For people using PenFed, please help me

toni8284 · 09-23-2011, 11:33 AM

Hi,

I applied for the PenFed and they approved me but asked me to fax them the purchase order and title.

My question is I will get my car through PCD and the car won't be here till 10/27. How can the dealer has the title before the car is here.

Do they only require purchase order only by this point?

How early can dealer give out title for the 1M?

mikewills · 09-23-2011, 11:43 AM

Are you military. If so, Navy Federal Credit Union has better rates.

That's odd though. Just tell them to give you the check for the amount you were approved for, then tell them the dealer will settle the rest. These two items are settled by the dealer after the purchase. For me, NFCU just wants the VIN and vehicle description for the check. They understand the titles comes later.

tkbr0wn · 09-23-2011, 12:05 PM

NFCU didnt even ask me for those items, they just sent me a check.

RPMjunkie · 09-23-2011, 12:15 PM

Same here, went through NFCU and they just sent me a check, the VIN and description of car is put on by the dealer when they cash it.

toni8284 · 09-23-2011, 01:22 PM

I am not in military so...

I am going to send them the buyer order and order sheet...

Let's see what they going to say

Snertz · 09-23-2011, 01:33 PM

OT but about how long did the approval process from PenFed take for you? I applied back on 9/13 but it's still pending after some back and forth with documents.

de85275 · 09-23-2011, 01:42 PM

The dealer doesn't hand out the title, your dmv does, and they will send it directly to the lien holder I believe. A purchase order should should be good enough for the bank.

ayao · 09-23-2011, 02:02 PM

Quote:

Originally Posted by toni8284

I am not in military so...

I am going to send them the buyer order and order sheet...

Let's see what they going to say

Thanks for posting. I'm planning on going through Penfed as well so will be quite interested in what ends up transpiring.

toni8284 · 09-23-2011, 02:54 PM

I applied today and it get pre-approved. the bill is $58k and I ask to loan $54k.

They request me to fax them the buyer order.

Then they said the buyer order should say $54k instead of $58K.

I called and explained to them that the difference are the deposit I paid already.

So they note it and I am still waiting for the final approval.

Will keep you guys updated.

toni8284 · 09-23-2011, 02:55 PM

this is my status:

View Comments
APPROVED 09/23/2011

New Auto Loan $54,000.00 09/23/2011

COMMENTS: NEED COLLATERAL DETAILS
WILL NEED COPY OF THE PURCHASE ORDER
PURCHASE ORDER RECIEVED SHOWS 58045.54. NEEDS TO REFLECT 54000.00

toni8284 · 09-23-2011, 02:56 PM

Quote:

Originally Posted by Snertz

OT but about how long did the approval process from PenFed take for you? I applied back on 9/13 but it's still pending after some back and forth with documents.

does your status show approved or pending?

Snertz · 09-23-2011, 03:20 PM

Quote:

Originally Posted by toni8284

does your status show approved or pending?

It shows pending 9/22/2011. When I did the loan I did it stating that I had already found a car so I wasn't able to submit the completed app till yesterday since I had to fill out the amount total due to the dealer and didn't have that till then.

Lol funny enough I requested the same amount. My price after tax less my deposit is less than that amount, I wonder if I'll get the same issue.

toni8284 · 09-23-2011, 03:41 PM

Quote:

Originally Posted by Snertz

It shows pending 9/22/2011. When I did the loan I did it stating that I had already found a car so I wasn't able to submit the completed app till yesterday since I had to fill out the amount total due to the dealer and didn't have that till then.

Lol funny enough I requested the same amount. My price after tax less my deposit is less than that amount, I wonder if I'll get the same issue.

I think you should call them and find out.

Good luck to both of us.

Snertz · 09-23-2011, 03:51 PM

Quote:

Originally Posted by toni8284

I think you should call them and find out.

Good luck to both of us.

Ya I spoke with them on the phone both yesterday and today the guy I talked to today did say it looks like all the paperwork should be good to go, and to call back again tomorrow to check on the status.

On a side note I do have a co-signer on the loan so that might be why it's taking longer / needing more forms to be filled out.

TunedM2C · 09-23-2011, 04:02 PM

They use 115% of NADA value to cap the loan so you may not get the full amount.

