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Penfed Car Buying Service Help

jlar12 10 August 21, 2012 at 09:14 AM
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I would like to purchase a new car through PenFeds car buying service and their great rates https://www.penfed.org/PenFed-Car...ome-mainAd

Could someone explain to me how the Penfed car service process works?

Do I have to have the car picked out before I apply for the loan?

Do they cut me a check ahead of time?

Is there a waiting period before I can apply for a loan after joining Penfed?

Any idea about required Credit Score?

Anyone that has any experience using them your expertise would be greatly appreciated.

27 Comments

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#16
I have a new car loan through Pendfed. They offer great rates, I got 1.99% for a 5 year loan. No documents needed to get the loan. I would definitely go with them again in the future.
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#17
We had issues with PenFed just not being responsive. We applied for the loan - didn't hear anything until I called about a week later. We were approved just fine. Then when we found the car, we asked to up the loan and it went back into approval. Once again, no word. We went ahead and paid cash for the car and just asked them to send a check for the original amount. It took over a week for the check to come. Great rate (1.49%) so worth the hassle, just wasn't expecting it.
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#18
We used their car buying service 1st week of March. And even though they already raised the rates for a 60-month loan by then, we still got the .99% Feb rates.
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#19
I just used their service in December. I registered and provided a new email address. The finance amounts and how much you expect to put thrown are locked once you enter them, so make sure you do delivery r exactly what you say you can in terms of down payment.

When I showed up with the the clear pricing the dealer had a couple of different vehicles. I picked a new one with 0 miles on it . A bit of back and forth on the check which came via mail, and I drove the car off the lot.

The title, at least here inn NY, has been a pain. I just received another notice saying I didn't fill out the paperwork correctly, again, for the fourth time. Pita.

Over all though, 0.49% rate on a new car is perfect. I can CD the cash and earn more.
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#20
I currently have a car loan with capital one. 3.4 rate. Is it worth it checking if penfed will give me a lower rate? That way I can switch car loans
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#21
Quote from netsfan549 View Post :
I currently have a car loan with capital one. 3.4 rate. Is it worth it checking if penfed will give me a lower rate? That way I can switch car loans

Only if your score is above 720 will no blemishes. They are very, very conservative with credit.
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#22
Applied for a 60 month car loan at 1.24% APR for $21k via their car buying service and I was approved for that amount online. It is now asking me for the dealer info and car details such as the VIN but I haven't even gone to the dealer(s) yet. Should I fill this out after "buying" the car or should I wait for some kind of check to come in the mail before going?

Thanks.
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#23
Quote from Seven87 View Post :
Applied for a 60 month car loan at 1.24% APR for $21k via their car buying service and I was approved for that amount online. It is now asking me for the dealer info and car details such as the VIN but I haven't even gone to the dealer(s) yet. Should I fill this out after "buying" the car or should I wait for some kind of check to come in the mail before going?

Thanks.
Call penfed, they send you a check that will say what it is approved up to, that the dealer will fill out when you pick a vehicle and they put the vehicle's information on the check

If they don't put the vehicle information on the check (mine didn't) they called me and asked for teh VIN, told them it and all was done

The check is good for like 90 days so plenty of time.
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#24
Good thread. That 0.49% rate they keep emailing me is so tempting.
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#25
Where do you see a 0.49% rate? Expecting to get a car loan in the next couple months from them, should i just join now and wait for an email?
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#26
any experience using the penfed car buying service as far as really getting a better overall price on a car (new or used) compared to other means of buying a car off a lot?
thanks
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#27
Quote from eonaxes View Post :
any experience using the penfed car buying service as far as really getting a better overall price on a car (new or used) compared to other means of buying a car off a lot?
thanks
Their service when I was buying was through Truecar (this was about a year ago). There's a lot written about Truecar my experience was if you went off the Truecar price you certainly weren't getting hosed but could certainly do better. I think I did 500 dollars less than the target price (or whatever term they use) which I was happy with at the time.
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#28
ugh i got denied by them =( it sucks
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