Penfed Loans for the new Bronco - TIP!

[Bronco671]

Hi All!
I have worked with pentagon credit union for over 20 years, they are an amazing lender and credit union. Just wanted to give everyone a FYI, their new system will not Take most of the 2022 VIN numbers. Their service team confirms this over and over, there is a simple way around there new system. The key, DO NOT!, use the VIN number supplied by Ford in the application process. You need to click identify vehicle this will pull a drop down menu for all the models of the new Bronco. They will then send a bank draft check ( snail mail) where you can enter all the information directly, and write a check to the dealer.

Hope this helps 2 days of working with Pentagon to figure it all out!

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[broncosor]

Thanks for the info. I have a couple of questions.
My Bronco is in transit and I am out of state, I am trying to prepare financing in advance so I can pick up the Bronco the day I come back. Does PenFed gives you same day approval, and will they send the blank check even if you don’t have the contract of sale yet?
Basically, I am wondering if I can apply online now, get approved, receive a blank check at my house in the next few days, and pick up the check and walk to the dealership the day I am back.

 

[Bronco671]

Thanks for the info. I have a couple of questions.
My Bronco is in transit and I am out of state, I am trying to prepare financing in advance so I can pick up the Bronco the day I come back. Does PenFed gives you same day approval, and will they send the blank check even if you don’t have the contract of sale yet?
Basically, I am wondering if I can apply online now, get approved, receive a blank check at my house in the next few days, and pick up the check and walk to the dealership the day I am back.

Penfed is nation wide, same day approval, yes they will send the check without a contract as long as you are approve. I would estimate 6-8 days for a check.
I am not a lender or have any association with penfed, this is just my experience. I have so enjoyed working with them, if you have questions I would call them directly.. You must be a member for any of their services.

 

[Compta38]

thanks for the heads up...I'll be using Penfed if I ever get built.

 

[Herbie]

That's odd, I got a different response when I spoke with them. The Rep said that they don't just send out a blank check, that they actually work with your dealer to establish the loan amount and get the VIN and then when everything is settled with them they send the check directly to the dealer. Guess I got bad information.

 

[Jhopkinson]

I just refinanced my 21 with them and I can confirm they do send out a check. They sent a check with my name and Ford Motor Credit, which I had to sign and send to FMC.

 

[coreymd]

This works to get the initial loan approval, but the online application process still requires a VIN before it can be completed. A phone call with a customer service rep couldn't get me any farther along. No check in the mail.

 

[CJ1064]

I tried to use PenFed but encountered the same issues. It took like 6hrs for someone to even call me back. Yea they don't send you a check they send a tri-party check to your dealer via snail mail. So your dealer might not let you drive off with the car until they have the check. I tried DCU (digital credit union) as well. They matched PenFeds rate but again a little hard to deal with. I ultimately went with TD Auto Finance, it was a slightly higher rate but over-all total interest paid wasn't that much different in the grand scheme of things. BOFA is pretty easy to use as well.

 

[Herbie]

I just refinanced my 21 with them and I can confirm they do send out a check. They sent a check with my name and Ford Motor Credit, which I had to sign and send to FMC.

Perfect, thank you. You send to Ford, I would think it goes to your dealer, no?

 

[Jhopkinson]

Perfect, thank you. You send to Ford, I would think it goes to your dealer, no?

I had already financed mine through FMC at the time of purchase. Since I had a loan through FMC I had to send them the check to payoff the loan. If yours is not a refi your check will probably be made out to you and your dealer and you can just bring it with you at the time of delivery and endorse it there.

 

[Moose7]

I've used PenFed for several vehicles, including when I ordered my C7 Corvette. If you ask, they will send the check via FedEx for $15, which they will take out of one of the accounts you have with them. I've had a couple out of state dealerships say, "Yeah! We work with PenFed.", but even then the check went to my address, and I had to sign and FedEx it to the dealership for the purchase.

I have to say that every time I've dealt with them, it has been far more straight forward than even my local credit union. Sometimes I've had to talk to a couple people to get a straight answer, but my experience has always been they are responsive and helpful.

 

[rayhil67]

As someone who has never bought a new vehicle or spent over 16k for one, in 2007 I bought a one year old H3 with 12K miles on it. The dealer got me what i thought was a great rate from a credit union they partner with. about 6 months latter I decided to open savings account at said CU and my Rep told me that that If I would have went right to them I would have got 1.5% lower rate. When a dealership partners with CU's they add a 1% - 3% increase in the rate and that the credit union pays them that at time of loan... My guess is that ford will offer no special financing or incentives on bronco (just like jeep with the wrangler) So you should secure your own financing before you pick up your bronco

 

[adamfriedman]

Hi All!
I have worked with pentagon credit union for over 20 years, they are an amazing lender and credit union. Just wanted to give everyone a FYI, their new system will not Take most of the 2022 VIN numbers. Their service team confirms this over and over, there is a simple way around there new system. The key, DO NOT!, use the VIN number supplied by Ford in the application process. You need to click identify vehicle this will pull a drop down menu for all the models of the new Bronco. They will then send a bank draft check ( snail mail) where you can enter all the information directly, and write a check to the dealer. Although sometimes, I have used alternatives like https://paydaysay.com/bad-credit-loans-guaranteed-approval.php to get funding.

Hope this helps 2 days of working with Pentagon to figure it all out!

Thank you for providing this information. If I ever get constructed, I'll be running Penfed.

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