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05-14-2009, 10:39 PM
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#1 |
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"Black Ace"
Drives: Supercharged 2010 SS, 2016 Golf R Join Date: Aug 2008
Location: Ft. Lauderdale, FL
Posts: 1,352
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What's taking PenFed so long?
On Monday I signed up for membership and applied for my loan online and by phone w/ PenFed. The rep. was very nice and I gave all the info they needed and was told I'd get an answer w/in 24 hours. 3 days later and it's still pending!? I called again and gave more of the same info, even faxed 2 pay stubs, even though they didn't request it. They said to check back ina few hours-still pending!?
I don't get what the hold-up is. I have a good job I've been w/ for 10 years, low mortgage payment, perfect 780-plus credit, and satisfied my last car loan over 2 months ago. My car could get here any day and I might have to wait to pick her up and that's unacceptable. Has anyone else had trouble getting approved quickly w/ PenFed? |
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05-14-2009, 10:47 PM
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#2 |
     Drives: 2006 Dodge Charger / 2SS IOM Join Date: Dec 2008
Location: United Kingdom
Posts: 1,640
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i had this same problem with a personal loan through them. took like 4 days to get a approval. And i hate calling them. left a bad first impression so i didnt even want to try a auto loan. So i got my car loan through USAA and took the 1.26 APR increase.
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05-14-2009, 11:01 PM
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#3 |
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"Black Ace"
Drives: Supercharged 2010 SS, 2016 Golf R Join Date: Aug 2008
Location: Ft. Lauderdale, FL
Posts: 1,352
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I could go w/ USAA too, as I have insurance w/ them, but I want the lowest rate possible, and I haven't found anyone lower. Too bad my local credit union stopped their 3.9% deal back in October.
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05-14-2009, 11:05 PM
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#4 |
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Drives: 2010 Camaro SS Join Date: Oct 2008
Location: Smithfield,NC
Posts: 1,203
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I used them and have had the best service...
I gave them my vin# on a Thursday and recieved a Check on Monday... They have been great to work with.... I was approved for $35,000.00 over the phone in a few minutes.... |
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05-14-2009, 11:06 PM
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#5 |
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Drives: 2006 Dodge Charger / 2SS IOM Join Date: Dec 2008
Location: United Kingdom
Posts: 1,640
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i plan on paying mine off 2 years early, so that 1.25 more is not going to kill me
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05-14-2009, 11:07 PM
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#6 |
     Drives: 00 Blazer Join Date: Aug 2008
Location: Texas
Posts: 5,104
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Just wait a bit longer and keep nice. It's probably waiting for a Suit to sign off on it. My CU uses a panel of 3 people to approve or torpedo apps.
It's good place to lock in cause rates are gonna be going up and when you make good with a CU they tend to keep your biz and rates low. |
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05-14-2009, 11:33 PM
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#7 |
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Drives: CGM 2LT RS Join Date: Oct 2008
Location: newark, de
Posts: 542
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does it cost more if you apply by phone through penfed, or dont they care?
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05-15-2009, 12:18 AM
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#8 |
 
Drives: 2016 corvette Z06 Join Date: May 2009
Location: Raleigh, NC
Posts: 236
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I would just be patient with them as I have been with them for 10+ years. Lets just say you got to go somewhere else for the loan, you can refinance with them at 3.9 percent at the present moment. They always have some of the best deals out there, but they are very strict on their approval criteria though
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05-15-2009, 04:37 AM
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#9 |
Drives: "Bmblbee" 2010 RY 2SS/RS. VIN 12043 Join Date: Oct 2008
Location: Waldorf, Maryland
Posts: 1,271
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I'm having trouble getting the voucher. One was mailed to me in april and I never got it. Called them and they sent another one on the 5th of May - still waiting for it.
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05-15-2009, 07:40 AM
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#10 |
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Waiting For My 1SS/RS SIM
Drives: Sold My Lancer, now carless :/ Join Date: Apr 2009
Location: louisiana
Posts: 950
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thats wierd, i applied online and was approved instantly....
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05-15-2009, 08:19 AM
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#11 | |
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Quote:
__________________
Update...Build in process, Forged Rods, Pistons and rings, Johnson Lifters, NOVI1500 ECS SC, 13lb boost or more, LS3 Conversion 114/228/241 COMP CAM, Frostbite 4 row Aluminum radiator, 6L80 built, Circle D 6L80 PRO SERIES MULTI 258MM 2D, Stock 3.45 gears, 1-7/8 American Racing Headers w/HF cat, X-Pipe, Lingenfelter dual fuel pump, E-85 flex sensor, ATI super damper pulley, Ported TB, 160 therm, Trans cooler, Pedder's sways/end links/sub frame bushings, BMR trailing arms & toe rods, Coil overs. HP/TQ pending
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05-15-2009, 08:21 AM
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#12 | |
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Quote:
__________________
Update...Build in process, Forged Rods, Pistons and rings, Johnson Lifters, NOVI1500 ECS SC, 13lb boost or more, LS3 Conversion 114/228/241 COMP CAM, Frostbite 4 row Aluminum radiator, 6L80 built, Circle D 6L80 PRO SERIES MULTI 258MM 2D, Stock 3.45 gears, 1-7/8 American Racing Headers w/HF cat, X-Pipe, Lingenfelter dual fuel pump, E-85 flex sensor, ATI super damper pulley, Ported TB, 160 therm, Trans cooler, Pedder's sways/end links/sub frame bushings, BMR trailing arms & toe rods, Coil overs. HP/TQ pending
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05-15-2009, 09:56 AM
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#13 |
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"Black Ace"
Drives: Supercharged 2010 SS, 2016 Golf R Join Date: Aug 2008
Location: Ft. Lauderdale, FL
Posts: 1,352
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'Just called PenFed again. Now they say since I'm a new member, they want the purchase order for the car faxed to them. My dealer says they can do that, but not until they get the invoice from GM (early next week, likely), as they don't know the exact MSRP until then... What a pain this is turning out to be! I thought I was supposed to get quick approval and a blank check to make out to the dealer when the car comes in. Now it sounds like PenFed is going to make the check out for me before sending!? I thought that was the case only if the car was over $50K (?). Ughhhh!
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05-15-2009, 09:58 AM
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#14 |
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Drives: 2006 Dodge Charger / 2SS IOM Join Date: Dec 2008
Location: United Kingdom
Posts: 1,640
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sorry to hear all that
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