Effect of multiple completed loans?

[Anonymous]

3/15 Shows a satisfactorily completed loan of one month duration(check was issued but, never endorsed because dealer changed the offer)

5/15 WILL show another completed loan shortly, paid off after 2 months by insurance for total loss

8/15 a third loan will be appearing any day after purchasing a replacement for the totaled car.

All the same lender, PenFed

Will this have any effect, +. - or none?

[Anonymous]

I dont think it will have an affect.  And apparently, Penfed doesnt either since they keep approving you.

If you didnt have any lates or derogs they are just completed loans and good TLs.

I wonder if the one where you never used the check should be classified as a loan at all, but I still dont see any harm.

HTH

[Anonymous]

No, no lates. The first one surprised me since it was never consumated and no contract was signed.

The third required a recon and was fraught with technical issues, "didn't you get an insurance check for the totaled car"? Uhhhh, no, PenFed did. "Send a copy of the new title, 5 days later, send a COLOR copy of new title" COLOR? I already submitted to DMV, 6-8 weeks before I get the new one in my name! One rep insisted I go back to the DMV and get it back! LOL, maybe in Bugtussle but, not NY! I had copies of ALL the car documents but, not COLOR copies.

4-5 emails and 4-5 phone calls...limbo.

Out-of-the-blue...supervisor calls and says check is on the way.

No docs, other than the title. The first 2 were easy-squeezy, this one wasn't but, worked out in the end. I guess they wanted to be convinced nothing shady was going on, no harm, no foul!

[Anonymous]

But overall, you are happy with Penfed?

You have to admit, 3 loans in less than 6 months is unusual, but you got thru it and they approved you each time.

I am considering using PenFed, looking for a CC and maybe an auto loan in the next six months or so.

I have always heard good things about PenFed, just curious if you are happy with them?

[Anonymous]

Yes, overall very happy. They're very amenable to recons if you state your honest reasoning and can substatiate those reasons. My CRs aren't pristine but, good. Some of their CSRs don't seem to be quite "up to speed" on the nuances so I did have to request supervisory intervention ie "go back to the DMV and get the title back to send us color copies"!

I flat out said SERIOUSLY? I reminded the supervisor the online doc request didn't specify COLOR copy and I'd be lucky to have the new title within 8 weeks.

[jim44]

NY DMV  8 weeks???!!! BAAAAHAAAA.   Sorry,  just trying to interject some humor! 

[Anonymous]

There are a couple dozen offices in our region with 10-20 agents from about 8:30-4:30 M-F and there's still an hour to 1 1/2 hour wait, it's a friggin' zoo.

ALL titles get verified and sent out by Albany. If I had a choice, I'd do it online.

PLUS, god forbid you make a mistake on ANY form! After 10 weeks I just got the title on the wrecked car and there was NO lien listed and this was processed through the dealer.