Dec 17, 2012
rcc I've been having fun trying to get financing lined up with PenFed on less than a week's notice and thought I'd pass along some tips.
At some point in the future, the hassle factor should be significantly reduced. Penfed has noticed the uptick in numbers of people applying for the "exotic" (e.g. not in their 3rd-party information database) Model S. They like that. Tesla has noticed the same. I believe the two parties are talking to each other to make life easier for all. Hopefully those conversations will make this post obsolete at some point. Until that day:
Things to keep in mind with PenFed:
1) Always FAX your documents if you're in a hurry. Do NOT email. They get so much email it takes them days to process your email and get your docs into their system. Faxed documents get into PenFed's system really quickly (probably within minutes, certainly within an hour).
2) According to PenFed's phone reps, you need to get them an MVPA with the "amount due to buyer" equal to the amount you want to finance. That's what they will send you a check for. PenFed will NOT send any checks or approval letters without having an MVPA that says precisely how much you want to finance and where the rest of the money is supposed to come from. According to folks I spoke to on the phone, this is standard procedure for them, regardless of the size of the loan.
3) If you're in a hurry, they can fax a letter of approval directly to Tesla. Or if you have enough funds in your PenFed account, they can draw money from your PenFed account to cover the cost of sending you the docs/check via overnight delivery ($15, I think).
4) Tesla will honor a letter of approval (or at least, they did with me). They don't have to do this. I believe Tesla is within its legal rights to hold onto the car until you hand them the final check. So please don't whine if that policy changes at some point in the future. Tesla is being nice to us right now.
So at the moment the process looks like this:
1) You can fill out the application online. You'll have to stop when you hit the point where you need to enter a VIN and you probably don't have one. And even if you do have one, the VIN likely won't be recognized.
2) Save the application.
3) Call PenFed directly. You'll need to:
a) make sure they know you want to finance a Model S and not a Roadster (because the Roadster is in their system).
b) find out if you're conditionally approved and if so, for how much. If you're conditionally approved, it will show up on their web pages (under the "Apply Now" tab).
4) Decide how much you want to finance. It's possible you could call PenFed and do 1-4 over the phone with a loan officer.
5) Get an MVPA from Tesla and the VIN. (The MVPA should have the VIN on it.) The MVPA must show that the "Amount Due from Buyer" is equal to the amount you finance. That means the "Total Downpayment" has to cover the rest of the cost in the MVPA. That's the initial deposit plus trade-in value if any. In my case, the extra money that I need to pay Tesla was put down as "Additional amount payable at delivery". If you're in a hurry and want PenFed to fax a letter of approval to Tesla, you'll also need a fax number and "attention to:" name from Tesla.
6) FAX (do NOT email) that information to PenFed. If you want an approval letter faxed, best to tell PenFed in your fax and supply the Tesla fax # and "attention to" name that PenFed should send the fax to.
7) A loan officer will have to look at your MVPA and approve the loan.
8) Call PenFed again and confirm that you're set and they're sending/faxing what you need.
9) Thank your Tesla delivery specialist many times during this process, especially at the end! My guy (John Scalmanini) was great!!! A big thank-you to John!�
Dec 17, 2012
jomo25 Wow, rcc, thanks for this. It should help quite a bit, until such a time they do something formally (if they even do). I'm still looking at them as my eventual financier. BUt not ready to go yet. So, will have to see their rates once I do pull the trigger.�
Dec 17, 2012
calsailor It should also be mentioned that PenFed needs 4 business days to get you a check. So the approval letter is a very helpful option.�
Dec 17, 2012
Sidney If I'm not expecting the delivery until Feb 2013, should I go ahead and apply for the PenFed loan now? From what I heard from the other thread, they'll lock in the rate for 90 days? I just don't want their 1.5% rate to change when 2013 is here.�
Dec 17, 2012
highedu i have the same question�
Dec 17, 2012
shokunin thanks for posting this. I wondered how quickly this process was and how quickly they would turnaround a check. I'm in the pre-approved waiting for VIN and corresponding paperwork stage. Then again, I don't even have a delivery window :frown:. I guess I should call to make sure if that means that I've locked in a rate or not for 2013.�
Dec 17, 2012
teslasguy My Penfed documentation said the check I got was good for 90 days, but pretty sure the rate is what is in effect at time check is cashed.
P1117 Sent from my iPhone using Tapatalk�
Dec 17, 2012
gg_got_a_tesla Correct. PenFed told me the same. The current 1.49% is good only till the end of this month as of now. It may or may not be offered in 2013
Thanks, rcc, for the detailed info. I wired in the balance of my downpayment to Tesla recently (although I'm not getting my car till Jan/Feb) just so that I can get the final MVPA from Tesla with the VIN and the exact financed amount as the balance due for a quick turnaround time with PenFed.�
Dec 17, 2012
rcc The PenFed people tell me that they reset their rates on the first of every month. That said, the 1.49% rate has been steady for a while now.
