PenFed Approved. Anyone else?

[Anonymous]

Hello all. Just got approved for an auto refi with PenFed at 1.99%. Never done a refi before. If you've done a refi before through PenFed or another Credit Union, please share with me how the "paperwork process" works.  I was told they're sending loan package in the mail. Just wondering what others experiences have been and how quickly I can pay off my previous leinholder. Thanks.

[Booner72]

Hello - I refi'd w/ my credit union and it took a few days.  Had to get the payoff letter sent to credit union, they had to get it overnighted to them, Had to sign paperwork but that was done via fax.  I had to have the CU take money out of my account so that we had enough to cover what we owed on the truck, They were willing to loan about 5-600 less than what we owed. 

All worthwhile.  Payment so much lower were were able to finally buy me a new car (used new) - 100 more a month for both now, including the raise in ins. going from liability only to full coverage.

I thought it might be stressful but once the CU UW said yes, it was easy.   I did kinda worry until my original lender got the check and sent me a zero balance letter.  (Be sure you get that, I've read stories of refi's and the original lender does a 30 day late or reports inaccurately.)

[Anonymous]

Good info. Thanks so much!