PenFed car loans now @1.49% - Page 2

munchkins · 12-21-2012, 12:22 AM

Quote:

Originally Posted by tbone28

Yes, but if you're not, you can pay a $15 application fee, which is what I did.

Great! Will try to contact them one of these days. This is such a great deal for anyone looking for car loan.
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http://www.loans-portal.com/average-car-payment/

Thebigbus · 12-21-2012, 03:53 PM

Just joined and am hoping to get a good rate on a used e90 m3 I've found

. (New here to the forum...longtime lurker). PenFed seems difficult to beat

TheStig · 01-07-2013, 12:58 PM

Curious What Type of credit this requires

blitzboy76 · 01-27-2013, 01:26 AM

Hey guys, I have ordered my M3, and am set to take delivery on 4/5. I took advantage of the BMW finance deal for $1500 in holiday cash, but the rate is obviously at least a couple points higher than with penfed. At what point could I refi that loan with penfed? My car is in production right now. It doesn't have a VIN yet (that I know of), only a production number.

manari06 · 01-27-2013, 01:57 AM

That's a great rate. I'm getting 1.64% with Service Credit Union out here in Germany!!!

rjd598 · 01-27-2013, 03:58 AM

How old of a car can be bought with penfed? I'm curious to see if anyone knows because I was always curious how people finance older cars

NHman · 01-27-2013, 06:41 AM

Quote:

Originally Posted by blitzboy76

Hey guys, I have ordered my M3, and am set to take delivery on 4/5. I took advantage of the BMW finance deal for $1500 in holiday cash, but the rate is obviously at least a couple points higher than with penfed. At what point could I refi that loan with penfed? My car is in production right now. It doesn't have a VIN yet (that I know of), only a production number.

I have heard from CA's on other websites that BMW FS requires the owner to have the loan for 6 months prior to early payoff including refinancing in order to take advantage of the credit. Now with this stated, I have not seen a BMW FS contract with this wording. If paid-off in less than 6 months would they change the buyout value to factor for the credit, I don't know but it is an interesting question.

I would plan for worst case and calculate the amount of interest over for the 6 months using the BMW FS rate. How does this compare against the available credit. Decide on financing accordingly.

The BMW credits are often linked to financing through them including the current $1500 and former BMW apps.

kitw · 01-31-2013, 06:23 PM

Quote:

Originally Posted by rjd598

How old of a car can be bought with penfed? I'm curious to see if anyone knows because I was always curious how people finance older cars

Penfed will finance pretty much anything with a Kelly Blue Book value. Pretty flexible but not very good values for older cars.

kitw · 01-31-2013, 06:25 PM

Quote:

Originally Posted by NHman

I have heard from CA's on other websites that BMW FS requires the owner to have the loan for 6 months prior to early payoff including refinancing in order to take advantage of the credit. Now with this stated, I have not seen a BMW FS contract with this wording. If paid-off in less than 6 months would they change the buyout value to factor for the credit, I don't know but it is an interesting question.

I would plan for worst case and calculate the amount of interest over for the 6 months using the BMW FS rate. How does this compare against the available credit. Decide on financing accordingly.

The BMW credits are often linked to financing through them including the current $1500 and former BMW apps.

BMWFS does not require this.

However, the dealership can lose financing incentives.

Depends if you want to buy from them again. You are under no responsibility to help them reach their incentives... but they may be upset with you and not want to sell you another car if you do this. Depends on if they got an incentive/etc. Won't matter for customer incentives.

rjd598 · 01-31-2013, 06:35 PM

Quote:

Originally Posted by kitw

Penfed will finance pretty much anything with a Kelly Blue Book value. Pretty flexible but not very good values for older cars.

you mean for example if an older car has higher market value vs. book value?

kitw · 01-31-2013, 06:52 PM

Quote:

Originally Posted by rjd598

you mean for example if an older car has higher market value vs. book value?

