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PenFed mileage restrictions

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EAJuggalo
Established Contributor

PenFed mileage restrictions

Trying to figure out if I screwed something up or I just have too many miles on my vehicle.  Got a SP refi offer from PenFed offering $150 if I move my loan.  Figured for a SP I'll give it a shot.  I owe just under $9,000 in a 2016 Ford Escape with 135,000 miles.  I entered the plate number and mileage in PenFeds site and came back with "This vehicle is not eligible, please choose a different vehicle to continue."  Or something very close to that.  I'm guessing the mileage is too high?  What is the PenFed limit?

EX700 TU 704 EQ 694 4/03/22
Cap1 QS-$4,500 Chase Freedom Flex- $800 Chase Freedom Unlimited- $1,000 Victoria's Secret- $1,200 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $290 Chase Sapphire Preferred-$5,000 NFCU Flagship $13,800 AMEX BCE-$1,000 AMEX Gold-$5,000 AMEX Delta Blue $1,000 Lowe's $5,000 Navy Platinum $17,000 AMEX BBP $2,000
Message 1 of 4
3 REPLIES 3
SouthernCredit
Frequent Contributor

Re: PenFed mileage restrictions

Looks like their minimum refi loan threshold is 10k.

 

https://www.penfed.org/auto/refinance

Message 2 of 4
EAJuggalo
Established Contributor

Re: PenFed mileage restrictions

It never even got that far though.  As soon as I put in the plate number and mileage it denied.  If it was for the low amount I could understand that.

EX700 TU 704 EQ 694 4/03/22
Cap1 QS-$4,500 Chase Freedom Flex- $800 Chase Freedom Unlimited- $1,000 Victoria's Secret- $1,200 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $290 Chase Sapphire Preferred-$5,000 NFCU Flagship $13,800 AMEX BCE-$1,000 AMEX Gold-$5,000 AMEX Delta Blue $1,000 Lowe's $5,000 Navy Platinum $17,000 AMEX BBP $2,000
Message 3 of 4
Adkins
Legendary Contributor

Re: PenFed mileage restrictions


@EAJuggalo wrote:

It never even got that far though.  As soon as I put in the plate number and mileage it denied.  If it was for the low amount I could understand that.


I think it's the milage, too. The end of the fine print on their loan page:

 

Refinance Auto Loans: New vehicles are where you are the original owner and the vehicle is a current 2021 model year or newer and has less than 7501 miles. For used vehicles, maximum used car loan advance will be determined by PenFed using a JD Power value. Up to 125% financing is available in the U.S. Up to 110% financing is available in Puerto Rico and Virgin Islands. PenFed does not permit internal refinances of an existing PenFed auto loan.


Rate depends on term. Vehicle weight and mileage restrictions apply.


Last HP 08-07-2023



Message 4 of 4
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