Personally, I doubt that PenFed will approve financing without both an MVPA and a VIN. Tesla is (understandably in my opinion having worked at companies in hypergrowth mode) scrambling to get its processes working smoothly as they ramp production.
That says to me that we should expect, for some period of time to come, to get a VIN very shortly before manufacturing is ready to release the car for delivery. People farther away from CA are actually in better shape here since the shipping time will give you more time to line up the financing.
Folks closer to CA should expect to have to rush the final paperwork through pretty quickly. So you need to line up local financing so you can get the check quickly or know how to work with a remote lender to keep things moving very quickly. Or get the kind of loan where they'll give you a check that can be made out to any dealer and is good for any amount up to $XX.
My advice: if you're working with a lender that doesn't have a local office, call ahead and make sure you understand what they need from you to move the paperwork along quickly. And have a backup plan ready with a local lender in case your remote lender flakes out on you. Worst-case scenario, you walk into your local lender with all your paperwork in hand and walk out with a check.
The good thing about PenFed is they also seem to offer great rates on refi auto loans. However, if you want to refi quickly, you're better off getting financing from financing from someone else rather than paying cash for the car.
If you finance, you can get a payoff quote from your first lender at any time.
If you pay cash, PenFed won't refi until you can show that the car is titled in your name, free and clear. That typically takes a while because your state DMV needs to process the title paperwork and issue the title in your name. In CA, I'm told this can take 30 days or more. Whereas if you finance with Bank of Whatever, you can get a payoff quote from them right after the loan goes into effect.
And you're welcome. I hope this info helps but I can't guarantee the accuracy since it's only what I've learned talking/working with a few PenFed people. Your mileage may vary but hopefully not by much.
�
Dec 17, 2012
EarlyAdopter Does anyone know if Penfed will mail the check directly to Tesla, or wire the loan proceeds to them? That would cut several days out of the whole process - no waiting for several days for PenFed to cut you a check, it to make it to you via USPS or FedEx (over Christmas), then you mailing it to Tesla.
Given the big crunch for December deliveries to get payment in to Tesla before they will ship the car and before the end of the year, cutting out steps here will be crucial.�
Dec 17, 2012
DrComputer I sold my Lexus to my business partner when I got my Model S and she used PenFed to finance it. For those of you thinking you can get the approval now and hold the check until you get your car in 90 days, just remember that the loan and interest start to accrue 3 days after they send you the check... NOT when you cash it.�
Dec 18, 2012
EarlyAdopter Ok, I called Penfed and found out the answer to my question. The check is made out to both you and Tesla, which means you have to sign the check over to Tesla. So the sequence is:
0. If your total purchase price is over $70,000, you need to have mailed/wired the amount over as a down payment to Tesla before getting the final MVPA.
1. You fax the final MVPA with VIN showing up to $70,000 "due from buyer" to Penfed.
2. Penfed sends the check to you. Overnight is available for $15, be sure to call after you fax in the MVPA to let them know.
3. You sign the check, then send it to Tesla.
Talking to my Tesla rep, they will take a FedEx tracking number showing the check on the way to them (step 3) as enough proof to release the car for shipping.
Again, this is just for the final December ship push if you want to ensure you've paid for and the car was released to you in 2012. Normally you'd just sign the check over upon receipt of the car in most states.�
Dec 18, 2012
Nikoli It's been almost a week since I (re)applied at PenFed. I sent my MVPA showing the full amount due less the $5,000 deposit, which is significantly more than $70,000. Just checked my account online and it's been approved! Phone rep said the check is going out today. It will probably be quicker to have the MVPA reflect the exact financed amount, but seems to get through either way.�
Dec 18, 2012
BCLi Thanks; I've had to turn this around in about 4 days because of being in California they let me know that the car was already at the service center! I have asked for a letter of loan approval to be faxed to the product specialist dealing with my case, since I did not call in time before they mailed out the check USPS. Hopefully they will release my car as noted by rcc with the letter of approval from PenFed (who were great during the rush). I am going to see if I can just deliver the check to Tesla at the service center once I receive it. Here's to hoping...�
Dec 18, 2012
meduri Does PenFed got any credit limit for loan approval? Like minimum credit score 750 or 700 something like that?�
Dec 18, 2012
Sidney Hi gg_wants_a_tesla,
Am I hearing correctly that Tesla already gave you a VIN even though yours is a 60kWh and not in production yet?�
Dec 18, 2012
gg_got_a_tesla No no (although I wish that were true
Apologies for the bad sentence construction but, I sent in the extra payment so that, when the time comes and the VIN's actually available (sometime in January), I can get the final MVPA quickly and exactly as PenFed would want it.�
Dec 18, 2012
Sidney Thanks for the clarification. I probably will do the same then.�
Dec 19, 2012
BCLi They didn't say that when I spoke with them. They were incredibly accomodating.�
Dec 19, 2012
BCLi Well, delivery went without a hitch. No problem with check delivery. Thank you Tesla and PenFed!�
Dec 20, 2012
Nikoli My check from PenFed stated it was for a Roadster Sport 2.5. Oh well, the VIN is on there for the S. It's in Teslas hands now so I expect to have a firm delivery date soon.�
Dec 26, 2012
shokunin +1 on this. While Penfed is great, they are slow, then again, so is Tesla. Received notification Monday Night (12/17) that I was assigned a VIN, wired $$ my downpayment to Tesla and received final MVPA reflecting my downpayment on Saturday (took some nudging).
