topic Re: PenFed rocks! in Auto Loans

PenFed rocks!

Anonymous — Thu, 12 May 2016 13:15:55 GMT

I bought a 2014 Hyundai Azera last August for $28k out the door, financed with Capital One at 13.12% on a 73 month loan, with monthly payments of $574.

Been a member of NFCU for a bit over a year, so tried to refi through them in April, and they said I'd be approved for 11% financing. Totally not worth it! Last week I applied at DCU and PenFed, too. DCU said they'd approve me at 9%, which is still not worth it.

PenFed, though, said I was conditionally approved at 5.7% for a 60 month refi! Submitted all the POI documentation they requested, and got the approval call yesterday evening. 60 months at 5.7% on the remaining $23.8k left of the loan drops my payment from $574 down to $450 and change.

So pumped! I know 5.7% still isn't great, but it feels like my credit rebuilding is finally in a place where I'm not getting penalized for stuff that happened prior to and during 2013!

Re: PenFed rocks!

Anonymous — Thu, 12 May 2016 13:21:22 GMT

Congrats! Seems like you are heading in the right direction!

Re: PenFed rocks!

RonM21 — Fri, 13 May 2016 09:32:50 GMT

Congrats on finding the right rate for you and not just settling. I also am in PenFed and will be possibly looking to them for my auto loan when the time comes this time next year.

Re: PenFed rocks!

Anonymous — Sun, 15 May 2016 23:48:42 GMT

Welp...now PenFed sucks.

Went to a branch today to pick up the loan packet and the guy said there was an error and the loan rate was actually 6.2%, not 5.7% (despite that being what showed up on the application status online). I thought it was pretty cruddy to change a loan rate after approval, but I figured it was still less than half my current rate and would only increase the quoted monthly payment by about $18, so told him to go ahead with it.

He ran it through the system again and it came back denied. He called a loan officer with me in the room and the final offer was that my previously approved offer for 5.7% was kicked back to conditionally approved for 8.9%, and I'd need to submit my last two tax returns for further income verification, despite already having submitted my two most recent pay stubs and W2s.

I politely told him that I declined their offer.

Not the most politic thing to do, but when I got home from the bank, I sent a scathing, but politely worded, email to their customer service email address telling them I was incredibly disappointed with how they handled this transaction, how unprofessional it appeared to change the terms of a loan multiple times after it was approved, and that they've lost my business.

Really not happy with how the whole thing turned out, and PenFed just burned any goodwill I had for them. Gonna sit on my current car loan for a while now and try refinancing again later this summer.

Re: PenFed rocks!

Anonymous — Mon, 16 May 2016 00:10:20 GMT

@Anonymous wrote:
Welp...now PenFed sucks.

Went to a branch today to pick up the loan packet and the guy said there was an error and the loan rate was actually 6.2%, not 5.7% (despite that being what showed up on the application status online). I thought it was pretty cruddy to change a loan rate after approval, but I figured it was still less than half my current rate and would only increase the quoted monthly payment by about $18, so told him to go ahead with it.

He ran it through the system again and it came back denied. He called a loan officer with me in the room and the final offer was that my previously approved offer for 5.7% was kicked back to conditionally approved for 8.9%, and I'd need to submit my last two tax returns for further income verification, despite already having submitted my two most recent pay stubs and W2s.

I politely told him that I declined their offer.

Not the most politic thing to do, but when I got home from the bank, I sent a scathing, but politely worded, email to their customer service email address telling them I was incredibly disappointed with how they handled this transaction, how unprofessional it appeared to change the terms of a loan multiple times after it was approved, and that they've lost my business.

Really not happy with how the whole thing turned out, and PenFed just burned any goodwill I had for them. Gonna sit on my current car loan for a while now and try refinancing again later this summer.

Wow.. Sorry to hear. Hang in there. That definately sucks.

Re: PenFed rocks!

Anonymous — Tue, 17 May 2016 18:17:53 GMT

Ugh, that's a serious letdown. Sorry to hear that happened to you.