Pentagon Federal Credit Union Auto Loans

Never had an issue until recently...Applied for PFCU auto loan using TrueCar Auto Buying on 4/24/23 & approved. Went to dealership to start paperwork & while waiting there, completed auto loan process & started to sign paperwork online from my phone, but at the very end once realized check was going to be mailed hurried out of it hoping it canceled/didn’t complete process. Went into local PFCU branch on 4/25/23 thinking I could sign paperwork there instead & pick up check only to find out I already signed paperwork & had to wait for check to come via mail instead of canceling that check & picking up check, so couldn’t get car that day as planned & had to wait for check (3-5 days).

I would caution anyone who plans to use PenFed for Auto financing. I was diagnosed with Covid at 6 months pregnant and had to do an emergency C-section. Serious problems afterwards and I was hospitalized for an additional 2 months while my daughter was in NICU 3 months. Explained all of this to their customer service rep who called every other day and she said she would make note of it on the account. Before discharge I was 1 month behind on 2 car loans, 2 months behind on a credit card, & 1 month behind on mortgage. Was able to get goodwill for everything but Penfed even though I was never late with a payment. When I was discharged I paid 80% of my loan off and still was denied for goodwill. Will never use this company for any type of loans.

Loan for automotive paid through August 21, 2022. ACH transaction was disputed and corrected for future payments to be discontinued. Manual payments accepted for future. I was advised money would be returned after 5 days. It wasn't. Money was withdrawn on a legal holiday and not refunded on legal 5 business day. I called and they stated not till 6th day. They lied. My money is in chaos and on a fixed income. It is an OD nightmare. Pen Fed does have a principal payment option which you have to have their savings to complete the transfer to principal only. And you have to call to complete. In the future I will do this and hope I can resolve with my banking (PNC). BUYER BEWARE, USE AT YOUR OWN RISK.

I refinanced my car for a great interest rate. Was awesome at first until they needed a form to list them as lienholder on the title! I received a request in December 2021 which we sent in within a few days in the enclosed envelope. 3 weeks later I get a letter saying they did not receive paperwork. I called PenFed and the rep I spoke to assured me all was ok because information had been received! I got another letter requesting forms late January 2022. I fired off a letter to Pen fed explaining I had sent back forms and a rep said they received them! That was about a week ago. Now I receive a letter since they have NOT received the forms they are jacking interest rate 10 points to 14%!!!

They will lured to the application process only to find it is misleading advertisement. Stay away from this company. Customer service OK, not the greatest experience. Do not let them pull your credit.

I took out an auto loan with them, paid the loan off in a few months and they refused to refund $450 for GAP insurance. The insurance was not used or needed and they are stealing money from me. I have work in the automotive business for 30 years and never had a company refuse to refund a product that was not used.

Pretty much the worst financial institution I have dealt with. I am just waiting for the insurance charge on my loan to be removed so that I can close my account and move my car note somewhere else. Quite a number of confused individuals from the loan dept to the insurance department. I refinanced my truck that had been parked for over a year. The insurance had expired. They added $5757 to my loan for insurance. I told them to take it off and that I would add the truck to my insurance. They asked for proof of that and told me it was going to take 48 to 72 hours to get the charge off my insurance. After over 72 hours, and after verifying that I had insurance, they said it was going to take 10 business days to get the charge off. I had a buyer for the truck but now I have lost several potential buyers because of this. Too many inconsistent interpretations of their policies. Terribly disappointed.

I was approved for a car loan at a good rate easily over the phone, then after 2 days and +10hrs on the phone and paying $25 for FedEx overnight shipping of the check I was told I would still not receive the check until 5 days after I had actually been approved for the loan. If you don’t enjoy the pain of waiting on hold for hours and repeating what you need every time and especially if you need to secure financing in a transparent and timely fashion in a very competitive car or house market I would recommend taking your business elsewhere.

Pen Fed was recommended for auto refinancing due to their great rates. Was required to open an account with them first before applying for the auto refinance. I went online and tried opening a savings account and after submitting my info with social security number, it then had me submit a photo ID, proof of Social security number and address verification. Then it said someone would contact me after the info was reviewed. Also received an email that said someone will review the info and reach out to me within 3-5 business days. I called penfed a few days after to get the status of the application and the first rep could not locate any of my info. Finally after searching, said it was with the fraud dept. and they would contact me.

I refinanced my car loan with Penfed in July 2019. I started making payments immediately and everything seemed fine. In January of 2020, I receive a letter from penfed that my interest rate has been increased to a higher value as they have not received the Title work. The title work fixing took a month (Dealer issue) and after 3 months my rate was moved back to the original rate. I was assured that the extra interest that I paid during that time would be applied to the principal balance. Fast-forward to Aug '21, I did a calculation of the interest paid and it turns out I have already paid $500 more interest compared to what I should have paid over the life of the loan. After calling the customer service, I get a response that they are doing the research and it is just not going anywhere. I have a feeling of money being stolen right out of my pocket. I'm so frustrated working with penfed. I hope no one has to go through this pain.