I tried to apply online for a loan through penfed.org and was shocked at what I found out. I know my VIN and everything and total dollar amount, so I was ready to fill out the complete app. I was instantly approved for the loan amount, but when I went to specify the make and model there was no smart option.
No worries I thought, I'm sure they can help me over the phone. I called in and spoke with Bree and she went to ask her supervisor. The answer came back...No loans for smarts, maybe for the next few months!
I was shocked. Shocked I tell you. So I hung up and began to ponder my options. I was looking around the boards and saw that someone had posted they had received a blank check from Pen Fed and were intending to use it for a smart. I called back and asked Bree and she said that once that pre-approval draft (aka blank check) is received, they review it to make sure that it meets their lending conditions. The smart DOES NOT currently meet their lending conditions and the loan will be refused. She said that I should tell folks this so that they aren't rudely awakened after they think everything is complete!
Both times I called in I spoke with Bree, so there is a chance that she or her supervisor is misinformed. However, if you were intending to use Pen Fed, I suggest that you call in as well and verify this info.
Sorry to be the bearer of bad news, but hopefully we can all push together and get the smart into their system.
It's only a $9/mo diff between the loan I've got now and pen fed, but it still adds up if i carry it for nearly the full 60mo (which hopefully i won't). I guess this is what happens when we are on the bleeding edge.
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