I was expecting PFCU to request a revised MVPA but they didn't. Gave them the VIN and Palo Alto address and they're sending my loan check express delivery. Maybe it's because I've been with them about 15 years and had other loans with them?
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How to finance with PenFed quickly without going insane
- Thread starter rcc
- Start date
I was expecting PFCU to request a revised MVPA but they didn't. Gave them the VIN and Palo Alto address and they're sending my loan check express delivery. Maybe it's because I've been with them about 15 years and had other loans with them?
bonehead
Member
FYI, Pen Fed's servers have been down for the last 36 hrs and they are about that far behind with their loan processing.
carrerascott
FUEL FTR
I've been with PenFed for a LONG time. My experience with this loan has been mixed. I didn't need to prove income nor MVPA for the full $70k. It was easy, so that was the good. However, watch out for these issues:
1. To get 1.49% you have to apply online. Calling gets you 2.49%. I knew that. Unfortunately, when I got to collateral information, I called in to see what I should do next since the Model S isn't in their system. Apparently, because I called, she changed my rate to 2.49%. I caught it, called back in and was told it was switched back to 1.49%. It was not. I called in again. Told it was switched, noted on account and the manager's name that approved it. Again, it was not nor was the account noted or approved by any manager. Called in AGAIN and got it corrected.
2. Loan check. Make SURE that they sent it express. They withdrew the $15 and then sent it regular ground. I needed it yesterday as promised. Called in to see what's going on. I was told they fixed it on their end and upgraded it to Saturday Early AM before it left the facility. It's Saturday afternoon now and it is nowhere near me. Called in and basically got into an argument with a woman explaining to me how UPS works and that they didn't screw up because they never send UPS regular ground. I wasn't pissed at the mistake, I was pissed that the guy lied to me and said it was Saturday delivery and that I'd get an updated tracking number.
In summary, too many of their CSR's are prone to lying. Check and double check.
1. To get 1.49% you have to apply online. Calling gets you 2.49%. I knew that. Unfortunately, when I got to collateral information, I called in to see what I should do next since the Model S isn't in their system. Apparently, because I called, she changed my rate to 2.49%. I caught it, called back in and was told it was switched back to 1.49%. It was not. I called in again. Told it was switched, noted on account and the manager's name that approved it. Again, it was not nor was the account noted or approved by any manager. Called in AGAIN and got it corrected.
2. Loan check. Make SURE that they sent it express. They withdrew the $15 and then sent it regular ground. I needed it yesterday as promised. Called in to see what's going on. I was told they fixed it on their end and upgraded it to Saturday Early AM before it left the facility. It's Saturday afternoon now and it is nowhere near me. Called in and basically got into an argument with a woman explaining to me how UPS works and that they didn't screw up because they never send UPS regular ground. I wasn't pissed at the mistake, I was pissed that the guy lied to me and said it was Saturday delivery and that I'd get an updated tracking number.
In summary, too many of their CSR's are prone to lying. Check and double check.
kashiraja
Member
Thanks for all the useful tips about PenFed everyone! (RE: servers down on 31st, they might have been bogged down due to people trying to complete their loans before the end of the month, maybe?) Fortunately the 1.49% rate is still current for February it seems.
I asked PenFed about when the rate is locked in, they said it's when the check has been issued. They also said that the time the loan starts accruing interest is when the check is cashed.
Another credit union that I found that offers great rates is Andrews Federal Credit Union. They are offering 1.59% also for 60 months. They require a membership in American Consumer Council (membership is free), if you do not already have ties with the military.
I asked PenFed about when the rate is locked in, they said it's when the check has been issued. They also said that the time the loan starts accruing interest is when the check is cashed.
Another credit union that I found that offers great rates is Andrews Federal Credit Union. They are offering 1.59% also for 60 months. They require a membership in American Consumer Council (membership is free), if you do not already have ties with the military.
I received my PenFed check via UPS today for $70,000 at 1.49% (60 months) after having received "Conditional Approval" almost two weeks ago. I've had to make about fifteen phone calls to push things along. The folks at PenFed told me they've been hampered by computer issues and their loan officers have been swamped by a surge in demand for credit card refinancing (they're apparently offering unusually good deals right now).
Thanks to this forum, they are well aware of the Model S. One of the loan officers snapped at me when I asked if she'd ever heard of the revolutionary vehicle: "I know about the Tesla, sir. You don't have to tell me about it." (sometimes I get a little over-excited...).
I also want to thank the forum community for educating me about Carmax (sorry I'm off topic). I just sold my Porsche C4 to them at 15% above what two dealerships offered me and 10% above Autonation's offer. I never would have imagined Carmax would pay close to Kelly Blue Book prices for a sports car if I hadn't read it here first!
Thanks to this forum, they are well aware of the Model S. One of the loan officers snapped at me when I asked if she'd ever heard of the revolutionary vehicle: "I know about the Tesla, sir. You don't have to tell me about it." (sometimes I get a little over-excited...).
