Pentagon Federal Credit Union Auto Loans Reviews

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.

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.

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.

Last week my car's engine started acting up... took it in and I need a new engine. So I decided to trade in my vehicle and buy a new used car. That night I applied for a loan of $19,500. Was approved a few days later. Meanwhile I'm looking for a vehicle and driving a rental. I realize I may need more than what I asked for, so I called them up and asked if I needed to reapply... "As long as it's not, like, twice as much you'll be fine. All you have to do is call us and we'll send out the check." So after I turn in my rental, and limp my car into Carmax, I start the process of buying the car I was targeting. $25k. Call up PenFed... "We're going to have to reapprove the loan." "Really??? that's not what the last lady said." "Well, its just too much. And there's not a loan officer here to do it, so you'll have to wait 'til tomorrow (Sunday. )" "Well, this is REALLY important. They can give me a temp loan, but I NEED this done asap. I only have 3 business days." "No problem. I'll make sure this is high priority. As soon as someone can process the loan, we'll have it out the door."

We were drawn to this credit union because they had good rates on automobile loans. After having a couple questions, I called them. They are not happy to hear from anybody. They want all the stuff done online with little to no help from them. So our first call about our automobile loan left us upset with the person's attitude. But we thought we tried again with a home loan.

I applied for an Auto refinancing and the process was smooth at the start. They told me that they would send over the check for the finance amount. I waited for one month and didn't receive one. I called them and they cancelled the original one and sent the second one. Same story, I didn't receive it even after a month. This time, they sent the check through UPS and so after about two and a half months after approval, I sent the check to the lien holder. But that was not the end of the story. The car lien holder called me telling that the check was not a valid one. When I talked to PenFed again, they told me that they would send over a new check again. They did and I sent it over to the original lien holder. This was good this time.

With all the negative PenFed reviews, I felt obliged to post here because I almost did NOT apply or go with PenFed for my auto refinance due to what I read here. I have to say the PenFed auto loan was the easiest, most trouble-free loan I have ever done with an unbeatable rate. I applied for two other companies and ended up going with PenFed for the best rate and service. Here's what happened and some history:

I placed an application on 02/12/13 for a vehicle loan refinance and had to get my spouse to sign a notarized form to be a co-maker. I was told when I first submitted the application that no credit would be run until they received the notarized document back. After running around to get it signed, I waited 48 hours for them to tell me I was declined. I found out that they submitted the application only in my name and then took it upon themselves to resubmit a joint application, which was the original request today on 02/14/13, which is pending again now for 48 hours, which is worse is that I am a loan officer for another credit union and could not understand their reasons for denial.

I am extremely disappointed with the customer service I have received regarding my application for re-financing my automobile. It has been 3 days, and apparently my fax was "unreadable," yet no one had the courtesy to call or email me with this information. I had to call to get a status update, and I was rudely told I should call and follow up. I am sorry, I was under the impression maybe you wanted my business and would treat me accordingly. I recently joined PenFed, but maybe I should reconsider.