Welp...now PenFed sucks.
Went to a branch today to pick up the loan packet and the guy said there was an error and the loan rate was actually 6.2%, not 5.7% (despite that being what showed up on the application status online). I thought it was pretty cruddy to change a loan rate after approval, but I figured it was still less than half my current rate and would only increase the quoted monthly payment by about $18, so told him to go ahead with it.
He ran it through the system again and it came back denied. He called a loan officer with me in the room and the final offer was that my previously approved offer for 5.7% was kicked back to conditionally approved for 8.9%, and I'd need to submit my last two tax returns for further income verification, despite already having submitted my two most recent pay stubs and W2s.
I politely told him that I declined their offer.
Not the most politic thing to do, but when I got home from the bank, I sent a scathing, but politely worded, email to their customer service email address telling them I was incredibly disappointed with how they handled this transaction, how unprofessional it appeared to change the terms of a loan multiple times after it was approved, and that they've lost my business.
Really not happy with how the whole thing turned out, and PenFed just burned any goodwill I had for them. Gonna sit on my current car loan for a while now and try refinancing again later this summer.
