Pentagon Federal Credit Union Auto Loans Reviews

Tell you they will increase rate if they don't have title in 150 days....So I send them the title before then, but then they wait to send me an additional form they need until after the 150 days and proceed to jack up the rate due to not providing me the form in a timely manner. Last time I do a loan with this company.

Tried to get a car loan from Penfed online. The process is very frustrating - adjusting documents to send but all were rejected. They requested pdf, jpeg, then rejected all of those! Getting a human? Impossible! Do not do business with this company!

Recently helped my niece buy a car. Wanted her to establish her own credit so had her do the application to PenFed. I did one also to see how the process went. The application asked for social security numbers so assumed they were running a full credit check. She has excellent credit 770+ but is recent college graduate so fairly new in job market. Makes 60K+ but only for the last 8-12 months. Before that was on full scholarship.

The incompetence and harassment trying to do business with Penfed is truly astounding to me. I can't believe the irrelevant hoops one must jump through to get set up and much of their website just didn't work. Their chat is all but worthless and then if you get a live person somewhat moreso. Do NOT trust their pre approval for auto loans.

This credit union was ok until it wasn't. I obtained a Hyundai Tucson in 2018 and did a refinance through Autopay in 2020 who connected me with PFCU. All was good until the vehicle had some mechanical issues and neither did the Autopay gap insurance or warranty with PFCU cover anything. This happened twice and I had to take out two repair loans to fix the issues; of which I am still paying off. As of February 2023 the vehicle malfunctioned again, and definitely could not afford another repair loan. Thus I contacted PFCU to ask for a voluntary Repo and they stated to try and sell it myself first because that's their company policy. I took 2 weeks and tried to get a buyer and no one was interested. During that time, I asked for a deferment of payment and PFCU granted that request for one month.

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.

One of the supervisors (Name: Candace) was able to resolve my issue finally. I do see the additional interest now being applied to my principal balance.

My HELOC application was turned down on my Primary Residence although, it was only to increase my current PENFED HELOC an additional $30k to make home improvements. I was turned down because I had a COVID Forbearance on another investment property because my tenant was evicted. The Forbearance was turned into a modification/refinance and had nothing to do with my Primary Residence or my current HELOC. My Primary, both HELOCs all paid on time, I have a 830+ credit score, $0 unsecured credit and high income and PENFED turned me down because they state they have a blanket policy. Any Forbearance regardless will disqualify you for 12 months. That's very discriminatory!!

Retired military officer and disabled veteran disappointed to say the least. I had a horrible experience. I've had multiple auto loans with this company over many years and never experienced anything so absurd. I obtained an auto loan in Dec 2021 for a truck to use commercially. Initially, I purchased the truck and maintained it for personal use and USAA Insurance explained the vehicle would be covered for 30 days of my existing policy to full coverage as on my other insurance vehicle. At the end of the 30 days I was ready to insure and register for commercial use. I then obtained a commercial insurance policy. I received a letter from Penfed later in Jan 2021 telling me they needed the insurance to reflect Penfed as the lienholder. I had the insurance agent modify to reflect and sent to Penfed. They billed me $6400 and added it to my loan without prior notification in a very aggressive manner clearly to give business to a third party.

I am AAA member for many years. Got AAA email saying 2.14% APR auto loan with PenFed. I was ready to buy car within a week and PenFed rate was very attractive. Good ends here!!! I was very clear upfront that I am looking to pre qualify so I can shop for my dream car with peace. I told rep I did not have VIN # and looking only to prequalify. I was told that should be fine but they must do ‘hard credit inquiry’!! I have top tier credit score and guard it with life- don’t let anyone run hard query on my credit unless I am ready to business. Soft query provides all the info lender needs for prequalification! I was told it is a must. I trust AAA so reluctantly agreed to hard pull.

The whole process took me about 10 minutes. Filled out the application online in about 5 minutes, was instantly approved with a great rate. I was mailed a couple forms that needed signing, which I did and sent back. I found the car I wanted, gave them the VIN and price, they cut a check to the dealer. That was it! I never had to talk with anyone, no headaches, easy peasy. I also have my savings and checkings accounts with PenFed, and actually get interest back that is reasonably significant.

I have an excellent credit score. I am looking for an auto loan refinance within 2.4% APR. But upon inquiry, they gave me only 2.99% APR in contrast to what they mentioned that APR starts at 2.14. This is a huge difference and the CU did not provide a proper reason. If a person with an excellent credit score did not get 2.14 then who will get that APR? If there are certainly other reasons behind providing 2.14 APR why it did not mention that upfront while applying. This would have saved a credit check hard inquiry.

A joke of customer service, it's tough to even talk to a live person. Their loan process is unbelievably bad, they tell me they can't access my credit but that I don't have any credit score. I have 3 mortgage loans right now and have paid off probably 7-8 car loans throughout my life.

PENFED is first choice for auto and home/line of credit loans. Have gotten my last three car loans through PENFED. All three limes, I got auto loan over the phone in just under 10 minutes. Customer service rep very friendly and familiar with loan process and loan information was sent to the dealership same day.

PenFed had a very good interest rate for my auto loan. I am at 3.9% interest for my loan. Compared to banks and other institutions, PenFed beat all others substantially. Avoid Santander because the interest rate they quoted me was above 14%.

