PenFed Lower My Payments offer

[K-in-Boston]

Logged into PenFed this evening and I have an offer to extend payments up to 13 months and lower the monthly payment by increasing the rate by 0.50%, just have to accept and sign the truth in lending disclosure.  Extending it by 12 months (I like nice round years) would make sense for me since I could throw the difference in payments at credit card balances instead. I have about $8,000 more in equity on the car than the remaining loan amount.

Has anyone taken PenFed up on one of these offers?  Would there be a new HP for accepting the offer?  Would this just change the terms (payment amount and length of loan) of my existing loan or would this report as a new account?  If it reports as a new account, or even if there is a HP involved, I'll probably pass.

[Anonymous]

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@K-in-Boston wrote:

Logged into PenFed this evening and I have an offer to extend payments up to 13 months and lower the monthly payment by increasing the rate by 0.50%, just have to accept and sign the truth in lending disclosure.  Extending it by 12 months (I like nice round years) would make sense for me since I could throw the difference in payments at credit card balances instead. I have about $8,000 more in equity on the car than the remaining loan amount.

Has anyone taken PenFed up on one of these offers?  Would there be a new HP for accepting the offer?  Would this just change the terms (payment amount and length of loan) of my existing loan or would this report as a new account?  If it reports as a new account, or even if there is a HP involved, I'll probably pass.

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I didn't know PenFed did that but could be a great feature. i do know this though regarding their offers.  If they extend one to you, as in this, there will be no HP.  I can't say for sure but I seriously doubt it would report as a new account though I would ask them for sure.  Also as I just finished getting approved for a new auto laon from them for a vehicle that I'm factory ordering so I have the direct contact number for a very nice woman out of their Clarksville, TN office who deals with auto loans if you want to bypass their 800 number whih can result in some hold time.  Just PM me if you want it.

[K-in-Boston]

Thanks so much for the reply Irish. Forgot to update that I found out more information (and took them up on the offer). It was a targeted offer that appeared after the 12th payment on a 36 month used (by us) auto refinance. It's a loan modification and only one can be done per life of an auto loan. No HP. No new account. Choices were any number of months between 7 and 13. I chose 12. It also skips the next month's payment so we just paid August and the next lower payment will be due in October. The rate hike wasn't due to accepting the offer itself, it's because the floor for a 36 month loan has increased from the 1.99% we got a year ago to 2.49% now. Hope this helps anyone searching if they get this targeted offer!

ETA: Ack! Where are my manners? Congrats on the new loan and auto!

[Loquat]

That's awesome!  Another reason for me to like PenFed that much more.  I currently have my auto loan with them.  Financed $62k in January of this year for my Yukon Denali.  I've been making large monthly payments becase I've realized I really don't like having a car payment.  Payoff is $9.6k as of today.  Hoping to pay this bad boy off in the next few month.  Sad part is, as much as I don't like having a car payment, the minute I have my lien release, I'll start getting the itch for something else.  *sigh*

[Loquat]

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@Anonymous wrote:

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@K-in-Boston wrote:

Logged into PenFed this evening and I have an offer to extend payments up to 13 months and lower the monthly payment by increasing the rate by 0.50%, just have to accept and sign the truth in lending disclosure.  Extending it by 12 months (I like nice round years) would make sense for me since I could throw the difference in payments at credit card balances instead. I have about $8,000 more in equity on the car than the remaining loan amount.

Has anyone taken PenFed up on one of these offers?  Would there be a new HP for accepting the offer?  Would this just change the terms (payment amount and length of loan) of my existing loan or would this report as a new account?  If it reports as a new account, or even if there is a HP involved, I'll probably pass.

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I didn't know PenFed did that but could be a great feature. i do know this though regarding their offers.  If they extend one to you, as in this, there will be no HP.  I can't say for sure but I seriously doubt it would report as a new account though I would ask them for sure.  Also as I just finished getting approved for a new auto laon from them for a vehicle that I'm factory ordering so I have the direct contact number for a very nice woman out of their Clarksville, TN office who deals with auto loans if you want to bypass their 800 number whih can result in some hold time.  Just PM me if you want it.

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Irish, if you don't mind me asking...what vehicle are you getting?

[Anonymous]

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@Loquat wrote:

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@Anonymous wrote:

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@K-in-Boston wrote:

Logged into PenFed this evening and I have an offer to extend payments up to 13 months and lower the monthly payment by increasing the rate by 0.50%, just have to accept and sign the truth in lending disclosure.  Extending it by 12 months (I like nice round years) would make sense for me since I could throw the difference in payments at credit card balances instead. I have about $8,000 more in equity on the car than the remaining loan amount.

