Quote:
Originally Posted by Vash
The ballon thing is like a lease. Chase 72? there is no way you got even close to Penfed's traditional loan rates.
They should of told you that it requires super high credit and probably being a member with several loans already paided off to qualify for that. As others have said it would be a bad lending practice.
I think Penfed should of told you that it was hard to get approved for that type of loan.
Now you have a FICO hit that will stay on your record for 8 years.
Good luck.
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This is my 5th new car loan (including leases), I've had multiple credit lines from various places (Dell, Best Buy, etc.) which I paid off, and I've never missed a payment on a single one. The only negative thing I had was one late payment that my dad made on a joint Best Buy card in February. The account is in good standing, and PenFed reps even told me that one late payment is no big deal. I explained this to them, but it made no difference. I really don't know what their problem was, but they sure were being stingy about it.
I just went to Chase afterward because I have my checking, savings, and credit card through them. They've been a breeze to deal with so far.