You can call and ask for a $1000 deductible. I tried going higher, but that's the highest you can get.
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How to finance with PenFed quickly without going insane
- Thread starter rcc
- Start date
You can call and ask for a $1000 deductible. I tried going higher, but that's the highest you can get.
After reading lots of threads in TMC, I ended up going with PenFed. My experience so far has been mixed-but-good: I've found that I do need to follow up every request with a phone call, but that's worked every time. They conditionally approved me on 2/13, and asked for some information, which I sent that day; I called on 2/15 and it was stuck in email (someone else said fax instead - I agree!), but they forwarded it on. Nothing had been done with it before today (I wasn't in a hurry so didn't worry too much), but I called this morning and just asked if someone would look at it - nobody had, but after being on hold for ~15min (and then calling back with the VIN) it was approved and supposedly there's a check in the mail.
Got my VIN. Call Penfed, they entered all info over the phone. Took 5 mins. No other info needed. Check is in the mail already. Only thing I need is the car! Delivery week of Mar 18. They have processed so many Model S that they knew what to expect.
I like Penfed a lot.
They changed mine with no problem in under a minute.
The only snag I had with them was actually signing up for the site. I signed up just minutes before the big computer crash and not all of my information was stored. It took a few days to get a new PIN and then to get the membership number. However, the folks I talked to were very helpful. The big downside is that my car is sitting at the Service Centre rather than in my driveway.
I'm now waiting for the paperwork from Tesla so that I can get the plates and registration and actually get my car. I'm so excited I wouldn't be able to sleep except that I worked ~60 hours out of the last 72.
** HEADS UP 02/27/2013 **
I just spoke with PenFed. Their rate is going up either tomorrow (2/28) or Friday (3/1) to 1.79%. I was approved at 1.49%, but because I don't yet have a VIN the loan hasn't been funded, and that's when the rate is locked in for PenFed. So if you are in the process of getting a loan with PenFed, you have to get a VIN to them today so that a check or wire transfer is initiated today, maybe tomorrow at the latest.
On a $70k loan (max PenFed will do), over 60 months that's a difference of $547.80.
I just spoke with PenFed. Their rate is going up either tomorrow (2/28) or Friday (3/1) to 1.79%. I was approved at 1.49%, but because I don't yet have a VIN the loan hasn't been funded, and that's when the rate is locked in for PenFed. So if you are in the process of getting a loan with PenFed, you have to get a VIN to them today so that a check or wire transfer is initiated today, maybe tomorrow at the latest.
On a $70k loan (max PenFed will do), over 60 months that's a difference of $547.80.
Good to know. But before we hear a bunch of panicking. Even financing $70,000 over 5 years, your monthly payment changes about $9, your total amount paid increases about $550. So don't panic too much.
$547.80, and $9.13/month. I agree, it's not a huge sum, but if I can save $547 by doing something today vs tomorrow I'll do it. That's an iPad, a CF spoiler, etc., etc.
fluxemag
Member
Just got the email... 1.74% now. I have to wait until June, so hopefully this doesn't continue higher.
Anyone thinking of using PedFed should really consider going elsewhere. Every stage of the process has been a nightmare. I have my mortgage with them and at the time it was a very painful process setting it up, but I figured they couldn't screw up again! but yes, they have. Let alone the fact that they set up the loan for more than I requested (they said I phoned in and asked for the loan amount to be raised) - that was just a small error (what's 20K between friends!)
They told me yesterday that they sent my check out via UPS next day. I even phoned to check that a signature wasn't required, and they looked it up and told me no it wasn't, and again confirmed it was UPS. Well as you can guess, there is no check today, so I phoned, and it turns out they sent it out in the regular mail (not even yesterday - it went out today)
So I'm going to have to cancel my factory tour that was setup for Sunday!!!
Sorry for the rant - very pissed right now!
They told me yesterday that they sent my check out via UPS next day. I even phoned to check that a signature wasn't required, and they looked it up and told me no it wasn't, and again confirmed it was UPS. Well as you can guess, there is no check today, so I phoned, and it turns out they sent it out in the regular mail (not even yesterday - it went out today)
So I'm going to have to cancel my factory tour that was setup for Sunday!!!
Sorry for the rant - very pissed right now!
Usaa is at 1.99. I think PenFed still has the best rate.
Sent from my iPad using Tapatalk HD
carrerascott
FUEL FTR
Puyallup Bill
Member
Yep. Last month asked them to match PenFed - they did.
Interesting that during February, PenFed loans were 1.49% and their 3 year certificates paid 1.85% - how does that work?
Now the loans are at 1.79% and 3 year certificates pay 1.60%.
If you did not cash the check by 2/28 you lost the 1.49 rate.
you don't have to have the check cashed by 2/28, you just need to have it issued by 2/28.