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PENFED- STAY AWAY! My purpose in joining PenFed Credit Union was to obtain the benefits of a PenFed credit card. This 20. they now describe as a "donation" was described to me as an account activation fee for non military members. After opening the account, I was informed that the credit card would be "in the mail".
After a month of waiting for the credit card which never arrived, I contacted PenFed. I was told that I now had to submit two years of tax returns in order to be considered for a credit card.
PenFed was aware from the outset that my purpose in opening an account with them was to obtain a PenFed credit card. I assumed that my credit record (well over 800) was checked at the time of applying for the prerequisite savings account. I was never informed that I would have to submit tax records as a condition for obtaining a credit card. I have never been asked for tax records to obtain a credit card, and I have never been denied a credit card. Requesting tax records from me - and only after I had to call them a month after I was supposed to have received this card - is highly irregular and suspicious.
I feel that the entire process of obtaining a credit card from PenFed has been misrepresented to me.
You mean the complaints or PenFed. Nowadays it's so hard to trust the source of information especially online. But I figure if they have gotten lots of complaints then there must be a reason. I hope nobody is a victim of PenFed on 6speedonline and it would be great if anyone here have some positive feedback from them.
I've financed 3 cars through them without a hitch.
I know people who have had a harder time getting financed if they have a new job or just moved. It took longer (ie: submitting verification of income) but they got financed.
If you have great credit, yrs at the same address and job and a good income, they will literally send you a check by FedEx overnight 30 seconds after you click - "submit".
Easiest car financing (and cheapest) I've ever seen.
I've financed 3 cars through them without a hitch.
I know people who have had a harder time getting financed if they have a new job or just moved. It took longer (ie: submitting verification of income) but they got financed.
If you have great credit, yrs at the same address and job and a good income, they will literally send you a check by FedEx overnight 30 seconds after you click - "submit".
Easiest car financing (and cheapest) I've ever seen.
Without being too snobbish, who can't get a credit card? I have heard of complications in the credit card set up process at PenFed from one other person, which was settled with no problem within a few days, but no issues on a car loan whatsoever. I'm still shocked that anyone, anywhere, would be asked to provide tax returns to get a credit card unless their credit score was absolute garbage. If someone with poor credit couldn't get a loan from PenFed, that's just because their rates are so low. A lender sets rates based on expected loss and expected return. (Well, not when congress and HUD tell banks to make bad loans, but that's another story.) I wouldn't expect them to give a loan to everyone sub-4%. A bunch of deadbeat defaults and the cost of a loan for everyone else goes up. <End of Rant>
+1 for pen fed
they will give you the money as long as the value of the car per nada supports your purchase price. i got an auto loan from them and a week later i opened up a CC with them to take advantage of their 2.99 balance transfer for life of the transfer and a fee cap of 100 bucks. best deals around!
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2006 Lexus IS350 ~ current
2006 Honda S2000 ~ turned in
1998 Toyota Supra ~ sold
2000 Acura Integra ~ stolen
they will give a loan on any car in which the value of the loan/purchase price of the car is not greater than the value of the car per nada. they were going to give me 31.5k for a 95 nsx. no other bank would even come close to that amount let alone for 3.99% for 60 months. a few days after i got an auto loan thru them, i opened up a CC to take advantage of its 2.99 balance transfer for life of the loan and $100 fee cap. can't go wrong with them at all!
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2006 Lexus IS350 ~ current
2006 Honda S2000 ~ turned in
1998 Toyota Supra ~ sold
2000 Acura Integra ~ stolen
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