This is accurate, the computer system messed up the PIN I chose, so I had to call them to reset it and I just did the application over the phone and told them I wanted the 3.99%. They gave it to me no questions asked. I don't think they would have any problem financing a lesser amount. I just paid 36,000 for my 01 TT and the book on it is 43,000 so I'm sure they were happy to pay less for a car they could repossess and sell for more....lol

 

I just financed my 2004 Turbo Cab through them and it couldn't have been any easier. I filled out the online application on a Thursday night and got approval in aprox. 10 minutes. On the online application status page it said I had to call. I thought they were going to ask for pay stubs or some other documentation. I called them that same night and they just wanted to clarify my address, because I had moved recently. The representative said everything was fine and that they didn't need anything else from me. I asked them about express mailing the check and the representative said to call the next morning for more accurate information about ETA. I called the next morning (Friday) and told them to mail the check via the fastest method. I received the check the next day (Saturday) at around 1pm. Things I think made the process faster and easier were that I had the VIN, I was buying from a dealership and I was buying the car for $9k below NADA value. If you are buying from a private party, PenFed requires the seller to fill out a form.

With the check I got the promissory note, a method of payment form, GAP coverage information, a proof of insurance form and a letter with instructions stating what they needed from me. In the letter it said that it was my responsibility to send them the title within 30 days showing PenFed as the lien holder. It said not to assume the owner/seller would send the title. It stated that if I failed to do so they would recalculate the loan using the highest unsecured interest rate currently offered by them. It also stated that I had to send them proof of insurance.

I brought all the documents with me when I went to pick up the car. The seller filled out the AZ title application and told me that the AZ DMV would send the original title to PenFed, but that to avoid not meeting the deadline he would mail me and PenFed a copy of the title. I filled/signed the promissory note, gap coverage form and method of payment form, and mailed it using the enclosed envelope. I got a copy of the title and my plates from the seller a week later. I scanned the title and emailed it to PenFed together with the proof of insurance I downloaded from Progressive's website. I got an email confirmation from Penfed and followed up with a phone call two days later to make sure everything was kosher. They said that they had everything they need and that they were just waiting for the original title to arrive, but the representative said I didn't have to worry about not meeting the 30 day deadline because the copy I emailed clearly stated them as the lien holder. I still plan on giving them another follow up phone call just to be sure they got the original title.

Overall, they have been great. The customer service representatives are always very friendly and helpful, without too much "let me put you on hold" nonsense. Hope this helps.

A

 

They wouldn't let me. I think it had something to do with a dodged collection of $12.00 a few years ago, and "length of time account open". IMO, don't charge right in there and expect a loan. I guess they want your account to age first, link stinky cheese.

 

They base it off how long yo uhad a penn fed acount??? If so that sucks, I have only had mine for less then a week :-(

 

I think your credit was the issue. I got my loan after having an account for ten minutes. Not trying to be a jerk, just share accurate info.

 

Yeah, gotta agree with Seth here... I had no account before I applied for the loan for the TT. Account age has nothing to do with acceptance or not...

 

Well, my decline note said "Account Age" as well as collection information. I dunno, I have around a 700 score, not the best, but not the pits!