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F30 / F31 / F32 / F33 (2012 - current)
The sixth generation 3 series, chassis code F30. 2013 model year 328i and 335i sedans now in production. Read the F30 frequently asked question thread for all your basic question and dive into all the details in the ultimate F30 information thread.

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  #1  
Old 09-24-2012, 11:40 AM
Cbinc Cbinc is offline
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PenFed Loan Approval Status

I just applied for a PenFed loan and at the end it said my loan request had been sent to a loan officer and is now pending. Is this normal or are loans usually approved on the spot?
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  #2  
Old 09-24-2012, 11:52 AM
terranuser terranuser is offline
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I have two auto loans from PenFed and both were approved within a minute. Call their service number. They are very helpful.
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  #3  
Old 09-24-2012, 11:56 AM
bmwf30 bmwf30 is offline
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^ I agree. I applied and was approved immediately. I had a conditional approval pending my collateral verification (pay stubs) and the dealership bill of sales which reflected the amount to be financed as the amount owed. I waited till I got my paper work squared away to sent those in and then called them and the check was cut out the same day. It arrived two days later and I was able to square off everything at the dealership the day after. Very helpful staff and response. Good luck!!
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  #4  
Old 09-24-2012, 12:02 PM
sm0kescreen sm0kescreen is offline
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So does PenFed require an actual vehicle with a pending bill of sale in order to apply for a loan, or will they do conditional/pre-approval for a certain amount if you're unsure of the specific car? My lease is up in April and I'm just now starting to look. Obviously, I'm not applying for a loan yet, but when the time comes I wasn't sure how it worked. I kind of wanted to get an idea of what they would approve to help me narrow down my list, especially if I've have to order something (I don't want to order only to find out 3 months later I wasn't approved for enough).
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  #5  
Old 09-24-2012, 12:13 PM
Cbinc Cbinc is offline
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Quote:
Originally Posted by terranuser View Post
I have two auto loans from PenFed and both were approved within a minute. Call their service number. They are very helpful.
So I took your advice and called. I told them I was under the impression that I would receive an approval or denial immediate and inquired if anything were wrong. I was informed that rarely does anyone receive a response (positive or negative) that quickly. She said in those cases either you have great credit and make a huge amount of money (approved) or have really bad credit and make very little money (denied).

The rep took the time to help me with my member number (which I did not have) and helped me set up my PIN.

When I logged into my account to check my application status it says "PREPARING TO DISBURSE". Does this mean what I think it means?
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  #6  
Old 09-24-2012, 12:34 PM
Lance Alot Lance Alot is offline
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I have done two loans with Penfed, and i think it is normal. My loan in '07 was approved immediately. My approval in June of this year took four days -- despite having an 820 FICO score and putting a good amount down. I would just hang tight for a while longer...more review these days.
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  #7  
Old 09-24-2012, 12:52 PM
bmwf30 bmwf30 is offline
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Quote:
Originally Posted by sm0kescreen View Post
So does PenFed require an actual vehicle with a pending bill of sale in order to apply for a loan, or will they do conditional/pre-approval for a certain amount if you're unsure of the specific car? My lease is up in April and I'm just now starting to look. Obviously, I'm not applying for a loan yet, but when the time comes I wasn't sure how it worked. I kind of wanted to get an idea of what they would approve to help me narrow down my list, especially if I've have to order something (I don't want to order only to find out 3 months later I wasn't approved for enough).
You can be pre-approved without actually having a car on order. However the offer is only good for 30 days. Also running your credit repeatedly damages your credit score. So it is best to apply for it within 30 days of actual delivery.
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  #8  
Old 09-24-2012, 01:36 PM
Cbinc Cbinc is offline
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Ok, so it turns out I was approved by PenFed but I needed to log in to see it since it didn't display it when I initially applied.
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  #9  
Old 09-24-2012, 01:43 PM
Lance Alot Lance Alot is offline
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Quote:
Originally Posted by bmwf30 View Post
You can be pre-approved without actually having a car on order. However the offer is only good for 30 days. Also running your credit repeatedly damages your credit score. So it is best to apply for it within 30 days of actual delivery.
Actually, I think the approval is good for 60 days based on my application from two months ago....but your point about considering delivery timing is a good one.
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  #10  
Old 09-24-2012, 03:55 PM
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328i2013 328i2013 is offline
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With the 3rd round of quantitative easing that the Fed announces recently, I won't be surprised if banks like Penfed go as low as 0.99%.

When I told my CA about the Penfed rate, he said they bank with Chase and could probably get me the same rate, and they did! On my own, Chase was quoting me 3%.
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  #11  
Old 09-24-2012, 05:36 PM
Tomjh Tomjh is offline
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I was approved over the phone. The loan was good for 90 days I did not have to specify a car but I did give an approximate down payment. When the time came to pull the trigger I picked my car and I had a bit of a problem with the PO that they requested for some reason they would not accept the form my dealer was sending It in I had to be proactive in calling them and I would get different people each time . They finally acted like they were doing me a favor by putting though the loan with the paper work they had. I lost a day with this.
Also you should know they mail you a check in the mail unless you request a fedex next day. You have to pay separately for this. In the end it was done and was very good. I could not believe my good fortune at a rate of 1.99. At least until I saw a rate of 1.49 a couple of weeks later it's worth it to put up with a bit of there quirkiness in the end they are great
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  #12  
Old 09-25-2012, 07:19 AM
sm0kescreen sm0kescreen is offline
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Quote:
Originally Posted by 328i2013 View Post
With the 3rd round of quantitative easing that the Fed announces recently, I won't be surprised if banks like Penfed go as low as 0.99%.

