05-05-2009, 06:14 PM | #1 |
Institutionally Insane
|
Questions for those who financed through PenFed
I recently refinanced my Harley through PenFed with a APR rate drop from 9.8% to 6.49%. I got the check and literature and forms today.
In the insurance affidavit that I have to give State Farm, PenFed REQUIRES a maximum Comp and Collision deductable of $500. I currently have my deductible at $1000 COmp/Collision. Anyhow, the refinance saves me $13 a month, but the insurance hike to a $500 deductible will cost me $23 a month. I also was approved for the full price for the 2SS. Does ANYONE know after reviewing their literature for their Camaro what minimum or maximum Comp/Collision coverages are required? To be honest, the rates are great, but another company at 4.70% requires only $1000 C/C coverage and that is a HUGE savings, even if going with the higher interest rate. You may pay more monthly payment for car, but the insurance rate will be much lower. Food for thought.
__________________
It's got a cop motor, a 440 cubic inch plant, it's got cop tires, cop suspension, cop shocks. It's a model made before catalytic converters so it'll run good on regular gas. What do you say, is it the new Bluesmobile or what?
|
05-05-2009, 06:26 PM | #2 |
Drives: 2010 Camaro 2SS RS BLk/IOM Join Date: Feb 2009
Location: Indiana
Posts: 262
|
Good point
|
05-05-2009, 08:06 PM | #3 |
|
I have state farm, and have been quoted 48 dollars a month increase to my current coverage with a 500 deductible. I have two other vehicles with them and a home. I have been with them for 11 years, and I live in a pretty decent area of the state. Lower crime than others.
I did see the small print from PenFed. I went right by it because it did not pertain to me. I am getting a new car rate at 3.99% for 60, or 4.75% for 72, or the payment saver rate at 4.25% at 72 months. I am still undecided. I have a few weeks to go to make up my mind. Used rates are also at 3.99%, can't you refinance for a lower percentage to get a better payment? The payments could be lower the other route, but you will pay more for the vehicle.
__________________
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
|
05-05-2009, 08:24 PM | #4 |
Drives: CGM 2LT RS Join Date: Oct 2008
Location: newark, de
Posts: 542
|
where do you see the 500 deductible required? i was going with 1000 to save the insurance. also i keep finding more and more problems with penfed. I know it is also required to have 500 dollars in your account at all times, is there anything i am missing?
of course i have geico so maybe i could save some on insurance as they seem to be partnered up. |
05-05-2009, 08:29 PM | #5 | |
2G1FC1EV0A9107755
Drives: '10 Black 2LT Camaro Join Date: Jul 2007
Location: Upper Marlboro, MD
Posts: 120
|
Quote:
|
|
05-05-2009, 08:37 PM | #6 | |
Drives: CGM 2LT RS Join Date: Oct 2008
Location: newark, de
Posts: 542
|
Quote:
hmmm ill have to call and figure it out. car shouldnt come in till late june (i pray the plant doesnt stop) so i have plenty of time |
|
05-05-2009, 08:45 PM | #7 | |
Drives: Cars Join Date: Feb 2009
Location: N/A
Posts: 1,986
|
Quote:
|
|
05-05-2009, 08:47 PM | #8 |
|
i didnt see that it said you needed a 500 dollar requirement! where does it say this?
__________________
top 10 reason why real men drive stick. 10. A manual transmission is the ultimate in control 9. You can use automotive jargon and not sound like a total tool 8. You can't spell "manual" without "man" 7. Manual transmissions prove you can do more than one thing at a time 6. You can't drift in an auto 5. You can't pull fancy moves in an automatic 4. You get better fuel economy with a stick 3. You’ll never look like a chump if you can drive stick 2. Manual transmission cars are faster 1. Women like a guy who is good with his hands. |
05-05-2009, 08:59 PM | #9 | |
Drives: CGM 2LT RS Join Date: Oct 2008
Location: newark, de
Posts: 542
|
Quote:
edit here is what it says for a checking account "No monthly service fee with a minimum monthly balance of $500.00 or Direct Deposit of net pay (minimum $500 monthly)" but if an account isnt needed for a loan then it doesnt matter |
|
05-05-2009, 09:00 PM | #10 |
Danny
|
Only needed $5 to open the account. Didn't see anything about needing more to keep it open...
__________________
2SS/RS CGM with black rally stripes
DON_RAFA describing my Noweeds cutouts - "Very Strong. When I couldn't see you I still heard you. Sounds like your car is pissed at the world." |
05-05-2009, 09:06 PM | #11 |
Drives: CGM 2LT RS Join Date: Oct 2008
Location: newark, de
Posts: 542
|
|
05-05-2009, 09:07 PM | #12 |
Danny
|
Yea, I'm pretty sure that's all you needed to apply for a loan.
__________________
2SS/RS CGM with black rally stripes
DON_RAFA describing my Noweeds cutouts - "Very Strong. When I couldn't see you I still heard you. Sounds like your car is pissed at the world." |
05-05-2009, 09:12 PM | #13 |
|
Payment saver loans.
New Autos 4.24% APR† Used Autos 4.24% APR† † Trucks and SUVs are not eligible as Payment Saver Loan vehicle types. How It Works With Payment Saver Auto Loans, you will be able to make a lower payment than what the conventional auto loan would offer, yet at a higher interest rate. Then, at the end of the loan, you will owe the remaining balance of the loan itself. At this juncture, you may choose to payoff the loan or sell, trade, or refinance the vehicle. Your Payment Saver Auto Loan payment is calculated based on the loan term, the amount you have requested, and the residual value of the vehicle. The residual is the expected value of your vehicle at the end of your loan term. The difference between your loan amount requested and the residual value is amortized over the loan term, resulting in a low monthly payment without the danger of your becoming upside-down in the loan. Loan Features Ownership - The vehicle is yours, this is not a lease No prepayment penalties No wear and tear clause We'll determine the residual value to estimate your vehicle's worth at the end of your loan* Sell, trade, or refinance** at the end of your loan term
__________________
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
|
05-05-2009, 09:16 PM | #14 | |
|
Quote:
__________________
top 10 reason why real men drive stick. 10. A manual transmission is the ultimate in control 9. You can use automotive jargon and not sound like a total tool 8. You can't spell "manual" without "man" 7. Manual transmissions prove you can do more than one thing at a time 6. You can't drift in an auto 5. You can't pull fancy moves in an automatic 4. You get better fuel economy with a stick 3. You’ll never look like a chump if you can drive stick 2. Manual transmission cars are faster 1. Women like a guy who is good with his hands. |
|
|
|
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
V6 Questions I'd Like Answered | The_Blur | Camaro V6 LLT Engine, Exhaust, and Bolt-Ons | 36 | 07-14-2012 10:44 AM |
Camaro SS Questions. 500-600hp possible on stock internals? | Gone | Camaro V8 LS3 / L99 Engine, Exhaust, and Bolt-Ons | 36 | 04-22-2009 08:04 PM |
Few Questions I would like answered. | dect | 5th Gen Camaro SS LS LT General Discussions | 50 | 01-13-2009 12:52 PM |
V8 Questions | 96CAMaro | Camaro V8 LS3 / L99 Engine, Exhaust, and Bolt-Ons | 13 | 10-19-2008 09:25 PM |
2010 Camaro Questions | Th3Nigh7Stalk3r | 5th Gen Camaro SS LS LT General Discussions | 13 | 10-17-2008 03:21 AM |