chicolo said:I have my loan with them at 5.24%, I am not sure if it is worth to do refinance because they required to take out additional $5000.

Well if you have $5k in the bank...go online, pay down your balance by $5K, then refinance, and they will send you a check for the additional $5K you took out, and you will have the lower interest rate.

Mine was at 4.5%----it was very quick for me.

I refinanced my car for around $36k. Honda sent the title to me and not penfed. I believe the title should have gone to penfed. Has this happened to anyone?

that would suck if that's the case. I tried going to the DMV today before work and the parking lot was packed. I don't have much time to stop by the DMV so I'm hoping that maybe I can do this on a saturday.

if you're a AAA member see if you can go to your local office for dmv services. I had to have my title reissued to show pfcu as the lienholder and did it there for $15.

Another warning on the "draft" checks that PenFed provides that you can endorse over to the dealership. Some dealers (like the one I'm buying from) insists on making sure the check clears before they hand over the keys. They claim the draft check is not the same as a certified check, so you will have to wait a few days after they deposit the check.

Of course, if the dealer really wants the business they should go out of their way in this economic climate to let you "test drive" the vehicle for a few days during that waiting period.
\

Was approved instantly online for the used auto loan on 4/23 and never got the blank check or a letter or anything in the mail so I just called them this morning -- CSR couldnt see any problems with it so she asked a supervisor, she gets back to me saying that I was approved but they wont send me a blank check. They want me to call them after I decide on a vehicle and a price and then they'll send the check 4-5 days after or $15 for FedEx overnight

Would've been easier at a dealership with a preapproval letter or loan draft in hand, but now I'll just have to go in empty handed

For the online application, can someone who has filled it out tell me if there is an option for a co-signer online? Or is the online form for single person applications only?

bassmanben said:yes, you can do a co-signator online

Thank you. One more question I forgot to ask hopefully a Penfed member can answer -- when you apply for membership and join with a savings account, do they do a hard pull on your credit? I'm just wondering if applying for the car loan will show up as 1 or 2 hits?

Also, does anyone know which credit bureau Penfed pulls from? Or all 3?

http://www.fatwallet.com/forums/finance/913947/m13692487#m13692487
According to that post PenFed pulls Equifax.

Just register online to see the status.

I applied on Tuesday 6/02 in the evening. My blank check was mailed on Friday 6/05 and I received it today 6/09. It was on Friday evening that I noticed online that the loan application went from "Pending" to "Pre Approval Draft", which signified the blank check was sent.

MPeter said:Another warning on the "draft" checks that PenFed provides that you can endorse over to the dealership. Some dealers (like the one I'm buying from) insists on making sure the check clears before they hand over the keys. They claim the draft check is not the same as a certified check, so you will have to wait a few days after they deposit the check.

Of course, if the dealer really wants the business they should go out of their way in this economic climate to let you "test drive" the vehicle for a few days during that waiting period.

The checks from PenFed aren't cashiers checks so dealers have to be a bit careful but if you don't mind another hard pull, what you do is a back up finance contract with the dealer, in the even the PenFed doesn't go through. That's what I did, they already ran my credit because they were trying to beat the Penfed rate so I just signed a back up finance contract which is void instantly because the penfed check clears. You basically paid off their loan instantly with the penfed loan in a sense.