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      04-08-2011, 07:30 PM   #23
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^Thanks for the info. I had a feeling it was like that. I am going to apply for the loan mid-late next week as my car still isn't in yet.
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      04-09-2011, 09:39 PM   #24
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Jaymk5, to get the loan through Penfed, do you have to have a military/gov background or can anyone apply through them with good credit? Best rate I've found so far was 2.9, but this is even better and every bit helps! Thanks for any info!
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      04-09-2011, 09:49 PM   #25
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You do not need to have military / defense line / gov background to apply. But having one is going to be advantage to open membership without having to pay any donation for the charities they help.

Before knowing penfed, best rate I had was 2.9, but as soon as I know this, I tried it and 2.49 is really good. If you do not have the background they are looking for, you should make a 15$ (minimum) donation and thats it you are in. Let me know if you have more ?'s
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      04-09-2011, 10:15 PM   #26
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You guys are so lucky getting 4.9%, let alone 2.9%.....
Downunder we struggle to get those kind of rates....banks are now around 9% and best from BMW for corporates is 8%
Best deal down here comes from Mercedes. 0% Finance if you pay 50% upfront and then the remainder 50% in 2 years time.....
And dont forget we pay nearlly double for the cars than the US....even with the good exchange rate at the moment. Eg BMW M3 is the US around $70K USD...in Australia $190K AUD
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      04-09-2011, 11:33 PM   #27
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You do not need to have military / defense line / gov background to apply. But having one is going to be advantage to open membership without having to pay any donation for the charities they help.

Before knowing penfed, best rate I had was 2.9, but as soon as I know this, I tried it and 2.49 is really good. If you do not have the background they are looking for, you should make a 15$ (minimum) donation and thats it you are in. Let me know if you have more ?'s
Awesome! Thanks for the quick reply! Looks like I am going this route
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      04-10-2011, 04:10 AM   #28
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Awesome! Thanks for the quick reply! Looks like I am going this route
Good, post here about your experience.
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      04-10-2011, 04:18 AM   #29
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You guys are so lucky getting 4.9%, let alone 2.9%.....
Downunder we struggle to get those kind of rates....banks are now around 9% and best from BMW for corporates is 8%
Best deal down here comes from Mercedes. 0% Finance if you pay 50% upfront and then the remainder 50% in 2 years time.....
And dont forget we pay nearlly double for the cars than the US....even with the good exchange rate at the moment. Eg BMW M3 is the US around $70K USD...in Australia $190K AUD
Wow that's really a lot you guys are paying for the same truck, I wish atleast your loan rates get better, banks here in US is no better than AU, they most of the time offer only high interest rates but credit unions are better, I hope the credit unions here can do international loans, but to do so I believe, they would need a credit score system similar to US to see how safe it is to give you loan.
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      04-26-2011, 03:06 PM   #30
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Jaymk5 I pm'd you a message regarding financing
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      04-26-2011, 04:47 PM   #31
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I know I am late to this thread but for anyone looking at it now, it is really easy to bring in your own financing. BMW was offering 3.9 (with the 1 point owner loyalty deduction). My salesman said they do not offer better rates, since the X3 is in demand. My bank (USAA) did better. Rates as low as 2.49% with excellent credit. I printed my paperwork online and a "check." The dealership filled the "check" out on Saturday and faxed it in. My bank did an ACH deposit into their account this morning.

The finance manager made me sign what she called a backup contract at 3.9% (just in case the funding did not go through). She was upset that we were not going through BMW and expressed it a few times, but I think people should always do what is best for them.
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      04-26-2011, 09:15 PM   #32
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I too have pre-approved check from PenFed

