Question Regarding PENFED Check... - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

y2jdmbfan · 05-30-2009, 04:33 PM

Guys,

Finally got approved for Penfed after going back and forth for about a week after sending them my salary info and then info on the Camaro I have money down on and should see in a couple of weeks. However, I was finally approved for $37,000 and they said the check was sent. I had told them repeatedly that I wasn't sure that I would need that much and that I would notify them of the final amount I would need. I would rather use the minimum amount I need so that I have lower monthly payments. Now my question is, does the check they send you allow you to use less than the amount you are approved for?

Thanks,

Y2J

gtjacket · 05-30-2009, 04:37 PM

I have a check also. Let me go read the fine print and i will get back with ya

gtjacket · 05-30-2009, 04:39 PM

Okay, the check had an amount you cannot exceed. In your case that amount is $37,000. So you can write the check amount for anything $37,000 and under.

ZombieEatsYou · 05-30-2009, 04:40 PM

It's up to your maximum if you're getting a voucher, meaning it's a blank check and you fill in the dealer name, VIN, etc. when you decide on the vehicle. You just fill in any amount up to the maximum you approved for.

TomServo · 06-01-2009, 08:11 AM

I just used PFCU to my wife's 09 SRX, you or the dealer fill in the actual amount (not to EXCEED to pre-approved amount).

It's actually very easy and the 3.99% is going to look super low in 12 to 18 months with hyper inflation kicks in and interest rate sky rocket.

Jamie Mac · 06-01-2009, 08:43 AM

I'm using PenFed too. This will be our 3rd time. Once your in their system its really easy to apply again. Just update your info and 2 days later get your check. At least in my case it has worked that way. Easiest loan I've ever done. Check came in the wifes name. Had her sign it this morning just in case my car shows up this week. She's going out of town for a day or two and I just know that will be the day it shows up if she didn't already sign the check.

NUCAR · 06-01-2009, 09:26 AM

Quote:

Originally Posted by Jamie Mac

I'm using PenFed too. This will be our 3rd time. Once your in their system its really easy to apply again. Just update your info and 2 days later get your check. At least in my case it has worked that way. Easiest loan I've ever done. Check came in the wifes name. Had her sign it this morning just in case my car shows up this week. She's going out of town for a day or two and I just know that will be the day it shows up if she didn't already sign the check.

If her name is on the check, she may well have to sign the paperwork for the vehicle sale. The titlework will have to be in her name to match the lein that is recorded in favor of PENFED.

toehead93 · 06-01-2009, 10:35 AM

I got my PenFed check for $36,500 max. I din't plan on using all of it but mine came in my name and the dealers name which I thought was odd.

Croathlete · 06-01-2009, 10:42 AM

Does anyone have anymore info on the insurance requirements when using the Penfed check? I remember reading a while aback about them requiring a lower deductible which would raise our rates. Anyone that used it recently actually have this happen?

Jamie Mac · 06-02-2009, 11:07 AM

Quote:

Originally Posted by NUCAR

If her name is on the check, she may well have to sign the paperwork for the vehicle sale. The titlework will have to be in her name to match the lein that is recorded in favor of PENFED.

Well her admin girl signs her name a lot. Need be I'll bring her with me

hb-rocks · 06-02-2009, 11:11 AM

We have a HELOC with PenFed....think the rate is around 2.5%...(plus any interest would then be deductible?)....

What is the rate you guys are getting with these checks you're using?

TomServo · 06-02-2009, 01:48 PM

Quote:

Originally Posted by hb-rocks

We have a HELOC with PenFed....think the rate is around 2.5%...(plus any interest would then be deductible?)....

What is the rate you guys are getting with these checks you're using?

I got 3.99% in April.

Banshee · 06-02-2009, 02:17 PM

Quote:

Originally Posted by Croathlete

Does anyone have anymore info on the insurance requirements when using the Penfed check? I remember reading a while aback about them requiring a lower deductible which would raise our rates. Anyone that used it recently actually have this happen?

$500 comp and collision. Got 3.99%.

You should be able to use less than the amount, but not sure. You could use less, but get a check cut to you from the dealer. You could in turn return those funds to PenFed for principal reduction, but not a reduction in payment. They could readjust the finance amount if you asked.

DDustiNN · 06-02-2009, 02:46 PM

If you have a co-signer, does that person have to be present at the time of delivery of the car?

EDIT: I mean if you are not financing through the dealer. I'd have the PenFed check in hand before I go pick the car up. Just wondering if that would be enough, or if the co-signer has to be there to sign title paperwork, etc.

