Did you folks switch banks for this financing? It seems kind-of over the top to do that. :)

I did. It really depends on your definition of over-the-top. saving over $1000 over the life of the loan seems kinda smart to me.

True... true.

Hey guys.... Faxing my 2 paystubs when I get paid Monday (yes we get paid on mondays)....just wondering which payment option was taken for those who went through PenFed. Monthly payments to outside institution(personal bank) or check directly to pendfed or what?

How is it over the top to change banks when you could be saving a LOT of money?

I'm just curious, why do some of the members here had to fax their paystub? It took me 6 minutes(if that) from starting the application to get approved for the loan. Maybe it depends on credit score??:confused: I'm guessing, after certain credit score, they don't need the paystubs?

I think it could be related. I was approved 10 mins after submitting the application, but my credit score us above 750.

Also, for those that don't know, penfed is refinancing auto-loans at 3.99% with NO FEES right now. I just refi'd my wife's SUV that used to be at 7% and it was free to do! :tup:

Credit Score: 789

PenFed requires pay stubs from some people who's credit rating may not necessarily be the best in order to fully qualify them for the best rate, and to of course, prove how much they are making. I had to do it myself for my first loan through them 5 years ago, but not for this loan.

in canada it is a new banking regulation now

AK370Z, thank you so much for posting this information! You literally saved me thousands of dollars in interest!

When I saw the 370Z on the road I was excited about test driving one and possibly purchasing it. After test driving a touring 370Z, I wasn't as impressed as I hoped. There was a 350Z NISMO at the dealership so I chose to test drive that as well and I fell in love with it. Coming from an Audi RS4 it's hard to be impressed by the power output on these Z's but the handling and styling on the NISMO won me over. 370Z is a nice car and has a lot of potential, but the NISMO is almost 100% complete. It just needs more power and I will be set.

Anyhow, I just wanted to thank you for posting this helpful information. Surprisingly, when I applied for a car loan on Lending Tree and Capital One I did not get approved. I signed up at PenFed and just had to mail in my pay stubs and within a week (they are over loaded with loan requests) I got my loan check. I got 4.75% for 72 months and the dealer offered me 6.99% and said there was no way I could get 4.75%, was he surprised!

Thanks again, and to anyone looking for a loan PenFed is a great place to start!

I've never tried to get a car loan this way. I want to make sure I understand how this works. Is the 3.99% financing locked in for 90 days once they cut the check and send it to you, or do they use the current rate available when the dealer cashes it?

Thanks everyone. This has been a really informative thread!

My wife and I are both above 790 and while we didn't have to fax paystubs, it still took almost a week for them to approve the loan. Dunno what they are looking at but they must look pretty carefully...

You're welcome! It is a great institution and so far everything has been headache free. My dealer told me the same thing 6.99% is the lowest they can give even with the best credit score. Feel free to post some pictures of your Nismo Z in the "other vehicle" section in the "lounge".

The check is good for 90 days (that's what some of the members told me). There's NO variable rates. Either you will qualify for the 3.99% or you will NOT. Dealer check will be cashed at 3.99% APR if you qualify.

So you told him what you were going to offer and he matched it? So you got a touring sport for 31K WOW!

Well I've got my Pen Fed check and I'm heading to the dealer thursday.
The internet manager tells me he has 27 370z's to pick from and emailed me an invoice price.
Every time I've purchased a new car the same tactics
are used: upside down on trade, msrp price and long term
finance @ high rate, gap, extended warranty yada yada yada.
Knowing all this usually makes the dealership sales team cranky and literally wave their hands in the air:icon18: it's really amusing how they also try to drag it out as long as possible in the hope that you will cave in and sign the papers
just to get it over with.
Anyhow Pen Fed should save me lots of grief and time
by allowing me to make an offer and let them bang their heads against the wall trying to beat the sweet finance rate

wish me luck:icon17:

haha, now someone teach me how to get a smokin' deal on car insurance.

I have read this thread and it is the best information I have ever seen posted!!! EVER!!! I am slated to get my Z in less than 2 years ...paying off my Infiniti G35S first then it will become my second car to my new Z! I hate waiting but a good plan is best.

Just purchased my 370z Touring for a couple hundred above invoice becuase of this thread. Just wanted to say thanks! If you wanna read my whole story in the introduction section then click below:

http://www.the370z.com/introduction/...09-w-pics.html

no luck with penfed for me :(

I did a new car loan, got turned down, did a resubmittal with explanation of income, still turned down. I give up, and they got my 20 bucks.

my credit score is 700 which apparently is not good enough. They keep saying I owe too much for the amount of income I get per month. I owe 4k on my 2008 Toyota Tacoma and that is all. No credit card debt, no other payments, only rent. And I make over 3 grand a month. (after taxes)

oh well, I'll either pay it off or try a local credit union instead for a 7% rate. the stock market is doing better than 7% a year right now which is why I'd much rather get a loan than spend it all.

This worked GREAT.. Thanks for the info!

PENFED FTW!

Now a proud Nismo edition owner :)

I just signed for my Nismo the other day.. I'll be picking it up tomorrow evening.

USAA offered me 5.24% but the dealer was able to get me 4.99%. Ended up getting the beauty for 37.9k + TTL.

