topic Re: Holy crap Penfed!! in Auto Loans

Holy crap Penfed!!

Anonymous — Fri, 01 Apr 2016 18:00:38 GMT

Is this an April fool's joke?! hah

On a whim, I decided to try to prequal for a Penfed auto loan. I've been waiting literally 8 years to get some sort of product with them. When I first joined, my utilization was sky high (living off CCs to be able to eat and still pay student loans on time, swell!) and I couldn't get approved for diddly squat. Ended up filing CH 13 BK a couple years later which was discharged in Feb. Applied for a CC last month but was declined, unsurprisingly. I'm in the market for a car (a want, not a need. I've had the same one almost 10 years and I just have the ~~new~~ different car itch, haha) and I decided what the heck, why not TRY? I don't have a specific car in mind, so I just did a general app. Pretty sure it probably used the same pull as the declined CC app from a month ago (score listed on denial letter was 646).

And I'm glad I did! I never thought in a million years I'd get anything like this instantly? I thought for sure a screen would pop up and be like "LOL you're kidding right? here's a link to Santander!"
Cap1 actually prequaled me immediately after discharge with almost exactly the same terms, APR was slightly lower at 4.25% though... I just thought they were just being super generous to me. I'll take the .05% higher APR in order to be able to go to any dealer though. There were a few cars I had my eye on that weren't at Cap 1 approved dealers, which is what led me to give penfed a whirl.

Disclaimer: I do have very high income now, so I'm sure that's what helped my approval amount be so high.

Re: Holy crap Penfed!!

Anonymous — Fri, 01 Apr 2016 18:06:47 GMT

Amazing!!! Congrats

Re: Holy crap Penfed!!

Anonymous — Fri, 01 Apr 2016 18:30:13 GMT

Congrats! I love PenFed, they've been very good to me!

Re: Holy crap Penfed!!

Gmood1 — Fri, 01 Apr 2016 20:12:38 GMT

@Anonymous wrote:
Is this an April fool's joke?! hah

On a whim, I decided to try to prequal for a Penfed auto loan. I've been waiting literally 8 years to get some sort of product with them. When I first joined, my utilization was sky high (living off CCs to be able to eat and still pay student loans on time, swell!) and I couldn't get approved for diddly squat. Ended up filing CH 13 BK a couple years later which was discharged in Feb. Applied for a CC last month but was declined, unsurprisingly. I'm in the market for a car (a want, not a need. I've had the same one almost 10 years and I just have the ~~new~~ different car itch, haha) and I decided what the heck, why not TRY? I don't have a specific car in mind, so I just did a general app. Pretty sure it probably used the same pull as the declined CC app from a month ago (score listed on denial letter was 646).

And I'm glad I did! I never thought in a million years I'd get anything like this instantly? I thought for sure a screen would pop up and be like "LOL you're kidding right? here's a link to Santander!"
Cap1 actually prequaled me immediately after discharge with almost exactly the same terms, APR was slightly lower at 4.25% though... I just thought they were just being super generous to me. I'll take the .05% higher APR in order to be able to go to any dealer though. There were a few cars I had my eye on that weren't at Cap 1 approved dealers, which is what led me to give penfed a whirl.

Disclaimer: I do have very high income now, so I'm sure that's what helped my approval amount be so high.

That is awesome!! And that's with a BK...amazing rate!

Re: Holy crap Penfed!!

Anonymous — Fri, 01 Apr 2016 20:25:35 GMT

Wow! Way to go!

Re: Holy crap Penfed!!

Anonymous — Fri, 01 Apr 2016 21:04:13 GMT

Thanks everybody! I'm just blown away!! Thank you PenFed

Bolstered by this approval, I cold apped for an Amex BCE and was approved for $1000! What a day!!

Re: Holy crap Penfed!!

Grafton88 — Sat, 02 Apr 2016 03:54:30 GMT

Congrats. I will be looking for a car loan from them in September.

Re: Holy crap Penfed!!

Anonymous — Sun, 24 Apr 2016 14:37:01 GMT

what was your down payment percentage on the $40,000 loan? DTI?

Re: Holy crap Penfed!!

Anonymous — Sun, 24 Apr 2016 16:17:25 GMT

I'm going to put down $25k-ish and pay TTL out of pocket as well. I haven't bought a car yet but the one I want is in the 60-65k range. My DTI is under20%

Re: Holy crap Penfed!!

nycplayboy78 — Sun, 24 Apr 2016 17:03:34 GMT

@Anonymous wrote:
I'm going to put down $25k-ish and pay TTL out of pocket as well. I haven't bought a car yet but the one I want is in the 60-65k range. My DTI is under20%

I am in the same boat as you I am waiting for my 2017 Cadillac XT5 to be built and it costs $63k-ish and I am looking to put down $20k-ish and pay for TTL out of pocket as well. PenFed offers both GAP and Route 66 Extended Warranty Protection plan are you going to get those as well? I know that I am since I will be buying new and getting GAP and Extended Warranty is WAY CHEAPER via the Credit Union route versus the dealership route. Also what car are you looking at? I live in the DC area so I will be going to my local branch next month to get the ball rolling once I have a VIN for my new truck. What paperwork did you have to show for your PenFed loan? I will be pitting DCU vs PenFed vs USAA in an auto loan/credit card Death Match ala Mortal Kombat style...LOL!!!!

Re: Holy crap Penfed!!