Yup. Like an E34 M5 or an E30 M3

Penfed would finance them, but they weren't worth much to them.

rjd598 · 01-31-2013, 07:27 PM

Quote:

Originally Posted by kitw

Yup. Like an E34 M5 or an E30 M3

Penfed would finance them, but they weren't worth much to them.

hahah yea i figured as much. i was specifically looking into an e36 m3 where it isn't that big of an issue

checkmate · 02-08-2013, 05:45 PM

My rate is 1.79% through PenFed. I had mine refinanced from BMWFS.

shivaswrath · 02-09-2013, 01:17 PM

Quote:

Originally Posted by tbone28

Rates dropped from 1.99 to 1.49 today for anyone interested.

thanks for this, I just applied for a refinance, let's hope it gets all approved and sorted out...big difference between 3.29% from BMWNA and 1.49%!!

$20 was worth the application if I can save that much...

tbone28 · 02-09-2013, 01:32 PM

You're welcome. Update on my end: Everything went smoothly, from the application, to cutting the check, to closing, to auto-draft payments. Still happy with PenFed.

kokopuffs405 · 02-09-2013, 01:53 PM

Just created an account , THANKS!

01-07-2013, 12:58 PM	#25
TheStig Captain Drives: F10 M5 Join Date: Jan 2011 Location: Central NJ Posts: 718 iTrader: (4)	Curious What Type of credit this requires __________________ Gone But Not Forgotten:\|04 CLK55 Amg\|07 GT500\|08 335i FBO E92 6MT\|09 E92 M3 DCT\|

01-27-2013, 01:57 AM	#27
manari06 Captain Drives: 2013 E92 M3 Mineral White Join Date: Jan 2010 Location: Illesheim, Germany Posts: 862 iTrader: (5) Garage List 2013 BMW M3 E92 [4.75] 2007 335I Coupe [5.00]	That's a great rate. I'm getting 1.64% with Service Credit Union out here in Germany!!! __________________ I Am The Strength Behind The Fight!

01-27-2013, 03:58 AM	#28
rjd598 Brigadier General Drives: 10' M3 Join Date: Jan 2009 Location: San Diego,CA Posts: 3,181 iTrader: (1) Garage List 2010 BMW M3 [4.50] 2000 Nissan Maxima SE [0.00]	How old of a car can be bought with penfed? I'm curious to see if anyone knows because I was always curious how people finance older cars __________________ 10 E90 M3/dct/ztp/zpp/heated seats/eps/19'/iPod retired- 08 535i/nav/prem./L7/ipod retired- 06 325i/nav/prem./sat/xenons/style 128

02-08-2013, 05:45 PM	#35
checkmate Major Drives: AW M3 E90 Join Date: Apr 2010 Location: Bel Air, MD Posts: 1,015 iTrader: (2)	My rate is 1.79% through PenFed. I had mine refinanced from BMWFS. __________________ I have no idols. I admire work, dedication and competence.-Ayrton Senna

02-09-2013, 01:53 PM	#38
kokopuffs405 Yup Drives: 2013 M33333333333 Join Date: Apr 2010 Location: Maryland Posts: 509 iTrader: (6) Garage List 2013 BMW [0.00]	Just created an account , THANKS! __________________ Oh hello

12-21-2012, 03:53 PM	#24
Thebigbus Private Drives: 2009 e90 M3 DCT Join Date: Nov 2012 Location: Central Texas Posts: 86 iTrader: (0)	Just joined and am hoping to get a good rate on a used e90 m3 I've found . (New here to the forum...longtime lurker). PenFed seems difficult to beat

01-27-2013, 01:26 AM	#26
blitzboy76 Private Drives: '13 ZCP Join Date: Feb 2011 Location: Chattanooga, TN Posts: 60 iTrader: (0)	Hey guys, I have ordered my M3, and am set to take delivery on 4/5. I took advantage of the BMW finance deal for $1500 in holiday cash, but the rate is obviously at least a couple points higher than with penfed. At what point could I refi that loan with penfed? My car is in production right now. It doesn't have a VIN yet (that I know of), only a production number.

02-09-2013, 01:32 PM	#37
tbone28 vvvvvvvvvvvvvv Drives: ^^^^^ Join Date: May 2012 Location: Bay Area, CA Posts: 1,275 iTrader: (10)	You're welcome. Update on my end: Everything went smoothly, from the application, to cutting the check, to closing, to auto-draft payments. Still happy with PenFed.

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