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How to finance with PenFed quickly without going insane
- Thread starter rcc
- Start date
From other threads, I've seen the following from users:
- Keypoint Credit Union at 1.99% for 84 months
- Bank of America someone financed $92k at 2.12% for 70 months
- Provident Credit Union someone financed $70k at 2.75% for 84 months
- someone posted Commerce Bank at 1.69% for 75 months, but I don't know which bank this is. We used to have Commerce Bank around here but that is now TD Bank. This may be some local bank somewhere.
- obviously from the above post Navy Federal Credit Union at 1.79% for 72 months.
I'd love to keep a running list going to give help in their searching, so anyone reading this who got a 72 or 84 month loan please post rate and term (and max loan amount allowed?)if possible to help us out.
thank you
- Keypoint Credit Union at 1.99% for 84 months
- Bank of America someone financed $92k at 2.12% for 70 months
- Provident Credit Union someone financed $70k at 2.75% for 84 months
- someone posted Commerce Bank at 1.69% for 75 months, but I don't know which bank this is. We used to have Commerce Bank around here but that is now TD Bank. This may be some local bank somewhere.
- obviously from the above post Navy Federal Credit Union at 1.79% for 72 months.
I'd love to keep a running list going to give help in their searching, so anyone reading this who got a 72 or 84 month loan please post rate and term (and max loan amount allowed?)if possible to help us out.
thank youUpdate: I called PenFed up and asked if they were able to waive the $500 deductible requirement and they were able to do that which is great.
Kudos to PenFed and the info. obtained from this forum!! In just 15 minutes, I filled out the online app, spoke to a rep and I've already been approved and issued a draft check.
Here was my procedure (hope you get the same results):
1) Fill out an application online. After agreeing to the credit report terms & conditions you'll have an answer within about a minute on whether you've been approved for the loan.
2) When you get to the Dealer and VIN screen, select Save for Later.
3) Call PenFed at 1-800-247-5626 and choose extension 3 "Apply for a loan."
4) They'll ask you for your member # or SSN. I already had an account but be prepared to create one if you don't have one yet.
5) Mention that you'd like to complete a loan that was submitted online.
6) If you don't have a VIN yet, inform them that the vehicle is being manufactured and you can supply the VIN later.
7) Ask if PenFed can issue a pre-approved draft check to be filled out when the vehicle is ready to be purchased.
8) Do your homework on Gap Insurance since you will be pitched on their gap insurance.
9) Hang up and celebrate!
Here was my procedure (hope you get the same results):
1) Fill out an application online. After agreeing to the credit report terms & conditions you'll have an answer within about a minute on whether you've been approved for the loan.
2) When you get to the Dealer and VIN screen, select Save for Later.
3) Call PenFed at 1-800-247-5626 and choose extension 3 "Apply for a loan."
4) They'll ask you for your member # or SSN. I already had an account but be prepared to create one if you don't have one yet.
5) Mention that you'd like to complete a loan that was submitted online.
6) If you don't have a VIN yet, inform them that the vehicle is being manufactured and you can supply the VIN later.
7) Ask if PenFed can issue a pre-approved draft check to be filled out when the vehicle is ready to be purchased.
8) Do your homework on Gap Insurance since you will be pitched on their gap insurance.
9) Hang up and celebrate!
Great information, really appreicate it! I just finalized my order and they gave me a Feb/March delivery window. When should I begin the financing process as I do not have a VIN. Is it worthwhile to get pre-approved even thought he rate cannot be locked or just wait for the Vin?
From other threads, I've seen the following from users:
- Keypoint Credit Union at 1.99% for 84 months
- Bank of America someone financed $92k at 2.12% for 70 months
- Provident Credit Union someone financed $70k at 2.75% for 84 months
- someone posted Commerce Bank at 1.69% for 75 months, but I don't know which bank this is. We used to have Commerce Bank around here but that is now TD Bank. This may be some local bank somewhere.
- obviously from the above post Navy Federal Credit Union at 1.79% for 72 months.
I'd love to keep a running list going to give help in their searching, so anyone reading this who got a 72 or 84 month loan please post rate and term (and max loan amount allowed?)if possible to help us out.
I've never purchased gap insurance before but am considering it on the Tesla. What was Penfed's offer/cost if I may ask?
A
Make sure you don't apply too early. Once you applied online, PenFed will send you a blank check *even* if you didn't supply the VIN info. The catch is that the check in only valid for 90 days, which means that Tesla will need to cash it and then receive back by PenFed within 90 days of the application. I don't see a reason for applying early as the rate is not guaranteed until the date the check is cashed anyways.
The thing with GAP insurance is it will help in the situation where the amount paid by your insurance company is much less than the amount owed on the loan in a "totaled" situation ("upside down on your load at time of totaling"). But since PenFed is limiting the 1.49 rate to 60 months and $70k, I don't see how someone using that loan structure would need GAP. You'd never be upside down, would you?
Now the only situations i could see are:
1. you get the base model, and keep your total price under 70k, or
2. Tesla were to go belly up 2 years down the road, and thus the resale value plummets, then it's possible that you could owe more than the car's value. It I don't think that's likely nor do I think the car's value would still plummet that far.
Or is there something else?
Now the only situations i could see are:
1. you get the base model, and keep your total price under 70k, or
2. Tesla were to go belly up 2 years down the road, and thus the resale value plummets, then it's possible that you could owe more than the car's value. It I don't think that's likely nor do I think the car's value would still plummet that far.
Or is there something else?
The navy rate seems like the best given the 72 months duration, but unlike PenFed it seems like it is only open to those with military ties and I do not have one.
Just got a check cut. They didn't try to sell gap insurance. Phone call lasted about 2 minutes. I'd recommend that you are financing a new Tesla and you are coming from "the forum" since that was the key to my quick conversation.
gg_got_a_tesla
Model S: VIN 65513, Model 3: VIN 1913
Discoducky or anyone else who went with PenFed, what exactly is the "Member Protection Plan" with a cost of $0.00 and a line for signature below on the promissory note? The blurb says that it's not necessary to get the "Plan" for obtaining the loan itself. What is it?
For sure, it's not the GAP insurance that has a separate addendum...
For sure, it's not the GAP insurance that has a separate addendum...
Got my loan approved today. Took about 2 weeks. They were backed up and it took forever for a loan officer to approve it. For my loan, I had to submit the pre-mvpa, and two paystubs. I did not have to get a new-mvpa showing the downpayment added to it. I can only guess that they are either getting looser in their requirements for this, or they saw that my car is a perf model, and so the full 70k would have to go towards the purchase of it.
Alpha - No real need to start the process with them until you get your two week delivery window from Tesla, which should come a month before the start of the window. So, say Tesla gives you 4/1-4/15 delivery window around 3/1, you can start around 3/15. All plus or minus a week or two as Tesla has been a bit scattered on all these dates. Penfed stuff can get done pretty fast.
spatterso911
P100DL - Raven
Just got my check cut today. Took about 4 days to get the paperwork finalized. They required a revised MVPA indicating the amount due from PenFed, which was easy to obtain. Many thanks to my DS for putting it together quickly. Having the check sent express delivery so that I'll have all of my ducks in a row come Sunday at 10 AM!!!
Ahhhh....only 5 more sleepless nights!
Ahhhh....only 5 more sleepless nights!
GasDoc
Member
How did you get the 1.79% rate? I'm an NFCU member and was pre-approved for 1.99 for 72 months. Would love to lower the payment a little.