PenFed financing process.

So I'm curious has anyone ever had conformation that they will go up to high retail? the lady i just spoke with said they base it off of Average retail (for a 91 nsx its $26,500) she didn't seem to budge from Average. Keep in mind the nsx has around 60k miles and clean tittle.
 
Ramirez428 said:
So I'm curious has anyone ever had conformation that they will go up to high retail? the lady i just spoke with said they base it off of Average retail (for a 91 nsx its $26,500) she didn't seem to budge from Average. Keep in mind the nsx has around 60k miles and clean tittle.
Click to expand...

The last four people I talked to there confirmed that it is the NADA average retail. My most recent conversation was about 2 hours ago.
 
Teej said:
Conditionally approved pending proof of income
Click to expand...

That was the same thing that I had. Nobody called and told me that it was sitting waiting for the loan officer approval, I was just persistent and was calling a lot. Once I sent in an electronic copy of my pay stub I was golden.
 
PenFed uses Equifax credit bureau on there first pull of your credit so make sure your Equifax score is in line when you apply. If your Equifax score isn't up to snuff then they will generally go look at one of both of the other two bureaus. They do not look at a merged bureau as many mortgage brokers do.

My Equifax score wasn't quite where I wanted it a couple of years before I used PenFed due to 3 small stupid medical collections totaling $47 that I was unaware of. I simply went to the equifax site and disputed the medical collections and my score rose 85 points to 745.

I joined PenFed 1 day and got approved the next for the car and a $15,000 credit card. Done Deal.

P.S. I do auto finance for a living and Pen Fed beat any bank that I dealt with at the time and it seems they still do. Plus, I got sick for a while and money was tight, and, Pen Fed will allow you to put off one payment a year and push it to the back of the loan as long as you are current. This is just a juicy tidbit of info I wanted to pass on just in case any of you that use Pen Fed ever get into a situation where you need a little economic relief for whatever reason.
 
ThumperAC said:
FYI, rates down to 1.49% now...

https://www.penfed.org/Auto-Loans-Overview/
Click to expand...

Whoa, time to refi then. Thanks for the heads up!
icon14.gif
 
I'm so glad I took the time to read thru this thread. Being active gov emp i will contact them soon to establish a history and make sure that everything is set up for when i find the right NSX and possible even re fi the E.
I love being part of prime.
This place has had more useful and informative posts than any other forum that i have been a member of.
 
How are they any different than any other Credit Union? My credit Union would be more than happy to finance an NSX for me, they don't care how old it is, only that they have less in it than the NADA value, and the down payment has to be enough to do that if the car is priced over the published value. As for photos and all that sort of thing, they couldn't care less, though the insurance agent may feel differently about it. I've bought vehicles through them before when I only knew what I wanted but hadn't found it yet. I just pre applied for an amount that was a couple thousand higher than I intended to spend. They approved me up to that amount and then I went looking for the vehicle. As soon as I found what I wanted all I had to do was call the Credit Union and tell them how much to make the check out for. They cut the cashier's check and I buy the car. There really isn't anything to it, and once again, the procedure is no different for a 20-year-old NSX than it would be for a showroom-new Accord.

PS: I've done this with buying a couple of vehicles off of E-Bay too. I win the bid, call the Credit Union and tell them how much to cut the check for and I pick up the check on the way to pick up the vehicle.
 
Last edited:
Old Man,
Most credit unions don't finance vehicles over a few years old as an "auto loan". I would say over 90% don't. I didn't have to put anything down either with PenFed. But like your CU, it's any year, any vehicle. You seem angry in your post.
 
Teej said:
And PenFed doesn't care what the NADA value is, they will finance up to 100% of the average NADA value.
Click to expand...

Plus anyone can join PenFed pretty easily whereas most credit unions are more selective about who they allow to become members.

Old man, look up PenFed on the fatwallet forums, there's good reason why there's so much buzz about them.
 
