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I'm in the same boat but have yet to start an application. Can either/both of you update us here ASAP, please?Penfed. Did the online paperwork and now waiting for a loan officer to review. Called and was told usually takes 24-48hrs.
I have a back up @1.69%
I'm in the same boat but have yet to start an application. Can either/both of you update us here ASAP, please?
Also, jed-99aggie, what is your 'back-up' plan? Thanx, IT
I just spoke with PenFed. I guess their backlogged on their loans or maybe just the "teaser" 1.49% rate. I am moving forward with my alternative - USAA. (This was not their published rate, but was exception approved given my banking history with them.)
So, if not the 1.49%, what is PenFed offering?
Last I looked USAA was at 1.99%, no?
How long from when you opened the file until they gave you that approval? Days, weeks? Thanx :biggrin:Well, I just found out that the full 70k was approved from PenFed.
How long from when you opened the file until they gave you that approval? Days, weeks? Thanx :biggrin:
Thank you for that. When I originally asked they said 24-48 hours. Under promise and over deliver has always been my motto; looks like this did not hit the mark, but now that I have your frame of reference, that helps. That being said, 2 questions. You had to "ping" them. Does that mean from 11/19 until 11/24 they did not keep you in the loop? Sounds par for the course. Lastly, what was the "counter offer"? Thanx again for holding my hand! :redface:Here's how things went for me:
File opened 11/14, proof of income sent on 11/19. Pinged them on 11/24 and received "counter offer" on 11/25. Sent MVPA on 11/28, website showed APPROVED (with comment to send VIN for disbursal) dated 12/1.
So, it looks like 2ish weeks.
Thank you for that. When I originally asked they said 24-48 hours. Under promise and over deliver has always been my motto; looks like this did not hit the mark, but now that I have your frame of reference, that helps. That being said, 2 questions. You had to "ping" them. Does that mean from 11/19 until 11/24 they did not keep you in the loop? Sounds par for the course. Lastly, what was the "counter offer"? Thanx again for holding my hand! :redface:
Has anyone encountered issues with applying online at PenFed with the Model S not showing up in the car details? My friend reported that they didn't have a placeholder for Tesla. If true, how have you guys successfully worked around this when financing with PenFed?
I ended up sending them my pre-MVPA...
Subject: Regarding New Auto Loan application 1234567
Dear Sir or Madam,
This is regarding my application (number 1234567) for a new auto loan. The PenFed website says that the loan's been approved (as of 11/29/2012) and that I should provide the collateral details.
I'm purchasing a "2013 Tesla Model S" manufactured by Tesla Motors, Inc. of Palo Alto, CA. The car is still in the manufacturing process and, consequently, I don't have a firm delivery date or a VIN number yet. The current estimate from Tesla regarding delivery is January, 2013 but, I wanted to initiate the loan application process a few weeks ahead of time to avoid any last-minute hiccups.
I should be getting the VIN number in early January; however, as PenFed doesn't seem to have Tesla in the system, I may not be able to enter the collateral details on your website at that time. I hope to call in and provide the VIN number on the phone for disbursal of the check.
I've attached the "Pre-Delivery Motor Vehicle Purchase Agreement" that I've entered into with Tesla and which has all the relevant details.
In summary,
Total Purchase Price: $<an insane number>
Total Downpayment: $5,000 (a reservation deposit that I made to Tesla a long time ago, in February 2010) + $xxxx.xx (I intend to make this payment in cash to Tesla when I have the car delivered in November) = $yy,yyy.yy
So, I intend to finance the balance of $zz,zzz with PenFed.
Please let me know if there's any additional information necessary at this time. If needed, you can reach Nancy McKain at Tesla at [email protected] regarding my purchase agreement.
I basically sent the exact same thing in the form of a fax. The original MVPA stated the $5000 downpayment and I wrote the rest of the downpayment amount on the fax. PenFed said the MVPA needs to show the full downpayment, not just the $5k. Whatever, I'll jump through their hoops when I get the delivery date and VIN.Yes, I did the same - twice, as my original loan's 90-day window expired and I had to ask them to open up a new loan with a new 90-day window.
I sent the following email to [email protected] with the pre-delivery MVPA attached.