Pen Fed Auto Loan APPROVED!!! But wait, the scores don't make sense...

[tjmolly]

Just was approved for a $63K auto loan with PenFed yesterday and received a message about the credit pull.  They pulled Equifax and the reported score was 687.  My MyFICO Auto score from Equifax which I just pulled was 719.  Anyone have this experience?

[sccredit]

PenFed uses a "NextGen" score.  It will not match any other scores you have.

[tjmolly]

NEXTGEN? Where do I find those scores? Who else uses that unknown dollar-store score? Thanks for the info though.

[sccredit]

They are the only ones that use it.  Only place I have been able to get it is from them.  

[Anonymous]

I was approved for an auto loan with them earlier this week at 4.9%. I was a bit surprised as my scores are around 750. I called and spoke to a senior loan officer who said they do not use the FICO score available to members which you see on a banner when you log into your account. For reference this Fico score was coming up as 730 for me within their portal. The loan officer explained they used their own credit-scoring algorithm. They would not elaborate on their scoring and would not budge on the rate. I have been a member with them for years/have several accounts and have never been late.

I proceeded to shop around. Received a quote from LightStream for 1.99% then from the dealer for 0%. I went with 0%.

I have always been happy with PenFed and surprised with this weeks experience. As a result, I would urge you to shop around.

Good luck!

[tjmolly]

Thanks for the insight.  I am not an active member.  I did open an account with $5 a couple years ago but never deposited or used their services.  I do know however many auto lenders also determine the rate based on the car you buy and amount you put down.  Hard to say but congrats on the 0%.  Can't be free financing.  Who gave you the 0%?

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@Anonymous wrote:

I was approved for an auto loan with them earlier this week at 4.9%. I was a bit surprised as my scores are around 750. I called and spoke to a senior loan officer who said they do not use the FICO score available to members which you see on a banner when you log into your account. For reference this Fico score was coming up as 730 for me within their portal. The loan officer explained they used their own credit-scoring algorithm. They would not elaborate on their scoring and would not budge on the rate. I have been a member with them for years/have several accounts and have never been late.

I proceeded to shop around. Received a quote from LightStream for 1.99% then from the dealer for 0%. I went with 0%.

I have always been happy with PenFed and surprised with this weeks experience. As a result, I would urge you to shop around.

Good luck!

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[Anonymous]

Toyota Financial -  I purchased a new Prius with $0 down. I had intended to put 5k down but deciding to put those funds towards another area of my budget when financing came back at 0% with $0 down.