I also want to thank the forum community for educating me about Carmax (sorry I'm off topic). I just sold my Porsche C4 to them at 15% above what two dealerships offered me and 10% above Autonation's offer. I never would have imagined Carmax would pay close to Kelly Blue Book prices for a sports car if I hadn't read it here first!
Absolutely not true. I've seen this on other PFCU loans as well. I have yet to receive my check(it's still in the mail) but I already made first payment and interest had accrued. I'm learning you never take a CSR's word as fact.
I got my PenFed check today as well, it was due yesterday. I sent over final paperwork to Penfed on Monday. Called them on Wednesday, was told it was in the system and would be reviewed that day. Called back Thursday, got told the same thing, but this time I was put on hold, 2 mins later, it's approved. I asked for an expedite, which they said they do, and I should check my account later for the tracking number. No tracking number on Friday morning, so I call in again, and am assured it was sent, system problems prevented them adding the tracking number. I know for sure this is a lie, since I get a notification from UPS whenever anything is booked for delivery to my address. Needless to say, no check on Friday, I get the UPS notification around 10am, and it arrived today around 11. Luckily Tesla will release the car for shipping based on a scan of the 2 checks (mine and Penfeds) and the tracking number sending it to Tesla.
Lessons:
- PenFed have really clunky systems (unlike USAA who spared absolutely no expense on theirs, and it shows). The website is decent, but the back-end systems are poor and need a lot of manual processing
- call them frequently. I never actually call a CSR unless its a last report, but with Penfed, it's a must
- Fax everything to them, it gets into their system faster than email
-the expedite fee is $15, transfer that into your account ahead of time to save a bit of hassle (assuming you're running with the minimum balance)
PenFed have always been perfectly nice on the phone, and their rates are great. But if you're in a hurry, as we all are, they can be very frustrating.
Lessons:
- PenFed have really clunky systems (unlike USAA who spared absolutely no expense on theirs, and it shows). The website is decent, but the back-end systems are poor and need a lot of manual processing
- call them frequently. I never actually call a CSR unless its a last report, but with Penfed, it's a must
- Fax everything to them, it gets into their system faster than email
-the expedite fee is $15, transfer that into your account ahead of time to save a bit of hassle (assuming you're running with the minimum balance)
PenFed have always been perfectly nice on the phone, and their rates are great. But if you're in a hurry, as we all are, they can be very frustrating.
Lightning Jeff
S 90D | 3 LR
Anyone know where the disbursement checks are sent from? They are supposed to express mine Monday, for Tuesday delivery. I'll need it for Wednesday pickup of my S - and am paranoid about weather or something else holding up the check.
Incidentally, the extended computer outages aside, I've been pleased with PenFed's process so far. I've talked to several different CSRs and they've all been very friendly and seemingly helpful. We'll see if they follow through with getting the check delivered on time.
Incidentally, the extended computer outages aside, I've been pleased with PenFed's process so far. I've talked to several different CSRs and they've all been very friendly and seemingly helpful. We'll see if they follow through with getting the check delivered on time.
djy
Member
Depends on where you live - west coast gets sent from Eugene, OR; midwest from Omaha, NE; and east coast from Virginia.
artsci
Sponsor
Anticipating that my multi-coat red will be delivered in April or early May, I applied online with PenFed today. Called twice with questions as I was completing the form and could not be happier with the phone service. I already have approval, pending receipt of my last two-years tax returns (I don't get pay stubs) and a copy of the pre-delivery MVPA.
As one who hates voice-activted phone service, I have to say that PenFed has a much better system than most. I got to a real person in less than about two minutes both times I called. I'm also pleased that I was able to bypass a commercial bank, as I hate dealing with their thievery.
As one who hates voice-activted phone service, I have to say that PenFed has a much better system than most. I got to a real person in less than about two minutes both times I called. I'm also pleased that I was able to bypass a commercial bank, as I hate dealing with their thievery.
Lightning Jeff
S 90D | 3 LR
MTGMAN
Member
I have had great experience with Penfed so far. I applied on-line, sent all info by email, replied with loan # by email, approved within 3 days. I called and they said once a VIN is assigned, they will send the check over to me. I have to sign and send it to TM. They know about MS, not a surprise for them to work with me on this. The process is very smooth. I also have home equity with them and went through that very smoothly. So far, I like them a lot.
blc1017
MYLR Blue/Black | 5 seats | no tow/FSD | OD 5/23
My experience today with PenFed was exactly the same. I applied on line, stopped when I couldn't enter a VIN, called and they completed the rest of the application over the phone, and was pre-approved in under three hours. Faxed them (per the OP's advice) paycheck stubs. The smoothest loan process I have ever experienced with a bank (and I was a loan officer at a military CU early in my career).
One thing to note: PenFed will ask that your collision deductible be $500 (they'll have a form with this info listed on it). If you call during the loan process, ask that the minimum deductible be raised (or eliminated). They'll likely say that they will have to clear it with a supervisor and evaluate your FICO score or some such, but its something to think about, particularly during the insurance quote process.