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      12-21-2012, 12:22 AM   #23
munchkins
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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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      12-21-2012, 03:53 PM   #24
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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
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      01-07-2013, 12:58 PM   #25
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Curious What Type of credit this requires
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      01-27-2013, 01:26 AM   #26
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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.
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      01-27-2013, 01:57 AM   #27
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That's a great rate. I'm getting 1.64% with Service Credit Union out here in Germany!!!
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      01-27-2013, 03:58 AM   #28
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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
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      01-27-2013, 06:41 AM   #29
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Originally Posted by blitzboy76 View Post
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.
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      01-31-2013, 06:23 PM   #30
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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.
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      01-31-2013, 06:25 PM   #31
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Quote:
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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.
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      01-31-2013, 06:35 PM   #32
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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?
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      01-31-2013, 06:52 PM   #33
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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.
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      01-31-2013, 07:27 PM   #34
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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
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      02-08-2013, 05:45 PM   #35
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My rate is 1.79% through PenFed. I had mine refinanced from BMWFS.
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      02-09-2013, 01:17 PM   #36
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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...
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      02-09-2013, 01:32 PM   #37
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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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      02-09-2013, 01:53 PM   #38
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Just created an account , THANKS!
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