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      08-12-2010, 12:58 PM   #1
JMan604
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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!
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      08-12-2010, 01:40 PM   #2
richardbb85
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don't they mail you a check for the whole car, and you pay them monthly?
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      08-12-2010, 01:53 PM   #3
op487062
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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
JMan604
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Quote:
Originally Posted by op487062 View Post
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.
sounds good!
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      08-12-2010, 05:00 PM   #5
mphatic
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I also financed through PenFed and concur that it was easy and painless-good luck
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      08-12-2010, 09:24 PM   #6
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PenFed's rates are awesome for used cars
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      08-14-2010, 03:35 PM   #7
alpine46
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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:
Originally Posted by alpine46 View Post
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
+1 I have used PENFED for my last 5 car loans and everytime, and I mean EVERYTIME, I had to call back and forth at least 3 times to get paperwork done correctly. In fact, I have had to call them 3 times in the last 3 days for the loan on the M3 I am buying...yesterday they sent a fax with the name of Mr. Mendoza instead of my name on the paperwork...WTF, who is that. Before that they sent the check made out to "The Pentagon"...really, I'm giving money to the Pentagon now. I had to cancel that one and redo the whole thing. They have a hard time paying attention to details.

Other than that they are great. I like their rates.
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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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