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