Faxed everything to penfed (was pre-approved on 12/7) and called to confirm receipt. They said the loan officers were gone until Wednesday due to the holidays. But, my fax should be reviewed quickly since I was already conditionally approved awaiting VIN and final docs.
Call in today, they say they have a huge backup being closed for the past 4 days. The CS Rep says, "hopefully they'll get back to you in 48 hours" Hopefully? Egads.. It would be nice if you could actually get a hold of someone working in the loan dept instead of a CSR just relaying messages.
Then I get the email today saying, car is ready for pickup! :love::love: But don't have my financing check. argh :scared: So am arranging plan B financing with Tesla.
In hindsight, I should have liquidated more stocks and just written a check and do a refi on the auto.�
Dec 26, 2012
Cattledog Shokunin - How does the refi part work? Would you expect the same rate and terms from Penfed on that? Do lenders do this commonly? Thx.�
Dec 26, 2012
robaross PenFed refi rate is the same 1.49%, at least until the end of the month, then they reset, but there has not been much change recently. You have to wait until you get the title before you can refinance.�
Dec 27, 2012
jjaeger That's the way I went - but by necessity not plan. Tesla emailed me last Thursday that the car could be picked up on Sat/Sun (22/23). With getting the VIN Thursday evening, no way I could complete the transaction in 1 business day. Wrote several checks from a couple of accounts, and when the title arrives, PenFed will issue me a check per the same terms and I'll backfill the funds i 'borrowed'. Took the loan officer about 10 minutes to redo the loan for this path, and I told Tesla that the original title was lien free. Have my car and in a few weeks should have my $'s.�
Dec 27, 2012
shokunin Just an update. Got the approval late today from Penfed and I could complete the transaction online and they could cut a check tomorrow and ups overnight it. Unfortunately the check wouldn't arrive until sometime monday (a bit too late, I guess I could have asked for sat delivery). In the meantime, I got approval in matter of hours from WFB (applied at 4pm wednesday night) approved 9am on thursday, scheduled for 9am pickup on Friday. I'll eventually do a refi on the wells fargo loan with Penfed.
Penfed was actually moving as the CSRs mentioned, 48 hour turnaround. This would all have been fine and dandy if a) I wasn't in such a hurry and b) Tesla has a 12/31 deadline to move cars out. A lot of this scrambling could have been avoided if Tesla moved faster on getting those MVPAs out. I had high volumes, holiday delays, short work "week" and tight deadline all working against me. All my other cars were either paid in cash or financed with one of those checks the banks send to me to go car shopping up to $xx,xxx.
lesson learned: wire Tesla your downpayment way in advance. This way when they create your MVPA it'll reflect the downpayment and the difference due will equal the financed amount penfed is looking for. You won't have to wait for a second MVPA (if you wire after they send you the final MVPA).
Hopefully my second delivery will go much smoother.�
Jan 2, 2013
Puyallup Bill Looks like it is staying at 1.49% for January. Also note that they are offering 1.85% on a three year certificate.�
Jan 2, 2013
GDH I joined PenFed on the 26th, I just got my member number and whatnot today so I called them and did a pre-approval for a car loan for $60K....that is still pending. I did ask them about the 1.49% rate and I was told that they didn't think it would be go up for a while but if it did it would go up in Feb. Because I am now getting a pre-approval now whatever they approve me for will be good for 90 days.�
Jan 2, 2013
gg_got_a_tesla GDH, although the rate hasn't gone up in Jan and may not do so in Feb as well, PenFed clearly told me back in early Dec that the 90-day pre-approval does NOT lock the current rate in. The rate would be whatever's the prevailing one at the time they finally cut the check for you.�
Jan 2, 2013
GDH That doesn't seem right, I was told that twice. I will call them back tomorrow and confirm.�
Jan 4, 2013
jcadman22 I completed an online application last week and was approved within minutes. I went through the process until it started asking for dealership and VIN info which I won't have until sometime later this month (hopefully) at which point I planned to go back to the application online and complete the process. Much to my surprise, I received a pre-approval letter and blank check in the mail this week.
