As for the docs, I thought they were fairly straight-forward.
(1) a cover letter explaining how PenFed wanted the title to reflect their lien, which I copied and gave to my dealer.
(2) two copies of the loan agreement (one to sign & return and one for me),
(3) a letter explaining the credit life/disability coverage (which I didn't want), (4) a page explaining the Loan Gap coverage (which was free since I was opting for the payment saver loan),
(5) a letter offering GEICO auto insurance if I wanted it,
(6) a form so you could indicate how you wanted to make your monthly payment (AFT, Internet, Phone or Coupon)
(7) a fold over form to send to your Insurance Company so that they knew how to enter PenFed as a lienholder on the policy,
(8) my check
(9) a self-addressed envelope to return the Loan Agreement, Monthly Payment form and the Credit Disabilility/Life form to the bank.

For me, it was easy peasy. But I did not try to use one of those blank, pre-approved checks. And all my conversations with the PenFed people have been very cordial and friendly.....more so than with my regular bank, I can tell you!

Although I opted for the payment saver loan, I intend to make the fully amortized 5 year payment each month. I paid 1/2 percent more, but I like the flexibility should the economy continue its downward spiral and I might need to make a "short payment" in the future. Hopefully I won't need this option, but it's nice to have it, IMO.

Rich

 

Oh hah a plastic wrapped mug with candy and goodies inside. You know the type of thing a mom may get on Mother's Day?

Also a convertible Cooper toy that my dad kept playing with so my MA just threw that in for the heck of it - that's what it seemed like. He played it off smoothly.

 

I'm so not happy.

 

What's your status?