Problems with penfed

Problems with penfed

I heard great things about people financing their tesla through penfed so I went ahead and opened up an account with them this morning. When I try and start the process for the auto-loan it fails with an error everytime and auto-logs me out. I have a message out to their support but haven't heard back. Just curious if anyone else has gone through their online auto-loan process recently. Anyone do it over the phone instead of on the website?

chadrchristensen79 | February 21, 2013

Same thing happend to me. I called and they did
It over the phone no problem, same low rate as online.

tylerhen | February 21, 2013

Thanks for letting me know. I guess I will try over the phone then

Nova315 | February 21, 2013

How long does approval take with penfed? They told me 48 hours, but some have said they get it pretty much instantly?

tylerhen | February 21, 2013

Just did it over the phone, they said 24-48 hours.

Laryrob | February 21, 2013

did mine over phone-approved in less than 24 business hours(called on a friday @ 2 pm est and was approved by monday at 11 am pst). check sent when i received VIN # -totally seamless. the site has trouble because tesla not on the menu. Call instead.

tylerhen | February 21, 2013

Looks like they have bigger problems than simply tesla not being in the menu. The website crashes when you simply click "Apply Now" with the only info entered so far is cost/money down to estimate monthly payments.

Either way, was painless over the phone(assuming a get an approval in the next 48 hours).

tylerhen | February 22, 2013

Just got approved(under 24 hours) but as mentioned before Tesla is not listed in their dealer or car drop downs.

For the dealer there is free form text boxes if it isn't listed but that is not the case for the car. Did everyone just call in and finish the process over the phone or is there still some way to complete it on the website.

prash.saka | February 22, 2013

I applied over the phone and was approved right away. And, once I sent them the MVPA, I should receive the check in 2 days.

GLO | February 22, 2013

Initial approval took 5 minutes over the phone. Entire process was 2 hours or so of on and off the phone but all in all was a simple straightforward process.

danej | February 22, 2013

What sort of rates are folks seeing?

blc1017 | February 22, 2013

I just applied and got approved within 3 hours today. Though I called and completed the application process over the phone, they gave me the internet rate of 1.49% with financing up to $70K.

tylerhen | February 22, 2013

Yep, penfed is constant at 1.49% as long as the loan term is 60 months or less.

EclecticCitizen | February 28, 2013

Just got off the phone with PenFed. Today is the last day of 1.49%; unless your check is issued today, the new best rate will be 1.74% for 60 months. If you extend to 72 months, the rate jumps up to 3.49%+.

Just as others documented here, it was fairly pain free. Did the application online until the point of putting in the auto maker, and Tesla is not listed. I had expected the 1.49% for 60 months, but after I put in my info, it popped up 3.49% for 72 months. Called number on the screen and was promptly connected to a rep. She reset it to 60 months and told me about the new rate starting tomorrow. Expect 24 hour determination from loan officer.

DanD | February 28, 2013

Our process was fairly easy with PenFed. Glad we got in under the wire back in Jan.

glenster | March 1, 2013

I am VERY impressed with PenFed...did everything online and once VIN arrived I gave it to them and check was mailed to me in 2 days! No hassles no nothing...just $70k to Vegas i go!

Brian H | March 1, 2013

Will you need another loan to cover your losses?