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Yes, vin and amount. I never refinanced so not clear what the next steps are. I even have still not received the title from DMV...

I did a loan on a car I owned outright and the steps were as follows: PenFed mailed me the check and a loan agreement, I deposited the check and mailed back the loan agreement, then I had to send two more copies because they lost the first two, and then I had to send my title to their California processing center. Since I already had the title in hand, this was easy. I'm not sure how they would do it for a car that's already financed, since you have to pay off the first loan to get the title to send to them.

When I refi'd with them before, they have me four months from cashing the check to get the title to them. That was more than sufficient even when I hit bumps in the road (figuratively, I changed states at the same time too, so the title had to get reissued in the new state).

Yuppie!! One thousandth post!

For those that have been approved, can you please disclose your credit score?

Anyone know the requirements to get approved? Anyone got denied?

760+. This is my second refi with PenFed.

How long has it been taking recently for refi's to go through? I'm likely buying a car this weekend and the dumb manufacturer has tied the rebate to their financing. So I guess I'll likely be looking to pay off that loan ASAP. Need to call Toyota finance to make sure there are no snags in doing that.

The subjects here seem to flop from original car loan to refi, so can you get "preapproved" for a refi?

I'm considering applying for a refinance with penfed. I currently have a 54month loan @ 2.9%apr with Hyundai Motor Finance with a principal of about $16k
Could someone give an overview of the penfed process from beginning to end? Is it pretty easy?
Are there any fees? Is becoming a penfed member free? Is there a penalty for paying off early?
How long does it usually take from start to finish the process?

Hi All,

I'm thinking about going through either PenFed's car buying service to get the .99% loan or Geico's link to get straight $500 off the price.
For a $13k car, which do you think better?
If I pay off the whole car now I'll be cashing out I-Bonds which are at 1.81% right now.

Edit - Noticed it was .99% for a used car not .72%

pthornium said:   I'm considering applying for a refinance with penfed. I currently have a 54month loan @ 2.9%apr with Hyundai Motor Finance with a principal of about $16k
Could someone give an overview of the penfed process from beginning to end? Is it pretty easy?
Are there any fees? Is becoming a penfed member free? Is there a penalty for paying off early?
How long does it usually take from start to finish the process?


I did a refi with PenFed last year and it was relatively painless - actually I can't even remember what all I had to do. I think there was some scanning of driver's license and some other documents. Pretty painless.

No fees for the refi. The easiest way to join if you are not a veteran is to donate $25 to an eligible charity to become a membership of that charity and that makes you eligible. Can't remember what it was but should be pretty easy to find out. Google is your friend.

HoMeZ said:   Hi All,

I'm thinking about going through either PenFed's car buying service to get the .99% loan or Geico's link to get straight $500 off the price.
For a $13k car, which do you think better?
If I pay off the whole car now I'll be cashing out I-Bonds which are at 1.81% right now.

Edit - Noticed it was .99% for a used car not .72%
I'm not familiar with the Geico link. Is that just for the purchase? Why not use that link to buy the car with $500 off and use penfed's non-car buying service rate loan? Or you can play the penfed service off the Geico service and go with the better overall purchase.

BingBlangBlaow said:   HoMeZ said:   Hi All,

I'm thinking about going through either PenFed's car buying service to get the .99% loan or Geico's link to get straight $500 off the price.
For a $13k car, which do you think better?
If I pay off the whole car now I'll be cashing out I-Bonds which are at 1.81% right now.

Edit - Noticed it was .99% for a used car not .72%
I'm not familiar with the Geico link. Is that just for the purchase? Why not use that link to buy the car with $500 off and use penfed's non-car buying service rate loan? Or you can play the penfed service off the Geico service and go with the better overall purchase.


Not familiar with the Geico service, but PenFed refers you to True Car - penfed.truecar.com to be exact - I don't believe you need to login to get a price guarantee. True Car guaranteed me $1000 off invoice at two dealers. Another dealer was happy to match it as it saved them paying the True Car fees (they had dropped out of the program). In the end they gave me $1500 off invoice. Another strange thing is that somehow my dealer discovered I was eligible for a $1000 USAA rebate - but I'm not a member and not eligible to become one. I'm not sure if it was from the Penfed buying service or a $500 targeted coupon I received in the mail, but I was not about to argue.

