PenFed financing process.

**blue_myriddn** · 04-02-2012, 18:48

Pretty similar to a private transaction, the seller signs the title over to you. For in state, you would then deliver the title (mail or in person) to PenFed. If you fail to do so, they may raise your rate or simply cancel the loan and send a collection agency your way. They have quite a bit of authority with your signed loan agreement.

For out of state, it is even easier. When I registered my vehicle at my DMV, I simply indicated who the lien holder was and they were supposed to mail the new Title directly to them. You never get the title back until the car is paid off.

I happen to know this because the ever so sharp Virginia DMV messed it up and mailed the title to me instead. Now I need to re-mail it back over to PenFed

More than likely there will be some weirdo mark on any future Carfax report that is ever run. Oh well, maybe they will google this thread (psst - its on VIN JH4NA21621T000002).

**bngl3rt** · 04-02-2012, 18:54

Originally Posted by blue_myriddn

For out of state, it is even easier. When I registered my vehicle at my DMV, I simply indicated who the lien holder was and they were supposed to mail the new Title directly to them. You never get the title back until the car is paid off.

So PenFed gives you an address and as long as somebody sends a title to that address, you're all good.

For pre approved stuff where you show up with a blank check and haggle, when do you find out what your actual final monthly payment ended up being?

**Teej** · 04-02-2012, 18:58

I want to know the year, %, loan duration of everyone... lol

okay GO!!!

I have my eyes on NSX's of all ages from '91-'05 and the big deciding factor is the financing. I know for max financing, the vehicle has to be 20+ years old and less than 100k.

But is PenFed doing 48 months on other NSX years is what I really want to know..... Right now I'm rolling with a 740 credit (in 1 repository, not paying to see all 3 lol).

Do you have to have 2+ years at your current job do you know? Reason I ask is because in 45 days or less, I'll be switching jobs... but will be making 2.5x more than I am now at least... so that's the biggest reason why this year should be my year to get an NSX. But my luck, they will say "sorry, must be 2 years at current employer to qualify".

**bngl3rt** · 04-02-2012, 19:40

Originally Posted by Teej

I have my eyes on NSX's of all ages from '91-'05 and the big deciding factor is the financing.

Ditto. High(er) mileage '91 with cash, or lower mileage NA2 with cash + financing? Decisions decisions...

**Nefarious** · 04-02-2012, 22:55

Thinking about establishing an account with them now to build a customer relationship with them early. Then when I'm ready to shop it should be an easy process.

**blue_myriddn** · 04-03-2012, 05:33

Originally Posted by Teej

But is PenFed doing 48 months on other NSX years is what I really want to know.....

Do you have to have 2+ years at your current job do you know?

I'd say either call them up or stop in to their office and ask them these questions directly. I found their staff to be very friendly and all of them baffled by the NSX as it doesn't show up in their computer system. Bring a few print outs of "possible" cars you are looking at and see if they feel any of them would be a problem for a person in your situation to finance.

Originally Posted by bengl3rt

when do you find out what your actual final monthly payment ended up being?

I used their calculator to figure that out before applying for the loan. Go here: https://www.penfed.org/used-auto-loan/ and check the bottom right corner for the calculator. When you sign the promissory note though to finalize your loan, your accurate monthly payment will be on that document (it has to be by the Truth in Lending Disclosure). For me, the calculator value was off by a dollar or two, but pretty much spot on.

**bngl3rt** · 04-03-2012, 08:04

Originally Posted by blue_myriddn

When you sign the promissory note though to finalize your loan, your accurate monthly payment will be on that document (it has to be by the Truth in Lending Disclosure).

I see. And if you use a pre-approved check, when do you fill out the promissory note? I imagine it must not be until after you've agreed on a price and bought the car.

**blue_myriddn** · 04-03-2012, 08:28

Originally Posted by bengl3rt

I see. And if you use a pre-approved check, when do you fill out the promissory note? I imagine it must not be until after you've agreed on a price and bought the car.

Can't help you there, I wasn't pre-approved

**bngl3rt** · 04-17-2012, 07:56

Ok, time for the dumbest question of all:

How do you actually, mechanically, send them a payment every month? Do you have to mail a check? Can they direct debit your back account or bill a credit/debit card?

Never done this before and really want to make sure I understand *every* detail.

**blue_myriddn** · 04-17-2012, 08:11

Originally Posted by bengl3rt

Ok, time for the dumbest question of all:

How do you actually, mechanically, send them a payment every month? Do you have to mail a check? Can they direct debit your back account or bill a credit/debit card?

