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Confused - PenFed Auto and another question

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Anonymous
Not applicable

Confused - PenFed Auto and another question

Hi all, 

 

My score is currently 681/695/696 (EQ/TU/EX) on FICO 8. My FICO 9 that PenFed uses is about 700/717/715. I've had an auto loan through Ally for about 18 months that has a rate of 4.3%. I'm ready to trade it with about 5k equity. So, I applied through NFCU and PenFed. Navy, of course, went with the worse score on EQ and wanted to give me 6%. I applied with PenFed prior to signing up for membership. When I called them the next day, they couldn't find an app for me. So, I went ahead and became a member and reapplied. So, they offer my 4.49% on the second app. I didn't complete the app and saved for later. I signed in several hours later and there are now 2 apps. They offered 4.24% on the original one that mysteriously dissappeared and 4.49% on the new one. When I clicked on the first one, it showed the original terms and then a counteroffer for 7.9%. What?! My score doesn't call for that. Did something go funky, since there were 2 apps? 

 

Also, considering the circumstances, who is the best to apply with? I didn't want to apply at the dealership, as that's just a pain. I'd love to stay with Ally, but as I understand it, I need to go through a dealer to get with them.

 

Thanks!

Message 1 of 6
5 REPLIES 5
egghead88
Regular Contributor

Re: Confused - PenFed Auto and another question

Call them, I can’t say enough great things about the customer service. Even when I gotten negative responses, they have been great!!
Message 2 of 6
Appleman
Valued Contributor

Re: Confused - PenFed Auto and another question

I would agree with the positive comments about the customer service. There may be a difference between the computer and underwriter. They should be able to clear things up quickly on the phone.

Message 3 of 6
Anonymous
Not applicable

Re: Confused - PenFed Auto and another question

Thanks! Talked to a lady who was going to talk to a loan officer. It's been several hours and we're still waiting to hear from them.

Message 4 of 6
Anonymous
Not applicable

Re: Confused - PenFed Auto and another question

I guess having the old app pop up causing it to go haywire. So, 4.2% it is. Whew! 

 

Thanks all!

Message 5 of 6
Loquat
Moderator Emeritus

Re: Confused - PenFed Auto and another question

Nice that they were able to get things taken care of for you.  Like you, I'm a member of NFCU as well as PenFed.  I've had my last few auto loans with PenFed as they've beaten NFCU by a couple percent.

 

Now that you've got an approval...what type of vehicle are you looking at if you don't mind me asking?

Message 6 of 6
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