Pen-fed Payment saver any good for JL for those who usually lease?

KDR83

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They say on the site that they have gap insurance which covers the difference between what the car is worth vs. what is owed. I’m assuming that would only be used in the case of a total loss and not just when the term is over if it’s worth less than you still owe. Correct?
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sfadchi

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They say on the site that they have gap insurance which covers the difference between what the car is worth vs. what is owed. I’m assuming that would only be used in the case of a total loss and not just when the term is over if it’s worth less than you still owe. Correct?
Correct, gap only covers the difference and pays off the loan if it's a total loss and the insurance doesn't cover enough to pay off the loan.
 

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They say on the site that they have gap insurance which covers the difference between what the car is worth vs. what is owed. I’m assuming that would only be used in the case of a total loss and not just when the term is over if it’s worth less than you still owe. Correct?
Correct, they also include $500 deductible insurance. In essence, if you use your insurance they will send you a check up to $500 for your deductible. I used it after i hit a deer with the Taco. Received the paperwork 2 weeks after the accident, it was a pleasant suprise.
 
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The trick is to do it all online. They have no system in place to know if it's actually an SUV or a Truck. They count on the honor system. However when I bought my JLUR in NJ it did come back as a 4 door wagon on the registration. Now the Raptor, well I don't know what to tell you accept the fact that I have had about 8 auto loans with PenFed and they love me there. My PenFed Visa has a $50K limit, which is their max. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. All vehicles that hold their value extremely well.
So the only way this works is do it online? I have to make sure this works as this route I might go for, before placing order for a rubicon. thanks.
 

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I'd also want to know how long the loan approval is good for. I believe I read 90 days somewhere, but I know my bank a traditional loan approval is only good for 30 days. So, you don't want it to only be good for 30 days and have your build take in excess of that. Some builds do go over 90 days, so I wouldn't exactly count on that.
I'd also want to make sure they don't do something screwy like run your credit and then come back and tell you they won't actually finance a Jeep.
 

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Do not apply fo the loan until you have a VIN number! Do it all online! If you call and change the vin they will flag you and will not give you the loan on a Jeep! WARNING YOU NOW!
 

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Do not apply fo the loan until you have a VIN number! Do it all online! If you call and change the vin they will flag you and will not give you the loan on a Jeep! WARNING YOU NOW!
Good to know. How does it work when you do it online? Do they send you a check? Does the dealer pull it up? Just wondering what the process is.
 

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Good to know. How does it work when you do it online? Do they send you a check? Does the dealer pull it up? Just wondering what the process is.
They send you a check made to you and the dealer. The check will have the VIN number of the Jeep on the back. Can only be used for that vehicle.
 

cbrenthus

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They send you a check made to you and the dealer. The check will have the VIN number of the Jeep on the back. Can only be used for that vehicle.
Thank you. This helps quite a bit. How long does it take to get the check, or rather, how long before delivery should I apply?
 

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Pen-fed preapproved loan for 57k. they send you a check written to you and the dealer, they will overnight the check to you. The gap insurance is for up to 30k and it is only $599. they also cover your deductible up to $500, unlimited coverage on this. Now just impatiently waiting for it to get out of the railyard and deleiverd to the dealer. Its been in the rail yard for 3 weeks.
 
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nypharm

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Pen-fed preapproved loan for 57k. they send you a check written to you and the dealer, they will overnight the check to you. The gap insurance is for up to 30k and it is only $599. they also cover your deductible up to $500, unlimited coverage on this. Now just impatiently waiting for it to get out of the railyard and deleiverd to the dealer. Its been in the rail yard for 3 weeks.
How long prior to ordering or after ordering did you apply for this loan? Thanks.
 

apprweb

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How long prior to ordering or after ordering did you apply for this loan? Thanks.
I waited until it was being built. They want the VIN umber to process the loan. I suppose then they can see what the options are and offer you the max financing amount.
 
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nypharm

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I waited until it was being built. They want the VIN umber to process the loan. I suppose then they can see what the options are and offer you the max financing amount.
How did you get a estimate? I can’t find estimate for wranglers over 51k on the calculator.
 

sfadchi

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Thank you. This helps quite a bit. How long does it take to get the check, or rather, how long before delivery should I apply?
You can apply the day before if you want and for a $15 fee they will overnight it. If not they will mail the check out snail mail and it takes about 3-5 days to get it. On my JLUR I made the mistake of applying as soon as I got the vin. I got the check 2 months before my Jeep came in. I ended up canceling that loan and reapplying because I didn't want two months of car payments for no reason.
 

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You can apply the day before if you want and for a $15 fee they will overnight it. If not they will mail the check out snail mail and it takes about 3-5 days to get it. On my JLUR I made the mistake of applying as soon as I got the vin. I got the check 2 months before my Jeep came in. I ended up canceling that loan and reapplying because I didn't want two months of car payments for no reason.
Not only would you have the payments with no car, you'd also have to pay the balloon payment 2 months earlier. With a traditional loan I could see making a payment or 2 ahead of time, but not the PenFed ;)
 

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