Question for those that used PenFed

[rocketpop]

1. Did you guys handle getting and sending the title or did the dealer take care of all that?
2. Did you send that letter to your Insurance or can I just all them will all that infomation?

[WishBone33]

Interested in these questions too

[Dan203]

I just had to deal with both of these...

1) The dealer sent me the green slip with PenFed listed as the lien holder, but just a couple of days ago (about 3 weeks after purchase) I received a letter from PenFed saying they were unable to verify my vin # and needed me to fax them a copy of the green slip for verification

2) I just called progressive and had them call PenFed to verify my insurance. The instructions for that came in a packet in the mail along with a promissory note which you have to sign and mail back.

One tip for PenFed... When you're applying for the loan check the option which says that you have NOT picked a vehicle yet. That will get you a pre-approval draft check that you can use when your car actually arrives. If you select that you have chosen a car then the loan will begin immediately and you may have to start making payment on the car before you even drive it.

Dan

[rocketpop]

I have my packet and I have my check for the full amount. It has my VIN printed in all the paper work. I was just wondering about the title because the packet said that the dealer can mail them the title or I could do it.

Allstate already has my info and VIN for the new car and the lien holders name. Thats why I was curious if I need to mail the that letter.

[uvaphi]

How far in advance of delivery did you all apply for the PenFed loan?

[Jace]

Rocketpop,

...The delaer is 100% responsible for taking care of the title work. That's part of them accpeting the check with Pen Fed's name on it.

As for insurance, it was easy for me as this is the 4th car I bought through Pen Fed, so my insurance company already had their information. A simple phone call and I was done.

If you have never dealt with Pen Fed, make sure you mail or drop off to your insurance company the Insurance form included in your packet from Pen Fed. In doing so you put the responsibility on your insurance company to show pen fed that you have the necessary coverages.

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[Jace]

Originally Posted by uvaphi

How far in advance of delivery did you all apply for the PenFed loan?

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I applied the day the boat (Emden) arrived with my car to the Charleston, SC port. Once they approve it you can have them either mail your check Fedex ($11.50) overnight or via regular mail (3-4 days). I prefer overnight as it gives me an opportunity to have the check and verify everything is correct so there is no delay in picking up the car once it arrives to the dealer. To recap..applied on a Sunday night. Was approved and notified Pen Fed of Dealer Info, etc on Monday (who to make the check out to), check was mailed overnight on Monday, received it Tuesday.

Picked Car up that Thursday night!

I also recommend the $299 GAP insurance they offer. The dealer will offer it to you, but their price is usally $400-500.

As I posted earlier, have purchased several cars through Pen Fed and have always ahd a smooth transaction each time.

[rocketpop]

Originally Posted by Jace

Rocketpop,

...The delaer is 100% responsible for taking care of the title work. That's part of them accpeting the check with Pen Fed's name on it.

As for insurance, it was easy for me as this is the 4th car I bought through Pen Fed, so my insurance company already had their information. A simple phone call and I was done.

If you have never dealt with Pen Fed, make sure you mail or drop off to your insurance company the Insurance form included in your packet from Pen Fed. In doing so you put the responsibility on your insurance company to show pen fed that you have the necessary coverages.

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Thanks!!!

[Katahdin]

Originally Posted by Dan203

One tip for PenFed... When you're applying for the loan check the option which says that you have NOT picked a vehicle yet. That will get you a pre-approval draft check that you can use when your car actually arrives.
Dan

Anyone going this route might want to check with their dealer's finance manager ahead of time. When we sat down to do the paperwork, my dealer wouldn't accept a draft check. I ended up having to wait for PenFed to FedEx out a check that was made out directly to the dealer before I could take delivery of the car.

[akak1997]

Originally Posted by Katahdin

Anyone going this route might want to check with their dealer's finance manager ahead of time. When we sat down to do the paperwork, my dealer wouldn't accept a draft check. I ended up having to wait for PenFed to FedEx out a check that was made out directly to the dealer before I could take delivery of the car.

I think I read your post on another thread about this, that's why I apply for the loan 1week ahead before I get my car (i.e. Car at VPC, then apply for loan).

Another problem I ran into with PenFed is that when I choose to have it FedEx to me, it told me I don't have enough fund in my account to pay for it. So I just leave it to USPS to deliver my check. Hope it gets here on time.