cancel
Showing results for 
Search instead for 
Did you mean: 

PenFed car buying service

Rik1
Valued Member

PenFed car buying service

Hello I have a question about PenFed.  I just recently became a member and have a need for a new car.  I signed up for the car buying service and have an appointment to look at a car tomorrow.  Actually have several appointments at different dealerships.  Some of the dealerships I spoke with today want to go through Honda financial event hough they got my contact information from PenFed.  My fico 8 EQ is 766 and my fico 9 EQ is 769.  My last derogatory on my credit report is over 4 years ago.  I have a car loan that I'm paying on now that I will trade in if the numbers work out.  Does PenFed work on Saturdays if I apply for a loan through them.  I think I will get a better rate if I went with them.  My current loan I got through my local credit union and it was the best rate around 3 years ago.  Thanks for any replies

Message 1 of 9
8 REPLIES 8
CH-7-Rebuilding
Valued Contributor

Re: PenFed car buying service

Honda was offering 0% in January.   You should at least ask ...

https://www.carsdirect.com/deals-articles/honda-unveils-unprecedented-0-apr-deal

Message 2 of 9
Rik1
Valued Member

Re: PenFed car buying service

Thanks for the info I will look into it.

Message 3 of 9
dunn2500
Frequent Contributor

Re: PenFed car buying service

i used pen fed car buying service in feb but yeah if honda is offering 0% than hard to beat in financing, however if there are rebates  in lieu of 0% youll have to weight that out.....some see 0% and just assume its the better deal but it isnt if rebates add up to more money off the car vs what youll spend in interest difference between 0% and say 2%.....pick the better of the 2

 

with the service i had to locate a truck in a town where pen fed/true car had their offer.....not all dealers are on their service, pen fed just overnighted me a check and i flew out to Arizona to pick it up.....soon as the check came i sent the dealership a photo of it, it was cashed before i even landed at airport (i received an email from GM congratulating me on my purchase while in the air, lol).....i had the deal/numbers already worked out b4 i applied for loan though, i did save an extra .75% though off .......

 

btw pen fed used EQ F9 auto for my last 2 loans.....

Message 4 of 9
Rik1
Valued Member

Re: PenFed car buying service

Luckily I have truecar penfed offers around me.  I checked last night and I should qualify for 0% or .09% through Honda Finance, depending how much final payments are.  After I go to the dealership and pick a car i will apply with penfed and see what rate I get.  I know I can probably save alot on gap insurance through penfed if I go that route.  My last vehicle that I refinanced through a local credit union offered me gap insurance at a cost of 200 dollars for 5 years.  They told me to ask for a rebate from the dealership for the unused portion of my gap insurance from them. I went to the dealership and 6 weeks later they sent me a check for 1100.  I didnt realize at the time but I paid 1500 for gap insurance for a 72 month loan through them.  

Message 5 of 9
CH-7-Rebuilding
Valued Contributor

Re: PenFed car buying service

You can buy gap insurance through your auto insurance company.  I got mine through USAA.   I wouldn't buy gap through a dealer.   That's where they make their money.   You don't have to get it from them.  

Message 6 of 9
4sallypat
Frequent Contributor

Re: PenFed car buying service


@dunn2500 wrote:

i used pen fed car buying service in feb but yeah if honda is offering 0% than hard to beat in financing, however if there are rebates  in lieu of 0% youll have to weight that out.....some see 0% and just assume its the better deal but it isnt if rebates add up to more money off the car vs what youll spend in interest difference between 0% and say 2%.....pick the better of the 2

 

with the service i had to locate a truck in a town where pen fed/true car had their offer.....not all dealers are on their service, pen fed just overnighted me a check and i flew out to Arizona to pick it up.....soon as the check came i sent the dealership a photo of it, it was cashed before i even landed at airport (i received an email from GM congratulating me on my purchase while in the air, lol).....i had the deal/numbers already worked out b4 i applied for loan though, i did save an extra .75% though off .......

 

btw pen fed used EQ F9 auto for my last 2 loans.....



Good point @dunn2500  - the cash incentives + manufacturer rebates instead of low financing sometimes outweigh the rate.

Because you can't combine both the incentives/rebates and low captive bank rate financing - it's one or the other.

So it's always a good idea to check if your CU rate along with the rebates outweigh the captive bank's  low rate...

Message 7 of 9
dunn2500
Frequent Contributor

Re: PenFed car buying service


@Rik1 wrote:

Luckily I have truecar penfed offers around me.  I checked last night and I should qualify for 0% or .09% through Honda Finance, depending how much final payments are.  After I go to the dealership and pick a car i will apply with penfed and see what rate I get.  I know I can probably save alot on gap insurance through penfed if I go that route.  My last vehicle that I refinanced through a local credit union offered me gap insurance at a cost of 200 dollars for 5 years.  They told me to ask for a rebate from the dealership for the unused portion of my gap insurance from them. I went to the dealership and 6 weeks later they sent me a check for 1100.  I didnt realize at the time but I paid 1500 for gap insurance for a 72 month loan through them.  


i had them in my area too just the price was better out of state, so i went that route......i checked almost nationwide but did save about 5k from local so was worth it

Message 8 of 9
dunn2500
Frequent Contributor

Re: PenFed car buying service


@4sallypat wrote:

@dunn2500 wrote:

i used pen fed car buying service in feb but yeah if honda is offering 0% than hard to beat in financing, however if there are rebates  in lieu of 0% youll have to weight that out.....some see 0% and just assume its the better deal but it isnt if rebates add up to more money off the car vs what youll spend in interest difference between 0% and say 2%.....pick the better of the 2

 

with the service i had to locate a truck in a town where pen fed/true car had their offer.....not all dealers are on their service, pen fed just overnighted me a check and i flew out to Arizona to pick it up.....soon as the check came i sent the dealership a photo of it, it was cashed before i even landed at airport (i received an email from GM congratulating me on my purchase while in the air, lol).....i had the deal/numbers already worked out b4 i applied for loan though, i did save an extra .75% though off .......

 

btw pen fed used EQ F9 auto for my last 2 loans.....



Good point @dunn2500  - the cash incentives + manufacturer rebates instead of low financing sometimes outweigh the rate.

Because you can't combine both the incentives/rebates and low captive bank rate financing - it's one or the other.

So it's always a good idea to check if your CU rate along with the rebates outweigh the captive bank's  low rate...


on trucks it typically is but idk about right now.......0% vs 2% is about 2k interest on 45k over 60  months months i believe, just have to check......

Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.