Can't wait to driver her home tomorrow :driving: :happydance:

If you are a member of USAA I highly recommend you check out their Car Buying Program. You have to search for it on their website but it works awesome. You build your car on their website with options and everything and then it provides you with a number of local dealers and their certified USAA price. The results came up with two dealers offering $500 BELOW invoice, one dealer $200 BELOW invoice, and several $500 above invoice. Of course I went with the one $500 below and there were no issues with them honoring the USAA Certified Price. Even the sports package was discounted. Was a very simple process and you are not required to use their financing. At the very least, you could use this as a bargaining tool. Only issue may be that not all dealers participate but here in San Diego several do. It's worth a look.

So if I do financing through PenFed do I need to know the exact amount I will be paying for the car when I submit for a new loan? Or do they only need an estimate? What if I ask for $35k and the car winds up only costing $32k or I decide to put down a larger deposit?

As a 10 year member with Penfed, I can say they are great to deal with. Penfed will send you a voucher/check for any amount you qualify for. With that being said, if you ask for 35K, they send you the check/voucher for 35K.....you then make it out for $32 or whatever the final amount is......after any cash down......essentially, you have $35K to work with....if you use less, then your pmt will be lower.

Great, thanks a lot!

Another great place to check out is this website where they talk about how not to get scammed by shady dealers. CarBuyingTips.com new car buying guide, avoiding dealer scams, new cars, used car buying

It explains how you can get the best deal by doing your research. Enjoy.

AK,
I know it's an old post but the info is as valuable today as it was when you posted it. Thanks for the insight. I'm trying to wait paitiently for the 2010 (not really possible). When the prices are finally posted I will definitely use your tips reagarding purchasing and financing to make my power move. Again, thanks for sharing your experiance and enjoy your Z. R/Dave

This is an amazing thread!

Either follow AK's post..or you can use this website American Express | Car Buying Home Page it's american express auto program..where u can get the 370z below invoice..most Nissan honor the program..Just show them your AMEX card..or whoever has it..
hope this help whoever haven't purchased the Z yet:driving:

Wait a second, its you sign up for this NMFA. Would you have to join the army? I am not getting it. What is the catch of signing up for it, getting enrolled into the army?

No, you're not enrolling in ARMY. Take a look at option 7 again

http://i576.photobucket.com/albums/s...om/option7.png

You can pay $20 and become a member of "National Military Family Association". You don't even have to remain as a member after 1 year if you don't want to . Hope this helps.

has anyone used penfed for used cars?

so what is the lowest APR available now? i keep seeing lower and lower!

Harris Bank 3.49%
Bank of America 3.70%
Chase/Nissan 3.79%
US Bank 3.99%
PenFED 3.99%

What you listed above is about it. Some banks will have qualifications, no less then 25k Loan. 80% LTV, just check around. I think harris is the best deal out right now.

Quick question about financing through Pen or anywhere else really. If I'm putting down 12,000 on the car and the bank is financing the rest, do I provide the dealership with two checks(my own for 12,000 and the bank financed one) or do I send the 12,000 to the bank and get one check for the total amount from the bank to provide to the dealership? Thanks!

I had a trade in so I can't really answer your question. I hope someone chimes in to answer it. But if I have to guess, I would say you give both checks to the dealer. The reason I say this because, they gave me X amount for my trade in, I had Y amount as a down payment (personal check). Then I had the check from PedFed. So the dealer added X + Y money + Pedfed check on the day of delivery. Hope this helps.

Thanks, that pretty much answers my question. I started a thread about leasing a few days ago, but after seeing this, I think I'll save a couple more months and make the purchase!

I am a recent college graduate, and I have been saving for a car for a little while so I could get something after I graduated. Now that I have secured a job (from a previous internship), I intended to purchase a late 90's-early 00' economy car. Then I got suckered by a convincing car salesmen to test drive a 370z.

Instantly I fell in love with it, nostalgia set in from the days of my MR2 Turbo (had to sell for college :(). I felt alive once again, it was simply amazing. I could not think of a better car to make my ~hr commute to work more enjoyable and bearable. Now I find myself running the numbers in my large spreadsheet that contains a 5 year monthly outlook. Considering the savings this time of year and the willingness of the local dealers to meet or go below invoice, I believe I can reasonably afford a base model with the sport package.

I found this forum, and I have been reading up on the car non stop for the past few days. I now find myself at a crossroads where I believe I am ready to pull the trigger, but I am hesitant due to fear of credit rejection.

My credit score is only 695, as I have student loans that I have not yet started to pay on and I do not start my full time job employment until mid January. My salary is fairly competitive for the area, and likely above the mean for my location and field of industry, but I have not yet started to collect my first paycheck. I am able to make a $5-8k down payment if that has any effect on my interest rate approval. I would really love to make this my first real car, but I can't justify the expense unless the interest rate is below 5%.

Ideally, I know I should wait until I feel out the new job, although I really enjoyed it during my previous internship, and then wait and save until I can pay as much cash for the car as I can. However, I do need a car, and I would hate to spend a considerable down payment on a car I don't intend to keep for more than a year and would depreciate considerably with my yearly mileage.

Can anyone offer their thoughts? How many points am I likely to loose for applying? Is 695 just too low?

First,
I think you answered your question with

"Ideally, I know I should wait until I feel out the new job, although I really enjoyed it during my previous internship, and then wait and save until I can pay as much cash for the car as I can. However, I do need a car, and I would hate to spend a considerable down payment on a car I don't intend to keep for more than a year and would depreciate considerably with my yearly mileage."

Second,
Your credit score won't drop if you have someone look at it. Now if you are shot gunned to 10 banks then it will drop maybe 10 points. 695 is not too low, but will be too low for 5%

I would wait and see what this job is going to bring for you first. With only student loans on your credit, you may need a co-signer also.

Lou