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When do you make the "second" down payment? pre-MVPA? final-MVPA?

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I think I might be misinterpreting the email, it's definitely confusing. Note that on March 4th when I received this, the advertised rate was 1.74%.

It says:

ScreenHunter_170 Mar. 06 09.30.jpg


All information current as of March 2013 and subject to change.
*Payment example: $20,000 loan at 1.49% APR, 60 monthly payments of approximately $346.11 each. Rate depends on amount borrowed and term. Other restrictions may apply. Promotional rate is not available to refinance existing PenFed car loans. Rate applies to online applications only. Higher rate will be assessed if you do not apply online.​
PRESCREEN & OPT-OUT NOTICE: This "prescreened" offer of credit is based on information in your credit report indicating that you meet certain criteria. This offer is not guaranteed if you do not meet our criteria including providing acceptable property as collateral, if applicable. If you do not want to receive prescreened offers of credit from us and other companies, call Equifax toll-free at 1-888-567-8688 or write: Equifax, P.O. Box 740256, Atlanta, GA 30374-0256.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
PenFed is federally insured by the National Credit Union Administration.

This e-mail was sent to

Unless otherwise noted any PenFed rates are as of March 4, 2013, and are subject to change.

PenFed is not responsible for omissions, errors, typos, or other information inconsistent with policy. If in doubt, please contact us.