Pen Fed Auto Loan - how does it work?

[Elaine54]

I was approved online for an auto loan - just joined today! How does this work? I listed the make and model I was interested in on the app - does that mean I have to buy that car for sure? In other words, is the check they send you specific for one car?

I got the instant approval but wonder if I'll still need to fax them documents before it is processed. Anyone know their procedures?

Also, I know the dealer will try to get me to use their financing but I really want to stay with PenFed (1.74 APR) - want to make it as quick and easy as possible when I actually go to the dealer.

 

Any advice? Thanks for any info!

[Mo Munny Mo Problems]

I was approved online for an auto loan - just joined today! How does this work? I listed the make and model I was interested in on the app - does that mean I have to buy that car for sure? In other words, is the check they send you specific for one car?

I got the instant approval but wonder if I'll still need to fax them documents before it is processed. Anyone know their procedures?

Also, I know the dealer will try to get me to use their financing but I really want to stay with PenFed (1.74 APR) - want to make it as quick and easy as possible when I actually go to the dealer.

 

Any advice? Thanks for any info!

 

Theyre going to want a copy of the title front and back.

 

From that they can determine the VIN, owners name and address..and cut the check to that person.

 

If it is a dealer then theyll make it out to that dealer.

 

If you change your mind on the car, they can just change what car it is..as long as it still meets the same requirements of the rate you were approved for.

 

IE: If you wanted the 1.74% online only rate it must be a NEW vehicle and for 72 months or less. With up to 100% LTV.

 

1.99% for used and they only go up to 80% loan to value. Meaning youll need 20% down + cover the TT&L to get that rate

 

The main thing being the LTV

Edited June 13, 2013 by Mo Munny Mo Problems

[Elaine54]

Great info - thanks!

I'm going with a new car. Do you know if I'll need to pay the tax, title and license fees myself or can that be included in the total?

Also, do you think the dealer will let me take the car when I present them with the check or do they like to wait until it clears or maybe each dealer handles it differently?

 

Also, I wonder how long it takes from approval for PenFed to actually get the check to you?

 

I may decide to call them today or maybe they'll send me follow-up email. I still can't believe I'm going to get that rate (1.74)!!!

[Mo Munny Mo Problems]

Great info - thanks!

I'm going with a new car. Do you know if I'll need to pay the tax, title and license fees myself or can that be included in the total?

Also, do you think the dealer will let me take the car when I present them with the check or do they like to wait until it clears or maybe each dealer handles it differently?

 

Also, I wonder how long it takes from approval for PenFed to actually get the check to you?

 

I may decide to call them today or maybe they'll send me follow-up email. I still can't believe I'm going to get that rate (1.74)!!!

Since its new you can finance 100% of the MSRP as long as its a currrent year *new car.

 

So anything beyond that you will need to put down.

 

So lets say you get a $20,000 car + TT&L roughly is $21,500 here in Texas.

 

BUT lets say you get them to come down that extra $1500 on the price.. then you are golden, $0 down!

 

I always try to shoot for $3,000-$4,000 off anything around $30K

 

at least $1,000-$2,000 off anything less than that

Edited June 13, 2013 by Mo Munny Mo Problems

[Mo Munny Mo Problems]

Great info - thanks!

I'm going with a new car. Do you know if I'll need to pay the tax, title and license fees myself or can that be included in the total?

Also, do you think the dealer will let me take the car when I present them with the check or do they like to wait until it clears or maybe each dealer handles it differently?

 

Definately. Every time they;ll let you take it lol

 

 

Also, I wonder how long it takes from approval for PenFed to actually get the check to you?

It varies. Ask them to send it overnight..probably isnt very much at all. USAA charged us only $8. Im sure Penfed is comparable.

I may decide to call them today or maybe they'll send me follow-up email. I still can't believe I'm going to get that rate (1.74)!!!

Yea right now is a good time to finance. Rates are going to start going back up I bet.

 

Well I figure if they cut back QE it will anyways...

 

 

Edited June 13, 2013 by Mo Munny Mo Problems

[Mo Munny Mo Problems]

***Since you're buying a new car, you can use the Penfed car buying service to get I think its 0.74%(?) BUT you pay regular price IIRC

 

USAA has a car buying service that has a comparable rate, BUT you get I THINK the USAA discount so you get a nice chunk knocked off PLUS 0.25%-0.50% knocked off the APR you're approved for(new cars anyways... Used cars get 1.00% off).

 

USAA has rates as low as 1.75% with discount @ 72 months

 

if you could squeeze 36 months they can go as low as 0.89%

 

 

My wife bought a 2013 Cruze and got a BIG discount on it. $3000 IIRC

AND a badass rate

 

She did put 20% down though

 

 

Im telling this to you because I dont think teh Penfed car buying service gives you that good of a price.

