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PenFed Auto Refinance - APPROVED!

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TNTransplant
Established Contributor

PenFed Auto Refinance - APPROVED!

Hi All,

 

I searched previous PenFed threads, but did not find the answer to my particular question.  So, here goes...

 

I decided to bite the bullet today and try for a PenFed auto refinance since I keep getting emails trumpeting their 1.9% rate (my current rate is 9.1%, and this would save me $100/month = $4000 over my remaining loan term).  Entered all my info, checked the box acknowledging that I knew they were going to check my credit, and hit the submit button.  This time instead of the instant denial it took me to another screen where I had to enter all of my auto info (VIN, current payoff, lender, etc).  After I submitted this page, it told me I would receive a decision within 24 hours and to check my online account for the message.  I logged back in about an hour later, and there was a message that said STATUS: Conditionally Approved, and it directed me to contact my lender and have them fax a 15-day payoff letter to PenFed.

 

When I joined last year, I tried to refinance and got an instant denial (EQ = 650 range).  My current EQ FICO score as of last month was 709.  I'm assuming since they're requesting the "official" payoff balance that my refinance chances are good, but we all know what assumptions lead to... Smiley Tongue

 

Does anyone have any experience with them/receiving this message?

 


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: PenFed Auto Refinance Question

I'm not actually familar with a PenFed refi but I have been in a simular situration with NFCU which the two are very simular.  I think you more than likely got the re-fi but I don't think your going to get the 1.9% apr I do however think it will be a better one that you have now.  Good Luck and keep us informed! 

Message 2 of 7
cahiatt
Contributor

Re: PenFed Auto Refinance Question

I have done two re-finance loans through them on the same program. What they are asking for is legit and essentially confirms your approval. They need the 15 day payoff information from your lender that shows the total payoff 15 days out, daily accrual rate, account number and payment address. Just fax them the info and call them later that day to follow up. They aren't the fastest but they'll get it done.




Starting Score: 594 (Dec 10, 2010)
Score: 758 (March, 2013
Goal Score: 730 on all (by end of 2012)

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Message 3 of 7
TNTransplant
Established Contributor

Re: PenFed Auto Refinance Question


@cahiatt wrote:

I have done two re-finance loans through them on the same program. What they are asking for is legit and essentially confirms your approval. They need the 15 day payoff information from your lender that shows the total payoff 15 days out, daily accrual rate, account number and payment address. Just fax them the info and call them later that day to follow up. They aren't the fastest but they'll get it done.


Thanks, cahiatt.  I was hoping this would mean I was approved, as it seemed like they wouldn't go to the trouble of asking for a payoff letter if they had no intention of approving the loan.

 

My current loan is through Chase (Subaru finances through them), and I called them on Friday.  They took all my info and said they would fax the 15 day letter within one hour. I haven't heard anything yet from PenFed, but will call them tomorrow to make sure they got the info they needed.

 

Thanks again for your help.  Smiley Happy


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Message 4 of 7
TNTransplant
Established Contributor

Re: PenFed Auto Refinance Question

Called PenFed today and spoke to a very nice CSR - she was super friendly.

 

She confirmed that they received the payoff letter from Chase, and then apologized for them not getting to my application yet as "Monday's are so busy with an influx of applications that it takes a few days to have someone look at your file."  She told me I should hear something within a couple of days, and stated that I most likely would be approved based on their initial review.  

 

She then asked me if I wanted to apply for one of their credit cards since I already had the HP - I told her sure, but figured I would be declined secondary to high utilization and a couple of new accounts reporting.  After a couple of minutes, she told me that I had been "turned down" for the card, but said that the primary reason for denial was that I had only had my share account open with them (and no activity) for about 8 months.

 

So, just wanted to throw some props out there for PenFed and the awesome CSR - even with a denial on the card she didn't make me feel like a bum.  I also asked her about the PenFed quarterly SP that they do, and she confirmed that.  Stated that once I have a relationship with them (please be approved, auto refi) they would periodically SP my credit reports, and if I met their criteria I would be offered additional products (auto loans, CC, etc.) - if you accept an offer, it's NOT a HP.

 

Anyway, just felt like sharing this, and will seriously consider switching all my banking services to them as I would love to have an established relationship for any future needs.  Will let everyone know if the refi goes through. 


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Message 5 of 7
TNTransplant
Established Contributor

Re: PenFed Auto Refinance Question


@TNTransplant wrote:

Called PenFed today and spoke to a very nice CSR - she was super friendly.

 

She confirmed that they received the payoff letter from Chase, and then apologized for them not getting to my application yet as "Monday's are so busy with an influx of applications that it takes a few days to have someone look at your file."  She told me I should hear something within a couple of days, and stated that I most likely would be approved based on their initial review.  

 

She then asked me if I wanted to apply for one of their credit cards since I already had the HP - I told her sure, but figured I would be declined secondary to high utilization and a couple of new accounts reporting.  After a couple of minutes, she told me that I had been "turned down" for the card, but said that the primary reason for denial was that I had only had my share account open with them (and no activity) for about 8 months.

 

So, just wanted to throw some props out there for PenFed and the awesome CSR - even with a denial on the card she didn't make me feel like a bum.  I also asked her about the PenFed quarterly SP that they do, and she confirmed that.  Stated that once I have a relationship with them (please be approved, auto refi) they would periodically SP my credit reports, and if I met their criteria I would be offered additional products (auto loans, CC, etc.) - if you accept an offer, it's NOT a HP.

 

Anyway, just felt like sharing this, and will seriously consider switching all my banking services to them as I would love to have an established relationship for any future needs.  Will let everyone know if the refi goes through. 


Well, the refinance was approved!  Smiley Happy

 

I saw that the online application status had updated from "Conditionally Approved" to "Preparing to Disburse."

 

I figured I'd be getting a large amount of paperwork to sign off on, so I called PenFed to find out the timeline as I have my next payment scheduled for 7/28.  Spoke to another very nice rep on the phone, who explained that they will simply send me a check for the payoff amount made out to me and the original leinholder; once I sign, I send on to them and it's paid off.  So easy!

 

And yes, I got the 1.9% financing... Smiley Very Happy


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Message 6 of 7
LesWH
Established Contributor

Re: PenFed Auto Refinance Question


@TNTransplant wrote:

@TNTransplant wrote:

Called PenFed today and spoke to a very nice CSR - she was super friendly.

 

She confirmed that they received the payoff letter from Chase, and then apologized for them not getting to my application yet as "Monday's are so busy with an influx of applications that it takes a few days to have someone look at your file."  She told me I should hear something within a couple of days, and stated that I most likely would be approved based on their initial review.  

 

She

 


 

I saw that the online application status had updated from "Conditionally Approved" to "Preparing to Disburse."

 

I figured I'd be getting a large amount of paperwork to sign off on, so I called PenFed to find out the timeline as I have my next payment scheduled for 7/28.  Spoke to another very nice rep on the phone, who explained that they will simply send me a check for the payoff amount made out to me and the original leinholder; once I sign, I send on to them and it's paid off.  So easy!

 

And yes, I got the 1.9% financing... Smiley Very Happy


 


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Message 7 of 7
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