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How long does it take for Penfed auto loan payments to process?

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Anonymous
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How long does it take for Penfed auto loan payments to process?

I made the first online payment for my Penfed used car loan yesterday (4/14), having pre-scheduled it; the actual due date is the 16th (Easter Sunday this year). Penfed shows the payment as having been made but it doesn't seem to have processed through Bank of America yet, so I was wondering if anyone knows how long it takes on average to get a payment processed through.

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2 REPLIES 2
Appleman
Valued Contributor

Re: How long does it take for Penfed auto loan payments to process?

If you pay from an outside source, I usually see 4-5 days before the funds have been removed (in my case USAA). I however would not use this as a potential 'float' as they could surprise me one day and deduct the money immediately,

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Anonymous
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Re: How long does it take for Penfed auto loan payments to process?

OK, I was mainly concerned because the transfer shows in Penfed as "processed", and I verified that my outside account info (I was paying from my BoA checking) is correct, but I guess I'm just used to having transfers and payments completed and the funds moved by the next business day.

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