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Old 04-28-2009, 10:45 PM   #71
kdoske
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Quote:
Originally Posted by Ant View Post
I'm trying to get this loan through PenFed.

Can I still take out the loan in my name and sign for the car, but have my Mom buy the insurance in her name once the dealer can give me a VIN?
nope, whoever is on the title has to leave the dealer with insurance in their name.
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Old 04-29-2009, 12:21 AM   #72
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Originally Posted by JINXED12 View Post
Ok im new to buying new car. I have some question with this penfed option. You say they mail you a check. Is the check already filled out for the amount of the car? Then if you get the extra 10% for taxes is that a seperate check? Otherwise would the dealer cut a check back to you for the difference?
If I remember right the last time I spoke with them the lady said you will get pre-approved for let's say $40000 before your purchase, but you want a 2SS that is gonna only cost 37,000 with tax/title/ect. I believe she said they send a blank check and as long as you do not put in a number more than what you've been pre-appoved for and the total number isn't more than MSRP+10% for tax/title/ect your good.
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Old 04-29-2009, 07:42 AM   #73
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The blank check has a maximum value that you are approved for. You can fill in any amount below the maximum.
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Old 04-29-2009, 08:20 AM   #74
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The blank check has a maximum value that you are approved for. You can fill in any amount below the maximum.
Will you know the maximum before they send you the check?
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Old 04-29-2009, 09:29 AM   #75
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Originally Posted by Ant View Post
Will you know the maximum before they send you the check?
If it works like others .. once you are approved, you will know what you got approved for .. that will be the max ammount for the check.

thanks,
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Old 04-29-2009, 11:05 AM   #76
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Originally Posted by Crowley View Post
If it works like others .. once you are approved, you will know what you got approved for .. that will be the max ammount for the check.

thanks,
Crowley

HOWEVER, the Max amount cannot exceed MSRP + 10%. Even if you're approved for $40,000... and you go buy a 1LT that's sitting on the loot with a 5K markup price. It wont fly.
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Old 04-29-2009, 12:01 PM   #77
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A few PenFed updates.

I received my check back on 4-3-09...........car is still nowhere to be found, but I still have my first payment due on 5-5-09.

I have multiple inquiries to PF on what to do in my situation. If I don't hand over the check to the dealer if something falls through on the car, i.e. it's damaged or for any reason I don't take delivery, I get all monies paid back from PF. Also, since I gave them a VIN, if something changes and I decide to stop waiting on this car and use it on something else or I get a different car, they just update their records with the new VIN.

All in all, it sounds like a safe way to go.........looks like I'll just be 2 months down on my payments when the car finally arrives........

I know, I know........I can't blame anyone but myself for being prepared on my end and being ready even though GM was not on theirs.
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Old 04-29-2009, 12:23 PM   #78
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I just called and joined. Apparently their board is meeting this evening to discuss new interest rates for the month of May. Sooooooo....as of today I'm approved for 3.99% financing for 60 months but the loan won't take effect until I use the check. Rates could be the same but I'm just planning on a slight hike.
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Old 04-29-2009, 12:26 PM   #79
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Quote:
Originally Posted by Verio View Post
HOWEVER, the Max amount cannot exceed MSRP + 10%. Even if you're approved for $40,000... and you go buy a 1LT that's sitting on the loot with a 5K markup price. It wont fly.
Correct .. If the company doing the loan doesn't look at LTV then they probably won't be in business too long ..

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Old 04-29-2009, 07:06 PM   #80
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I just got off the phone with PenFed after being approved for both my Camaro at 100% and the balance of my Harley.

My rates? 3.99% 60 months Camaro, Refi Harley at 6.49% for 36 months (old rate 9.80%)

Was approved in 36 hours.

My revolving accounts total 9% of debt, mortgage $1285 Credit scores 733-767. One motorcycle loan $423. Just in case you guys need a reference on qualifications.

The customer service was AWESOME! Check for bike being mailed today, Camaro check when I get a VIN.

GO TO PENFED!!!!!!
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Old 04-29-2009, 07:23 PM   #81
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Quote:
Originally Posted by Banshee View Post
I just got off the phone with PenFed after being approved for both my Camaro at 100% and the balance of my Harley.

My rates? 3.99% 60 months Camaro, Refi Harley at 6.49% for 36 months (old rate 9.80%)

Was approved in 36 hours.

My revolving accounts total 9% of debt, mortgage $1285 Credit scores 733-767. One motorcycle loan $423. Just in case you guys need a reference on qualifications.

The customer service was AWESOME! Check for bike being mailed today, Camaro check when I get a VIN.

GO TO PENFED!!!!!!
Awesome! Thanks for sharing. Most painless way to finance a car and best Da*n customer service. Period.
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Old 04-29-2009, 09:46 PM   #82
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Quote:
Originally Posted by wooav8tor View Post
I just called and joined. Apparently their board is meeting this evening to discuss new interest rates for the month of May. Sooooooo....as of today I'm approved for 3.99% financing for 60 months but the loan won't take effect until I use the check. Rates could be the same but I'm just planning on a slight hike.
Correct, the money for the loan is not transferred until the check is cashed, but you will need to start making payments in 30-45 days. Silly me thinking that once shipping started my car would be here in no time did the overnight delivery and I got my check on 4-3 and the first payment is due 5-5.
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Old 05-06-2009, 04:59 PM   #83
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Do you have to leave money in your PenFed bank account in order to be considered for the loan or is it ok to apply right after you join?
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Old 05-06-2009, 06:36 PM   #84
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Quote:
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Do you have to leave money in your PenFed bank account in order to be considered for the loan or is it ok to apply right after you join?
No.

I got 2 loans through them on April 29th and have a 0 balance.
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