When I told my CA about the Penfed rate, he said they bank with Chase and could probably get me the same rate, and they did! On my own, Chase was quoting me 3%.
Since I won't be in a position to buy until next spring, with my luck rates will be up to like 10% by then
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  #13  
Old 09-25-2012, 08:22 AM
terranuser terranuser is offline
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Quote:
Originally Posted by sm0kescreen View Post
So does PenFed require an actual vehicle with a pending bill of sale in order to apply for a loan, or will they do conditional/pre-approval for a certain amount if you're unsure of the specific car? My lease is up in April and I'm just now starting to look. Obviously, I'm not applying for a loan yet, but when the time comes I wasn't sure how it worked. I kind of wanted to get an idea of what they would approve to help me narrow down my list, especially if I've have to order something (I don't want to order only to find out 3 months later I wasn't approved for enough).
My first loan: I didn't know what I wanted to buy, but I got pre-approved online for a specified amount. I had to fax in a pending bill of sale to complete the process and receive the check. Faxed in the bill of sale on Saturday and received the check on Thursday.

Second loan: I knew what car I was buying and with VIN entered during the process, the check was sent out on the same day. I called to ask why I'm getting a check without sending in the bill of sale and was told that if you are buying a car from a PenFed approved/certified dealership, then they don't need to see the bill of sale. Got approved on Saturday, got the check on Wednesday.
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Last edited by terranuser; 09-25-2012 at 08:22 AM. Reason: spell check
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  #14  
Old 09-25-2012, 09:54 AM
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328i2013 328i2013 is offline
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Quote:
Originally Posted by sm0kescreen View Post
Since I won't be in a position to buy until next spring, with my luck rates will be up to like 10% by then
I doubt interest rates will increase by next spring.
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  #15  
Old 11-18-2012, 06:33 PM
trinipirate trinipirate is offline
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does everyone who gets approved by them, get approved at their current advertised rate on their site? or can it go up some more based on your credit score etc?
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  #16  
Old 11-18-2012, 10:09 PM
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tturedraider tturedraider is offline
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Quote:
Originally Posted by trinipirate View Post
does everyone who gets approved by them, get approved at their current advertised rate on their site? or can it go up some more based on your credit score etc?
I've always gotten the advertised rate, over 15 years as a customer, and I've never seen anyone post about getting a higher rate, but anything is possible.
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  #17  
Old 11-19-2012, 07:40 AM
terranuser terranuser is offline
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Quote:
Originally Posted by trinipirate View Post
does everyone who gets approved by them, get approved at their current advertised rate on their site? or can it go up some more based on your credit score etc?
I was told that you either get approved with rate advertised, or you don't. There is no in-between. I was told this when I did my first loan, back in 2010.
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  #18  
Old 11-19-2012, 11:33 AM
trinipirate trinipirate is offline
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Quote:
Originally Posted by tturedraider View Post
I've always gotten the advertised rate, over 15 years as a customer, and I've never seen anyone post about getting a higher rate, but anything is possible.
Quote:
Originally Posted by terranuser View Post
I was told that you either get approved with rate advertised, or you don't. There is no in-between. I was told this when I did my first loan, back in 2010.
thanks
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  #19  
Old 06-18-2013, 05:28 PM
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Folks,

Is it possible to just get the rate and term of the loan from PenFed without actually applying the loan? I just wanted those numbers as benchmark for negotiating with the financing department of the dealer and to see if they can match PenFed. If I could get everything done at one place, I would prefer that.
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  #20  
Old 06-18-2013, 06:45 PM
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Orient330iNYC Orient330iNYC is offline
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1.74% for up to 72 months... its right on their page.
https://www.penfed.org/PDF.aspx?id=2...21&title=False
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  #21  
Old 06-18-2013, 07:10 PM
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E36 Phantom E36 Phantom is offline
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Re: PenFed Loan Approval Status

Quote:
Originally Posted by Picky View Post
Folks,

Is it possible to just get the rate and term of the loan from PenFed without actually applying the loan? I just wanted those numbers as benchmark for negotiating with the financing department of the dealer and to see if they can match PenFed. If I could get everything done at one place, I would prefer that.
Why don't you just apply? It doesn't hurt anything to run it so close to your BMWFS application and then you have hard numbers to work with that you know are actually applicable to you.

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  #22  
Old 06-18-2013, 07:16 PM
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Originally Posted by E36 Phantom View Post
Why don't you just apply? It doesn't hurt anything to run it so close to your BMWFS application and then you have hard numbers to work with that you know are actually applicable to you.

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I've been thinking about that. I'm not sure whether I need to commit to the PenFed loan if they approve. Can someone shed some light on this?
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  #23  
Old 06-18-2013, 07:50 PM
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E36 Phantom E36 Phantom is offline
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Re: PenFed Loan Approval Status

You do not. People rate shop like that, and the FICO model recognizes this and counts several closely grouped inquiries for the same type of credit as one inquiry against your numerical score. So, once you've narrowed it down to a few competing lenders it doesn't hurt at all to apply with all and simply pick the one with the most favorable terms after negotiations.

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You're a derbanana
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  #24  
Old 06-18-2013, 07:51 PM
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Originally Posted by E36 Phantom View Post
You do not. People rate shop like that, and the FICO model recognizes this and counts several closely grouped inquiries for the same type of credit as one inquiry against your numerical score. So, once you've narrowed it down to a few competing lenders it doesn't hurt at all to apply with all and simply pick the one with the most favorable terms after negotiations.

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Thanks a lot - appreciate it.
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