Anonymous — Sun, 24 Apr 2016 23:08:56 GMT

Does picking up GAP and Disability/Life protection through PenFed increase chances of approval?

Re: Holy crap Penfed!!

nycplayboy78 — Sun, 24 Apr 2016 23:15:25 GMT

No but they give YOU Piece of Mind though...Plus they are cheaper getting it through PenFed and/or CU versus the dealer which will add THOUSDANDS of dollars to your loan to finance....

Re: Holy crap Penfed!!

Anonymous — Mon, 25 Apr 2016 00:03:19 GMT

@Anonymous wrote:
Is this an April fool's joke?! hah

On a whim, I decided to try to prequal for a Penfed auto loan. I've been waiting literally 8 years to get some sort of product with them. When I first joined, my utilization was sky high (living off CCs to be able to eat and still pay student loans on time, swell!) and I couldn't get approved for diddly squat. Ended up filing CH 13 BK a couple years later which was discharged in Feb. Applied for a CC last month but was declined, unsurprisingly. I'm in the market for a car (a want, not a need. I've had the same one almost 10 years and I just have the ~~new~~ different car itch, haha) and I decided what the heck, why not TRY? I don't have a specific car in mind, so I just did a general app. Pretty sure it probably used the same pull as the declined CC app from a month ago (score listed on denial letter was 646).

And I'm glad I did! I never thought in a million years I'd get anything like this instantly? I thought for sure a screen would pop up and be like "LOL you're kidding right? here's a link to Santander!"
Cap1 actually prequaled me immediately after discharge with almost exactly the same terms, APR was slightly lower at 4.25% though... I just thought they were just being super generous to me. I'll take the .05% higher APR in order to be able to go to any dealer though. There were a few cars I had my eye on that weren't at Cap 1 approved dealers, which is what led me to give penfed a whirl.

Disclaimer: I do have very high income now, so I'm sure that's what helped my approval amount be so high.

Did they ask you for additional documentation (paystubs, tax returns)?

Re: Holy crap Penfed!!

Gmood1 — Mon, 25 Apr 2016 00:46:31 GMT

I've financed two vehicles through them. They have never asked for proof of income.

Re: Holy crap Penfed!!

nycplayboy78 — Mon, 25 Apr 2016 00:54:03 GMT

Yes you do need to show proof of income...Be it paystubs in the last 30 days and/or current year W-2 form..

Re: Holy crap Penfed!!

Anonymous — Mon, 25 Apr 2016 11:47:04 GMT

@nycplayboy78 wrote:

I am in the same boat as you I am waiting for my 2017 Cadillac XT5 to be built and it costs $63k-ish and I am looking to put down $20k-ish and pay for TTL out of pocket as well. PenFed offers both GAP and Route 66 Extended Warranty Protection plan are you going to get those as well? I know that I am since I will be buying new and getting GAP and Extended Warranty is WAY CHEAPER via the Credit Union route versus the dealership route. Also what car are you looking at? I live in the DC area so I will be going to my local branch next month to get the ball rolling once I have a VIN for my new truck. What paperwork did you have to show for your PenFed loan? I will be pitting DCU vs PenFed vs USAA in an auto loan/credit card Death Match ala Mortal Kombat style...LOL!!!!

Im in the market for an Audi RS5. I would've loved to have bought one new but they stopped selling them last year while I was still in BK so I couldn't get one. Guess not a lot of people want a gas guzzling V8 anymore!! I've been driving a boring ass sensible hybrid for the past 8 years and I've had enough. I want something fun!

(I got a boat load of raises during the 5 years I was paying off my BK, which I'm sure a lot of people aren't fortunate to have happen to them, so I don't feel like I'm anywhere near putting myself in the same tight financial position.)

I'm def getting gap insurance even though I'm putting down a big down payment, but I'm not sure about the extended warranty. I'm trying to find a certified preowned so I don't have to worry about things for several years.

DCU flat out denied me a loan, and I can't get in with usaa/NFCU, so I'm probably going to hit up Alliant and BCU to see if they will offer me anything. I haven't had to submit any paperwork to PenFed yet! No pay stubs or anything.

Re: Holy crap Penfed!!

Anonymous — Mon, 25 Apr 2016 15:46:31 GMT

Just out of curousity, whats your income? Im trying to compare. Im in a similar spot and looking to try with penfed. My income is $75k and my DTI will be pretty much zero at the end of my 13.

Re: Holy crap Penfed!!

Anonymous — Mon, 25 Apr 2016 16:05:55 GMT

I spoke to PenFed and they don't have a minimum score requirement. They look at the overall picture. DTI, Cash down (LTV), payment history, etc.

'm in the mid 600's after a CHpT 13 discharged in Nov but I have a 12 month 0x30 on a mortgage, 5 cc's with 0 balance, $50,000 down on a $136,000 car. My DTI is at 26%.

I just got my VIN today since my car is on a ship enroute. I'm waiting for my mtg payment to hit the credit report so I have a 12 month history.

Re: Holy crap Penfed!!

Gmood1 — Mon, 25 Apr 2016 17:32:04 GMT

Good luck 2017CarreraS, sounds like you have a solid plan.
I'm guessing you'll be fine, when all is said and done.
Having a mortgage is a big plus IME.

Re: Holy crap Penfed!!

mariposa7678 — Mon, 25 Apr 2016 17:56:48 GMT

I just got approved with PENFED and they did not ask for any documents..Weird..I refinance a car with DCU and they asked me for everyting, so far i'm in love with Penfed..