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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.

Tuned1M · 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 Lieutenant Drives: VO 1M Join Date: Jan 2009 Location: Upper Darby, PA Posts: 418 iTrader: (1) Garage List 2011 BMW 1M [5.00]	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? __________________ 2011 VO 1M \| BMW Perf. Grilles \| BMW Perf. Spoiler \| ER Charge Pipe w/ HKS BOV \| LUX Angle Eyes
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09-23-2011, 11:43 AM	#2
mikewills Captain Drives: AW 1M Join Date: Jul 2011 Location: Newport News, VA. Posts: 769 iTrader: (0) 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

09-23-2011, 12:05 PM	#3
tkbr0wn Major Drives: 1M BSM (297 of 740) Join Date: Jun 2008 Location: Atlanta Posts: 1,213 iTrader: (0)	NFCU didnt even ask me for those items, they just sent me a check. __________________ ● 135i is gone, 1M BSM #297 ●

09-23-2011, 01:22 PM	#5
toni8284 Lieutenant Drives: VO 1M Join Date: Jan 2009 Location: Upper Darby, PA Posts: 418 iTrader: (1) Garage List 2011 BMW 1M [5.00]	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 __________________ 2011 VO 1M \| BMW Perf. Grilles \| BMW Perf. Spoiler \| ER Charge Pipe w/ HKS BOV \| LUX Angle Eyes

09-23-2011, 02:54 PM	#9
toni8284 Lieutenant Drives: VO 1M Join Date: Jan 2009 Location: Upper Darby, PA Posts: 418 iTrader: (1) Garage List 2011 BMW 1M [5.00]	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. __________________ 2011 VO 1M \| BMW Perf. Grilles \| BMW Perf. Spoiler \| ER Charge Pipe w/ HKS BOV \| LUX Angle Eyes

09-23-2011, 12:15 PM	#4
RPMjunkie Private First Class Drives: 1M Coupe (Got 1) Join Date: Dec 2010 Location: Mill Creek WA Posts: 103 iTrader: (0)	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.

09-23-2011, 01:33 PM	#6
Snertz H O O N Drives: ein M?! Join Date: Oct 2008 Location: NY Posts: 512 iTrader: (7)	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.

09-23-2011, 01:42 PM	#7
de85275 Private First Class Drives: 1M VO, August Build, Oct PCD Join Date: Mar 2011 Location: Delaware Posts: 178 iTrader: (0)	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.

09-23-2011, 02:55 PM	#10
toni8284 Lieutenant Drives: VO 1M Join Date: Jan 2009 Location: Upper Darby, PA Posts: 418 iTrader: (1) Garage List 2011 BMW 1M [5.00]	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 __________________ 2011 VO 1M \| BMW Perf. Grilles \| BMW Perf. Spoiler \| ER Charge Pipe w/ HKS BOV \| LUX Angle Eyes

09-23-2011, 04:02 PM	#15
Tuned1M Brigadier General Drives: ANAW1M Join Date: Jan 2008 Location: Earth Posts: 3,141 iTrader: (1)	They use 115% of NADA value to cap the loan so you may not get the full amount. __________________ MY 1M IS FOR SALE: http://www.1addicts.com/forums/showthread.php?t=814303 Last edited by Tuned1M; 09-23-2011 at 09:20 PM.

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