PenFed financing process.

daicacharco1904 · 7 March 2012

I was wondering if anyone knew the process of financing an used auto loan with them? How did the process go with you? Any member care to have a review?

Do I need to fax them pictures of the car?

itrsteve · 7 March 2012

Start the app online, the lookup tool will not find the car... from there just call them up, their internal tools fail to find it as well. I eventually had to take a screenshot of the NADA page and that's all they needed to see.

indicam3 · 7 March 2012

itrsteve, I just looked at this place too after seeing your recomendation in another thread. looks like you have to have some military association or donate to some charity to become a member before you can apply, is that right? or could you apply first.

itrsteve · 7 March 2012

indicam3 said:
itrsteve, I just looked at this place too after seeing your recomendation in another thread. looks like you have to have some military association or donate to some charity to become a member before you can apply, is that right? or could you apply first.

I'm a vet but it wasnt sufficient enough. You can become a member of an association, I did Voices for Veterans and it was $15.

RedWings · 7 March 2012

indicam3 said:
itrsteve, I just looked at this place too after seeing your recomendation in another thread. looks like you have to have some military association or donate to some charity to become a member before you can apply, is that right? or could you apply first.

Before applying, become a member... if you have served in the military, a family member has served, or you make the donation to the charity.

If you have any questions, just call loan/member services, nice folks

itrsteve is correct
Start the loan app then when you can't find the car value because its not in their website pricing database, write down your loan app # and give loan services a call to complete the loan application over the phone
have them dig up the NADA value and record it on the application
they review the whole deal with you and submit it for approval

Response times will vary based on deal factors, credit and income conditions, etc

If approved, you proceed with the various paperwork they require to originate the loan and get a check in the mail.
The loan service reps were very helpful in providing the paperwork and explaining the process.

You need to be aware that they cut the check to TWO PARTIES:
you and the name on the title of the vehicle (which logically is the legal seller)

You sign the check, the seller signs the check and then deposits it in their bank.
You get a signed title and drive off in your shiny NSX

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None of the above should occur without a Pre-Purchase Inspection on any car you are looking to purchase. Caveat Emptor.
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daicacharco1904 · 7 March 2012

Greatly appreciate it. I am waiting on approval response. I have sent them the requested forms.

daicacharco1904 · 7 March 2012

How long does it take to get the final answer?

RedWings · 7 March 2012

daicacharco1904 said:
How long does it take to get the final answer?

I knew I would be financing through them prior to actually finding the NSX I eventually purchased so I opened a checking account and credit card way ahead of time to establish some customer transaction history with PenFed.

As I recall, it didn't take very long to hear back, maybe a day or two.

blue_myriddn · 7 March 2012

The earlier you apply for membership the better. They will give you a pre-approval amount if you have been a member for 6 months or so. You may be able to get them to tweak that if you have good credit, dunno.

They will want a copy of the title and a signed purchase agreement before approving the loan which is a bit annoying for out of state transactions.

I would also be cautious about the check, I sold a car to a guy who financed through PenFed and Bank of America gave me a real hassle about the two names on the check. I ended up having to have the seller come along to the bank with me. That might have been some oddity with Bank of America, but it is worth keeping in mind. When I was the buyer, I just went with the seller to the bank to make sure there were no problems (never a bad idea anyways).

Ditto on them not finding the car in their database, but they were very pleasant about that. Rate is hard to beat either, they gave me a 1.99%

Most of their bank locations are tough to get to as they are often on military bases, but their phone service is excellent.

joboy77 · 7 March 2012

I joined with a $20 deposite in a savings account. Then did the online app and was approved the next day. I got a great rate and the people were nice. The only thing is waiting for the check to be mailed. Longest 4 days ever.

SilverStone05 · 7 March 2012

daicacharco1904 said:
I was wondering if anyone knew the process of financing an used auto loan with them? How did the process go with you? Any member care to have a review?

Do I need to fax them pictures of the car?

I used Penfed for my vette.

Easy process.

I didn't have to fax anything or any pics...they sent me the docs in the mail and I sent them back.

Darn good credit union. Outstanding auto rates...outstanding rates on jumbo arms...and their cash rewards visa is decent.

kprsx · 7 March 2012

daicacharco1904 said:
How long does it take to get the final answer?

I got mine through Penfed as well. U can't beat 2.41% for 5 years! :biggrin::biggrin:
It took me almost 2-3weeks to get approved and waiting for my loan check!

itrsteve · 7 March 2012

Yeah in my case; 2.49 on a 12 year old car was phenomenal, it almost seemed wrong. I think refi-ing the house through them may be next.

daicacharco1904 · 7 March 2012

joboy77 said:
I joined with a $20 deposite in a savings account. Then did the online app and was approved the next day. I got a great rate and the people were nice. The only thing is waiting for the check to be mailed. Longest 4 days ever.

