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Old 07-07-2009, 01:34 PM   #1
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penfed ques

Hi, Just wanted to know if anyone is familiar with taking an auto loan with Penfed. I just applied and was approved for the 3.99 rate but they want 2 years of tax returns.I have excellent credit and never had to supply these items for a car loan before. Is this what is going on because of all the bank problems, or is it the norm for Penfed? I'm waiting to send anything in until I hear from one of you guys. Thanks, Jerry
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Old 07-07-2009, 03:04 PM   #2
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Must be the "bank problem" issue.

I got a truck loan in Nov. '07, and don't recall supplying tax info. I searched my email and can't see where I sent any of those attachments, but I may have snail-mailed it.

Must be getting more "cover-their-ass"-ish.

What do you have to hide?

-CC
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Old 07-07-2009, 03:13 PM   #3
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Is this what is going on because of all the bank problems, or is it the norm for Penfed?
Our regional bank went to such lengths in order to comply with whatever national criteria exist for reselling the loan. That may be the same you're encountering with PenFed, although I can't imagine who'd want to buy a portfolio of car-loan derivatives...
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Old 07-07-2009, 05:42 PM   #4
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I can't imagine who'd want to buy a portfolio of car-loan derivatives...
You'd be amazed.

Jerry, I got a car loan from them in 2005 and I don't believe they asked for tax info. However, that was then and this is now, and we may have very different personal situations. I would expect any lender to be a LOT more diligent now than a few years ago. Fool me a million times, shame on you; fool me a million and one times, shame on me.
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Old 07-07-2009, 06:32 PM   #5
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Interesting...I just got the same loan through PenFed about 3 months ago and all they asked for was my military pay statement, checked my credit and that was it.
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Old 07-07-2009, 09:53 PM   #6
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Sounds like an error to me. I just got an education loan from Penfed. I applied online and got approved within 24 hrs. A day later I received what i thought was the promissory note to be signed and returned prior to disbursement. To my surprise, the check for the loan proceeds was also included.
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Old 07-07-2009, 11:28 PM   #7
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You'd be amazed.
Yeah, after five years here I should stop saying that.

So is there a regulatory agency (like the FHA) or 800-pound buyer who sets the due-diligence standards for car loans? Or do most financial institutions hold their own (so to speak)?
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Old 07-08-2009, 06:21 AM   #8
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Yeah, after five years here I should stop saying that.

So is there a regulatory agency (like the FHA) or 800-pound buyer who sets the due-diligence standards for car loans? Or do most financial institutions hold their own (so to speak)?

No regulatory agency I am aware of sets car loan standards, at least not directly. Banks have to adhere to bank regulations about sound lending; nonbank lenders can do what they want or what the securitization market will put up with. A lot of car loans get held on balance sheet by the lenders. However, there is still a (sort of) functioning market for prime auto loan securitizations. Subprime auto and other flavors are pretty much balance sheet only.
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Old 07-08-2009, 12:10 PM   #9
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Thanks for all the replies. Maybe the problem is that I'm not in the military and had to join an association to participate in their programs.I only joined because I have read that many of you have used them.I think they did say that they needed the tax papers since this is my first loan with them.Thanks again for the responces, Jerry
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Old 07-08-2009, 02:44 PM   #10
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Thanks for all the replies. Maybe the problem is that I'm not in the military and had to join an association to participate in their programs.I only joined because I have read that many of you have used them.I think they did say that they needed the tax papers since this is my first loan with them.Thanks again for the responces, Jerry
They put me through the wringer last year when applying for a mortgage. I eventually showed them I had the assets on hand to pay off the mortgage 2 or 3 times over, and further that our annual household income was greater than the total mortgage amount. I put all of this in a strongly worded letter I wrote to appeal the initial denials of the loan.

Needless to say, Penfed was (is?) more diligent in vetting their credit risk than most mainstream banks.
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Old 07-09-2009, 02:47 PM   #11
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I guess they are going to the other extreme.Wish they all did a little more fact checking the last few years before all the crazy loans were given to people that had no means to repay them.
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