Process to buy w/ PenFed loan

[eab6287]

Lots of folks seem to be using PenFed for auto loans bc of the great rate available, but I noticed the following at the start of the application:

Please Note:All loan proceeds will take approximately 7-10 business days to arrive by mail. PenFed auto applications currently do not have the option to Express Ship or send to a Financial Center location at this time. We apologize for the inconvenience.

Is this going to be problematic? It sounds like in some cases by the time you get the VIN Tesla wants you to complete the purchase within some silly amount of time like a day or two; maybe they are wiling to hold the vehicle at least until loan proceeds arrive if you have documented approval?

 

[mrwug]

I'd expect the delivery pressure to back off a bit now that we're past year-end. It was exactly 14 days between getting my VIN and taking delivery at the end of November.

 

[dodukes]

I plan on trying to do penfed as well, one of my options, so curious how this turns out. will be following.

 

[ishareit]

Is 1.99% (60 months), 2.39% (72 months) at Penfed best rate these days?

 

[Dennisis]

Navy Federal CU offers 2.29% for 72 months. I financed with them previously, great to work with.

 

[Mike_TV]

Interestedly I received a piece of mail from them this week advertising their rates.

 

[el-guapin]

Check out DCU as well.

 

[Glen959]

I used PenFed in Nov.......very easy to work with. Mailed me a check and I handed to dealer on delivery day......15 minutes in the dealership is a refreshing change from previous car buying experiences.

 

[Horsemover]

Any concerns with Tesla financing other than a slightly higher rate? Last I looked I think they were at 2.49% for 72 months.

 

[dodukes]

I used PenFed in Nov.......very easy to work with. Mailed me a check and I handed to dealer on delivery day......15 minutes in the dealership is a refreshing change from previous car buying experiences.

Nice to hear!

 

[eab6287]

I used PenFed in Nov.......very easy to work with. Mailed me a check and I handed to dealer on delivery day......15 minutes in the dealership is a refreshing change from previous car buying experiences.

How quickly were they able to send the check? This notice that they are not expediting checks and taking 7-10 business days was pretty surprising

 

[preilly44]

I've previously used Penfed for several loans and they were always great. For my last 3 loans I've used DCU who has much better rates and allows anyone to join as long as you have a referral or donate to one of their organizations. Their current rate is 1.24% for 65 months which is pretty insane.

 

[Kenfucius]

Im shocked i got 1.24 with DCU. My employer allow a second fixed direct deposit which I directed to DCU while keeping my OG bank acct intact. Very happy I setup account with them.

PM if anyone needs a referral!

 

[eab6287]

Im shocked i got 1.24 with DCU. My employer allow a second fixed direct deposit which I directed to DCU while keeping my OG bank acct intact. Very happy I setup account with them.

PM if anyone needs a referral!

I just spoke with an agent who mentioned that the .5% rate discount (required along with the .25% EV discount to get the rate down to that 1.24%) was specifically for direct deposit of your entire salary (not sure how this would be enforced, maybe comparing to the income quoted in your application). It sounds like you didn't have to do that?

 

[Sudsington]

I just spoke with an agent who mentioned that the .5% rate discount (required along with the .25% EV discount to get the rate down to that 1.24%) was specifically for direct deposit of your entire salary (not sure how this would be enforced, maybe comparing to the income quoted in your application). It sounds like you didn't have to do that?

I don't deposit my entire salary (closer to 3/4) and I still maintained the 0.5% rate discount after the 90 day grace period. Not sure how they calculate it.

 

[el-guapin]

I don't deposit my entire salary (closer to 3/4) and I still maintained the 0.5% rate discount after the 90 day grace period. Not sure how they calculate it.

Same here

 

[preilly44]

Same here

Same here.

 

[Mike_TV]

Any concerns with Tesla financing other than a slightly higher rate? Last I looked I think they were at 2.49% for 72 months.

I didn't see any. TD Auto Finance does a lot of business with Tesla sales.

 

[ishareit]

My delivery date is Jan 11-Jan 25 with no VIN assigned yet (and no MVPA). Can I only start the loan process with DCU after I get the MVPA? How long is this process with them typically?

 

[preilly44]

My delivery date is Jan 11-Jan 25 with no VIN assigned yet (and no MVPA). Can I only start the loan process with DCU after I get the MVPA? How long is this process with them typically?

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.