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So I signed up with PenFed to borrow $13k for my Z. They were taking a while to approve my loan (still pending). I know I'll get it, I have
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#1 (permalink) |
Enthusiast Member
Join Date: May 2009
Location: Florida
Posts: 309
Drives: Nissan 370Z
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So I signed up with PenFed to borrow $13k for my Z. They were taking a while to approve my loan (still pending). I know I'll get it, I have excellent credit. The problem is, someone agreed to my offer this past weekend and I just had to jump on it and buy my Z. I got a relative to lend me the $13k I needed to buy the car.
I obviously owe this person $13k asap. My question is, once I get approved for the loan, how do I pay this person back? I would think they give me a check to my name and I do what I want with it, but when I called in they said eventually they would need the VIN and all that. Maybe I'm freaking out over nothing but I really want that 3.99%. I don't want them to think this is just a personal loan I got and then give me a higher rate. |
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#2 (permalink) |
Base Member
Join Date: Jan 2009
Location: Houston
Posts: 16
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I'm not sure if/how your situation is different than mine, but here is my experience:
Last Wednesday night I applied for membership with PenFed and opened an account. I setup my online access, and then immediately applied for a car loan online. After entering in all the required information and hiting submit, I immediately got feedback that I had been approved for the loan. Thursday morning I called PenFed and told the lady I had been approved the night before. She verified my account information and identity. Then I provided her with the sellers name and the VIN number of the car I was purchasing. She went through some questions and answers and the check for purchase was ready for issue. We funded my account with enough money to have it shipped via FedEx overnight and Friday morning at work I had the check for the purchase of my new vehicle. |
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#3 (permalink) | |
Track Member
Join Date: Nov 2011
Location: SoCal
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I want to ask what is your credit score and what rate did you get from PenFed? I am going to buy a 370z soon so I want to know what kind of rate I would get at around what score. Thanks man
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#4 (permalink) |
Base Member
Join Date: Feb 2012
Location: alaska
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If you want to get a auto loan with bad credit. I think first of all you have to view credit report online. There are some sites which provide consumer credit report. Before you start to shop for a loan first of all Exactly know your credit report.
Bad Credit Auto Loans |
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#7 (permalink) |
Enthusiast Member
Join Date: May 2009
Location: Florida
Posts: 309
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sorry if my post was confusing...
- i applied for a penfed loan - it was pending when it was time for me to buy the z - i borrowed money from a relative and told them i'd pay them back when they approve the loan - i bought the car with my relatives money - when penfed approves my loan, how do i get that money to my relative instead of the dealership? |
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#8 (permalink) | |
Base Member
Join Date: Apr 2009
Location: chicago
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You're in an unusual situation. Technically, they are expecting to issue the check to the dealer. They may, or may not issue the check in your name, they may ask to see a copy of the bill of sale so that they can verify the dealer, VIN, year, mileage, etc... Its up to you, buy maybe you should be straight with Penfed and tell them what happened. They may change your rate, higher, but I don't think that you want to get caught in a lie. You've represented to them that you are going to buy a new car from a dealer and use Pen Fed's money for part of the financing. I think you should come clean. I'm not trying to imply that you're trying to rip them off, because you're not, but they may see things differently, especially if they find out by accident before closing. Just my two cents. |
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#9 (permalink) |
Base Member
Join Date: Jan 2009
Location: San Bruno, CA
Posts: 90
Drives: An Old Beater
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You applied for an auto loan, so I really doubt that it can be used for other purposes other than purchasing a car. If it was a personal loan, then you can use it to pay back your relative. It's just as how -EAD- proceeded. But I could be wrong...
Last edited by RDGR12; 06-15-2009 at 04:00 PM. |
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#10 (permalink) |
Track Member
Join Date: May 2009
Location: s. cali, los angeles
Posts: 627
Drives: 09 370z plat 6 speed
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awhh dude...I think most banks/credit unions write the check out to the dealership e.g. if Los Angeles Nissan dealer--> "pay to the order of Los Angeles Nissan xyz of the amount $13,000 and no cents."
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#15 (permalink) |
Track Member
Join Date: Jan 2009
Location: San Antonio, TX
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Drives: 09 370Z T/S/N
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Yes, especially during these times. Continue to save your money and be patient. It takes time and discipline to establish excellent credit.
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