05-30-2009, 04:33 PM	#1
y2jdmbfan Drives: 2013 IOM ZL1 Join Date: Feb 2009 Location: Lemont, IL Posts: 106	Question Regarding PENFED Check... Guys, Finally got approved for Penfed after going back and forth for about a week after sending them my salary info and then info on the Camaro I have money down on and should see in a couple of weeks. However, I was finally approved for $37,000 and they said the check was sent. I had told them repeatedly that I wasn't sure that I would need that much and that I would notify them of the final amount I would need. I would rather use the minimum amount I need so that I have lower monthly payments. Now my question is, does the check they send you allow you to use less than the amount you are approved for? Thanks, Y2J

05-30-2009, 04:37 PM	#2
gtjacket 2G1FT1EW0A9118618 Drives: 2010 Camaro 2SS Black/IOM M6 Join Date: Dec 2008 Location: Florence, KY Posts: 550 View My Garage	I have a check also. Let me go read the fine print and i will get back with ya __________________ 1100, Preliminary order accepted 12/5 2000, Order accepted by GM 05/05 3000, Order accepted by production control 05/05 3400, Order broadcast 6/4 3800, Order produced 6/15 4000, Available to ship 6/16 4104, Bailment Invoice 4200, Shipped 6/19 6000, Delivered to the customer 6/25 2SS/RS BLK M6 GFX IOM interior

05-30-2009, 04:39 PM	#3
gtjacket 2G1FT1EW0A9118618 Drives: 2010 Camaro 2SS Black/IOM M6 Join Date: Dec 2008 Location: Florence, KY Posts: 550 View My Garage	Okay, the check had an amount you cannot exceed. In your case that amount is $37,000. So you can write the check amount for anything $37,000 and under. __________________ 1100, Preliminary order accepted 12/5 2000, Order accepted by GM 05/05 3000, Order accepted by production control 05/05 3400, Order broadcast 6/4 3800, Order produced 6/15 4000, Available to ship 6/16 4104, Bailment Invoice 4200, Shipped 6/19 6000, Delivered to the customer 6/25 2SS/RS BLK M6 GFX IOM interior

05-30-2009, 04:40 PM	#4
ZombieEatsYou Drives: "Bmblbee" 2010 RY 2SS/RS. VIN 12043 Join Date: Oct 2008 Location: Waldorf, Maryland Posts: 1,266 View My Garage	It's up to your maximum if you're getting a voucher, meaning it's a blank check and you fill in the dealer name, VIN, etc. when you decide on the vehicle. You just fill in any amount up to the maximum you approved for. __________________

06-01-2009, 08:43 AM	#6
Jamie Mac NCM-WINR Drives: 2010 SS/RS IOM 2014 2LT Stingray Join Date: Mar 2009 Location: Pittsburgh Posts: 2,324	I'm using PenFed too. This will be our 3rd time. Once your in their system its really easy to apply again. Just update your info and 2 days later get your check. At least in my case it has worked that way. Easiest loan I've ever done. Check came in the wifes name. Had her sign it this morning just in case my car shows up this week. She's going out of town for a day or two and I just know that will be the day it shows up if she didn't already sign the check. __________________ also drives a heavily modified Jeep Wrangler. It has LED headlights and wheel weights blacked out with Plasti Dip. It's Baller.

06-01-2009, 08:11 AM	#5
TomServo Drives: 2007 Z06 Join Date: Oct 2008 Location: Swansea IL Posts: 727	I just used PFCU to my wife's 09 SRX, you or the dealer fill in the actual amount (not to EXCEED to pre-approved amount). It's actually very easy and the 3.99% is going to look super low in 12 to 18 months with hyper inflation kicks in and interest rate sky rocket.

06-01-2009, 10:35 AM	#8
toehead93 Drives: 2014 2SS/1LE Join Date: Feb 2007 Location: wpb fl Posts: 3,135 View My Garage	I got my PenFed check for $36,500 max. I din't plan on using all of it but mine came in my name and the dealers name which I thought was odd. __________________ Used Racing Brake 2 Peice Rotors for sale: http://www.camaro5.com/forums/showthread.php?t=344754 Summit White 2014 2SS 1LE Recaros, NPP exhaust, Nav 2010 2SS A6 - sold.

06-01-2009, 10:42 AM	#9
Croathlete Danny Drives: 2010 Camaro 2SS/RS Join Date: Nov 2007 Location: NYC Posts: 1,656	Does anyone have anymore info on the insurance requirements when using the Penfed check? I remember reading a while aback about them requiring a lower deductible which would raise our rates. Anyone that used it recently actually have this happen? __________________ 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."

06-02-2009, 11:11 AM	#11
hb-rocks Drives: Chevy Join Date: Jun 2007 Location: HB CA Posts: 567	We have a HELOC with PenFed....think the rate is around 2.5%...(plus any interest would then be deductible?).... What is the rate you guys are getting with these checks you're using?

06-02-2009, 02:46 PM	#14
DDustiNN Drives: Cars Join Date: Feb 2009 Location: N/A Posts: 1,986	If you have a co-signer, does that person have to be present at the time of delivery of the car? EDIT: I mean if you are not financing through the dealer. I'd have the PenFed check in hand before I go pick the car up. Just wondering if that would be enough, or if the co-signer has to be there to sign title paperwork, etc. Last edited by DDustiNN; 06-02-2009 at 03:07 PM.

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