topic Re: PenFed Approved. Anyone else? in Auto Loans

PenFed Approved. Anyone else?

Anonymous — Fri, 11 Nov 2011 22:27:06 GMT

Hello all. Just got approved for an auto refi with PenFed at 1.99%. Never done a refi before. If you've done a refi before through PenFed or another Credit Union, please share with me how the "paperwork process" works. I was told they're sending loan package in the mail. Just wondering what others experiences have been and how quickly I can pay off my previous leinholder. Thanks.

Re: PenFed Approved. Anyone else?

Booner72 — Sat, 12 Nov 2011 00:16:44 GMT

Hello - I refi'd w/ my credit union and it took a few days. Had to get the payoff letter sent to credit union, they had to get it overnighted to them, Had to sign paperwork but that was done via fax. I had to have the CU take money out of my account so that we had enough to cover what we owed on the truck, They were willing to loan about 5-600 less than what we owed.

All worthwhile. Payment so much lower were were able to finally buy me a new car (used new) - 100 more a month for both now, including the raise in ins. going from liability only to full coverage.

I thought it might be stressful but once the CU UW said yes, it was easy. I did kinda worry until my original lender got the check and sent me a zero balance letter. (Be sure you get that, I've read stories of refi's and the original lender does a 30 day late or reports inaccurately.)

Re: PenFed Approved. Anyone else?

Anonymous — Sat, 12 Nov 2011 17:56:04 GMT

Good info. Thanks so much!