About the PenFed Financing.......!

Akirasoft · 04-09-2009, 10:30 AM

Hey, anyone who applied for the think bank loan... What do you put in the "Pay to" box?

MightyBobo · 04-09-2009, 10:47 AM

Quote:

Originally Posted by Akirasoft

Hey, anyone who applied for the think bank loan... What do you put in the "Pay to" box?

You could either put yourself, or the dealership. If you put yourself, you're going to have to get another bank check made out to the dealership, though.

PenFed not only puts the dealership's name on the check, but your name also in case you decide to do just that (put it in the bank, and give them a check).

Akirasoft · 04-11-2009, 11:18 PM

think bank ended up wanting 10% down which I was not willing to do. Penfed was going to take too long so I just went with BofA.

Zeto · 04-11-2009, 11:29 PM

Interesting, I've been in the military for 8 years and have never heard of Pen Fed. You guys think I'll get approved for $30K with a credit score of 640?

MightyBobo · 04-11-2009, 11:41 PM

Quote:

Originally Posted by Zeto

Interesting, I've been in the military for 8 years and have never heard of Pen Fed. You guys think I'll get approved for $30K with a credit score of 640?

30K yes. 3.99? Maybe not so much....might help that you're military, though.

And how on earth havent you heard about them? I knew about them my 1st year

Zeto · 04-11-2009, 11:59 PM

Quote:

Originally Posted by MightyBobo

30K yes. 3.99? Maybe not so much....might help that you're military, though.

And how on earth havent you heard about them? I knew about them my 1st year

Well I've usually dealt with USAA which has treated me pretty well. Do you think I should go to USAA first or Pen Fed first? I had a personal loan in the past with USAA so that might help.

AK370Z · 04-12-2009, 01:57 AM

Quote:

Originally Posted by MightyBobo

Kinda. Funny story - part of my deal w/ the dealership was that they push payments off for 2 months. They said "OK". I get to the finance guy and Im still kinda curious how they'll want that to work seeing as I'll be getting PenFed to finance me, and he says, "Oh, just bring in the check by 45 days, and we'll shred the Nissan finance paperwork..." - sweet, sounds good.

So, 2 days later, Im at lunch with friends and get a call. Guy asks when Im going to bring the check in.

Me: "Uhhh...I guess around...day 40? The finance guy said up to 45 days, so...".
Him: "Im the finance guy".
Me: "OK, well YOU said 45 days then"
Him: "I never tell anyone 45 days...I said 4 TO 5 days"
Me: "............damn it"

So I go home and apply for the loan online (Ive been a PenFed member for over 5 years now), and Im approved immediately. Drive to the local branch 2 miles from my house, pick up the check (making sure THEY push payments off 2 months since the dealership fudged up there), and drop it off 10 minutes later

.

30 minutes from when I applied for the loan, to when I dropped the check off at the dealership.

Good story! My base was 50 miles from my home. So, I opted for FEDEX. As you've said, you know instantly if you're approved or not and if you have a base nearby, you can pick up the check in 30 minutes.

So basically, from applying for loan to bring the Z home CAN be done in less than 1 hour (assuming your Z dealer is close and have a Z in stock). The power of internet is Amazing!

LynxFX · 04-14-2009, 02:27 PM

Quote:

Originally Posted by Zeto

Interesting, I've been in the military for 8 years and have never heard of Pen Fed. You guys think I'll get approved for $30K with a credit score of 640?

I approved for $32k at 3.99% with a credit score of 680. Instant online approval, no questions asked.

They did almost screw me with delivery of the check. I paid extra to have it sent FedEx and instead they send it snailmail.

It all worked out in the end.

tonybui · 05-27-2009, 08:03 PM

Hey guys, sorry for hijacking your thread, noob in the house !

Let's say I apply for penfed and got approved, do I have to get a price on the car at the dealer and then get the check from penfed after?

How do I deal with the dealer ??Just go in there and after all the negotiation, tell them I already have financed with penfed and will bring the check in to get my car ??

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04-09-2009, 10:30 AM	#16 (permalink)
Akirasoft Base Member Join Date: Mar 2009 Location: IL Posts: 24 Drives: 09 370Z PG M6 08 RDX Rep Power: 16	Hey, anyone who applied for the think bank loan... What do you put in the "Pay to" box?

04-11-2009, 11:18 PM	#18 (permalink)
Akirasoft Base Member Join Date: Mar 2009 Location: IL Posts: 24 Drives: 09 370Z PG M6 08 RDX Rep Power: 16	think bank ended up wanting 10% down which I was not willing to do. Penfed was going to take too long so I just went with BofA.

04-11-2009, 11:29 PM	#19 (permalink)
Zeto Track Member Join Date: Apr 2009 Location: North NJ Age: 40 Posts: 766 Drives: 09 Pearl White 370Z Rep Power: 267	Interesting, I've been in the military for 8 years and have never heard of Pen Fed. You guys think I'll get approved for $30K with a credit score of 640?

05-27-2009, 08:03 PM	#24 (permalink)
tonybui A True Z Fanatic Join Date: May 2009 Location: Maryland Posts: 1,397 Drives: 09 Sports 6 Speed Rep Power: 427	Hey guys, sorry for hijacking your thread, noob in the house ! Let's say I apply for penfed and got approved, do I have to get a price on the car at the dealer and then get the check from penfed after? How do I deal with the dealer ??Just go in there and after all the negotiation, tell them I already have financed with penfed and will bring the check in to get my car ??