Use any of them as a start to your negotiating and try to do better.

How long does it take to receive auto loan documents and a check for the dealer after your purchase order is received and the loan shows transferred status? I am already at two weeks with no check and the CSRs all claim it takes 7-10 business days to receive it. Moreover, they also claim that it would take 2-3 days to cancel the current check and send me a new one. I moved to another address in the same city, though, which adds another day or two, but still.. The dealer is anxious to get their money and I already drive the car for 3 weeks.. Any suggestions?

andrey2506 said:   How long does it take to receive auto loan documents and a check for the dealer after your purchase order is received and the loan shows transferred status? I am already at two weeks with no check and the CSRs all claim it takes 7-10 business days to receive it. Moreover, they also claim that it would take 2-3 days to cancel the current check and send me a new one. I moved to another address in the same city, though, which adds another day or two, but still.. The dealer is anxious to get their money and I already drive the car for 3 weeks.. Any suggestions?If you end up requesting a new check then see if you can pay the extra $10-15 for overnight shipping

Thanks for the tip, jatan1986, but I ended up canceling the loan since it turned out into a comedy at the end. Two weeks and no check and the CSRs keep saying "Wait a couple more days, it will come in the mail..." And then constantly changing the story: the day the send the check they claimed it takes 3-5 days, then a week later it's magically 7-10 days. A week ago the agent claimed the check was send from Eugene, OR then a few days later its Nebraska. These guys may have the best rates but, as I see it, they are clowns that keep deceiving you

Interesting. I've only seen checks from NE (and hence I only paid for overnight shipping once). Of course, I'm in NE so that may be why... :-P

Update: Obtained financing through the dealer from GECU, 6% APR, but no penalty for early payoff and I now plan to pay the loan off in a few months. Should have gone with the dealer from the get-go. Penfed was a headache and still is. When I canceled my loan application the CSR told me the loan would disappear from the online account in 1-2 business days, now it has been 3 days already - the loan is still there and shows active status! Can these guys deliver on their promises at all??

Was surprised to see an ad on PenFed last night that showed the 0.74% rate for new car through car buying service financed for 48 mos. Thought rates had gone up.

marketingmike said:   Was surprised to see an ad on PenFed last night that showed the 0.74% rate for new car through car buying service financed for 48 mos. Thought rates had gone up.
They kept the car buying service rate the same, but regular rates went up a quarter percent.

Looks like the rates went up from 1.74%/0.49% to 1.99%/0.74% as of 8/1/13.

If my loan was approved at 1.75% but I haven't received the documents yet, is the rate locked in?

They're at 1.99% now.

I did a pretty painless refinance at the beginning of the month - the last $3500 of my auto loan. Check arrived in about 10 days, had to mail it with a form to my original loan guys, papers to sign for penfed and one for my insurance to tell penfed Im covered. Credit score of 684. Payments went from 333.14 to 148.20, $64 in interest for a 24 mo loan. My original loan charged me $48 in interest in the two weeks it took me to get them the $3500 check lol

Hopefully someone can help me here. I am doing a refi with Penfed @1.99%. They mailed me the check and the documents. Other than the check and "authorization for payoff and demand for certificate of title", what else need to be send to the current lien holder?

Another rate change as of 9/1/13: std rate/car buying service rate went from 1.99%/0.74% to 2.24%/1.24% APR.

1.99%/0.99% today.

Would like to refi existing PenFed auto loan, I assume they won't refi they own? Suggests for most painless way to achieve this?

whoDean said:   Would like to refi existing PenFed auto loan, I assume they won't refi they own? Suggests for most painless way to achieve this?
  They won't.  Paying it off and then getting a loan as a used auto is probably the most painless.

whoDean said:   Would like to refi existing PenFed auto loan, I assume they won't refi they own? Suggests for most painless way to achieve this?
  They will refi their own auto loan.  The rate will be 1% more than the current rate.  

donotdrinkPBR's suggestion is good if you have the cash, but what I did was just 'sell' the vehicle to my wife (she took out a new Penfed loan at lower rate which paid off my Penfed loan). No sales tax in the transaction because it was a spousal transfer.

FYI. Did a refi auto loan and a new auto loan and two credit cards with one pull in the same day. All instant approved.



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