Nice! Thankfully PenFed uses NADA which values my car above what I owe on it (just barely by ~$1,100).
I was asked to provide my two most recent pay stubs for income/employment verification. Just finished emailing them off to the provided address tonight. Hopefully I'll have good news tomorrow. My fingers are crossed.
Hope you get it!!!!
Congrats!!!! I got my check last wednesday, on thursday I sent it overnight to Cap1. Checked online today and my Cap1 auto loan balance is zero.
Really a very easy process
So far so good! I just need the check - they said it would be in the mail today. We'll see.
I spoke with a Cap1 CSR about the title transfer and she said it will be sent directly to them. How do they know where to send it? Are there instructions that PenFed provides when they mail the check?
You'll get the following in your package:
1.)Promissory Note that you'll need to sign and return to Penfed
2.)Loan Repayment Form that will be prepopulated with your checking account info that you'll need to sign and send to Penfed with the above
3.) Check made out to the current leinholder that you'll need to endorse
4.) Authorization for payoff and demand for certificate of title that you'll need to fill out and send, with the endorsed check, to you current leinholder.
5.)Form to send to your insurance company to have the leinholder changed to PenFed and to have them send a copy of the updated policy delcaration page to Penfed. I called my insurance company after the Cap1 account showed a zero balance and did this part over the phone.
Other than that they include a couple of paymeent vouchers to use in case there's a delay in getting you payment book (do folks still use those?) or ACH set-up
That's great info...thanks a bunch! I wish I had thought of refinancing sooner. All of that interest that Cap1 earned off of me...