My credit union was willing to loan up to 40k for my 92 (high nada retail). Interest rate was not as good as penfed though
 
Contributing to this extremely informative thread. This is mostly just confirmation (another data point):

I applied to PenFed two weeks ago (early November 2012). My way in was my father's prior military service (thanks Dad!) Got a little welcome packet a few days later.

Once I had that, I called PenFed to ask about their auto loan process (although I was already pre-armed with the detailed information in this thread). That conversation turned into actually applying for an auto loan right over the phone, but using the internet-advertised rates.

For reference, this was 1.49% for 60 months. I applied for 32K although according to the site, they loan up to 70K. I confirm also that they finance 100% of retail price (no down payment necessary) and use the NADA guide. I never got clarification as to whether this was average retail or high retail although I have no reason to doubt the other info in this thread.

A day after the initial call, I checked online again to learn I was approved for the loan. I called again to confirm the process for completing the loan while I was still looking for an NSX. As pointed out earlier in the thread, "NSX" is not available in their drop down menus when you try to add collateral information. Trying to find an NSX by VIN in the website's system doesn't work either, but calling PenFed directly and speaking to a representative certainly does.

I happen to have a physical PenFed branch nearby (apparently PenFed is actually headquartered right here in Alexandria), but the guy on the phone pointed out that trying to complete the transaction in the branch would probably not be any faster than doing it over the phone. Makes sense; my experience is that the guy in the branch just logs onto the same phone/web system that you'd be doing yourself. Also, every single person I've spoken to at PenFed is super friendly and very energetic. No foreign call center BS.

PenFed requires the following to complete the loan process and send you a check:
-vehicle VIN number
-seller name, address, and phone number
-copy of the car's title

This is the step I'm on so far. It's Thanksgiving tomorrow so I'm going to need to wait a day or two to see any further progress on this. I just got really excited and had to tell someone :biggrin:
 
FF Drifter said:
Contributing to this extremely informative thread. This is mostly just confirmation (another data point):

I applied to PenFed two weeks ago (early November 2012). My way in was my father's prior military service (thanks Dad!) Got a little welcome packet a few days later.

Once I had that, I called PenFed to ask about their auto loan process (although I was already pre-armed with the detailed information in this thread). That conversation turned into actually applying for an auto loan right over the phone, but using the internet-advertised rates.

For reference, this was 1.49% for 60 months. I applied for 32K although according to the site, they loan up to 70K. I confirm also that they finance 100% of retail price (no down payment necessary) and use the NADA guide. I never got clarification as to whether this was average retail or high retail although I have no reason to doubt the other info in this thread.

A day after the initial call, I checked online again to learn I was approved for the loan. I called again to confirm the process for completing the loan while I was still looking for an NSX. As pointed out earlier in the thread, "NSX" is not available in their drop down menus when you try to add collateral information. Trying to find an NSX by VIN in the website's system doesn't work either, but calling PenFed directly and speaking to a representative certainly does.

I happen to have a physical PenFed branch nearby (apparently PenFed is actually headquartered right here in Alexandria), but the guy on the phone pointed out that trying to complete the transaction in the branch would probably not be any faster than doing it over the phone. Makes sense; my experience is that the guy in the branch just logs onto the same phone/web system that you'd be doing yourself. Also, every single person I've spoken to at PenFed is super friendly and very energetic. No foreign call center BS.

PenFed requires the following to complete the loan process and send you a check:
-vehicle VIN number
-seller name, address, and phone number
-copy of the car's title

This is the step I'm on so far. It's Thanksgiving tomorrow so I'm going to need to wait a day or two to see any further progress on this. I just got really excited and had to tell someone :biggrin:
Click to expand...


So did you find a car?
 
If you have really good credit, PenFed will approve you while on the phone with just stated income, and 1.49% interest for up to 72 months. They also do not care about the car age, as long as mileage is below 100,000 miles. However, if the car is an old classic, they will sometimes request pictures of the car. It is fantastic for anyone wanting an older car.
 
I financed my Zanardi through them, they are great. I'm finalizing another loan on Friday for a new toy, with rates this low how can you not? I see it as a better version of a savings account. :biggrin:
 

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