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Penfed Help - Trade in/current loan-new loan/new vehicle

Valued Member

Penfed Help - Trade in/current loan-new loan/new vehicle

Hi everyone.  I have a current Penfed Auto Loan and have an opportunity to trade in my current vehicle on a 2018.  How is Penfed about approving a new loan in conjuction with the old loan being paid off in the transaction?  I know DCU is great about this but unsure on Penfed.  

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Moderator

Re: Penfed Help - Trade in/current loan-new loan/new vehicle


dhrren wrote:

Hi everyone.  I have a current Penfed Auto Loan and have an opportunity to trade in my current vehicle on a 2018.  How is Penfed about approving a new loan in conjuction with the old loan being paid off in the transaction?  I know DCU is great about this but unsure on Penfed.  


They're fine doing that.  Just went trhu that wtht them without issue.  Even though I ended up leasing, it never was a problem

 

 

Message 2 of 4
Valued Member

Re: Penfed Help - Trade in/current loan-new loan/new vehicle

Thanks Irish.  Can you give me an idea of how it worked?  What you had to put in the loan app to indicate the trade, etc?  Or did you have to explain to a loan officer?

A little backstory:  when I got my current loan I asked for 60K and was immediately approved,  took only 55K, it’s paid down to 40K, trade in value is much higher than current balance.   The new truck will be a 59-60K loan and my scores are 20-40 points higher.  Thanks for your help.  

Message 3 of 4
Moderator

Re: Penfed Help - Trade in/current loan-new loan/new vehicle


dhrren wrote:

Thanks Irish.  Can you give me an idea of how it worked?  What you had to put in the loan app to indicate the trade, etc?  Or did you have to explain to a loan officer?

A little backstory:  when I got my current loan I asked for 60K and was immediately approved,  took only 55K, it’s paid down to 40K, trade in value is much higher than current balance.   The new truck will be a 59-60K loan and my scores are 20-40 points higher.  Thanks for your help.  


Never talked to a loan officer as my approval was instant but during the application process, one of the questions was do you plan to tradei-in your current car and I answered yes.  I did talk to someone later and I got the impression that they weren't going to really check to see if you did trade it in.  You won't have any problems getting approved.

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