Edited June 13, 2013 by Mo Munny Mo Problems

[Mo Munny Mo Problems]

Just for laughs I logged into Penfed and went like I wanted to buy a 2013 Cruze and here is the discount:

 

 

Its actually $58 MORE than the real price LOL

 

What are you looking at purchasing? I know a lot of different places to try, in order to get the "lowest price/APR ratio."..or LP/AR we'll call it haha

 

if I knew the Make/Model, and desired options I could perhaps help!

Edited June 13, 2013 by Mo Munny Mo Problems

[Elaine54]

^{Thanks for all the great info!}

^{I'm looking at a 2013 Mazda 3, 4 dr, Touring, Automatic - The MSRP is approx. $21K and I was approved for $20K so hopefully I'll be able to get them to come down some and I'll come up with the difference of TT&L. When I logged on to PedFed today, there was a note next to my approval that they needed the VIN but I haven't actually picked out a specific car yet. Hopefully they issue the check without it - I'll give them a call when they open and see how that works.}

 

^{I looked at the Buying Service too but didn't think you really received that much of a discount.}

^{I get nervous just thinking about going to a dealership - I hate dealing with those guys!!}

[Elaine54]

_{No offense Marv!!}

 

_{^{Thanks for all the great info!}}

_{^{I'm looking at a 2013 Mazda 3, 4 dr, Touring, Automatic - The MSRP is approx. $21K and I was approved for $20K so hopefully I'll be able to get them to come down some and I'll come up with the difference of TT&L. When I logged on to PedFed today, there was a note next to my approval that they needed the VIN but I haven't actually picked out a specific car yet. Hopefully they issue the check without it - I'll give them a call when they open and see how that works.}}

 

_{^{I looked at the Buying Service too but didn't think you really received that much of a discount.}}

_{^{I get nervous just thinking about going to a dealership - I hate dealing with those guys!!}}

[Mo Munny Mo Problems]

^{Thanks for all the great info!}

^{I'm looking at a 2013 Mazda 3, 4 dr, Touring, Automatic - The MSRP is approx. $21K and I was approved for $20K so hopefully I'll be able to get them to come down some and I'll come up with the difference of TT&L. When I logged on to PedFed today, there was a note next to my approval that they needed the VIN but I haven't actually picked out a specific car yet. Hopefully they issue the check without it - I'll give them a call when they open and see how that works.}

 

^{I looked at the Buying Service too but didn't think you really received that much of a discount.}

^{I get nervous just thinking about going to a dealership - I hate dealing with those guys!!}

whats your ZIP code I bet I could find you a smokin deal close to you

 

what color sucks to you?

[Mo Munny Mo Problems]

 

_{No offense Marv!!}

 

 

_{^{Thanks for all the great info!}}

_{^{I'm looking at a 2013 Mazda 3, 4 dr, Touring, Automatic - The MSRP is approx. $21K and I was approved for $20K so hopefully I'll be able to get them to come down some and I'll come up with the difference of TT&L. When I logged on to PedFed today, there was a note next to my approval that they needed the VIN but I haven't actually picked out a specific car yet. Hopefully they issue the check without it - I'll give them a call when they open and see how that works.}}

 

_{^{I looked at the Buying Service too but didn't think you really received that much of a discount.}}

_{^{I get nervous just thinking about going to a dealership - I hate dealing with those guys!!}}

Not all of them are sleezeballs. I used to sell cars too. Not my thing though really... I kinda want to get more into the finance side

[Elaine54]

Well I called PenFed to get more details and they wouldn't issue the check without me giving them vehicle details and a VIN. I questioned them about what if someone purchased the vehicle before I got the check and went to the dealer but they just said they would have to void and reissue. It seems like this will make it a little more complicated to use the check but they are sending it overnight and I'm going to the dealer tomorrow. I'd like a deal like you mentioned that they would discount the price enough to cover the TT&L but I found out this dealer also makes you purchase a "desert package and window tint" that runs around $1500. Sounds like another money making deal for them.

 

I can already tell they will try to get me to use their financing but I would really prefer to stay with PenFed and not go through the hassle of applying all over again.

 

Wish me luck and if you have any tips for me at the dealer - let me know!

 

I'm in AZ - which explains the "desert pkg".

 

Thanks!

[Elaine54]

I'm going for a 2013 Mazda3 Sport Sedan 4 door with a MSRP of $21,713.

The check from PenFed is for $20K so I'd like to get them to discount enough so that I only have to come up with about $2K which might be tough if I don't let them arrange the financing and with that "desert pkg" they charge for!

[Labyrinthine]

For what it is worth, I don't buy from dealerships that force me to purchase their installed packages. That is a BS move on their part.

[Mo Munny Mo Problems]

I'm going for a 2013 Mazda3 Sport Sedan 4 door with a MSRP of $21,713.

The check from PenFed is for $20K so I'd like to get them to discount enough so that I only have to come up with about $2K which might be tough if I don't let them arrange the financing and with that "desert pkg" they charge for!

Elaine i would not use their financing..and i wouldnt let them "make" you buy that desert package. Tell them youll just go sonewhere else if you cant just buy the car you want with NO added crap.

 

Thats how they get you.

