PenFed - Requesting a lot of information

[Simon_135i]

So my car is scheduled to arrive July 7, 2008 and I finally applied for a loan last night. My credit score should be pretty good, held my Amex card for last 8 years with a $16,000 cap. Student loans have been paid off and have been working fulltime in a stable field for the last 3 years.

Anyways, the application online was a breeze but when I checked this morning (I think its because I moved within the last week) they wanted to see quite a bit of information in comparison to what others has dealt with.

905N thing (ask a series of questions), two pay stubs, license, and utility bill with my name and address. You would think they ask for all those information at the same time, but nope... Hopefully I can get the 4.25 at 72 months. I am also planning to go to a local CU to see what they can do for me, but at 4.25 and 72 months THAT is tough to beat out....

My first vehicle purchase and July here I come...

[EINSER M]

yah it can be annoying to get all that stuff together but pretty much thats what u gotta do to get the best rate out there! but once the dust settles, penfed is really great. have made 2 payments online with them on the 135 and its easy, ach goes through the next day, very cool people on the phone every time and they are open 24/7 to answer your questions if you have any so thats pretty cool. good luck with the process and hopefully you are a PFCU member soon!

[WishBone33]

really?? they asked u that many stuff??? wow...... i just applied online and was instantly approved. i thought they may ask for a w2 or atleast some pay stubs but they didnt ask for anything.... just the VIN number of my car. had a check in a week. when i applied i didnt even think my credit score was that good, but maybe its better than i thought?

[mistermojorizin]

yea i applied over the phone, got the internet rate. dealing with people that can walk you through the process is easier than doing it yourself. they didn't ask for much, instantly approved.

[rocketpop]

Hmmmmmm, I did it online, I got none of those questions, and was completed in like 10 minutes.

[TiAg135]

Also got approved in a few minutes over the net. Probably helped that my credit score was in the 810s last I checked.

[Simon_135i]

I think my approval would of been a lot smoother if I didn't MOVE last week. They are having difficulty verifying my identity so that is why they are making me jump through the loops...

At least that is the only thing I can think of that would take this long. My credit score should be in the 800's EASILY...

[jeremyc74]

Originally Posted by wingh2daizzo

I think my approval would of been a lot smoother if I didn't MOVE last week. They are having difficulty verifying my identity so that is why they are making me jump through the loops...

At least that is the only thing I can think of that would take this long. My credit score should be in the 800's EASILY...

I was just about to reply that a lot of that stuff probably has to do with how long you've been living where you are. ID theft is so common these days that they have to be careful. It's a PITA, but keep in mind how much business they do with people across the country, and how likely it is that someone would try to screw them.

They asked for a lot of that same stuff when I applied.

[subscience]

When I initially setup my PenFed account (by joining NAMFA), I was asked to provide pay stubs, proof of employment, and a utility bill. This was for their cash-back credit card.

I then applied for the car loan and it was a breeze. They cut the check out to the BMW dealership and I received it in one day. I didn't have to provide any paperwork other than the loan papers I signed and proof-of-insurance.

Edit- That said, I LOVE PenFed. Great customer service, great rates on their credit card and loan products, and all the little things that really round out the package (GAP coverage, discounted insurance rates through Geico, extended warranty, etc. etc. etc.).

[Simon_135i]

Got approved... getting my check sometime next week (Hopefully)