hawtheric1

Just got my funding check for my Palladium Silver/Black C63 AMG.

I went with PenFed.org on the advice of one of the members here.

So far it's been the easiest car buying experience I've ever had.

It's also the best rate that I could find anywhere - 4.75%.

It was 4.5% about 6 weeks ago but it jumped a 1/4 point.

They sent me two checks. One for the dealer (Calif) and one for my AZ taxes.

I would strongly encourage you all to take a look at PenFed.org.

If you're not military you have to make a small donation ($25) in order to become a member. Once you are a member you get all the sweet benefits!

Hawth

AMGC60-3

I am located at Spangdahlem AB. Germany and belong to the Service Credit Union and it practicaly the same as Pentagon, congrats to you.

gravedgr

I hope that was my recommendation! They are the most hassle-free group I've ever worked with.

AMGBeleza

You better hurry up man... rates are changing quick! I got my 4.3% from community a couple months ago and they don't have that anymore...

Earlyapex

I went with Penfed as well and got 4.75%. Applied online and picked up the check at a branch two days later. Great recommendation!

gravedgr

On my C63, the dealer called me on a Thursday @ 10 am to say the car was being prepped (detailed) and would be ready by 1 pm. I got online @ PenFed and applied for $72k, was aproved by 11 am. Drove to the dealer after lunch and signed the paperwork. We called PenFed and asked them to Fedex the package, and I drove down the next day @ lunch to sign the check over to the dealer.

Easy as pie.

YellowJacket

I plan to use Penfed as well. I paid the $25 contribution a few weeks ago. I was hoping it would drop back to 4.5% this week with all the banks getting flushed with cash this week.

passcheco

Wait is that for a 2008 or 2009

hawtheric1

Gravedgr, yes, I believe it was you that pointed me in that direction. You got the 4.5 and I got the 4.75. They recently updated their website. I'm not complaining though. It beats the 5.19% State Farm was trying to shove give me. Even with State Farms "free" GAP coverage, PenFed is still the better buy.

Hawth

Childish///AMG

Cool rates, I'll have to check with "USAA" or the AF Credit Union in San-Antonio

reelgr

looks like the rates are now up to 5.00%... anyone use penfed.org lately on a balloon?

YellowJacket

Showing 4.75% here. Where do you see 5%?

taylorcoleman

Penfed.org was the way to go for me as well. It was quick, easy and no hassle. I highly recommend them.

reelgr

when I used the calculator..

Auto Payment Saver Rate: 5.00% APR
Conventional Auto Rate: 4.75% APR

PatSC23

looking over this site i dont see where it says u can donate $25 to become a member...thats all u need to do?

taylorcoleman

Yup, just take a closer look.

MACHC5

I'm using them right now as they have a 3.99% special on new or used vehicles.

PatSC23

r u military? or i should ask, do u need to be?

MACHC5

I deposited $50. to get started a month ago, but forgot how I did it.

Eurosport

for everyone interested in joining PenFed
it's easy
https://www.penfed.org/howToJoin/overview.asp
scroll to option #7
one time $20 fee will get you into PenFed
gl, only heard good things about them

Sincity

Subscribed.

eagle_lex

ok quick question. IF you do a money saver payment AND something happens a few years down the line when the balloon is due.... will they let you refi the balloon if you dont have/ or want to part with the cash right then? just dont want to lock into a balloon and something unforeseen happen years down the road... can anyone answer this?

taylorcoleman

I can. You are contractually obligated to pay the balloon payment under the terms set forth in your loan agreement. Same would hold true if you did not do the payment saver option (you'd be contractually obligated to pay the full balance of the loan). Either way, if something happens a few years down the road, you're stuck.

The difference in APR from the payment saver and the regular loan is very slight. So, if you're concerned about what might happen down the road, why not do the payment saver, but pay the difference in price as to the regular loan into a ~3% (or higher) money market account. That way down the road if you're in good shape, pay down the principal balance with what's been invested in your money market. If you're not in good shape, then use that money for whatever had arisen.

IMHO if you don't today have at least 6 months worth (or even 9 or more in this economy) of living expenses set aside in cash (bearing low-risk interest), this is not the car for you. But if you do, and you're just concerned about the unknown, I think the above strategy might be a good one for some people.

Oh, and to clarify, yes, you can refinance the balloon assuming someone (bank, etc.) is willing to lend you the money at the time the balloon is due.

eagle_lex

thanks taylor. thats what i figured. and i agree. one should have no credit card payments and at least 6 months savings. i totally agree.

PatSC23

hawtheric1 - i hav to say thanks for posting this way back when....also a big thanks to the other members who chimed in with comments...i joined Penfed with a donation a few months back in anticipation of getting this car and I gotta say, i have NEVER had such good customer service, ever!

Im in the process of getting a loan for about 1/2 the amount of the car @ 3.99% and it looks like im approved pending some documents they need to verify...

the best MB was able to do for me was 6% -

again, thanks hawth!