 

If you use their financing Im pretty sure theyll slip something in that will end up making them more money off of you

[Mo Munny Mo Problems]

For what it is worth, I don't buy from dealerships that force me to purchase their installed packages. That is a BS move on their part.

+2 that is very sleezy :/

[Mo Munny Mo Problems]

Since you didnt mention any specific city im going to assume phoenix and see if i can find you a deal

[Mo Munny Mo Problems]

Elaine: Call Avondale Mazda and ask for Allen Heneberry. He is the internet sale manager and they have an ad for a white 2013 Mazda Mazda3 Sport Sedan for $17,285

 

1-888-629-3110

 

here is the ad:

 

http://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?zip=85061&endYear=2014&photosOnly=true&listingType=new&listingTypes=new&sellerTypes=b&maxPrice=21000&showcaseListingId=343798795&pricesOnly=true&mmt=%5BMAZDA%5BMAZDA3%5B%5D%5D%5B%5D%5D&vehicleStyleCodes=SEDAN&modelCode1=MAZDA3&sortBy=derivedpriceASC&showcaseOwnerId=67298619&startYear=2011&makeCode1=MAZDA&firstRecord=26&searchRadius=300&bodyStyleCodes=SEDAN&listingId=340271476&listingIndex=5&Log=0

[Mo Munny Mo Problems]

With that, you could put $0 down because $17,285 is less than the $20,000 check, so you could even finance the TT&L

 

Dont let thse thugs bully yu into rushing into this. You will be paying that payment for the next 4-6 years, no reason not to get the lowest payment at the lwest APR possible.

[Elaine54]

Thanks everyone for all the great advice! Mo Munny, that was a great contact with Avondale. I'm in Tucson but printed out their price to show the salesman. I went ahead and got the car and I think I got a pretty decent deal. I had emailed the salesman a couple of times today and requested a total drive out price including TT&L and any extra charges. He tried to ignore my question the first time but he finally answered. He let me have it for $21,513.99 which included TT&L and their "package" (the tinted windows do look nice) and free oil changes and tire rotation for life (ha!). So basically a little under stick price with the extras included and TT&L. They didn't pressure me with the financing like he did on the phone yesterday - got a little hard sale on the extended warranty but I had included it with the Ped Fed loan for a much better price. It does look sharp so I'm happy!

 

CB is such a great source of information. I would have never heard of PenFed without the boards and this was the easiest auto loan I've ever gotten. I realized after I left the dealership that they forgot to get me to endorse the PenFed check so they may be calling tomorrow - oh well!

 

Thanks again for all the help!!

[Mo Munny Mo Problems]

Thanks everyone for all the great advice! Mo Munny, that was a great contact with Avondale. I'm in Tucson but printed out their price to show the salesman. I went ahead and got the car and I think I got a pretty decent deal. I had emailed the salesman a couple of times today and requested a total drive out price including TT&L and any extra charges. He tried to ignore my question the first time but he finally answered. He let me have it for $21,513.99 which included TT&L and their "package" (the tinted windows do look nice) and free oil changes and tire rotation for life (ha!). So basically a little under stick price with the extras included and TT&L. They didn't pressure me with the financing like he did on the phone yesterday - got a little hard sale on the extended warranty but I had included it with the Ped Fed loan for a much better price. It does look sharp so I'm happy!

 

CB is such a great source of information. I would have never heard of PenFed without the boards and this was the easiest auto loan I've ever gotten. I realized after I left the dealership that they forgot to get me to endorse the PenFed check so they may be calling tomorrow - oh well!

 

Thanks again for all the help!!

The person depositing endorses it (dealer)

 

 

Congrats on the car!

[Elaine54]

No buyer's remorse yet and I do like that "new car smell" (chemicals that are hazardous probably!).

 

Thanks again! I didn't know about the check but that's great because I didn't want to go back again!

[Mo Munny Mo Problems]

No buyer's remorse yet and I do like that "new car smell" (chemicals that are hazardous probably!).

 

Thanks again! I didn't know about the check but that's great because I didn't want to go back again!

 

LOL

 

Yeah Im saving up for one myself. Hopefully I can get my dream car within a year or so

[TauntingBull]

Thanks for all the great info!

I'm looking at a 2013 Mazda 3, 4 dr, Touring, Automatic - The MSRP is approx. $21K and I was approved for $20K so hopefully I'll be able to get them to come down some and I'll come up with the difference of TT&L. When I logged on to PedFed today, there was a note next to my approval that they needed the VIN but I haven't actually picked out a specific car yet. Hopefully they issue the check without it - I'll give them a call when they open and see how that works.

 

I looked at the Buying Service too but didn't think you really received that much of a discount.

I get nervous just thinking about going to a dealership - I hate dealing with those guys!!

whats your ZIP code I bet I could find you a smokin deal close to you

 

what color sucks to you?

 

Help a brother out! Can you help me find a bad a$$ deal on a 2013 Accord Coupe - V6 - Manual - Gray or Black? Please?

[Mo Munny Mo Problems]

ZIP CODE?