Applied for penfed auto loan need advice

[Anonymous]

Well my new car arrives in 2 weeks so I finally had the guts to apply for a penfed auto loan. Completed the application and it is under review as we speak. I have two jobs so it makes the monthly income troublesoome to accept right away.(hoping thats the case) Should I call now and square everything away or just call tomorrow afternoon? I hate waiting for the yes or no and wooried about there scoring system. No negatives when it comes to paying loans on time and have a 5 year old PIF collection that is my only derog. Crossing fingers

[Anonymous]

so odd thing just happend here. I sent in twop pay stubs from my employers from mid July and mid Aug.(had those on file) called back to confirm with the loan officers and i was told they are not close in enough to todays date which I'm fine with. But they didn't ask for most recent they are now asking for my last two W-2's?? Has anyone been asked for W-2's to get approval for a car loan??

[Anonymous]

Well after jumping through all the hoops with penfed they gave me a laughable counter offer of $35k when i need $55k. Here's the kicker, it had nothing to do with my credit score which was 716!! or income($108k btw) it was because they felt my credit history wasnt long enough. I have a good mix of credit which is why i was so suprised. had a 2011 335xi loaded which i paid on time every month and paid it off completely this past april for example. The gentleman i spoke to said i can write an email and perhaps they will reconsider. 

Need some advice guys what  does everyone think???

[Anonymous]

If they send you a survey, blast them on it.  Then someone will call you back and most likely help you out.  Just make valid points like you did here, and ask the question why you didnt get what you needed.  

[Anonymous]

Ok thanks I sent them an email last night this is what I wrote.
To whom it may concern,

Hello, I recently applied for a vehicle loan for the amount of $56k this afternoon. I was asked to send in pay stubs and w-2's to provide proper info and consideration of my loan. I wasn't denied but was counter offered an amount of $35K. The reason being i was told was for lack of credit history. My credit profile has a past vehicle loan for $35k which I always paid on time and actually paid off completely this past April. I have had other installment loans which I have also paid on time and paid off completely. Adding to my credit mix are credit cards that again I pay on time and only one of them carry a balance. My income has steadily increased every year($100k+) and have very little debt that I carry.

As a credit union I'm hoping it can be looked at a bit closer and possibly come to a decision where I can give you my business. Please, if there is anything else I can provide you give me a call at

[Anonymous]

They responded with an email for now

Dear Member,

Thank you for your response. I forwarded this request to your Loan Officer for review. Please check back with us in 24-72 hours for a status update either online at PenFed.*** or via phone at 800-*******

If you need further assistance, please contact us.

Sincerely,

Loan Processor
PenFed Credit Union