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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.
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.
After giving them all the financial information they got me tentatively approved for a loan at 2.74%. After 3 more 10 minute phone calls waiting for a representative they finally received the purchase order from the dealer and approved the loan. I then became a member of PenFed with a small deposit which included a $15 dollar fee to expedite the loan check. I received the check the next day by FedEx mail at 12pm. I am definitely satisfied with the way it all turned out.
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 called PenFed and they told me that they sent a check for $25,000 to my address (why would they do that?). Apparently sending auto loan checks (via USPS) is the protocol at PenFed. After they figured out that their phantom check was never cashed they agreed to fix it. Now PenFed has to undo everything but it will take time. The PenFed loan is on my credit report and I am in the middle of buying a house. The additional liability makes it so I don't qualify for a mortgage. I hate PenFed.
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.
After three months of trying to tell them that then they came to their senses and submitted that document and after they raised my interest on the car to 14% and still the issue has not been resolved because PEN Fed did include the fee which I already paid. Stay away from PEN FED, do not do business with them ever, they are inefficient, do not know what needs to be done, stay away as far as possible. They are no good.
This is such a scam credit union loan dept. Advertise the lowest rates in the country almost but you will NEVER see that rate at the end of the line. Wait 30 days with very little communication from the loan officer to find out that the "underwriters" will offer you this higher rate due to BLAH BLAH BLAH. Advertised 3.74% is just a phantom to get you in the door. Not to mention the lost paperwork faxed to the first loan officer, the total lack of any communication and being switched to a "senior loan officer" that didn't do much more than the first. I wish you could choose no stars. I've been a member of PFCU for almost 30 years with upwards of 5 car loans and one home mortgage. All, up to this point, were great...but things have really changed here. NEVER AGAIN will I look to them for any loan...and will be at a new bank/credit union within 30 days.
My wife applied for a car loan. She was told "congratulations, you have been approved for the loan" at a certain rate. They told us that we can call them when we decide what car we were going to purchase and we did in 3 different occasions. Nothing was mentioned about anything other than when we decided to purchase to let them know and they will cut the check. After 4 different cars and 4 different people we decided on a car.
We called to give all the information they needed and I was told that we were not approved for the new amount even though it was 4,000 less that the approval we have gotten earlier. The person that first gave us the quote forgot to tell us that the first loan was not approved, that it was on pending status because of vehicle age and miles and that the second vehicle that was the same make model year and everything else was the same but cheaper. The kicker is since we knew we were told that we were approved the first time for a bigger amount we put 500.00 non-refundable downpayment that we can't get back on the second vehicle because of Misinformation from pentagon. The only thing they say is that they are sorry for the other people mistakes.
This has been the most underhanded, misleading, fraudulent experience that I have ever had. Telling someone that they are approved for a loan (they forgot to tell us that it was "conditionally approved") and not tell them the conditions of the loan in my book is consider fraud. Stay away from this so called military financial friendly institution. My wife and I are veterans and we deserve to be treated better by a place we thought we can trust. Be aware that when they tell you that you are approved. You might not be.
I want to offer a word of caution to anyone contemplating taking out a loan with Pen Federal - DON'T. I have found this company highly unethical in their business practices with a total lack of care for their customers or their credit ratings. Three years ago in June, I took out an auto loan and had it set up on an automatic draft. Everything was fine until I received a past due notice on July 4. Not quite sure how I can be past due when it is on auto draft. In the paperwork it was noted the final payment would be less. What they didn't say was the last payment had to be made in a fashion other than auto draft. It seems that their systems aren't set up to handle final payments that are less than the recurring amount. I think I would be looking into replacing everyone in the IT department.
I dare say most folks have the same situation and get caught on the final payment if they are on auto draft. I did get them to remove the past due amount and interest, although they told me they were doing me a favor in doing so. I have also asked for a letter confirming they had written the credit agencies telling them I was not late in payment. They have assured me they will but I know they wont. What they fail to realize is I am not one to roll over and play dead. I will be their worst nightmare.
Pentagon Federal Credit Union Auto Loans Company Information
- Company Name:
- Pentagon Federal Credit Union Auto Loans
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