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Penfed Auto loan Pending with loan officer

kaylord84
Frequent Contributor

Penfed Auto loan Pending with loan officer

I applied for a used auto loan for $60k 

My fico 9 is 693

Dti 8%

Income $130k

Will I be approved I applied and was referred to loan officer. Then I received the following email but already supplied this Information when I applied!

 

Thank you for submitting your credit application with Pentagon Federal Credit Union.

There is some basic vehicle information that is required in order to continue processing your vehicle loan application with PenFed.

  • For all PenFed vehicle loan application, we need the year, make, model, Vehicle Identification Number (VIN) and current mileage, as well as the intended or original purchase date of the vehicle and the state where the vehicle is or will be titled.
  • For purchase applications, we also need the dealer or seller's name and address, as well as the amount due to the vehicle seller.
  • For refinance applications, we will need the name of the current financial institution, along with a 10 or 15-day payoff amount and date.

 


Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 723 TU 665 Ex 682
Goal Score: 700 All 3


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12 REPLIES 12
kaylord84
Frequent Contributor

Re: Penfed Auto loan Pending with loan officer

Update:

I applied with navy federal thinking they would pull equifax which is my highest score instead they pull Transunion (which is showing 51% utilization ) came back with 9.69% @ 72 months.

 

I also applied with DCU my mortgage EQ is 720 but I haven't heard back yet. 

 

I will update this post for data points 


Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 723 TU 665 Ex 682
Goal Score: 700 All 3


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Message 2 of 13
kaylord84
Frequent Contributor

Re: Penfed Auto loan Pending with loan officer

Update#2 I sent a secure message to Navy Federal to Pull my Eq report due to it only reflecting 8% utilization . I just got a notification that they pulled the report


Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 723 TU 665 Ex 682
Goal Score: 700 All 3


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Message 3 of 13
kaylord84
Frequent Contributor

Re: Penfed Auto loan Pending with loan officer

Update #3 DCU finally responded with the following email 

 

After careful review of your loan application (application number 434XXXX), and based on the information provided we are unable to offer you credit for the amount requested. However, we can offer you a loan for the amount of $50,000.00.

 

Meaning their max loan amount is $50000

 


Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 723 TU 665 Ex 682
Goal Score: 700 All 3


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Message 4 of 13
Loquat
Moderator

Re: Penfed Auto loan Pending with loan officer

You can always give PenFed a call and see if a rep will get a loan officer to decision your pending application while you're on the phone.

A lot of reps won't do it for credit cards and they'll advise that you just wait until you hear back. However if tell the rep that you're trying to take delivery ASAP and that you need to get a decision they'll usually contact a loan officer while you're on hold.
Message 5 of 13
kaylord84
Frequent Contributor

Re: Penfed Auto loan Pending with loan officer


@Loquat wrote:
You can always give PenFed a call and see if a rep will get a loan officer to decision your pending application while you're on the phone.

A lot of reps won't do it for credit cards and they'll advise that you just wait until you hear back. However if tell the rep that you're trying to take delivery ASAP and that you need to get a decision they'll usually contact a loan officer while you're on hold.

Thanks i gave them a call yesterday and the rep stated that no loan officer were in for the weekend and that should hear something tommorrow (Monday)


Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 723 TU 665 Ex 682
Goal Score: 700 All 3


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Message 6 of 13
Loquat
Moderator

Re: Penfed Auto loan Pending with loan officer

@kaylord84 Nice.  Hopefully they get back to you early.  If not, I'd give them a call again.  PenFed is usually pretty good about getting auto loans done quickly.  I just got purchased a new car with a loan from them not even 2 months ago and the process was quick and I had my check the next day.  I hope they move just as fast for you. 

 

Do you have a vehicle in mind yet?

Message 7 of 13
kaylord84
Frequent Contributor

Re: Penfed Auto loan Pending with loan officer


@Loquat wrote:

@kaylord84 Nice.  Hopefully they get back to you early.  If not, I'd give them a call again.  PenFed is usually pretty good about getting auto loans done quickly.  I just got purchased a new car with a loan from them not even 2 months ago and the process was quick and I had my check the next day.  I hope they move just as fast for you. 

 

Do you have a vehicle in mind yet?


2019 Dodge Charger Hellcat . 22k miles for $62k. I'm in Miami until tommorow suppose to pick the car up tomorrow with a navy federal bank draft and drive back home (Illinois) if my Penfed app falls through I will use them then refinance within 60 days which is when the first payment will be due. My Dcu approval is good for 45 days the rep confirmed that I can change the approval from a purchase to a refinance as long as the amount isn't over $50k . 


Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 723 TU 665 Ex 682
Goal Score: 700 All 3


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Message 8 of 13
kaylord84
Frequent Contributor

Re: Penfed Auto loan Pending with loan officer

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Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 723 TU 665 Ex 682
Goal Score: 700 All 3


Take the myFICO Fitness Challenge
Message 9 of 13
pip3man
Valued Contributor

Re: Penfed Auto loan Pending with loan officer

I was just approved for an auto loan with Penfed 2 days ago. Went into referred to loan officer for review status. I provided the docs they request which was two recent paystubs and the agent was able to get me a final approval while I was still on the phone. Check arrives tomorrow, there's a $15 express delivery fee. My scores was 645 according to the letter with a 9 months old BK. Got $40k at 5%

Macy's AMEX $47,000| Citi $13,000| CapOne $18,000| Chase $25,000| SYNCB $53,000| Fidelity $7800| Discover $3,000| NASA FCU $3,500| BestBuy $6,100| Barclay $4,400| TD Bank $1,000|

Starting Score: 490
Current Score: EQ 728 (681 as of 07/30/14) EX 721 TU 735 (669 as of 07/30/14)
Goal Score: 780

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Message 10 of 13
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