As others have noted previously, I was counting on the rate being locked for 90-days from my application/approval date (12/28). However, the letter that I received confirms what GG said - the rate locks when that check is presented. I'd really like to get that settled by the end of the month to knock out that little bit of uncertainty.�
Jan 4, 2013
Sidney So you never needed to send in a copy of your pre-MVPA to PenFed? Does the blank check have both of yours and Tesla's names on it? I don't quite understand what you meant by "rate locks when that check is presented". Presented to you or to Tesla?�
Jan 5, 2013
bigsmooth125 I believe he's using the legal definition of "presentment," which is when Tesla cashes the check. In other words, "presentment" occurs when Tesla's bank, after receiving the check from Tesla, presents the check to PenFed for payment.�
Jan 5, 2013
GDH Damnit I totally forgot to call PenFed back, I will call them Monday.�
Jan 6, 2013
yobigd20 sounds like the standard sales pitch "sign up now before the rates go up" to try and commit you to using their service, even if they know the rate won't actually go up for a year. they probably have statistics showing that if they get you to do the sign up/pre-approval now, rather than waiting until you're actually ready, that your more likely to use them in the end and their conversion rate from a prospective to a final sale is much higher.�
Jan 6, 2013
JCT If you are thinking about financing through Penfed with the 1.49% loan, you should know that they have a $500 deductible requirement for collision and comprehensive with your insurance carrier.
If you are expecting or want to have a $1000 deductible for your cost estimates, going to a $500 deductible will raise your overall cost of ownership. For me, it translates to about an extra $250 a year ($1200 over 5 years) to have this loan and makes my effective rate closer to 2% for the loan.
I only found out about this requirement after they sent me the check and final paperwork.�
Jan 6, 2013
andrewket Interesting. I have a penfed loan on a different car and never noticed this. I have a $1k deductible. I never had to provide penfed with proof of insurance, either.
A�
Jan 6, 2013
yobigd20 That is very interesting about their deductible requirement. Is this specific to the Model S or some other criteria? If that's the case, I may end up going with a different finance company. I know there are others offering 72 and 84 month loans between 1.99 and 2.49 - that would really help bring down the monthly payment a lot.�
Jan 6, 2013
tdiggity Does anyone have the fine print for the loan?�
Jan 8, 2013
highedu Who is offering the 72 and 84 for between 1.99 and 2.49?�
Jan 9, 2013
dsmith2189 I got Navy Federal Credit union at 1.79% for 72 months. (their normal rate for 72 months was 1.99%)�
Jan 9, 2013
yobigd20 From other threads, I've seen the following from users:
- Keypoint Credit Union at 1.99% for 84 months
- Bank of America someone financed $92k at 2.12% for 70 months
- Provident Credit Union someone financed $70k at 2.75% for 84 months
- someone posted Commerce Bank at 1.69% for 75 months, but I don't know which bank this is. We used to have Commerce Bank around here but that is now TD Bank. This may be some local bank somewhere.
- obviously from the above post Navy Federal Credit Union at 1.79% for 72 months.
I'd love to keep a running list going to give help in their searching, so anyone reading this who got a 72 or 84 month loan please post rate and term (and max loan amount allowed?)if possible to help us out.�
Jan 9, 2013
JCT Update: I called PenFed up and asked if they were able to waive the $500 deductible requirement and they were able to do that which is great.�
Jan 9, 2013
DJ Frustration Kudos to PenFed and the info. obtained from this forum!! In just 15 minutes, I filled out the online app, spoke to a rep and I've already been approved and issued a draft check.
Here was my procedure (hope you get the same results):
1) Fill out an application online. After agreeing to the credit report terms & conditions you'll have an answer within about a minute on whether you've been approved for the loan.
2) When you get to the Dealer and VIN screen, select Save for Later.
3) Call PenFed at 1-800-247-5626 and choose extension 3 "Apply for a loan."
4) They'll ask you for your member # or SSN. I already had an account but be prepared to create one if you don't have one yet.
5) Mention that you'd like to complete a loan that was submitted online.
6) If you don't have a VIN yet, inform them that the vehicle is being manufactured and you can supply the VIN later.
7) Ask if PenFed can issue a pre-approved draft check to be filled out when the vehicle is ready to be purchased.
8) Do your homework on Gap Insurance since you will be pitched on their gap insurance.