Has anyone taken PenFed up on one of these offers?  Would there be a new HP for accepting the offer?  Would this just change the terms (payment amount and length of loan) of my existing loan or would this report as a new account?  If it reports as a new account, or even if there is a HP involved, I'll probably pass.

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I didn't know PenFed did that but could be a great feature. i do know this though regarding their offers.  If they extend one to you, as in this, there will be no HP.  I can't say for sure but I seriously doubt it would report as a new account though I would ask them for sure.  Also as I just finished getting approved for a new auto laon from them for a vehicle that I'm factory ordering so I have the direct contact number for a very nice woman out of their Clarksville, TN office who deals with auto loans if you want to bypass their 800 number whih can result in some hold time.  Just PM me if you want it.

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Irish, if you don't mind me asking...what vehicle are you getting?

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@Loquat 2018 Cadillac CT6 Platinum in Stellar Metallic Black

[Loquat]

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@Anonymous wrote:

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@Loquat wrote:

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@Anonymous wrote:

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@K-in-Boston wrote:

Logged into PenFed this evening and I have an offer to extend payments up to 13 months and lower the monthly payment by increasing the rate by 0.50%, just have to accept and sign the truth in lending disclosure.  Extending it by 12 months (I like nice round years) would make sense for me since I could throw the difference in payments at credit card balances instead. I have about $8,000 more in equity on the car than the remaining loan amount.

Has anyone taken PenFed up on one of these offers?  Would there be a new HP for accepting the offer?  Would this just change the terms (payment amount and length of loan) of my existing loan or would this report as a new account?  If it reports as a new account, or even if there is a HP involved, I'll probably pass.

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I didn't know PenFed did that but could be a great feature. i do know this though regarding their offers.  If they extend one to you, as in this, there will be no HP.  I can't say for sure but I seriously doubt it would report as a new account though I would ask them for sure.  Also as I just finished getting approved for a new auto laon from them for a vehicle that I'm factory ordering so I have the direct contact number for a very nice woman out of their Clarksville, TN office who deals with auto loans if you want to bypass their 800 number whih can result in some hold time.  Just PM me if you want it.

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Irish, if you don't mind me asking...what vehicle are you getting?

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@Loquat 2018 Cadillac CT6 Platinum in Stellar Metallic Black

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Wow!  Now that is one sexy ride!  Hopefully it'll be arriving at the dealer soon enough...congrats!

[Anonymous]

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@Loquat wrote:

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@Anonymous wrote:

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@Loquat wrote:

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@Anonymous wrote:

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@K-in-Boston wrote:

Logged into PenFed this evening and I have an offer to extend payments up to 13 months and lower the monthly payment by increasing the rate by 0.50%, just have to accept and sign the truth in lending disclosure.  Extending it by 12 months (I like nice round years) would make sense for me since I could throw the difference in payments at credit card balances instead. I have about $8,000 more in equity on the car than the remaining loan amount.

Has anyone taken PenFed up on one of these offers?  Would there be a new HP for accepting the offer?  Would this just change the terms (payment amount and length of loan) of my existing loan or would this report as a new account?  If it reports as a new account, or even if there is a HP involved, I'll probably pass.

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I didn't know PenFed did that but could be a great feature. i do know this though regarding their offers.  If they extend one to you, as in this, there will be no HP.  I can't say for sure but I seriously doubt it would report as a new account though I would ask them for sure.  Also as I just finished getting approved for a new auto laon from them for a vehicle that I'm factory ordering so I have the direct contact number for a very nice woman out of their Clarksville, TN office who deals with auto loans if you want to bypass their 800 number whih can result in some hold time.  Just PM me if you want it.

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Irish, if you don't mind me asking...what vehicle are you getting?

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@Loquat 2018 Cadillac CT6 Platinum in Stellar Metallic Black

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Wow!  Now that is one sexy ride!  Hopefully it'll be arriving at the dealer soon enough...congrats!

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The salesmanager that I'm dealing gave me update today that car is being built on 9/4 and should be at dealership 2-3 weeks after.  So I'll get it about in a month.  I may end up leasing instead of the loan with PenFed as I don't drive very many miles.  My 2015 Chrysler has 6600 miles on it .  I will drive the Cadillac a lot more but a 10K/year mile lease might be the route to go.  The SM will get the 2018 lease promotions on 9/1 so I'll be able to compare numbers after that.  I'll be sure to post pics of the new ride when I get it.

[K-in-Boston]

Just wanted to give a quick update that I've confirmed with my Experian report that the loan reports as the exact same loan, only changed to "48 months" instead of the original "36 months" for the term and shows the reduced monthly payment amount now.  So if anyone else gets the targeted "Lower My Payments" offer from PenFed, it is completely legit.

[bigpoppa09]

Congrats K when its time for my next ride I'm give Penfed a shot.