I have been with PenFed coming up on a year. I have many of their products, checking, savings, credit card and a few cars financed.
I recently purchased a new truck from a local dealer. I knew I was taking the huge cash back rebate so applied for PenFed financing and received an instant approval for the amount requested at their lowest interest rate. Of interest I was trading in a vehicle that I currently have financed with PenFed.
When PenFed sent out my check it was good for up to a certain amount and made out to me. I had to use the check at a dealer which was the plan from the beginning. As it turns out, I went to a different dealer to shop the current offer I had from dealer A. Good thing for me was that I was able to write the check for $2,500 less than the deal I was going to get at dealer A.
After filling out the check at the dealer, it took 5 days for the account to show up online. It took another 7-8 days for the previous auto loan to get paid off and drop off my PenFed home page.
An easy experience and the dealer only asked once to run my credit.