9) Hang up and celebrate!�
Jan 9, 2013
highedu Great information, really appreicate it! I just finalized my order and they gave me a Feb/March delivery window. When should I begin the financing process as I do not have a VIN. Is it worthwhile to get pre-approved even thought he rate cannot be locked or just wait for the Vin?
�
Jan 9, 2013
andrewket I've never purchased gap insurance before but am considering it on the Tesla. What was Penfed's offer/cost if I may ask?
A�
Jan 9, 2013
Sidney Make sure you don't apply too early. Once you applied online, PenFed will send you a blank check *even* if you didn't supply the VIN info. The catch is that the check in only valid for 90 days, which means that Tesla will need to cash it and then receive back by PenFed within 90 days of the application. I don't see a reason for applying early as the rate is not guaranteed until the date the check is cashed anyways.�
Jan 9, 2013
jomo25 The thing with GAP insurance is it will help in the situation where the amount paid by your insurance company is much less than the amount owed on the loan in a "totaled" situation ("upside down on your load at time of totaling"). But since PenFed is limiting the 1.49 rate to 60 months and $70k, I don't see how someone using that loan structure would need GAP. You'd never be upside down, would you?
Now the only situations i could see are:
1. you get the base model, and keep your total price under 70k, or
2. Tesla were to go belly up 2 years down the road, and thus the resale value plummets, then it's possible that you could owe more than the car's value. It I don't think that's likely nor do I think the car's value would still plummet that far.
Or is there something else?�
Jan 9, 2013
DJ Frustration Since gap insurance wasn't realistic due to the amount I'm financing I tuned it out mostly. I think it was something around $250 or $325 though.�
Jan 9, 2013
highedu The navy rate seems like the best given the 72 months duration, but unlike PenFed it seems like it is only open to those with military ties and I do not have one.�
Jan 14, 2013
Discoducky Just got a check cut. They didn't try to sell gap insurance. Phone call lasted about 2 minutes. I'd recommend that you are financing a new Tesla and you are coming from "the forum" since that was the key to my quick conversation.�
Jan 14, 2013
tdiggity I'm a little confused. Have people been able to get a check made that they can deposit into their account and then pay Tesla off with? Or does PenFed only make checks out to Tesla?�
Jan 14, 2013
Discoducky two party check that is signed over to tesla�
Jan 16, 2013
gg_got_a_tesla Discoducky or anyone else who went with PenFed, what exactly is the "Member Protection Plan" with a cost of $0.00 and a line for signature below on the promissory note? The blurb says that it's not necessary to get the "Plan" for obtaining the loan itself. What is it?
For sure, it's not the GAP insurance that has a separate addendum...�
Jan 18, 2013
tdiggity Got my loan approved today. Took about 2 weeks. They were backed up and it took forever for a loan officer to approve it. For my loan, I had to submit the pre-mvpa, and two paystubs. I did not have to get a new-mvpa showing the downpayment added to it. I can only guess that they are either getting looser in their requirements for this, or they saw that my car is a perf model, and so the full 70k would have to go towards the purchase of it.�
Jan 19, 2013
Alpha How far in advance should I apply? (how far is too far?) I have to finalize by 2/8 and looking at delivery probably in April/May, maybe June (hard to say...)�
Jan 19, 2013
Cattledog Alpha - No real need to start the process with them until you get your two week delivery window from Tesla, which should come a month before the start of the window. So, say Tesla gives you 4/1-4/15 delivery window around 3/1, you can start around 3/15. All plus or minus a week or two as Tesla has been a bit scattered on all these dates. Penfed stuff can get done pretty fast.�
Jan 19, 2013
Alpha Thanks! Good info to know...�
Jan 21, 2013
spatterso911 Just got my check cut today. Took about 4 days to get the paperwork finalized. They required a revised MVPA indicating the amount due from PenFed, which was easy to obtain. Many thanks to my DS for putting it together quickly. Having the check sent express delivery so that I'll have all of my ducks in a row come Sunday at 10 AM!!!
