Penfed?

duk · 02-14-2010, 11:07 PM

For those of you that went the penfed way, did you guys negotiate and order the car first then get the loan or other way around?

ihyln · 02-14-2010, 11:13 PM

negotiate and ordered first. I'm very happy with Penfed too.

TLud · 02-14-2010, 11:21 PM

Quote:

Originally Posted by ihyln

negotiate and ordered first. I'm very happy with Penfed too.

+1

duk · 02-14-2010, 11:48 PM

did u do 100% financing or paid some down in cash as well?

ihyln · 02-15-2010, 12:18 AM

100%

H2 · 02-15-2010, 12:46 AM

Negotiated and ordered first. Got a loan for about 50% of total cost through PenFed.

duk · 02-15-2010, 01:21 AM

thanks guys for the info! are there any penalties for advance payments

Moxie · 02-15-2010, 04:14 AM

I'm a member of PenFed but if your retired military or recv'd a Bronze Star/ Purple Heart or better, Service Credit Union beats their auto loan rate. SCU takes an additional 1% off their advertised rate if you fall into one of these catagories. It may be worth looking into.

http://www.servicecu.org/military_index.aspx

There is no penalty for paying the loan off early.

KKSigs · 02-15-2010, 06:05 AM

Penfed is great

BMWCadet · 02-15-2010, 07:33 AM

Quote:

Originally Posted by Moxie

I'm a member of PenFed but if your retired military or recv'd a Bronze Star/ Purple Heart or better, Service Credit Union beats their auto loan rate. SCU takes an additional 1% off their advertised rate if you fall into one of these catagories. It may be worth looking into.

http://www.servicecu.org/military_index.aspx

There is no penalty for paying the loan off early.

I'm a member of Service Credit Union and happy to be. Got a better auto loan rate through them and as you said, payed off the loan early with no penalty. The process of securing the loan literally took 10 minutes from start to money in checking account.

sikoskul · 02-19-2010, 11:36 PM

PenFed +1. Negotiate first. No penalty.

scmguru · 02-20-2010, 12:56 PM

Will they fund the loan once the car is ordered, not sure how this works?

Thanks!

Moxie · 02-20-2010, 01:08 PM

Quote:

Originally Posted by scmguru

Will they fund the loan once the car is ordered, not sure how this works?

Thanks!

They will, but I'd contact them before ordering the car to be sure everything's G2G.

Poofyo101 · 02-20-2010, 07:40 PM

penfed ftw

gthirtyfizle · 02-20-2010, 09:04 PM

Negotiated first...

Boost3dm3 · 02-20-2010, 09:15 PM

depends on how much is being put down. If your not putting down much then I would apply for the loan first. Penfed can be difficult to get a loan through if you dont have perfect qualifications. You dont want to be stuck with a car order but no loan.

WWM3 · 11-01-2012, 10:54 AM

Has anyone used Penfed for a private sale? I have already negotiated a price with the seller and I am selling my car this weekend. I assume that after I have the final figures of my down payment and loan amount I can fill out the application on Penfed's web site?

roddyc · 11-01-2012, 11:08 AM

Quote:

Originally Posted by WW335

Has anyone used Penfed for a private sale? I have already negotiated a price with the seller and I am selling my car this weekend. I assume that after I have the final figures of my down payment and loan amount I can fill out the application on Penfed's web site?

I applied and was approved for an amount before finding the car I wanted. Once I found the the car I wanted to buy, I had to provide vehicle specific and seller information and they sent the check to me in the seller's name. It wasn't all too difficult a process although it took a couple more days to get the checks than they had originally told me; I was told at the time that their loan processing department was overloaded so it could be better now.

WWM3 · 11-01-2012, 11:14 AM

Quote:

Originally Posted by roddyc

I applied and was approved for an amount before finding the car I wanted. Once I found the the car I wanted to buy, I had to provide vehicle specific and seller information and they sent the check to me in the seller's name. It wasn't all too difficult a process although it took a couple more days to get the checks than they had originally told me; I was told at the time that their loan processing department was overloaded so it could be better now.

Interesting. So I could get pre-approved for a loan amount and then after I provide them with all of the transaction-specific details they will cut the check in that amount?

gatorfast · 11-01-2012, 12:31 PM

Quote:

Originally Posted by WW335

Interesting. So I could get pre-approved for a loan amount and then after I provide them with all of the transaction-specific details they will cut the check in that amount?

Yes, same as buying a house. Get approved for a loan and then go out and buy.

s14_kev · 11-01-2012, 12:44 PM

Negotiated then applied for loan. PenFed FTW and the customer service (so far) is great!

roddyc · 11-01-2012, 01:01 PM

Quote:

Originally Posted by kevin///mlee

Negotiated then applied for loan. PenFed FTW and the customer service (so far) is great!

I should mention that aside from my check coming a couple days later than I was told, the customer service was phenomenal. The customer service hours were great and the people on the other end of the line could actually give you an answer you could understand (logically and linguistically).

