PenFed Credit Union Car Loans

I have had nine-car loans from PenFed and several home mortgages. This will be my last car loan with PenFed!! I have been a member since 1980. The service has gone downhill (like USAA) because they have opened up the membership to almost everyone in a drive to expand. They are still OK for banking & credit cards, but I would NEVER get another auto loan from them. There is a big problem getting the title promptly when you sell your car privately before the loan is paid off. Long waits on the phone. When you call, make sure you get the name, extension, and office they work out of the person you are speaking with because sometimes they will hang up on you and then another 15-minute wait on hold.

Penfed is easy to work with. They are efficient in all transactions. They are fair. Although they have a branch office nearby I hardly ever need to go there. The website is great.

AVOID! They lured me in with a low interest rate (good!) But the backside servicing of the loan is horrific. The website is clumsy and very difficult to navigate which drives you to the phone which in turn is also horrific. I have yet to call (at anytime) and wait less than 8/10 minutes for an answer. What finally drove me here today is after waiting for 10 minutes on the phone I was hung up on by an operator after I asked her to repeat herself because I have difficulty hearing (20 year military vet, go figure) (could tell it was a hang up because she was rude right before hang up) AND THEN I get home and attempt to use the online account it is...wait for it.....OUT OF SERVICE check back LATER. I can't make this up folks..WOW.

I pay on time and never late. Have never had an issue with the merchant. When I connect with them they have bee professional and polite

Called to cancel a duplicate car payment. Verified cancellation and pending payment disappeared from my app. Two days later the payment went through and $160 and 5 associates later the return went into my PenFed savings account in which I was advised would cost me $25 to transfer back to my Navy Federal account. PenFed refused to return the overdraft fees- including the fee associated with the car payment. No supervisor would take my call despite my request to speak to one. I did not choose PenFed. They bought the car note. Research this company prior to signing. It’s been a nightmare.

If there was a 0- I would be giving that rating!! First-they sent me the payoff car loan check from back East to my residence in CA. I was then told that I would have to send this check back East again to Hyundai Office. VBERY RISKY-especially the way the mail service is recently! Why couldn't Pen Fed send the check directly to the Hyundai Motor Office???
That is only the beginning. I was mailed the car title and told to take it to the DMV. Because of Covid19-the DMV is not making appointments. I waited 3 hours and was told by the DMV that I have to go to the CA. Tax Office and get proof that I paid the taxes. So-I waited over an hour at the CA. Tax Office. I had to wait 3 weeks for the tax proof certificate to arrive. I then had to go back to the DMV with the tax certificate and the title and wait almost 3 hours again in line at the DMV!! I was told that the title would take about 6-8 weeks to get to Pen Fed Office in Sacramento!
Pen Fed then had the nerve to raise my car loan interest rate to 15% because they did not have the title-was that really my fault??? NO!! They actually should be lowering my interest rate because of all the hassle I have been through with this!!!
I will NEVER in the future use Pen Fed again!!! John Long

Everything was great and easy. The only complaint I have is that I did not get funded until 11 days after I was approved and I was charged interest for those 11 days even though the lender had not sent out the payment to my previous lender. Therefor I was charged interest on my vehicle for 11 days from both lenders. This was all done through Motorefi.

I’m the seller in a vehicle purchase with one of your members. Loan was approved on 09/11, yet still no loan check for buyer. ????

Penfed advertises constantly about their car loans & it sounds marvelous, but good luck trying to apply for one. No one will return your email or answer your calls. It all leads to a dead end. I have heard the same complaints from others. Very disappointing! Don’t waste your time!!