Re: PenFed Auto refi approval!

resilient · ‎10-02-2012

I am soooooo a PenFed member for life! I bought a new car this past April from my local credit union with a 4.5% rate, then two months later I deployed to Kuwait. Well, I am back for health reasons, but my car only had 1900 miles when I left. Last month, I got approved for the Platinum Rewards CC, for $12k. I applied for the 1.49% auto loan to refinance my car and got an instant approval, but for some reason the value was more than I owed, so I backed off. But just three days ago, I decided to try it again, as a new car, and this time I got "with a LO for review". Well, thanks to that review, my loan now says preapring to be disbursed! I called today and they said the check is going out in the mail today! PenFed is awesome; I'm only paying $850 interest on my car!!!!

Credit Scores- October 2012

EQ- 684

EX-724

TU-706

PenFed Platinum Rewards Visa-$12k

US Bank Platinum Rewards Visa-$5k

Chase Freedom Visa-$5k

Chase Military Star MasterCard-$5k

TIC FCU Visa Gold-$5k

Chrysler MasterCard(FNBO)-$4.1k

Wyndham Rewards Platinum Visa-$2.5k

Service CU Platinum Visa-$10k

Cadillac-XTS · ‎08-20-2012

Congrats

resilient · ‎10-02-2012

Thanks so much! That's the difference of paying $4k in interest vs. $2k!

TNTransplant · ‎01-03-2012

Congrats!

They approved me for a refi in July of this year - went from 9% to 1.9%, and will save me a ton on finance charges.

I loved my experience with them, too.

Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:May 2013: EQ - 749, TU08 - 753, EX - 741 (Amex 4/13)
Goal Score: 760 on each by 12/31/13, Last app - 4/1/13

Take the 2013 FICO Fitness Challenge

resilient · ‎10-02-2012

Nice! Ine of my friends just totaled their car, and I told them the good news.....they're going to use the car buying service to get that extra low rate. I'll keep on telling friends until I have a reason not to!

iCoop · ‎05-06-2012

Congrats OP.

I just refi'd through PenFed two days ago and was approved. I originally started with a 6.49% APR through the KIA dealership, then 4.49% through Chase Auto Finance, and now down to 1.49% via PenFed. I have also changed my payment terms with each decrease, originally it was a 72-month term, then a 48-month term, and now a 36-month term.

Starting Score: EQ 675 | TU 688 | EX 702
Current Score: EQ 692 | TU 730 | EX 702
Goal Score: 750 (Across All 3)

Take the FICO Fitness Challenge

resilient · ‎10-02-2012

Congrats to you too! I chose the 60 month term but I am paying a set amount to have it done on 48 months, and I have.the flexibility to not pay as should (God forbid) anything happen.