I wish it was as easy as you said. :smile:

itrsteve · 7 March 2012

daicacharco1904 said:
I wish it was as easy as you said. :smile:

It is that easy. I only did a $5 deposit and did my loan the next day. I had to call during business hours to make sure the loan officer saw and approved the loan amount. After that I had to send them in a copy of the purchase order, at that point they mailed everything out.

The process may be slightly different buying private party perhaps?

daicacharco1904 · 7 March 2012

itrsteve said:
It is that easy. I only did a $5 deposit and did my loan the next day. I had to call during business hours to make sure the loan officer saw and approved the loan amount. After that I had to send them in a copy of the purchase order, at that point they mailed everything out.

The process may be slightly different buying private party perhaps?

I believe so? I am having a co-signer on this application as well.

donnieb83 · 8 March 2012

I'm in the military and have financed 5 vehicles so far with pentagon federal credit union. Their rates are amazing!! But you do have to apply online to receive those rates. I remember my last 3 vehicle loan processes with them were extremley fast. I applied online and as soon as I pressed the "submit" button, the next screen said you are approved. It was like an extra $15 for the check to be overnighted though.

daicacharco1904 · 8 March 2012

donnieb83 said:
I'm in the military and have financed 5 vehicles so far with pentagon federal credit union. Their rates are amazing!! But you do have to apply online to receive those rates. I remember my last 3 vehicle loan processes with them were extremley fast. I applied online and as soon as I pressed the "submit" button, the next screen said you are approved. It was like an extra $15 for the check to be overnighted though.

I don't mind the overnight fee's on shipping. Just want to get the loan for the NSX now ! :biggrin:

Teej · 13 March 2012

So relieved to find PenFed still does this. I had a bookmarked post about them from 5 years ago or so. But these responses are freshhhhhhh :biggrin:

Just joined...thanks. I believe your credit needs to be impeccable is that correct? Right now we are at the mid 700's.

itrsteve · 13 March 2012

Teej said:
So relieved to find PenFed still does this. I had a bookmarked post about them from 5 years ago or so. But these responses are freshhhhhhh :biggrin:

Just joined...thanks. I believe your credit needs to be impeccable is that correct? Right now we are at the mid 700's.

That's the range where I am and got it fine. I love the fact that they don't suck you in with 2.49 and then give you 8% if you don't have an 850. One rate and that's it.

lsnsx · 13 March 2012

I bought my NSX last year using PenFed as the lender. It was a breeze if not for the dealer sending the title to the wrong address.

You will not be able to select NSX from their online tool. You will need to call and let them know what car you are selecting. The guy I spoke to was a car guy so he was excited to hear about the car.

Keep in mind that the low rate applies only to cars under a certain mileage/vintage. I believe it was 100K miles and 20 years old.

itrsteve · 13 March 2012

lsnsx said:
Keep in mind that the low rate applies only to cars under a certain mileage/vintage. I believe it was 100K miles and 20 years old.

For clarification, what they told me was that cars with branded titles or 100k+ would have to be financed at 24 months.

bngl3rt · 13 March 2012

itrsteve said:
For clarification, what they told me was that cars with branded titles or 100k+ would have to be financed at 24 months.

As opposed to 48?

Teej · 13 March 2012

lsnsx said:
Keep in mind that the low rate applies only to cars under a certain mileage/vintage. I believe it was 100K miles and 20 years old.

Wait, so that means it must be at least 20 years old and under 100k on the odo?

I have presented some example scenarios for clarification. Thanks

'96 NSXT @ 50k --> not eligible for special rate but up to 60 months still

'96 NSXT @115k --> not eligible for special rate and no more than 24 months

'91 NSX @ 90k --> eligible for special rate and up to 60 months

'91 NSX @ 115k --> only eligible for 24 months

lsnsx · 13 March 2012

Teej said:
Wait, so that means it must be at least 20 years old and under 100k on the odo? I have presented some example scenarios for clarification. Thanks

'96 NSXT @ 50k --> not eligible for special rate but up to 60 months still

'96 NSXT @115k --> not eligible for special rate and no more than 24 months

'91 NSX @ 90k --> eligible for special rate and up to 60 months

'91 NSX @ 115k --> only eligible for 24 months

I think it was that both criteria had to be met to get the low rate. Otherwise it was 8% at 24 months, IIRC. You may want to call and ask. It's really simple no hassle.

PenFed financing process.

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