What's taking PenFed so long?

[fldrummer]

Originally Posted by Banshee

I didn't have to send in anything at all...

Credit scores 765 753 and 780. 9% D/I ratio, $13,500 owed on Harley, $1350 mortgage and make $80k year.

Nice. Here's me:

792, 770, 782 here; D/I--not sure (but very low), no auto loan, $487 mortgage (I know, very low and nice; doesn't include HOA fees or taxes though), over $70K/year, single, no dependents.

[fldrummer]

Originally Posted by Vash

Yea ask them if they could just send the dealer a draft.

Your gonna have a nice car, good luck!

Can't hurt to ask, I suppose. Thanks for the support.

[ZombieEatsYou]

What you have to do when applying is put "undecided" when filling out the vehicle info. Just give them the amount you want and they cut you a voucher for that amount and you fill in the information on the voucher when you finally "decide" what car you're buying. That way you should avoid all the invoice/sticker documentation faxing to them.

[TomServo]

Originally Posted by kdoske

thats wierd, i applied online and was approved instantly....

I had a their bank draft in hand within days. 3.99% for 60 months. But then again I've been a member since 1972 with a FICO over 800.

Good luck and hang in there. 3.99% is going to look great in a year when hyper inflation kicks in and we see double digit auto loans.

[ZombieEatsYou]

Originally Posted by TomServo

I had a their bank draft in hand within days. 3.99% for 60 months. But then again I've been a member since 1972 with a FICO over 800.

Good luck and hang in there. 3.99% is going to look great in a year when hyper inflation kicks in and we see double digit auto loans.

...And over 60 mos is 4.75%.

[dbotsfordtat]

Originally Posted by jiffy_jeremy

It took me 2 weeks to get approval. Something to do with the Nebraska office.
Faxed the two paystubs... Waited almost 2 weeks and got approval, then had to fax the window sticker. They told me this was because it was such a new vehicle and the system they use to pull up window stickers did not work with the new vehicles.

After that they sent the check out, but it was already made out for the amount and to the dealer. Also note the clock starts on the loan when they send out the check, so don't be in too big of a hurry. My car #3401 was to be delivered on March 27th, but still no car.

They sent out the check on May 1, and my first payment is due June 1. This is regardless if I get the car by then or not, the clock started on May 1. The only way around this would be for me to send the check back to PenFed and they redo the package with the new dates. My car could show up anytime so I'm not so sure about doing this.

Come on GM... get me my car so I can give you some money!

I hope your wrong about when the loan begins. According to the person I spoke with the loan doesn't start until the check is cashed. I have no idea when my car is going to show and if what you say is true, that could get quite expensive.

[TomServo]

Originally Posted by dbotsfordtat

I hope your wrong about when the loan begins. According to the person I spoke with the loan doesn't start until the check is cashed. I have no idea when my car is going to show and if what you say is true, that could get quite expensive.

My interest didn't start until I actually used the check, granted from the time I bought the car in mid April until my first payment was electronically taken from my checking I was charged interest but I wasn't charged any interest for just having the check laying on my desk since early March when I applied and received the blank fill-in-the-blans check. So don't be confused by when the clock starts ticking. It's the day you actually buy the vehicle and use the check. I had it for over 45 days before I used it to buy my wife her 2009 SRX.

Once the dealer completes and submits the check PFCU sends you a package with a few forms that must be completed, like proof of insurance, bill of sale and how do you want to pay. It was all very easy and painless with the included pre-paid envelope.

Good luck

[dbotsfordtat]

Originally Posted by TomServo

My interest didn't start until I actually used the check, granted from the time I bought the car in mid April until my first payment was electronically taken from my checking I was charged interest but I wasn't charged any interest for just having the check laying on my desk since early March when I applied and received the blank fill-in-the-blans check. So don't be confused by when the clock starts ticking. It's the day you actually buy the vehicle and use the check. I had it for over 45 days before I used it to buy my wife her 2009 SRX.

Once the dealer completes and submits the check PFCU sends you a package with a few forms that must be completed, like proof of insurance, bill of sale and how do you want to pay. It was all very easy and painless with the included pre-paid envelope.

Good luck

Thanks, you saved me some serious stress.

[fldrummer]

Originally Posted by ZombieEatsYou

What you have to do when applying is put "undecided" when filling out the vehicle info. Just give them the amount you want and they cut you a voucher for that amount and you fill in the information on the voucher when you finally "decide" what car you're buying. That way you should avoid all the invoice/sticker documentation faxing to them.

Um, that's what I did! Why can't they have normal, consistent rules for every applicant?! This is crazy.