02-14-2010, 11:07 PM	#1
duk ///M 158 Rep 3,195 Posts Drives: 2011 AW/FR 6MT E92 Join Date: Jun 2007 Location: Irvine, CA iTrader: (0)	Penfed? For those of you that went the penfed way, did you guys negotiate and order the car first then get the loan or other way around? __________________ 2011.5 AW/FR E92 M3 6MT
	Appreciate 0 Tweet Quote

02-14-2010, 11:13 PM	#2
ihyln Banned 85 Rep 3,384 Posts Drives: M3post sucks Join Date: Apr 2008 Location: M3post sucks iTrader: (1) Garage List 2008 M3 [0.00] 2002 530i [0.00]	negotiate and ordered first. I'm very happy with Penfed too.
	Appreciate 0 Quote

02-14-2010, 11:48 PM	#4
duk ///M 158 Rep 3,195 Posts Drives: 2011 AW/FR 6MT E92 Join Date: Jun 2007 Location: Irvine, CA iTrader: (0)	did u do 100% financing or paid some down in cash as well? __________________ 2011.5 AW/FR E92 M3 6MT
	Appreciate 0 Quote

02-15-2010, 12:18 AM	#5
ihyln Banned 85 Rep 3,384 Posts Drives: M3post sucks Join Date: Apr 2008 Location: M3post sucks iTrader: (1) Garage List 2008 M3 [0.00] 2002 530i [0.00]	100%
	Appreciate 0 Quote

02-15-2010, 12:46 AM	#6
H2 Second Lieutenant 43 Rep 259 Posts Drives: LSB E92 M3 Join Date: May 2008 Location: Maryland iTrader: (0)	Negotiated and ordered first. Got a loan for about 50% of total cost through PenFed. __________________ Laguna Seca Blue E92 M3 / Individual M3 picture threads - interior, exterior
	Appreciate 0 Quote

02-15-2010, 01:21 AM	#7
duk ///M 158 Rep 3,195 Posts Drives: 2011 AW/FR 6MT E92 Join Date: Jun 2007 Location: Irvine, CA iTrader: (0)	thanks guys for the info! are there any penalties for advance payments __________________ 2011.5 AW/FR E92 M3 6MT
	Appreciate 0 Quote

02-15-2010, 04:14 AM	#8
Moxie Lieutenant Colonel 67 Rep 1,895 Posts Drives: AW 328d Touring/SG 335d Join Date: Jul 2009 Location: North Carolina iTrader: (12)	Try Service Credit Union I'm a member of PenFed but if your retired military or recv'd a Bronze Star/ Purple Heart or better, Service Credit Union beats their auto loan rate. SCU takes an additional 1% off their advertised rate if you fall into one of these catagories. It may be worth looking into. http://www.servicecu.org/military_index.aspx There is no penalty for paying the loan off early.
	Appreciate 0 Quote

02-15-2010, 06:05 AM	#9
KKSigs M4 CSL FBG 1268 Rep 1,871 Posts Drives: M4 CSL FBG Join Date: Oct 2007 Location: Indianapolis iTrader: (4)	Penfed is great __________________ 16' M4 GTS Frozen Dark Grey Metallic 14' i8 Sophisto Grey Pure Impulse World 08' E92 M3 Jerez Black
	Appreciate 0 Quote

02-19-2010, 11:36 PM	#11
sikoskul Private First Class 11 Rep 126 Posts Drives: 18 M2 Join Date: Mar 2007 Location: Riverside iTrader: (1)	PenFed +1. Negotiate first. No penalty.
	Appreciate 0 Quote

02-20-2010, 12:56 PM	#12
scmguru New Member 0 Rep 11 Posts Drives: bmw Join Date: Feb 2010 Location: LA iTrader: (0)	Will they fund the loan once the car is ordered, not sure how this works? Thanks!
	Appreciate 0 Quote

02-20-2010, 07:40 PM	#14
Poofyo101 Major 56 Rep 1,250 Posts Drives: e92 ///M3 Join Date: Apr 2009 Location: NC iTrader: (9) Garage List 1988 BMW M3 [0.00] 1988 BMW M3 [0.00] 2012 BMW M3 [0.00] 1990 BMW M3 [0.00]	penfed ftw __________________ 12 E92 M3-AW/FR-20" BBS LM-Painted Reflectors-BMW Gloss Black Grills + Gills-BMW Performance LED Wheel-BMW Carbon Performance Spoiler-Akra Evolution-Stoptech Trophy
	Appreciate 0 Quote

02-20-2010, 09:04 PM	#15
gthirtyfizle Colonel 191 Rep 2,867 Posts Drives: E92 M3 AW Join Date: Jul 2008 Location: NYC iTrader: (4)	Negotiated first...
	Appreciate 0 Quote

02-20-2010, 09:15 PM	#16
Boost3dm3 Lieutenant 26 Rep 471 Posts Drives: E92 M3 Join Date: Sep 2007 Location: DC Metro iTrader: (0)	depends on how much is being put down. If your not putting down much then I would apply for the loan first. Penfed can be difficult to get a loan through if you dont have perfect qualifications. You dont want to be stuck with a car order but no loan. __________________ Become a BMW CCA member; please use member #405205 as a reference . Click here to join online
	Appreciate 0 Quote

11-01-2012, 10:54 AM	#17
WWM3 Lieutenant Colonel 964 Rep 1,899 Posts Drives: 2018 GT3 Join Date: Mar 2009 Location: PA iTrader: (9)	Has anyone used Penfed for a private sale? I have already negotiated a price with the seller and I am selling my car this weekend. I assume that after I have the final figures of my down payment and loan amount I can fill out the application on Penfed's web site?
	Appreciate 0 Quote

11-01-2012, 12:44 PM	#21
s14_kev Major 367 Rep 1,036 Posts Drives: E90 M3, E30 M3 Join Date: Sep 2012 Location: Bay Area, CA iTrader: (21)	Negotiated then applied for loan. PenFed FTW and the customer service (so far) is great!
	Appreciate 0 Quote