PenFed - Has anyone actually used them?

[CJ1064]

I was pre-qualified at PenFed for 1.99% for 60mo but jeez they make it hard to actually use. First, my VIN isn't being recognized by their system so I can't move forward (bronco is being delivered this week). Second, their customer service is severely lacking, requested a call back at 330 and they finally called my at 6pm and it's impossible to chat or call them. On the phone I found out they only issue dual party checks to the dealer and no they don't overnight them, only snail mail which could be 7 days on average. Unsure if the dealer would actually let me take it home with a "check is in the mail" promise. So just wondering if anyone else has actually used their financing at the dealer.

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[VGK_Fan]

I used a local credit union and got the same rate

 

[SuckItMcGee]

I've used them before and while they are kinda behind the times on the process, they did beat every other option at the time. They gave me 36 months @ 0.99% on a USED car loan (for a 10 year old car LOL, no other bank would ever issue a loan on a car that old).
I also used them to re-fi my current Jeep. It was a new car re-fi so got new car rates.

I don't know what their rates are right now, but I also recommend Lightstream. If you have excellent credit, they'll automatically convert your loan to a no-lien loan, so you keep the title. The process of getting approved and funded was 100% easier than PenFed, but their rates are a little higher usually.

 

[mds5917]

Used them and it was a very smooth experience. Got 1.79 for 36. Customer service has been great. Did have some small glitches on signing docs remotely, but their customer service was very helpful. I set up an account for automatic transfers/payments and all went well, and use their app to monitor. It was just easier than dealing with dealer finance, even though I was financing a minority of the purchase price.

 

[Jgtln]

I have used them before and will use them on my bronco purchase...if it ever shows up after being built the week of 12/6

 

[Moose7]

I've used them for several vehicles, and had a smooth experience. Planning on using them for part of my Bronco when it shows up. They will overnight the check to you, but you have to pay ~$15 from your account to have it done.

 

[MikeyFrog]

I used them, first time, for my bronco. Was super easy, I did all the stuff online, they sent me a check to use at the dealer. Wrote out and signed check per instructions, dealer handled it with paperwork. Got docs in mail to sign and return. Was really easy.

 

[Headsong]

I did get qualified last freakin' July when I was supposed to take delivery. I did have to jump thru a couple hoops to get it done, they're not super responsive....then my dealer got the same rate so I just killed it. Have to do this all over again, supposed to take delivery this week. Right.

 

[CJ1064]

Just got the same rate with DCU and they seem up to date with the times and technology so will probably go with them.

 

[Bronco671]

Was Penfed able to come up with a solution to the VIN number not auto populating?

 

[LarryZiegler]

Was Penfed able to come up with a solution to the VIN number not auto populating?

When I was finalizing my loan with BofA in December, they asked for a purchase order/agreement and I gave them an order confirmation from Jan 2021 and a copy of the Monroney (which has the VIN) and they were good with that. On another note, get your loan commitment and interest rate locked in as interest rates are expected to increase in March as the Fed will be making adjustments

 

[RunNGunArk]

Yes. Several times. Initial loan as well as a refi when I had to use dealer finance to get rebate. Good folk.

 

[coreymd]

I had a 1/19 blend date and since the VIN doesn't show up in PenFed's system yet, I just have to wait before they will finalize my loan. Somehow, their system is tied to CarFax when linking the loan to a VIN, and the VIN evidently isn't being reported by CarFax yet.

She also told me she couldn't expedite the check once it was ready. So if necessary I'd either need to take a loan elsewhere and then refinance with PenFed, or pay cash and get a title loan with the same APR after the fact.

 

[Compta38]

I'll be using them if my Bronco ever gets built but if they prove to be too much of a pain in the ass I'll just go BOFA or something.

 

[ChompSticks]

I have used them before. I switched to DCU. They overnight chekcs to dealers and their rates are 1.99 up to 65 months

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