Penfed Auto Loan 1.49% for New, Used, Refinance up to 60 months

Quote from canonikon : Right to the point, I have had that experience. Went into the dealership not ready to buy a car. Then those sales dogs told me I can get 1.9% APR for 60 months, let me test drive, gave me the keys, and say this and that pressuring me to buy it and I signed the contract. Then when I went to see the "finance manager" he told me I can't get the 1.9% APR and I would have to take the 5.9% APR, my heart dropped as I was ready to drive it out the lot. They kept pressuring me to buy it anyway because they said I can borrow a loan from another bank with a lower APR to pay off this car loan with 5.9% APR and told me I won't be charged the 5.9% APR if I pay it off the next day with another bank loan with a 1.9% APR. (This is a lie because in car loan you are charged the FULL APR loan rates regardless if you pay it all off tomorrow or 5 years from now, you still have to pay the 5 years of APR interest, they will add those interest as "FINANCE CHARGE" which is shady and you can't take it off the bill and there's nothing you can do about it.) They kept pressuring me left and right with two sales person behind me blocking the door so I couldn't exit. Then I just got fed up of their tricks and lies so I put the keys on the table and walked out. They have my social security number and information though and the contract...will that affect me? I'm afraid they'll sell my information for money since they are so shady. And not to mention, the oldest sales tactic they used on me was "Let me go ask my manager." Then I see him make a big circle and went out to smoke a cigarette and came back in and told me, no the manager wouldn't let me sell it at that price. I'm like WOW, is your manager a cigarette?

They can pressure you all they want. It was my first time buying from a dealership and yes they, big time, go and try to hammer it out. The first place I went to the guy said I was a "fool for not buying the car at the price he was offering."

Second dealership I went to was nice, let me test drive, and then at the pricing they had a really good price but then said oh well our dealership fee, license fee, blah blah fees and listed them out. Total price as about 3000 more. I knew it was bs. I called him out.

Third one almost had me but then when we got to the "financing" part. They kept telling me to use their bank. I told them unless they beat my 3.99% Local CU rate and 0$ down... I didn't want it. Came back and said I just need $2000 (which I had) and they could do 4.49% and that my local credit union would be such a "headache" to deal with... I told them 3.5 and nothing down or let me use my own or I walk and they tried it again and I left. He tried to 'usher' me back to his desk but I told him I had enough of him wasting my time.

4th dealership tried to hardball on the price. I had him go refer to his manager (could have been a cigarette, who knows) a few times. When he came back and said they lowest they could go was xx.xxx I was like... no. Then he got the manager who came back, very intelligent, reasonable guy... and showed me a break down of the actual cost/how much they would sell it to a dealership for (not their brand) and that he was selling it back at the end of the week. So he gave me a bit off and said final or I can enjoy the beautiful weather and no hard feelings. He even took off the dealer fee and just had to pay insurance/registration. Out the door under 17k for a 6800 mile new/used car.

They could legitimately grab my arm and try to make me sign and I'd scream for help lol.

I did laugh aloud at the "They kept pressuring me left and right with two sales person behind me blocking the door so I couldn't exit." Sounds like the mafia runs the dealership you went into to.

My credit score is up to 725 now. I was talking to Penfed and they told me that the major two aspects of my credit "history" that prevented me from my loan was the debt-to-income and the length of my accounts. I sit at about 27% utilization (about 4k). A good chunk is on the interest-free promos though. I figure I'll hack it down to about $1500 by next April (6 months) and apply again. Hopefully this rate is still available. 3.99% is good but it's worth the hassle to refi my 3.99% / 60mo to 1.49% / 48 months. Increases my payment 12 dollars lol.

I just got approved for a $15k loan no questions asked for an '06 BMW 330i... turns out that I was able to talk the guy down a couple of thousands of dollars, so I'll use that extra money to pay off some credit cards (hell, 19% vs 1.49% yes please!)

Quote from bassrebel : I just got approved for a $15k loan no questions asked for an '06 BMW 330i... turns out that I was able to talk the guy down a couple of thousands of dollars, so I'll use that extra money to pay off some credit cards (hell, 19% vs 1.49% yes please!)

