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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.
Six weeks later, I got the same Email again. I tried not to laugh too hard when I called them back a third time and told them what was happening, and this time the woman I dealt with said she knew what was happening. They have multiple independent computer systems that have no way of communicating with each other, and every time I updated my address information by phone and the Website, it only updated my general contact information with the company, not with the auto loan department. So she transferred me to the auto loan department and I updated my address information for a fourth time with them, and then got my title about a month later. Hard to believe, but their systems and procedures are apparently that old fashioned.
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.
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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.
So I then went to the dealer and made the purchase. That contract was done. PenFed said just come and pick you the check and give the check to the dealer and start making the payments. I then went to the branch to get the check. It is here they decided to raise the interest rate if I wanted the check to pay for the car I bought. They said they cannot give me the money at the contract rate of 2.24 but now I had to except a rate of 3.25. I said, "Hold on, what happened to the 2.24 you represented? I bought the car and the dealer wants their money." They said, "It seems one of our employees didn't check and the dealer we called and where you bought the car was not part of the car buying program." I said, "You called them for the VIN number, you of all people would know who you called." They said I am responsible to know if the dealer is part of the program.
I said the loan check is written to this dealer. So PenFed made clear they would not honor the contract or the agreed interest rate. I said, "You understand the position I am in. I have a duty and obligation to pay the dealer and I cannot now unless I agree now to a higher rate we never agreed on." I said, "You realize you just locked this in at 2.24, I acted on that contract we had, and you now with old the check stating you are switching the rate to 3.25. Lexie speaking on behalf of PenFed says, "Yes, You can either pay the higher rate or have the CEO resolve this."
I asked what of our contract we had prior to the purchase and she said that can no longer apply. So I have to say this is a very creative way of locking positioning someone into one price, let them buy the car, then switch to a higher rate. People really need to steer clear of PenFed car buying service. They will try and say the buy car buying service is another company but people will still answer the phone and answer at all times as PenFed car buying service. My car dealer is very nervous now about getting paid.
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.
So I go to the dealer, make a $1,000 down payment to buy the car and tell them I'm financing with PenFed and will be giving them the check the next day. When I go back to PenFed, the loan officer starts to ask for all my financial information which I found redundant because I had provided all of it online when I applied. He then fabricated some story saying that he had to meet with a loan committee and made me wait 15 minutes. He then came back saying that upon further review the “committee” decided the loan was too risky and provided a counteroffer of $25,000 at 5.8% interest rate.
Of course I was visibly upset and felt betrayed. This loan officer waited until I made a buying commitment with the dealer to then screw me over. I would expect this type of practice from a regular bank, but not from a credit union that supposedly prides itself on being pro members. Be wary of present-day PenFed, their low initial offers and promises of approval are now just a trap. They will use every trick of the trade to screw you over. Things are not as they used to be any more at PenFed. Shame.
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.
Let me list the reasons why. Rate increased before any funds were available to me. May not be your fault but the following reasons added to this. Took over 45 days to close a loan with no hang ups on my side. Uploaded everything needed. Just kept having to deal with different people. Charged me twice for Appraisal fee and could not refund it for days. Was going to send me a check for the entire amount of the HELOC… Not what we discussed. Manager called to verify my Wire transfer and left it on their desk so instead of funding that day it collected dust while they went home. Called to find out what happened. Could not get it resolved. I asked for an email to verify Wire transfer to get my project going and I receive it today… It was suppose to come on the 18th of April. It is now the 25th. Might as well have waited for regular mail. This will probably fall on deaf ears because I am a drop in the bucket but I will be leaving this review everywhere I can.
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.
I call, and they said it's because there's still both auto-transfers set up, and that there was YET ANOTHER set to withdraw on the 15th, and as of the 7th, it was too late to cancel it. They finally agreed to try to reverse two of the payments and put them in my PenFed savings account so I can transfer it out to my bank account. However, they only allow for $50/day to be transferred out. It's so absurd and ridiculous, and the fact that you have to wait 20 minutes just to speak to a representative makes me want to already move my account elsewhere.
Pentagon Federal Credit Union Auto Loans expert review by Lauren Fix
Founded in 1935, Pentagon Federal Credit Union (PenFed) is an American financial institution that operates in all fifty states and some international military bases. Along with other financial services, PenFed members can apply for new and used auto loans, auto refinancing, auto buying service, and Payment Saver loans for new and used vehicles.
New auto loans: PenFed offers up to 110 percent financing and terms from 36 to 84 months ranging from 1.49 to 3.49 percent APR.
Used auto loans: You can get up to 110 percent financing with terms from 36 and 72 months and APR ranging from 1.99 to 3.91 percent.
Auto refinancing: You can refinance a new or used auto loan with terms up to 72 months and loan amounts up to $100,000.
Payment saver loans: Payment Saver loans allow you to pay lower monthly payments on your new or used vehicle, and then make a final balloon payment at the end of the loan term. You can choose from a 24 to 60 month term with rates from 1.74 to 3.24 percent.
PenFed buying service: As a member you can receive discounts on select vehicles financed through PenFed. You must be a member for at least 60 days prior to applying.
Best for: PenFed Credit Union members who are buying or selling a vehicle.
Pentagon Federal Credit Union Auto Loans Company Information
- Company Name:
- Pentagon Federal Credit Union Auto Loans