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07-07-2009, 12:34 PM
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#1
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Recycles dryer sheets
Join Date: Jan 2006
Posts: 77
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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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07-07-2009, 02:04 PM
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#2
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Full time employment: Posting here.
Join Date: Apr 2006
Posts: 897
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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
__________________
"There's those thinkin' more or less, less is more, but if less is more, how you keepin' score?
It means for every point you make, your level drops. Kinda like you're startin' from the top..." "Society" - Eddie Vedder
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07-07-2009, 02:13 PM
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#3
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,859
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 Quote:
Originally Posted by CRABBY JERRY
Is this what is going on because of all the bank problems, or is it the norm for Penfed?
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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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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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07-07-2009, 04:42 PM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Quote:
Originally Posted by Nords
I can't imagine who'd want to buy a portfolio of car-loan derivatives...
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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. 
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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07-07-2009, 05:32 PM
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#5
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Recycles dryer sheets
Join Date: Nov 2007
Posts: 62
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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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07-07-2009, 08:53 PM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,323
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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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...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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07-07-2009, 10:28 PM
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#7
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,859
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Quote:
Originally Posted by brewer12345
You'd be amazed.
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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)?
__________________
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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07-08-2009, 05:21 AM
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#8
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Quote:
Originally Posted by Nords
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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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.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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07-08-2009, 11:10 AM
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#9
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Recycles dryer sheets
Join Date: Jan 2006
Posts: 77
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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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07-08-2009, 01:44 PM
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#10
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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Quote:
Originally Posted by CRABBY JERRY
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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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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07-09-2009, 01:47 PM
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#11
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Recycles dryer sheets
Join Date: Jan 2006
Posts: 77
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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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