Pentagon Federal Credit Union "PenFed" - A+

I posted this here because most prospective buyers will be in this sub-forum.

 

Many of you have heard of www.penfed.org, so I just wanted to write my review. I am not affiliated with this company.

 

I found a LGT Spec B I wanted to buy and did all negotiations with the dealer until we met on a price. Made note of the VIN number.

 

Day 1

- signed up for an account online (www.penfed.org), deposited $20 to start the account and paid another $20 for a 1 year membership

- applied for a new auto loan - typed in VIN and amount requested - they run credit check - 30 seconds later - approved

- requested an overnight check ($15 extra, which I had in the account)

Day 2

- Check arrives FedEx priority to my door !!! Check was made out to my name and the dealership's name.

Day 3

Drove down to the dealer with the check, drove off with a car. Its really that easy. When online, this is not a pre-approval or simple credit check... only follow the steps if you are getting the car because if you are approved they will mail you a check.

 

I was skeptical at first since everything was online. It seemed so 'distant' to me, I was worried there would be a lot of work for the dealer and I. That was not the case.

 

To Sign Up:

 

• go to www.penfed.org - check out their rates
  
• click "How to Join"
  
• select Option #7 if you are non-military "National Military Family Association"
  
• When filling out the next page, select "Concerned Citizen" under the "What is your current status" option.
  
• On the next page continue to fill out the form. Under employment the "hourly labor" option was the best that seemed to fit me since all the other options had something to do with military.
  

Once you get past that part, the rest is self explanatory. If you want an overnight check, make sure to put $20 into the account in addition to the $20 annual fee. That will give you enough money. There was a glitch on the website and it said I had insufficient funds for overnight check... so I signed up using standard service then called them and asked to change it to overnight. The lady on the phone was very nice and changed it right away. Make sure you make note of your member number once you sign up. You will need this later to create a log-in and when you call customer service.

 

My experience was so good, we refinanced my wife's car. I signed her up separately so she had her own account. That process was just as easy. I got a 10-day payoff from the current lien holder, then plugged that in when applying. PenFed sent a check to my wife's name and to the current lien holders name. She signed it, and mailed it out. Once the check is cashed the loan is transferred. We went from over 6% to 3.99%.

 

I felt it was worth sharing to everyone. I love when a company does things right and has good customer service. They deserve a good review.

 

So there you have it.

Thanks for the recommendation. Perfect timing as I'm shopping around. The rates are great (3.99% 12-60 month on both new and used), and they offer new car rates for untitled '08 models.

 

If you don't mind me asking, were you able to get the 3.99% rate for the SpecB?

Yes. The rate you get seems to be solely based on loan amount. You are either approved or not approved, there is no in-between with higher rates. Hope that answers your question.

mmmm I just wanted to look at the site and it looks a bit fishy, I mean real fishy man, I think you ment this website (http://www.penfed.org). I worked at an ISP for many years and check out the link you had and it did not look right when I checked it out. Working for the ISP we learned alot about fake sitea dn things to look out for when check for customers. the link I posted is the one Ithink you were talking about.

 

Just looking out for peeps.

mmmm I just wanted to look at the site and it looks a bit fishy, I mean real fishy man, I think you ment this website (www.penfed.org). I worked at an ISP for many years and check out the link you had and it did not look right when I checked it out. Working for the ISP we learned alot about fake sitea dn things to look out for when check for customers. the link I posted is the one Ithink you were talking about.

 

Just looking out for peeps.

 

Fixed my typos... thank you for looking out! Yes, it is http://www.penfed.org

Most credit unions are exactly like this. I was a member of Navy Federal Credit Union and had a similar experience. Very good overall and great service. I am with USAA now and its exactly the same thing. I was with Chrysler Finance and decided to re-fi my ex's mini van and they cut me a check and I got a lower interest rate. 6%.

 

Credit Unions usually have a requirement to become a member but if you can find one that is pretty easy to become a member, join up and take advantage.

 

USAA

NFCU

PENFED

 

All good credit unions. Some require military service some dont. Search and check them out.

Couldnt get past the first page, I picked N/A and concerned citizen but only got an invalid error page

OP, do you know from which credit bureau(s) that Penfed pulled your credit report? I could use the info to unfreeze my files with specific credit bureau(s).

Couldnt get past the first page, I picked N/A and concerned citizen but only got an invalid error page

 

hmm website down? not sure there. I had no issues.

 

not sure what credit bureau they used.

You can also refinance at 3.99 assuming you're not underwater. Even if you're at something like 5.99 now you can save a few hundred dollars. FREE MONEY...so why not?

thanks for the site man, I'm going to check it out. Do you know if it works for Private party's too?

I would assume so, you have to list the name of the party who is selling the car. They will issue a check to that person and you, then you sign it before handing it over.

 

We also refi'ed a loan without a hitch.

WOW! Thanks for posting it here! I think it is very important to have it here to those people who are having a hard time to pay for their credit card interest rates. Rejecting those is not bad at all. Why don't you try for another credit card like PenFed Promise Visa? Yes! I've been using it for almost a month and I've got no problem with its reduced rates and no fees. If you aren’t satisfied with your bank’s credit card due to high interest rates and hidden fees, consider dumping it for a credit union. If you or an immediate family member is a member of the U.S. armed forces of a government contractor, Pentagon Federal Credit Union (aka PenFed) is offering the PenFed Promise Visa card. Low rates and no fees at all clean up the money-wasting mess in a hurry.

I've been using Penfed for my last 3 cars as well and have nothing but good stuff to say. About 8 months ago we bought my wifes 09 Outback off the lease and was able to refi it with a ridiculous rate of 1.99%. And I financed my LGT at 2.99% 2 yrs ago.... Rates have probably ticked up a bit since them, but they still are a smoking deal.

I currently have my car loan thru capital one so thinking about refin. My current APR is 3.9. Should I refinance? thank you!

And that folks is why GOOD credit is so essential in America. While it was that easy for the poster likely wont be that easy for anyone under a 720 beacon more like a 750 with the CRUs.

 

Great that it worked so seamlessly for you enjoy your Spec.B

Well this thread is almost 4 years old, and yes it still works well for me to this day. I have used PenFed for multiple cars up to this point and would still recommend them.