topic PenFed mileage restrictions in Auto Loans

PenFed mileage restrictions

EAJuggalo — Fri, 18 Feb 2022 13:57:00 GMT

Trying to figure out if I screwed something up or I just have too many miles on my vehicle. Got a SP refi offer from PenFed offering $150 if I move my loan. Figured for a SP I'll give it a shot. I owe just under $9,000 in a 2016 Ford Escape with 135,000 miles. I entered the plate number and mileage in PenFeds site and came back with "This vehicle is not eligible, please choose a different vehicle to continue." Or something very close to that. I'm guessing the mileage is too high? What is the PenFed limit?

Re: PenFed mileage restrictions

SouthernCredit — Fri, 18 Feb 2022 18:37:13 GMT

Looks like their minimum refi loan threshold is 10k.

https://www.penfed.org/auto/refinance

Re: PenFed mileage restrictions

EAJuggalo — Sat, 19 Feb 2022 01:09:05 GMT

It never even got that far though. As soon as I put in the plate number and mileage it denied. If it was for the low amount I could understand that.

Re: PenFed mileage restrictions

Adkins — Sat, 19 Feb 2022 07:03:37 GMT

@EAJuggalo wrote:
It never even got that far though. As soon as I put in the plate number and mileage it denied. If it was for the low amount I could understand that.

I think it's the milage, too. The end of the fine print on their loan page:

Refinance Auto Loans: New vehicles are where you are the original owner and the vehicle is a current 2021 model year or newer and has less than 7501 miles. For used vehicles, maximum used car loan advance will be determined by PenFed using a JD Power value. Up to 125% financing is available in the U.S. Up to 110% financing is available in Puerto Rico and Virgin Islands. PenFed does not permit internal refinances of an existing PenFed auto loan.

Rate depends on term. Vehicle weight and mileage restrictions apply.