Penfed Experiences

[bshown]

To those of you that use PenFed, what has your experience been? How easy is it to get the loan setup and coordinated between PenFed and the dealer? I am used to being able to walk in and talk to my local credit union but here lately they have not been competitive on rates so I am looking to make the switch.

 

[Surf2snow1]

I used them for a auto refi, so probably similar experience process. It was smooth. All by mail (overnight FedEx). They mailed me the 32k check to give to the current loan holder. Didn’t have any hiccups. Everything was pretty easy really. All the papers that needed signatures had post-it’s for who and where to sign.

 

[jabartram]

I have their credit card, no complaints, i applied for a refinance, but i did not fall into their lowest rate category(never explained why) so i stayed with the finance company i started with.

 

[HappyChappy]

I didn’t finance with them but I did use the $1k RAM credit they offer. Wasn’t sure if that was going to be a hassle with the dealer but I gave them the code that got emailed to me and no questions asked, they knocked off $1k…not bad for just being a member!

 

[John Jensen]

I did the same as HappyChappy, it was easy-peasy. However, my great dealer didn't need my PenFed code as he already had same deal from a different participating company for me. However, PenFed was easy to deal with.

 

[Myfast70]

I've used PenFed for an auto refi and they were great to deal with. Not sure which way I'll go when it comes to purchasing time other than whoever gives me the best rate

 

[werard]

B of A gave me a better rate, but I did use the 1k discount.

 

[rhg84]

used them about 2 months ago. They didn't coordinate with the dealer. Penfed sent me a check for the loan amount and I had to take it to the dealer.

 

[usafakid09]

I've been trying to open an account with them for the past two weeks to qualify for the $1k discount when my truck arrives. Account still is not open and I get a different answer as to why every time I call. If this is any indication, I'll stick with USAA or Navy Fed when it comes time to finance.

Edit: they finally figured that out. Will see how they are when it comes time to financing.

 

[eric326]

I've been trying to open an account with them for the past two weeks to qualify for the $1k discount when my truck arrives. Account still is not open and I get a different answer as to why every time I call. If this is any indication, I'll stick with USAA or Navy Fed when it comes time to finance.

Edit: they finally figured that out. Will see how they are when it comes time to financing.

I had a similar experience, to be honest it took way more work and phone calls than expected for them to figure out the issue...

As well, I have USAA and Navy Fed, but it would be nice to get the PenFed discount if it gets updated to 2022 models before I receive my truck.

 

[Surf2snow1]

I've been trying to open an account with them for the past two weeks to qualify for the $1k discount when my truck arrives. Account still is not open and I get a different answer as to why every time I call. If this is any indication, I'll stick with USAA or Navy Fed when it comes time to finance.

Edit: they finally figured that out. Will see how they are when it comes time to financing.

Sorry about those experiences. I actually have 0 idea what the account creation process involves. I found out about PenFed about 6 months ago while looking up personal loans on Upgrade.com (for one of my wife’s sewing machines). They offered 6% on a personal loan, couldn’t pass that up. They create an account for you and fund it with the $5 minimum when you open an account through upgrade.com.

 

[JimmyZ]

I refied with Pen Fed for a much lower rate and it was no problem although like others said they did send me the check and I did have to take it to First Citizen’s to pay off but that was no problem either 5 minutes in and out done deal.. don’t forget that if you purchased a non Chrysler warranty to cancel it with the dealer and get your money back.