Process to buy w/ PenFed loan

[jjrandorin]

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[Mitchellstarc]

No, you can start the loan process before you have the MVPA or even your VIN, you just need to supply both to them before they write the check for the loan. It took 2-3 days for the entire process for me but they could have done it faster if they weren't waiting for the MVPA from me.

Was it 2-3 days from loan application to Tesla receiving funds?

 

[OCJeff]

Back when I used PenFed, they would issue a draft (they would even overnight it) that any dealer could take for a value of "up to but not to exceed $xx,xxx" (whatever you had applied for). The draft was a kind of blank check.

Do they no longer do that for new car shopping with auto dealers? No VIN or MVPA was needed (as no specific car/dealer had been selected as of yet).

 

[preilly44]

Was it 2-3 days from loan application to Tesla receiving funds?

It was 3 days from when I started the app until they mailed the check, so Tesla received the check on the 4th day, but I think they could have done it faster. Also, I needed to pick up the car on the 3rd day so DCU sent Tesla a picture of the cashiers check with the tracking number and Tesla accepted that.

 

[Mitchellstarc]

It was 3 days from when I started the app until they mailed the check, so Tesla received the check on the 4th day, but I think they could have done it faster. Also, I needed to pick up the car on the 3rd day so DCU sent Tesla a picture of the cashiers check with the tracking number and Tesla accepted that.

Thanks. The last part about Tesla accepting the picture of check is great info.