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08-12-2010, 12:58 PM | #1 |
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people who financed with penfed
If im in the wrong forum, mods please move to the right section
how was the process? Did you get pre-approved for a $ amount? Im about to trade in my lexus GS for an '08 E90, how will this work out? I get the exact $ to finance, inform penfed, then they send the payment to the dealership? Thanks for the help! |
08-12-2010, 01:53 PM | #3 |
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i'm refinanced using penfed for my s5 (purchased new). process was easy, did everything over phone/fax. they sent the check to the lienholder to pay off the loan and started my loan with them. i imagine it would work similarly for you.
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08-12-2010, 02:39 PM | #4 |
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08-14-2010, 03:35 PM | #7 |
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Word of warning with penfed:
MAKE SURE U VERIFY EVERYTHING. They tend to screw up a lot of paperwork. Expect to call in millions of times to get stuff done right. My loan package was suppose to be scheduled for a Saturday delivery(i paid a premium for it). They ended up doing a cheapo savers shipping that wont have the package delivered until next week. As a result, I lost a great car to a cash buyer. PENFED can be good if its done properly. OTHERWISE THEY SUCK |
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08-17-2010, 05:28 PM | #8 |
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I just sold my '05 Vette. The buyer used PenFed. The check was made out to myself and the buyer. I had to bring the buyer to the bank to deposit the check. What a major PIA. At lease it clears the way for my M3.
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08-19-2010, 05:11 AM | #9 | |
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Quote:
Other than that they are great. I like their rates.
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2011 Le Mans Blue M3// Black extended Novillo w/ Blue Grey Aluminum trim/DCT/ZTP/ZCW/ZPP/ZCP Premium Sound ///Akrapovic Evolution Exhaust
2015 Audi S4 Prestige, Brilliant Black S-tronic 2012 Le Mans Blue 135i M Pkg DCT |
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08-20-2010, 06:33 AM | #10 |
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I've had great success with PENFED. I purchased 2 vehicles while in Germany, both times went without a hitch. They followed my request to the letter.
You generally get a better rate applying online. I would do that, then call them to hash out how to deliver the payment. Both times, for me, they over nighted the check directly to the dealer.
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2011 E92 M3 | Melbourne Red | Black Novillo w/Carbon Leather Trim | M-DCT | Competition Package | Premium Package 2 | Convenience Package | Enhanced Premium Sound | Heated Front Seats 2004 E46 M3 | Silver Grey | - Retired |
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