Quote:
Originally Posted by jaymk5 View Post
one point I forgot to mention is, penfed agent mentioned that the 2.49 promotion is good only until April 31 as of now. So if any one wants to take advantage of this offer, hurry.
I received a pre-approved check from PenFed for an amount of $35,000 at 2.49% APR and it is valid till May 30th. I am going to use this check for the X3 which is currently in production with a "Production Completion" date of April 29th. Hoping to take the delivery of X3 before May 10th.
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      04-26-2011, 09:29 PM   #33
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I received a pre-approved check from PenFed for an amount of $35,000 at 2.49% APR and it is valid till May 30th. I am going to use this check for the X3 which is currently in production with a "Production Completion" date of April 29th. Hoping to take the delivery of X3 before May 10th.
That was one of my questions....how long the check is good for. I wanted to apply now for the loan to make sure I get the 2.49 rate, but the X3 won't be done until the 3rd week of May. I was hoping it was 30 days. How did you know what the exact amount of the check was needed for? Trying to get this all worked out before I get the vehicle.
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      04-26-2011, 09:36 PM   #34
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That was one of my questions....how long the check is good for. I wanted to apply now for the loan to make sure I get the 2.49 rate, but the X3 won't be done until the 3rd week of May. I was hoping it was 30 days. How did you know what the exact amount of the check was needed for? Trying to get this all worked out before I get the vehicle.
The check does not have a amount filled out(Its Blank). The letter attached to the check says that I am pre-approved for a loan of upto $35,000. I received the check around first week of April and is valid till end of May.
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      04-26-2011, 11:14 PM   #35
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The check does not have a amount filled out(Its Blank). The letter attached to the check says that I am pre-approved for a loan of upto $35,000. I received the check around first week of April and is valid till end of May.
Awesome! Thanks for the info! Answered all my questions and sounds pretty straight forward
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      04-27-2011, 10:11 AM   #36
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When the check expire, does your loan offer / rate also expire? Or it matter of just requesting a new check?
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      04-28-2011, 07:39 AM   #37
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Few points to clarify:
1) pre-approved check carries issue date and has a note which says "Valid for 90 days from date of issue", so the check is valid for 90 days since the date issue mentioned in your check
2) Just below the box where you will usually fill your amount in check it says "Amount not to exceed $<whatever the amount is>" so you cannot go beyond that amount.
3) This is the disclaimer from the website loan page "Rate current as of April 2011 unless otherwise noted and are subject to change.", I have provided the website loan page link below for quick reference.

https://www.penfed.org/productsAndRa...wAutoLoans.asp

I am not trying to upset you guys, but that is what I see as of now. Also when I talked to the banker when I opened by account he mentioned "even though your check is valid for 3 months, it does not mean the 2.49% rate will be valid until then, your loan interest rate really depends on when you actually cash the check.", this is true because when I am pre-approved for my car loan I could not see the interest percentage against my loan account in penfed login, but only when I cash my check the interest rate appeared. It doesn't mean that you will not get 2.49% beyond april, you might, I am thinking PenFed will see the increased demand and might extend the 2.49% beyond April, but only way to check this is to keep checking the website for the disclaimers.

Good Luck to you All.
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      05-01-2011, 06:58 AM   #38
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Rate is still 2.49

Quote:
Originally Posted by jaymk5 View Post
3) This is the disclaimer from the website loan page "Rate current as of April 2011 unless otherwise noted and are subject to change.", I have provided the website loan page link below for quick reference.

https://www.penfed.org/productsAndRa...wAutoLoans.asp
Its May 1st and the Rate is still 2.49
The disclaimer is now updated to say "Rate current as of May 2011 unless otherwise noted and are subject to change".
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      05-01-2011, 10:25 AM   #39
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Its May 1st and the Rate is still 2.49
The disclaimer is now updated to say "Rate current as of May 2011 unless otherwise noted and are subject to change".
That is awesome! I planned on checking today and you just saved me time My cars in production so I'll be applying today!
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      05-01-2011, 10:29 AM   #40
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Rates are good until end of June according to customer service, let me know if you hear otherwise!
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      05-01-2011, 12:53 PM   #41
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Rates are good until end of June according to customer service, let me know if you hear otherwise!
Will do
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      05-14-2011, 02:06 PM   #42
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Got Better Rate 2.24%

I went to pickup the car with the PenFed Check and the dealer offered Financing at a better rate. It is 2.24% against PenFeds 2.49%. The lender is Bank of America which I already use for my Checking/Savings and Home Mortgage.
The dealer said that I got the rate because of my Excellent Credit and me already having accounts with BOA.
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      05-14-2011, 02:20 PM   #43
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I went to pickup the car with the PenFed Check and the dealer offered Financing at a better rate. It is 2.24% against PenFeds 2.49%. The lender is Bank of America which I already use for my Checking/Savings and Home Mortgage.
The dealer said that I got the rate because of my Excellent Credit and me already having accounts with BOA.
Interesting. We have a BOA account and I have the PenFed check in hand as well to use. Wonder if they will offer the same.
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