Never done this before and really want to make sure I understand *every* detail.

They allow you to setup a re-occurring payment from a checking account (which is what I did). Was pretty straight forward. No credit cards as far as I can see (and I looked around b/c I figured it would be a good way to boost my credit card point balance

)

**bngl3rt** · 04-17-2012, 08:31

Originally Posted by blue_myriddn

No credit cards as far as I can see (and I looked around b/c I figured it would be a good way to boost my credit card point balance

)

No kidding... the miles you could earn!

**dirtiehippie** · 04-17-2012, 12:23

I want to know the year, %, loan duration of everyone...

Got approval from PenFed yesterday to purchase a 91 NSX with 46k miles. Due to the age (considered a classic at that age) they wanted to see pictures inside and out, including engine bay and trunk, to verify the condition of the car, along with odometer and the VIN plate from the car. After that it was smooth sailing. The loan was for $25k, with me paying the rest up front. Loan terms are 60 months at 1.99%.

Obviously, I was pretty pleased about going through them for financing. Planning to refinance my other car with them.

- Chris

**bngl3rt** · 04-17-2012, 12:38

Originally Posted by dirtiehippie

Got approval from PenFed yesterday to purchase a 91 NSX with 46k miles.

Did you get pre approved? or wait to apply until you had found a specific car?

**PHOEN$X** · 04-17-2012, 13:21

Another data point: I applied last Wednesday (I was already a member and use their credit card to get 5% back on gas purchases), and got my check yesterday. I refinanced my 99 NSX to purchase my 97, so I just had to send them a fax of the front & back of my title. 1.99% for 60 months. Easy as pie!

**Teej** · 04-17-2012, 13:27

Originally Posted by PHOEN$X

Another data point: I applied last Wednesday (I was already a member and use their credit card to get 5% back on gas purchases), and got my check yesterday. I refinanced my 99 NSX to purchase my 97, so I just had to send them a fax of the front & back of my title. 1.99% for 60 months. Easy as pie!

^^ Thumbs up to that.

**bngl3rt** · 04-17-2012, 13:34

Hearing all these success stories is encouraging... I'm going back and forth with them just trying to open an account! I have been notarizing and faxing stuff every day since I applied just to try and get them to believe I am who I say I am. Sad.

**bngl3rt** · 04-17-2012, 14:20

Never mind, they finally believe me! Yay!

**dirtiehippie** · 04-17-2012, 15:24

Originally Posted by bengl3rt

Did you get pre approved? or wait to apply until you had found a specific car?

I had started the loan process previously for a 98 NSX that I was looking at. Figured better to get financing sorted before trying to buy the car. That sale fell through so I had them leave the loan application open until I found the car I ended up buying. Called them in the morning, updated the car info and adjusted the loan amount. They asked for the additional pictures due to the age, as well as a bill of sale. Got those sent their way before lunch. Called back mid-afternoon and the approval had already gone through and paperwork was being processed so the check could go out that night.

- Chris

**usafdarkhorse** · 04-17-2012, 15:32

They probably won't deal with any Japanese NSXs.

**Rusted_nailz** · 04-20-2012, 14:01

They're rates are at 1.99% now. Has anyone gone through the process of refinancing with them? My current rate is 3.64% at my credit union and I'd love to get the new rate.

**ysoslow** · 04-20-2012, 14:20

for those that are in texas, JSC credit union is amazing. Mileage on car doesn't matter. They will approve if credit score is good and you can prove that you can make the monthly payment. they go by the medium price of the car. My friend got pre approved with 1.75% for 60 month. Hi score is 720. They are willing to loan up to 120% of the price. The system show that the 91 nsx medium value is 26300.

**vp special k** · 04-22-2012, 05:49

Just started my application! Now its time to hunt down a prime example! So excited to finally be able to purchase an nsx

**bngl3rt** · 04-22-2012, 08:50

Here's a fun question... So they make the check out to you AND the seller. Does that mean YOU could finance the amount + the sales tax (sorry, "use tax", f**king California...), cash the check when you get it, and cut the seller a smaller cashier's check for the agreed-upon price?

**dirtiehippie** · 04-22-2012, 12:05

Nope. Both parties are required to sign the check before it is valid to be deposited.

**bngl3rt** · 04-23-2012, 08:43

Originally Posted by dirtiehippie

Nope. Both parties are required to sign the check before it is valid to be deposited.

Interesting.

Another thing - you are required to insure the vehicle for the full term of the loan - even if it is in storage and not being driven?

Does that mean they want you to have collision in addition to liability?