I've been a member of PFCU since 1983 and have never been disappointed with the great services they provide. I've never had any issues with my checking and savings account. PFCU representatives are alway eager to provide the best possible customer service possible. Recently purchased a new car and PFCU processed and completed my car loan in one day. PFCU has a great bill paying options where you can set up monthly and single payments.

I had an auto loan with them and moved during the term of the loan. I updated my address information with them, and since the loan was on autopay, thought everything was fine. Unfortunately that was not the case. When I paid off the loan, they sent the title to my old address, and it was returned to them. They then Emailed me stating this fact and asking for my correct address. I called them and told them I had changed my address a long time ago, and asked what address they had, and they confirmed to me my current correct address. They said they would send the title out again, and I forgot about it until about 6 weeks later when I got another Email from them saying it was returned as undeliverable. I called again and had exactly the same conversation a second time, they went ahead and deleted my address information and reentered it and sent the title out again. Yep.

I started an application online for a car loan and without my consent, the bank pulled my credit report. The bank should request for authorization before pulling the credit which significantly affects my credit. I didn't expect this from such a big bank. I contacted them over email and they were very rude in the response.

Be very careful of what PenFed calls their car buying service. I found my car and needed an auto loan. Their website says that you will get 2.24 interest rate if you use the service. I called the number on the PenFed site and spoke with a real person. Then they had me call PenFed to input my information over the phone. They filled out the application for me. They called the dealer where the car was at to get the vehicle identification number. When completed it went to a loan officer who approved the loan at the rate of 2.24. They said we now have a loan for 4 years, gave me the loan number and the rate pay every month. It was clear the rate is 2.24 and written into the loan. The loan was approved at that rate.

I've been a PenFed member for almost over a decade. I financed a previous car loan with them at the start and it went smoothly. Fast forward ten years and I decided to apply for a new car loan online for $30,000. I was instantly approved at 2.9% interest rate, the only condition was that I had to provide evidence of employment. So the next day I go to the local PenFed branch with my pay stub and the loan officer says everything looks good but we need the cars VIN to make things final. Still I ask him if everything's ok credit wise before I go to the dealer, to which he said that it shouldn't be an issue.

Have car loan and was happy with terms until one day I log into the website and noticed my interest rate has jumped from 2.99% to 14%. So I call and ask why and it is because the DMV didn't get paid and updated with insurance soon enough. Bad enough the DMV charges me large fees for late but at least they warned me. Pentagon Federal did not send me any notice. I always had car insurance but because I did not send into DMV they use as an excuse to gouge me. Then they refuse to do anything until they hear from the DMV and they refuse to reimburse me the extra interest rate that was unjustified. Luckily I don't really need their loan and have started to make triple payments just so I cannot be their customer anymore.

I am a new customer. I have had a PenFed account because I attempted a purchase of a vehicle a year so ago but the dealership could not meet my needs so I opted for a lease instead. I went to bankrate.com to find a HELOC rate and PenFed was the lowest (the rate increased before I had a chance to get any funds to myself). You guys are terrible and I would never recommend anyone do business with you guys. I will stick around for the 2 years to finish my obligation on this HELOC but as soon as I can refinance or close I am done with you.

They are pretty awful. I refinanced my car loan through them since they had low rates. I set up an automatic transfer right away, because it didn't look like one had been set up. Apparently they have a "behind the scenes" automatic transfer, unbeknownst to me. So the first month, they withdrew my payment twice. I called, and they said it wouldn't happen again and that it was related to setting up my account. They also said because it was double-paid, I wouldn't get charged in November. Well, in November, they withdraw from my bank account again.

As a customer of more than 20 years, I watched this formerly great credit union slowly sink into customer service oblivion. And sadly, I'm not sure the folks have bothered tuning on the pumps to stem the leaks! The trouble seemed to begin a few years back when they outsourced most of PenFed's customer service functions. Now it's even worse than your typically wretched cable service provider (and they are awful!). This morning I called to correct a mistake made after I talking with them nearly 20 minutes two week ago. THE LINE WAS BUSY!! After 7 tries, a computer answering function, stating, "Your expected wait time will be 15 minutes". Imagine, I have invested more than $200K with these yayhoos, but am asked to wait 15 minutes to engage in yet another frustrating experience. THAT'S WHY I JUST JOINED NAVY FEDERAL CREDIT UNION!! I can't wait to totally shed myself from PenFed's incompetence.

I found PenFed listed as an auto loan lender for high mileage vehicles on Google Search. I filled out the application on my cell phone for a loan and received an email with an authorization # for the loan. A little while later I received another email asking for additional income verification and a phone number to call. I called PenFed later that day and although I had to wait on the phone for 15 minutes I reached a customer service representative.

I applied for an auto loan through PenFed. They approved me but that is where the communication ended. I applied for an auto loan through a couple of other banks and ended up going with one of them. PenFed is not where I do my primary banking so I don't log in frequently. Two months after applying I log in to check my account balances and I notice an auto loan for $25,000. PenFed had already taken $400+ out of my savings account to start repaying money I never borrowed from them.

I had a car loan from US Bank and thought I could save few dollars on my monthly payments by transferring the loan to Pen Fed and I wish I did not do that. Pen Fed is the worst place you can do business with, they are inefficient, arrogant and lack any knowledge of what needs to be done to close your business. I am still trying to transfer my lien and title on my car and have the stupid Pen fed name on the document. I went to the MVA in order to have the transfer but there was one lacking document to be submitted by the Pen fed in order to complete the transaction.