Originally Posted by HEMInator
I've used PENFED for four vehicles and NEVER had a problem. Approved instantly, got the check the next day and the rates are always extremely competitive. I've never used USAA (my normal bank for banking etc.) because PENFED always beats their rates. You'll be happy you used them.
Did you have to change the "standard" loan terms on any of those loans?
Just relaying my experience...I'm sure the process is straightforward if you don't have to get people involved too much. In our case, the application online was quick and the approval was immediate which was great. It then took several days to get the loan paperwork, and when I saw the $500 deductible requirement we requested a change to allow us to have a $1000 deductible. We were first told no so we requested cancellation of the loan. We were then told we could request an increase in the deductible. It then
took several days to them to figure out what they needed us to send them for a deductible change request, and then
several days to send us the needed paperwork authorizing the increased deductible. All the time our effective date on the PFCU loan did not change so we were effectively paying interest on two loans, the original one and the new one.
The rates are definitely great...on the refinance, we were looking at saving about a payment in interest. It just was not worth the aggravation after a while.
To make matters worse, I have to take additional steps to cancel the loan because PenFed is saying that they did not receive the paperwork. Guess I should have sent it back by certified mail return receipt...ugh.
In all honesty I was surprised to have service issues with PenFed but there you have it.