Fizzle1979

Pentagon Federal Credit Union PenFed Approval

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Just another update on how that USED auto loan works. I guess I thought it was like Capital One's Blank Check since I used that before...but it's not.

You basically have to call them and tell them the VIN and make and model of the car you want to buy. If you live near one of their branches you can go pick up your check from there, but if not they mail you the check. It's made out to the dealer and you. You sign it over to them. Here's the problem I see...what if I tell PenFed to issue me a check for $25000 I get the check and take it to the dealer but I end up getting the price down to $23000.

The lady I spoke with said, they have a program like Capital One's blank check, but I did qualify for that program. I didn't ask why though. I think the blank check applies to NEW cars. The lady I spoke with on the phone was telling how if they did blank checks for used cars, people would be buying used cars that were over priced.

But with Capital One's Blank check their web site tells you the requirements and gives you a formula to use. Then you go buy the car and the dealer calls Cap One and tells them the pricing, miles, etc and they honor the check.

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I got the same - cant use my bank statement. want w2 or paystub. well i have neither because my income is from disability which is tax free and i have no w2 cause i dont have a job.. ugh!!! i will call them i guess see what they want - blood - dna good grief charlie brown.

I think you can get a statement from Social Security about your monthly checks

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I'm sure you are missing something. Are you using a PO box? I did and it told me I had to submit a separate physical address. That was my only error. After I did that, it worked fine.

Nope I had all of the correct info.

I think I'm going to go and try it again now.

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I think you can get a statement from Social Security about your monthly checks

I send an email explaning- they replied to send copy of 2007 tax refund OR send 05 plus 06.. so ok i will fax tomorrow- the only income on there is small from selling home interiors... i told them all other income is tax free...so it they deny me based on tax form i will have to speak to a supervisor cause this seems like the run -around.

Plus i only signed up in hopes to refi my car loan and im not sure if they refi on a 2006- can anyone tell from the website- it looks like it has to be 07 or 08 and only one owner.

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I basically just sent them an e-mail to have a loan officer contact me about any credit products they would actually be willing to work with me on, and what a PFCU membership can do for me.

It's in their court now, they'll call or they won't and I'll just let the account fizzle.

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They reconsidered my used car loan application and denied it. Apparently I'm pyramiding debts????? Huh, I could understand if I applied for a credit card. All of my little baby credit cards are at pretty high utilization. But, shoot between 6 credit cards I maybe have a total $1500 balance out of $4000 CL. That's high but it will gone by the end of the month. In either case what does that have to do with a car note. You can't use a car note to pay off credit cards or do a balance transfer to it. Geez. I can't win with these people. I guess I need to be patient and wait for a few months.

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So I just went back and applied for the visa classic requesting 3,000. This time I put my actual income, with other income being loans and grants. I also halved my rent and dependents since I'm not including my wife's credit and income. so logically I'm only responsible for half the amounts I originally entered.

Fair's fair, and I'll play it their way.

Wish me luck!

When you get your pay or infusions, is their anyway you can receive those docs online? I receive my docs online and save them in Word. Whenever I need to use it, I can make myself as rich or as poor I need to be at that time.

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Sure I can document it all a number of ways, just they don't consider it "earnings". They have a very narrow view of where your money is allowed to come from to be considered. It's like it's not even cash or something. The whole frustrating things is that the purpose of the refunds is to pay debts, housing, and general expenses exactly like income. It just takes the pressure off working full-time while you go to school. It is in every sense substitute income.

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my loan status says "disbursed" what does that mean..does it say this after approval. I didnt look at it yesterday so it could have said "approval" it has said tentative approval the whole time. i did fax my tax form - its takes 2 days to get an email from them sometimes i get a quicker response on here from someone. thanks.

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Disbursed means you got approved. They mail you a letter, you sign the letter and mail it back. I applied for my card on 02/26 and it said disbursed and I just got my letter this week, mailed it off yesterday. I still haven't gotten my card yet.

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I just applied for a refi on truck that i havent even made the first payment on.. my rate will go from 13.19 to 4.9 saving me a whole year of payments and making my monthly payment 12 bucks cheaper...gotta wait 2-4 hours for an answer.

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I just applied for a refi on truck that i havent even made the first payment on.. my rate will go from 13.19 to 4.9 saving me a whole year of payments and making my monthly payment 12 bucks cheaper...gotta wait 2-4 hours for an answer.

Let us know if you are approved! Did they pull Equifax? What does your credit look like right now, collection and utilization wise? Thanks so much!!!!

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Let us know if you are approved! Did they pull Equifax? What does your credit look like right now, collection and utilization wise? Thanks so much!!!!

I was approved- They only use EQ and they used the same report from 2 weeks when i applied for their visa card. I have no collections or baddies on EQ - my score and accounts opened are in my signature. My util is low cause most of my accounts were just opened- hope this helps.

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I'm annoyed at how PENFED does their auto loans. I guess I am spoiled to Capital One's Blank Check offer.

So here's the deal, please give me your advice. I've found a car I want. It's five hours away. I am expected to drive to the dealership, get the exact price, call PENFED and tell them, then they mail me the check. They can send the dealership paperwork that says the check is being mailed to me, but it is still left up to the dealership to let me leave with the car and mail them the check when I get the check. Or make me come back to get the car, when I have the check. But they car might sell to someone else.

I've already called them and told them about my situation and asked if they could just mail me a blank check and they said no, because my credit rating did not qualify for that option.

They are not making it easy on me.

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