Penfed denial due to electric car.

[Anonymous]

Got approved for a 40k loan at Penfed at 6% interest but then was told they had a restriction of no electric vechiles on the Payment Saver Auto loan.  I was told the only reason for this was because lf my recent BK 5 months post discharge.   The score Penfed pulled was my Equifax Fico 9 which was 674.  Any other options for a BK friendly auto loan? 

[AllZero]

That is unfortunate your approval, then denial. Thank you for sharing the data points. I do not know of any other lender in regards to electric vehicles.

[Anonymous]

Your welcome just so frustrating my car is ready for pickup and the one approval I get denies me because it is an electric car.  Makes no sense at all.   Telsa has a much higher resale value then any other car company. 

[Harvey26]

@Anonymous  Have you let the dealer run your credit to see if you get approved? Quite sure you wont get the 6% again tho.

[Anonymous]

Yes I let the dealer run it and was denied even with 16k down.  Tesla lenders are very BK adverse and want a 700+ score.

[TheFIGuy]

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@Anonymous wrote:

Got approved for a 40k loan at Penfed at 6% interest but then was told they had a restriction of no electric vechiles on the Payment Saver Auto loan.  I was told the only reason for this was because lf my recent BK 5 months post discharge.   The score Penfed pulled was my Equifax Fico 9 which was 674.  Any other options for a BK friendly auto loan? 

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NFCU?

[Anonymous]

In the process of trying NFCU waiting on a response back.  Was declined by Alliant who Tesla recomended.  If those don't work may have to decline the car and wait another 6 months.

[TheFIGuy]

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@Anonymous wrote:

In the process of trying NFCU waiting on a response back.  Was declined by Alliant who Tesla recomended.  If those don't work may have to decline the car and wait another 6 months.

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FWIW: NFCU's process with Tesla and I went flawlessly. NFCU loan department is typically open 24/7 so hopefully, you will know soon enough!

[M_Smart007]

OP, Sorry for your denial

[Anonymous]

NFCU denied me no reason said they send a letter in 5-10 days.