Ahhhh....only 5 more sleepless nights!�
Jan 23, 2013
GasDoc How did you get the 1.79% rate? I'm an NFCU member and was pre-approved for 1.99 for 72 months. Would love to lower the payment a little.�
Jan 30, 2013
Raven I was expecting PFCU to request a revised MVPA but they didn't. Gave them the VIN and Palo Alto address and they're sending my loan check express delivery. Maybe it's because I've been with them about 15 years and had other loans with them?�
Jan 31, 2013
bonehead FYI, Pen Fed's servers have been down for the last 36 hrs and they are about that far behind with their loan processing.�
Feb 1, 2013
jerry33 They must have went down just after I registered. I finished registering and saw the first website down post.�
Feb 2, 2013
carrerascott If you qualify for USAA try them. I got a [email�protected] for 60 months and it took about 2 days.�
Feb 2, 2013
Raven I've been with PenFed for a LONG time. My experience with this loan has been mixed. I didn't need to prove income nor MVPA for the full $70k. It was easy, so that was the good. However, watch out for these issues:
1. To get 1.49% you have to apply online. Calling gets you 2.49%. I knew that. Unfortunately, when I got to collateral information, I called in to see what I should do next since the Model S isn't in their system. Apparently, because I called, she changed my rate to 2.49%. I caught it, called back in and was told it was switched back to 1.49%. It was not. I called in again. Told it was switched, noted on account and the manager's name that approved it. Again, it was not nor was the account noted or approved by any manager. Called in AGAIN and got it corrected.
2. Loan check. Make SURE that they sent it express. They withdrew the $15 and then sent it regular ground. I needed it yesterday as promised. Called in to see what's going on. I was told they fixed it on their end and upgraded it to Saturday Early AM before it left the facility. It's Saturday afternoon now and it is nowhere near me. Called in and basically got into an argument with a woman explaining to me how UPS works and that they didn't screw up because they never send UPS regular ground. I wasn't pissed at the mistake, I was pissed that the guy lied to me and said it was Saturday delivery and that I'd get an updated tracking number.
In summary, too many of their CSR's are prone to lying. Check and double check.�
Feb 2, 2013
kashiraja Thanks for all the useful tips about PenFed everyone! (RE: servers down on 31st, they might have been bogged down due to people trying to complete their loans before the end of the month, maybe?) Fortunately the 1.49% rate is still current for February it seems.
I asked PenFed about when the rate is locked in, they said it's when the check has been issued. They also said that the time the loan starts accruing interest is when the check is cashed.
Another credit union that I found that offers great rates is Andrews Federal Credit Union. They are offering 1.59% also for 60 months. They require a membership in American Consumer Council (membership is free), if you do not already have ties with the military.�
Feb 2, 2013
sandstruck I received my PenFed check via UPS today for $70,000 at 1.49% (60 months) after having received "Conditional Approval" almost two weeks ago. I've had to make about fifteen phone calls to push things along. The folks at PenFed told me they've been hampered by computer issues and their loan officers have been swamped by a surge in demand for credit card refinancing (they're apparently offering unusually good deals right now).
Thanks to this forum, they are well aware of the Model S. One of the loan officers snapped at me when I asked if she'd ever heard of the revolutionary vehicle: "I know about the Tesla, sir. You don't have to tell me about it." (sometimes I get a little over-excited...).
I also want to thank the forum community for educating me about Carmax (sorry I'm off topic). I just sold my Porsche C4 to them at 15% above what two dealerships offered me and 10% above Autonation's offer. I never would have imagined Carmax would pay close to Kelly Blue Book prices for a sports car if I hadn't read it here first!�
Feb 2, 2013
Raven Absolutely not true. I've seen this on other PFCU loans as well. I have yet to receive my check(it's still in the mail) but I already made first payment and interest had accrued. I'm learning you never take a CSR's word as fact.�
Feb 2, 2013
pete8314 I got my PenFed check today as well, it was due yesterday. I sent over final paperwork to Penfed on Monday. Called them on Wednesday, was told it was in the system and would be reviewed that day. Called back Thursday, got told the same thing, but this time I was put on hold, 2 mins later, it's approved. I asked for an expedite, which they said they do, and I should check my account later for the tracking number. No tracking number on Friday morning, so I call in again, and am assured it was sent, system problems prevented them adding the tracking number. I know for sure this is a lie, since I get a notification from UPS whenever anything is booked for delivery to my address. Needless to say, no check on Friday, I get the UPS notification around 10am, and it arrived today around 11. Luckily Tesla will release the car for shipping based on a scan of the 2 checks (mine and Penfeds) and the tracking number sending it to Tesla.
Lessons:
- PenFed have really clunky systems (unlike USAA who spared absolutely no expense on theirs, and it shows). The website is decent, but the back-end systems are poor and need a lot of manual processing
- call them frequently. I never actually call a CSR unless its a last report, but with Penfed, it's a must
- Fax everything to them, it gets into their system faster than email
-the expedite fee is $15, transfer that into your account ahead of time to save a bit of hassle (assuming you're running with the minimum balance)
PenFed have always been perfectly nice on the phone, and their rates are great. But if you're in a hurry, as we all are, they can be very frustrating.�
Feb 3, 2013
Lightning Jeff Anyone know where the disbursement checks are sent from? They are supposed to express mine Monday, for Tuesday delivery. I'll need it for Wednesday pickup of my S - and am paranoid about weather or something else holding up the check.