09-23-2011, 11:33 AM	#1
toni8284 Captain 137 Rep 718 Posts Drives: N/A Join Date: Jan 2009 Location: Phila, PA iTrader: (5) Garage List 2011 BMW 1M [10.00] 2016 M3 [0.00]	For people using PenFed, please help me Hi, I applied for the PenFed and they approved me but asked me to fax them the purchase order and title. My question is I will get my car through PCD and the car won't be here till 10/27. How can the dealer has the title before the car is here. Do they only require purchase order only by this point? How early can dealer give out title for the 1M? __________________ 2021 F87 HS M2C 2018 F80 SO M3 (SOLD) 2016 F80 AY M3 (SOLD) 2014 F10 M5 LCI (SOLD) 2011 VO 1M (SOLD)
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09-23-2011, 11:43 AM	#2
mikewills Captain 66 Rep 971 Posts Drives: Ducati Hypermotard Join Date: Jul 2011 Location: DMV iTrader: (2) Garage List 2008 Duc 848 [0.00]	Are you military. If so, Navy Federal Credit Union has better rates. That's odd though. Just tell them to give you the check for the amount you were approved for, then tell them the dealer will settle the rest. These two items are settled by the dealer after the purchase. For me, NFCU just wants the VIN and vehicle description for the check. They understand the titles comes later. __________________ BMWCCA #454364
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09-23-2011, 12:05 PM	#3
tkbr0wn Major 72 Rep 1,239 Posts Drives: 2015 Cayman S Join Date: Jun 2008 Location: Atlanta iTrader: (0)	NFCU didnt even ask me for those items, they just sent me a check. __________________ ● 2015 Cayman S (Current), 2011 1M BSM #297 (Sold), 2008 135i (Sold) ●
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09-23-2011, 12:15 PM	#4
RPMjunkie Private First Class 9 Rep 136 Posts Drives: 1M Coupe (Got 1) Join Date: Dec 2010 Location: Mill Creek WA iTrader: (2)	Same here, went through NFCU and they just sent me a check, the VIN and description of car is put on by the dealer when they cash it.
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09-23-2011, 01:22 PM	#5
toni8284 Captain 137 Rep 718 Posts Drives: N/A Join Date: Jan 2009 Location: Phila, PA iTrader: (5) Garage List 2011 BMW 1M [10.00] 2016 M3 [0.00]	I am not in military so... I am going to send them the buyer order and order sheet... Let's see what they going to say __________________ 2021 F87 HS M2C 2018 F80 SO M3 (SOLD) 2016 F80 AY M3 (SOLD) 2014 F10 M5 LCI (SOLD) 2011 VO 1M (SOLD)
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09-23-2011, 01:33 PM	#6
Snertz H O O N 86 Rep 694 Posts Drives: ein M! Join Date: Oct 2008 Location: NY iTrader: (9)	OT but about how long did the approval process from PenFed take for you? I applied back on 9/13 but it's still pending after some back and forth with documents. __________________ U WOT M8?
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09-23-2011, 01:42 PM	#7
de85275 Second Lieutenant 35 Rep 217 Posts Drives: Valencia Orange 424/740 Join Date: Mar 2011 Location: Delaware iTrader: (0) Garage List 2015 BMW X4 35i [0.00] 2014 Jeep JKU Rubicon [0.00] 2011 BMW 1 Series M [0.00]	The dealer doesn't hand out the title, your dmv does, and they will send it directly to the lien holder I believe. A purchase order should should be good enough for the bank.
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09-23-2011, 02:54 PM	#9
toni8284 Captain 137 Rep 718 Posts Drives: N/A Join Date: Jan 2009 Location: Phila, PA iTrader: (5) Garage List 2011 BMW 1M [10.00] 2016 M3 [0.00]	I applied today and it get pre-approved. the bill is $58k and I ask to loan $54k. They request me to fax them the buyer order. Then they said the buyer order should say $54k instead of $58K. I called and explained to them that the difference are the deposit I paid already. So they note it and I am still waiting for the final approval. Will keep you guys updated. __________________ 2021 F87 HS M2C 2018 F80 SO M3 (SOLD) 2016 F80 AY M3 (SOLD) 2014 F10 M5 LCI (SOLD) 2011 VO 1M (SOLD)
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09-23-2011, 02:55 PM	#10
toni8284 Captain 137 Rep 718 Posts Drives: N/A Join Date: Jan 2009 Location: Phila, PA iTrader: (5) Garage List 2011 BMW 1M [10.00] 2016 M3 [0.00]	this is my status: View Comments APPROVED 09/23/2011 New Auto Loan $54,000.00 09/23/2011 COMMENTS: NEED COLLATERAL DETAILS WILL NEED COPY OF THE PURCHASE ORDER PURCHASE ORDER RECIEVED SHOWS 58045.54. NEEDS TO REFLECT 54000.00 __________________ 2021 F87 HS M2C 2018 F80 SO M3 (SOLD) 2016 F80 AY M3 (SOLD) 2014 F10 M5 LCI (SOLD) 2011 VO 1M (SOLD)
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09-23-2011, 04:02 PM	#15
TunedM2C Brigadier General 828 Rep 4,190 Posts Drives: 2016 LBB M2 Join Date: Jan 2008 Location: Earth iTrader: (2)	They use 115% of NADA value to cap the loan so you may not get the full amount. Last edited by TunedM2C; 09-23-2011 at 09:20 PM..
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