Ok, so I was approved for financing on Sunday. I told them I'd call them Monday with the exact number because I added a couple options and wanted to get the exact amount from the dealer. I am financing EVERYTHING because I'm a poor college kid, but once I start work in a month, I'll be able to afford the payments.

Ok, so I call up yesterday, tell them the amount I need...MSRP is 29something, I need 33something (tax+warranty)...I gave them the exact numbers of course. The guy says he can only finance 29,000 because they have the value of the car tied to my VIN at 26,750 (per nadaguides.com), and then go 10% above to cover tax and warranty costs. According to everything I've seen, the MSRP of my car is 29k+. So I concluded they work off of invoice, but they deny it. Also, I was told none of this when I was approved on Sunday (which I did completely over the phone).

Long story short, they told me if I want to dispute then fax them a copy of my receipt. Not a big deal, but I'm not sure how this is going to work out.

Any similar experience/advice?

PS Does anyone have an impossible time getting in touch with their MA??? It takes me forever to get anything done with this guy!

 

Im wondering how long the turnaround is on a loan from them. If I find a car I want, how long will i have to wait for the funding to show? Also What do I do with my trade-in?

 

What rate did you get over the phone?
They are quoting 4.25% for 72 on online apps.

 

I got the 4.25% rate for 72 months. Just had to pay $20 to become a member.

Turnaround seems pretty quick...I am 21 years old with minimal (but good) credit history, and I was approved in 20 minutes. Once I get the amount worked out, they mail or FedEx you the check (your choice).

But they're saying my car is worth about 3,000 less than it is, which really bothers me. They keep saying the car is so new, that might be messing it up...but that makes no sense to me. Hopefully when they see my receipt (not sure if I'm using the right word...but I mean the pricing breakdown), all will be worked out.

If I had a down payment, this would be no problem, but like I said I am financing the whole thing.

 

Cool, I was going to hold off until the 4.9 came back from Mini. I just found out the other day about PenFed from this site. I wanted to hear from a few people who used them.
Thanks!

 

Do you have a co-signer?

 

This sounds like no matter what works out you need
to sign up for that GAP insurance plan.

 

Found out couple things from PenFed

-$20 dontion to join, plus you need to open a savings acct ($25.00 will do it)
-4.25% for up to 72 months ($536.68 for a $34k loan)
-You have 90 days to draft on the contract. once you've been aproved.
-They offer automatic withdrawl from your checking acct to make your payments.

 

No, they approved me without a co-signer (BMW financing declined me without a co-signer). I really wanted to do this on my own, so I'm glad I got approved.

The GAP Insurance is a good deal too...I believe it's just 4$ a month (72 months).

Still can't get in touch with my damn MA though...

 

That is good to hear. I have no co-signer and have been fearing looking for a loan. I am going to apply and hope all goes well.

 

it is rare not impossible though to finance the whole amount. they want x amount down so if you default they do not take a very large hit. also if you get in a car accident they will not pay off to the full amount. like i said not impossible to do but improbable.

 

I too got financing from PenFed but my experience was different. I asked for a certain amount (which was more than the car) just to be covered for any extras I may add. So they approved me for the amount I requested and I rec'd a blank draft check in a couple days. Not sure why they are haggling with you over the value of the car. In any case, the 4.25% is a great rate. My only issue is that the rate is good until the end of the month, then May brings new rates. My car isn't due until May so I am hoping that a) it goes down, or b) it stays the same. It would be a nice bonus if rates dropped yet again and I was able to capitalize on that. They said I will get whatever rate is in effect when I take delivery on the car.

 

I was originally approved for whatever amount I said, and then they came back at me with this '10% over the value of the car' crap. I really don't understand...they have a value of 26k attached to my VIN...the MSRP of my MINI is 29k+. I'm still trying to work it out, I will let you know how it ends up.

 

Please do. I'll keep my fingers crossed for you. I hope they don't pull that with me.

 

I faxed the purchase order over on Wednesday, they mailed the check for everything (tax, fees, warranty) today. Took 6 days to get everything worked out, but now I have the whole thing financed with a low rate...can't complain.

 

Glad to hear it all worked out! They really do have the best rate I've seen. That will make such a difference over the next few years as we pay our cars off.

 

For everyone using panfed, is the check they send you have both your name and the dealer name on it? The check they send to me have both my name and the dealer name on it but if it should only have the dealer name on it, I might need to have them change it for me.

 

It's supposed to have both of your names on it. All that means is that both you and the dealership have to sign it. Leave the back blank until you pick up your car; then, the dealership will have you sign the back when you hand the check over to them.

 

+1

 

When everyone says, "To Join" Do you mean to Join MOAA?

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

Thanks!

 

Is the 4.9 back from Mini? Does anyone know anything about this. I ordered my car on Saturday and was told the rate is between 6 and 7% depending on your credit score.

 

I got approved online for 4.25 with penfed, 2 days later I got the check in the mail, it's good for 90 days, you need to print the name of the dealer, amount your using from what you were approved for and car info (millage, VIN make model, cylinders, etc..) and that's it.

Also with the credit card they have you get 5% back when you use it for gas and 2% on supermarkets, no annual fees, it helps a little with the gas prices, I still need to get the card.

 

Thanks for the heads up. I will look into this asap....then again I'm still waiting on my production number anyway!

 

We just took delivery on our MINI 3 weeks ago, got 3.74% through BMW Financing. We were going to go through PenFed, but we talked to the MINI Finance to see if he could offer a better rate.

 

If you don't mind my asking, what area of the country are you in?