Incidentally, the extended computer outages aside, I've been pleased with PenFed's process so far. I've talked to several different CSRs and they've all been very friendly and seemingly helpful. We'll see if they follow through with getting the check delivered on time.�
Feb 3, 2013
Raven Mine originated in Omaha, NE.�
Feb 3, 2013
pete8314 Likewise. It's sent next day air, so unless UPS screw up, it's a fairly safe bet once you have the tracking number.�
Feb 4, 2013
djy Depends on where you live - west coast gets sent from Eugene, OR; midwest from Omaha, NE; and east coast from Virginia.�
Feb 4, 2013
artsci Anticipating that my multi-coat red will be delivered in April or early May, I applied online with PenFed today. Called twice with questions as I was completing the form and could not be happier with the phone service. I already have approval, pending receipt of my last two-years tax returns (I don't get pay stubs) and a copy of the pre-delivery MVPA.
As one who hates voice-activted phone service, I have to say that PenFed has a much better system than most. I got to a real person in less than about two minutes both times I called. I'm also pleased that I was able to bypass a commercial bank, as I hate dealing with their thievery.�
Feb 5, 2013
Lightning Jeff Turns out my check to Seattle was issued from Omaha.�
Feb 13, 2013
Iz rcc - thanks for the original posting. It was smooth working with PenFed.�
Feb 13, 2013
MTGMAN PenFed no questions asked check was in the mail same day :biggrin:�
Feb 15, 2013
Cool-Model S I have had great experience with Penfed so far. I applied on-line, sent all info by email, replied with loan # by email, approved within 3 days. I called and they said once a VIN is assigned, they will send the check over to me. I have to sign and send it to TM. They know about MS, not a surprise for them to work with me on this. The process is very smooth. I also have home equity with them and went through that very smoothly. So far, I like them a lot.�
Feb 22, 2013
blc1017 My experience today with PenFed was exactly the same. I applied on line, stopped when I couldn't enter a VIN, called and they completed the rest of the application over the phone, and was pre-approved in under three hours. Faxed them (per the OP's advice) paycheck stubs. The smoothest loan process I have ever experienced with a bank (and I was a loan officer at a military CU early in my career).�
Feb 22, 2013
da_benj One thing to note: PenFed will ask that your collision deductible be $500 (they'll have a form with this info listed on it). If you call during the loan process, ask that the minimum deductible be raised (or eliminated). They'll likely say that they will have to clear it with a supervisor and evaluate your FICO score or some such, but its something to think about, particularly during the insurance quote process.�
Feb 22, 2013
tdiggity You can call and ask for a $1000 deductible. I tried going higher, but that's the highest you can get.�
Feb 22, 2013
scooterrr After reading lots of threads in TMC, I ended up going with PenFed. My experience so far has been mixed-but-good: I've found that I do need to follow up every request with a phone call, but that's worked every time. They conditionally approved me on 2/13, and asked for some information, which I sent that day; I called on 2/15 and it was stuck in email (someone else said fax instead - I agree!), but they forwarded it on. Nothing had been done with it before today (I wasn't in a hurry so didn't worry too much), but I called this morning and just asked if someone would look at it - nobody had, but after being on hold for ~15min (and then calling back with the VIN) it was approved and supposedly there's a check in the mail.�
Feb 23, 2013
Cool-Model S Got my VIN. Call Penfed, they entered all info over the phone. Took 5 mins. No other info needed. Check is in the mail already. Only thing I need is the car! Delivery week of Mar 18. They have processed so many Model S that they knew what to expect.
I like Penfed a lot.�
Feb 23, 2013
jerry33 They changed mine with no problem in under a minute.
The only snag I had with them was actually signing up for the site. I signed up just minutes before the big computer crash and not all of my information was stored. It took a few days to get a new PIN and then to get the membership number. However, the folks I talked to were very helpful. The big downside is that my car is sitting at the Service Centre rather than in my driveway.
I'm now waiting for the paperwork from Tesla so that I can get the plates and registration and actually get my car. I'm so excited I wouldn't be able to sleep except that I worked ~60 hours out of the last 72.�
Feb 27, 2013
andrewket ** HEADS UP 02/27/2013 **
I just spoke with PenFed. Their rate is going up either tomorrow (2/28) or Friday (3/1) to 1.79%. I was approved at 1.49%, but because I don't yet have a VIN the loan hasn't been funded, and that's when the rate is locked in for PenFed. So if you are in the process of getting a loan with PenFed, you have to get a VIN to them today so that a check or wire transfer is initiated today, maybe tomorrow at the latest.