Save it for your repair costs, buddy.

Quote from steaksauce : Save it for your repair costs, buddy.

LMAO this would be my 12th bimmer, I currently own a Z4, a little bit of elbow grease and these cars will last a long time

[QUOTE=bassrebel;54486618]LMAO this would be my 12th bimmer, I currently own a Z4, a little bit of elbow grease and these cars will last a long time[/QUOTEI

I just bought a 2006 330i too. Only 37k miles on the clock and I paid about the same as you. Unfortunately, I had never heard of PENFED, so once all the paperwork clears, I am going to turn around and refinance it with PENFED. The 1.49 rate is half of my 3.1, and they offer the Route 66 extended warranty, which is well worth it in my opinion. I mainly want the warranty, the lower rate is a bonus!

Started this ordeal on 10/2/2012, almost done now.

The previous finance company finally released the title, which is now in penfed's possession. I received a change of lien from mostly filled out (a form from the dmv) by penfed. All it needed was my sig and mileage. Two people I spoke with said that they'll cover any fees that may apply from the state. We'll find out if this is true or not in a few weeks.

At this point, I mail this form back to penfed in CA, who then sends it across the country back to the midwest.

Btw, if anyone has titling questions, the # to call is 866-730-7807 . I didn't see this number listed elsewhere. Seems to come back to USAA, so they must be outsourcing. At least it's stateside

Quote from bassrebel : LMAO this would be my 12th bimmer, I currently own a Z4, a little bit of elbow grease and these cars will last a long time

Tell that to my neighbor who was just left stranded AGAIN by her practically new X5. She may take the 'three strikes' approach and do something drastic.

Quote from GPz1100 : <snip> Btw, if anyone has titling questions, the # to call is 866-730-7807 . I didn't see this number listed elsewhere. <snip>

Thanks for this number. I called to verify if they had received my title as well.
They just got it last week.

My process with Penfed was perfect. Hope yours end well

Easy and quick process - Check within 3 days if approved.

So I am looking at purchasing a G37 through the Infiniti VPP Program. I believe I currently qualify for a A Plan rate but December 1st it changes to D plan (~$1500 difference on the lower side). I am not sure if I can get the check from PenFed by then. Can I just pay for the car now and then take the loan at a later time? I have enough in savings to pay for the car but cant resist a 1.5% loan

Does Penfed force you to have a deductible of $500 or less for your comprehensive and collision?

I just changed mine to $1000 for both my cars and got a mail from my current loan provider (Northwest federal credit Union) stating I need to have a lower deductible. Both my cars are at 1.49% rate 3 year loan with Northwest credit union and just completed one year.

Not sure if it is worth refinancing to avoid the deductible issue...

Does Penfed force you to have a deductible of $500 or less for your comprehensive and collision?

I just changed mine to $1000 for both my cars and got a mail from my current loan provider (Northwest federal credit Union) stating I need to have a lower deductible. Both my cars are at 1.49% rate 3 year loan with Northwest credit union and just completed one year.

Not sure if it is worth refinancing to avoid the deductible issue...

Quote from stubbornboy : Does Penfed force you to have a deductible of $500 or less for your comprehensive and collision? I just changed mine to $1000 for both my cars and got a mail from my current loan provider (Northwest federal credit Union) stating I need to have a lower deductible. Both my cars are at 1.49% rate 3 year loan with Northwest credit union and just completed one year. Not sure if it is worth refinancing to avoid the deductible issue... Does Penfed force you to have a deductible of $500 or less for your comprehensive and collision? I just changed mine to $1000 for both my cars and got a mail from my current loan provider (Northwest federal credit Union) stating I need to have a lower deductible. Both my cars are at 1.49% rate 3 year loan with Northwest credit union and just completed one year. Not sure if it is worth refinancing to avoid the deductible issue...

If you finance your car from PenFed, then your auto insurance deductible should be $500 or less.

I got my credit history and credit score is 806. I am planning to buy BMW. Will I get loan from PenFed?