Popular Deal

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

Wichard20 303 482 August 1, 2012 at 04:18 PM in Finance (6)
Deal
Score
+113
234,468 Views
Get Deal

Deal Details

Last Edited by widgit August 3, 2012 at 01:02 AM
Just saw this posted on their site. 1.49% for New, used and Refinance up to 60 months if applied online. I have an autoloan and credit card with them and the have been great. There are multiple ways to qualify to become a member.

www.penfed.org
Share
If you purchase something through a post on our site, Slickdeals may get a small share of the sale.

Community Wiki

Last Edited by FinsUp99 September 11, 2012 at 10:15 AM
Keep in Mind: This rate is not available for refinancing of an existing PenFed loan.

FYI : If you get their loan, the insurance requirement is 500 deductible for the car that is being financed. At least when I got their loan a year ago. So check it out.

AAA members can join penfed for free https://www.penfed.org/aaa-auto-loans-overview/
[COLOR="Red"]

9/8/12: PenFed sent me an email saying cars with more than 100k are only eligible for 24 month loans.
9/9/12: Follow-up phone call confirmed that >100k can be no longer than 24 months. Mileage over 125k is not eligible for a loan.


This post can be edited by most users to provide up-to-date information about developments of this thread based on user responses, and user findings. Feel free to add, change or remove information shown here as it becomes available. This includes new coupons, rebates, ideas, thread summary, and similar items.

Once a Thread Wiki is added to a thread, "Create Wiki" button will disappear. If you would like to learn more about Thread Wiki feature, click here.

657 Comments

34 35 36 37 38

Sign up for a Slickdeals account to remove this ad.

#526
Quote from canonikon View Post :
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.
Reply Helpful Comment? 0 0
Last edited by LeaninBack916 November 2, 2012 at 01:11 PM
#527
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.
Reply Helpful Comment? 0 0
#528
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!)
Reply Helpful Comment? 0 0
Joined May 2004
L10: Grand Master
10,651 Posts
1,500 Reputation
#529
Quote from bassrebel View Post :
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. Big Grin
Reply Helpful Comment? 0 0
#530
Quote from steaksauce View Post :
Save it for your repair costs, buddy. Big Grin
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
Reply Helpful Comment? 0 0
#531
[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!
Reply Helpful Comment? 0 0
#532
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 Smilie
Reply Helpful Comment? 0 0

Sign up for a Slickdeals account to remove this ad.

#533
Quote from bassrebel View Post :
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.shake head She may take the 'three strikes' approach and do something drastic.
Reply Helpful Comment? 0 0
#534
Quote from GPz1100 View Post :
<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
Reply Helpful Comment? 0 0
#535
Easy and quick process - Check within 3 days if approved.
Reply Helpful Comment? 0 0
#536
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 Smilie
Reply Helpful Comment? 0 0
#537
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...
Reply Helpful Comment? 0 0
Last edited by stubbornboy November 26, 2012 at 09:09 PM
#538
Quote from stubbornboy View Post :
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.
Reply Helpful Comment? 0 0
Joined Mar 2008
L10: Grand Master
8,541 Posts
447 Reputation
#539
I got my credit history and credit score is 806. I am planning to buy BMW. Will I get loan from PenFed?
Reply Helpful Comment? 0 0
#540
Quote from stubbornboy View Post :
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...
Heck, it might be easier to shop insurance companies for better rates unless you simply object to being 'required' to carry lower deductibles.Wink

We have higher limits and lower deductibles than the absolute max/min and I don't think it costs us more than eighty bucks a year extra(on two vehicles worth about $90K total). Finally had an at-fault accident(DW's first in the twenty years I've known her), the $500 deductible came in handy(as did the 100% coverage of the rental WITH a class upgrade).
Reply Helpful Comment? 0 0
Page 36 of 44
34 35 36 37 38
Join the Conversation
Add a Comment
 
Copyright 1999 - 2016. Slickdeals, LLC. All Rights Reserved. Copyright / Infringement Policy  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)  •  Interest-Based Ads
Link Copied to Clipboard