On a $70k loan (max PenFed will do), over 60 months that's a difference of $547.80.�
Feb 27, 2013
ElSupreme Good to know. But before we hear a bunch of panicking. Even financing $70,000 over 5 years, your monthly payment changes about $9, your total amount paid increases about $550. So don't panic too much.�
Feb 27, 2013
andrewket $547.80, and $9.13/month. I agree, it's not a huge sum, but if I can save $547 by doing something today vs tomorrow I'll do it. That's an iPad, a CF spoiler, etc., etc.�
Feb 28, 2013
shady Does anyone know if the check that Penfed send out (overnighted in my case) needs a signature (the package not the check). I'm trying to work out if I need to be at home tomorrow!�
Feb 28, 2013
jerry33 Mine did not need a signature. It was just left at the door.�
Mar 1, 2013
fluxemag Just got the email... 1.74% now. I have to wait until June, so hopefully this doesn't continue higher.�
Mar 1, 2013
andrewket Yep, either the PenFed rep told me 1.79% incorrectly or I miss understood her.�
Mar 1, 2013
shady Anyone thinking of using PedFed should really consider going elsewhere. Every stage of the process has been a nightmare. I have my mortgage with them and at the time it was a very painful process setting it up, but I figured they couldn't screw up again! but yes, they have. Let alone the fact that they set up the loan for more than I requested (they said I phoned in and asked for the loan amount to be raised) - that was just a small error (what's 20K between friends!)
They told me yesterday that they sent my check out via UPS next day. I even phoned to check that a signature wasn't required, and they looked it up and told me no it wasn't, and again confirmed it was UPS. Well as you can guess, there is no check today, so I phoned, and it turns out they sent it out in the regular mail (not even yesterday - it went out today)
So I'm going to have to cancel my factory tour that was setup for Sunday!!!
Sorry for the rant - very pissed right now!�
Mar 1, 2013
Frankrb I just complete everything and received my check today. Every step worked without a hitch. The bad new is their rate just went up to 1.74%. USAA may now be a clearly better choice.�
Mar 1, 2013
andrewket Usaa is at 1.99. I think PenFed still has the best rate.
Sent from my iPad using Tapatalk HD�
Mar 1, 2013
Frankrb wow, they were at 1.48% not too long ago.....looks like rates are on the rise.�
Mar 1, 2013
carrerascott I got 1.48 for 60mos on $90k thru usaa.�
Mar 1, 2013
Puyallup Bill Yep. Last month asked them to match PenFed - they did.
Interesting that during February, PenFed loans were 1.49% and their 3 year certificates paid 1.85% - how does that work?
Now the loans are at 1.79% and 3 year certificates pay 1.60%.�
Mar 1, 2013
shady That's weird. I got the 1.49% rate, but no check!!�
Mar 2, 2013
andrewket If you did not cash the check by 2/28 you lost the 1.49 rate.�
Mar 2, 2013
setritt you don't have to have the check cashed by 2/28, you just need to have it issued by 2/28.�
Mar 2, 2013
andrewket Nope, cashed. I confirmed this with penfed on Thursday. Wiring the funds was the only way to lock in the rate on 2/28.�
Mar 2, 2013
markb1 I think it actually varies. They sent a "Truth in Lending Disclosure/Promissory Note" for me to sign and return, which specifies the rate. It was also pre-signed by penfed, so I don't see how the could change the rate on me, now. But we'll see, because I mailed the check to my bank, and it hasn't shown up in my account, yet.�
Mar 2, 2013
andrewket Deleted�
Mar 3, 2013
shady Who knows with PenFed. They tell you something different every time you speak to them. I did get confirmation that I got the 1.49% rate even though the check hasn't arrived yet and if I go online, that's the rate I see on my account together with the payment date etc.�
Mar 5, 2013
PlugMeIn I started my loan application in January at the 1.49% rate and just got my final MVPA from Tesla. Thought the rate was locked at time of application.�
Oct 4, 2013
Discoducky I'm not sure if I'm more happy or sad about this email from PenFed
�
Oct 4, 2013
texex91 What the heck is that picture? The prototype 1A?�
Oct 4, 2013
brianman It's an Alpha. Nine spoke wheels are the first tip off. The red version looks much better (especially as my desktop wallpaper). Of course, it should, the red paint job was $50k.�
Oct 4, 2013
yobigd20 Is that a Maserati? Is that a Jag? Or is that a Honda? (LOL, seriously, I actually got that one yesterday. a HONDA. that's a first.)�
Oct 7, 2013
GDH Car buying service doesn't work with Tesla because there is no dealership.�
Oct 9, 2013
fuelsman Got my Alliant Credit Union auto loan for 1.49% for 72 months, applied in August and got the loan check in time for my September 21 delivery. Last time I checked they were still advertising 1.49% interest.�
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