[mmpotash]

PenFed has a promotional rate of .99% for a 48 month new car loan. I'm now locked in for 90 days to finance my 2016 328d order with European Delivery on Sept 11.

[carzaddict]

thats awesome. I thought BMW offered the same deal through BMWFS

[mmpotash]

Originally Posted by carzaddict

thats awesome. I thought BMW offered the same deal through BMWFS

I was told that doesn't apply with 2016's.

[SamS]

Originally Posted by mmpotash

PenFed has a promotional rate of .99% for a 48 month new car loan. I'm now locked in for 90 days to finance my 2016 328d order with European Delivery on Sept 11.

How did you lock in for 90 days without a VIN?

[rambalu80]

Originally Posted by SamS

How did you lock in for 90 days without a VIN?

I received an approval too yesterday from PenFed and I've gotten conflicting information from 2 different people at PenFed .

Prior to approval, I was told that the rate was only good until the end of June and I'd have to provide the VIN number and get the loan activated before the end of June. If the rates change after June, then my approval would still be good but I would be locked into the higher rate at the time.

I received a call back later in the day to inform me of my approval and that person informed me that they would send me a blank check which was good for 90 days and so would be the approved rate of 0.99% even if the rate goes up before I present the check to the dealership.

We'll have to wait and see.

[SamS]

Originally Posted by rambalu80

I received an approval too yesterday from PenFed and I've gotten conflicting information from 2 different people at PenFed .

Prior to approval, I was told that the rate was only good until the end of June and I'd have to provide the VIN number and get the loan activated before the end of June. If the rates change after June, then my approval would still be good but I would be locked into the higher rate at the time.

I received a call back later in the day to inform me of my approval and that person informed me that they would send me a blank check which was good for 90 days and so would be the approved rate of 0.99% even if the rate goes up before I present the check to the dealership.

We'll have to wait and see.

Very interesting. I really need a 90 day lock, as my ED is not until 10/19, yet I won't have a VIN for quite a while. When I called PenFed about a week ago, they acted like I couldn't get a check without a VIN. My rep had me on hold for 15 minutes checking with a loan officer, etc. Would you mind sending me a PM with the name of who you spoke with over there?

[captnwagon]

I'm interested in that information, too. My ED date is 9/8.

Thanks!

[rambalu80]

Originally Posted by SamS

Very interesting. I really need a 90 day lock, as my ED is not until 10/19, yet I won't have a VIN for quite a while. When I called PenFed about a week ago, they acted like I couldn't get a check without a VIN. My rep had me on hold for 15 minutes checking with a loan officer, etc. Would you mind sending me a PM with the name of who you spoke with over there?

I'm sorry, it did not ask for a name when I received the call from them. If you haven't applied yet, note that I put in an online application and there was an option I could select that was for a loan application without deciding on a car. So, I did not have to provide a VIN number.

[SamS]

Originally Posted by rambalu80

I'm sorry, it did not ask for a name when I received the call from them. If you haven't applied yet, note that I put in an online application and there was an option I could select that was for a loan application without deciding on a car. So, I did not have to provide a VIN number.

Okay, maybe I'll go that route. Any concerns that the PenFed T&Cs specify the new car must be a MY2015, and we're getting MY2016?

Also, assuming they send a check that is to be cashed by the dealer (in the past it always included the VIN), do we think payments start when check is cashed, or when the check is mailed to you?

Edit: maybe the check doesn't get mailed until you have the VIN?

[mmpotash]

I have the check without giving a VIN. With European Delivery, you must pay at least one week prior to Munich pick up. There was no issue getting the check. Make sure you use it prior to 90 days of issue. I do not know the names of the 2 people I talked to at PenFed.

[rambalu80]

Originally Posted by SamS

Okay, maybe I'll go that route. Any concerns that the PenFed T&Cs specify the new car must be a MY2015, and we're getting MY2016?

Also, assuming they send a check that is to be cashed by the dealer (in the past it always included the VIN), do we think payments start when check is cashed, or when the check is mailed to you?

Edit: maybe the check doesn't get mailed until you have the VIN?

The PenFed rate is good for new vehicles, model years 2014 - 2016 is what I recall reading while filling out the application.

As far as payments and interest accrual, I was told that if you provide a VIN and get the loan, interest starts accruing right away and 1st payment is due 45 days from the time they issue the check. This was information provided yesterday morning prior to approval of my loan.

Based on information provided after my loan was approved, they would send out a blank check (mine is on its way I believe) and interest starts accruing when the dealer cashes the check.

My guess is that folks will continue to get mixed responses depending on who you talk to. Nevertheless, I would still give this a shot.

[mmpotash]

Originally Posted by rambalu80

The PenFed rate is good for new vehicles, model years 2014 - 2016 is what I recall reading while filling out the application.

As far as payments and interest accrual, I was told that if you provide a VIN and get the loan, interest starts accruing right away and 1st payment is due 45 days from the time they issue the check. This was information provided yesterday morning prior to approval of my loan.

Based on information provided after my loan was approved, they would send out a blank check (mine is on its way I believe) and interest starts accruing when the dealer cashes the check.

My guess is that folks will continue to get mixed responses depending on who you talk to. Nevertheless, I would still give this a shot.

My info is the same.

[SamS]

Thanks guys.

I couldn't find anywhere on PenFed as to when this promo rate expires, so I'll assume 6/30. I may wait until closer to that date, as I certainly don't need the money/payments to start (yet). And I think my dealer will take the check, even before providing me my VIN. I think they'll just consider it a down payment.

[mmpotash]

PenFed rate ending this weekend.

[SamS]

Originally Posted by mmpotash

PenFed rate ending this weekend.

Still going as of today.

I applied and was approved on Sunday. Got an email that my loan draft was disbursed, but I'm still unclear if my rate is locked at 0.99% for 90 days.

I won't have my VIN until about 90 days from now, so I'm pushing it no matter what.

[rambalu80]

0.99% for 48 months is still available.

[blackscholes]

I see rate has increased to 1.49% for 48 months. Where do you see .99% is still available? Thanks

[rambalu80]

Originally Posted by blackscholes

I see rate has increased to 1.49% for 48 months. Where do you see .99% is still available? Thanks

I still see 0.99% but now it says 36 months.
https://www.penfed.org/PenFed-Car-Bu...348&WT.ac=1349

[blackscholes]

You get that rate for 36 months provided you buy a new car through the PenFed Car Buying Service. Earlier it was for 48 months and didn't have to go through their buying service