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Discussion Starter · #1 ·
Hello OSDer,

I am thinking about refinancing the car loan via Penfed for my OSD XC60 which is currently financed with US bank.

Can anyone share the experience?

How much time is usually needed to complete the whole process i.e. from online application to pay off the US bank loan? Any potential problem?

Thanks all. :thumbup:
 

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After an email exchange with William, I decided to go with Volvo's bank for now - If they let me slide on paying for insurance until the car hits US soil, that will save me some money. I'll reconsider a refi after that if the rates are still good at PenFed. Since we're 45 days till delivery in Sweden this week, I should be getting that call for money within a few days
 

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COMark: we went with Volvo's financing (US Bank) for our OSD after reading posts on this board and calling around to a few banks/credit unions. They don't deal with OSD so aren't familiar. I was going to refinance but the % difference was too small.
 

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COMark: we went with Volvo's financing (US Bank) for our OSD after reading posts on this board and calling around to a few banks/credit unions. They don't deal with OSD so aren't familiar. I was going to refinance but the % difference was too small.
Generally speaking, as long as you have a VIN, any bank can do a loan for you. The question in my mind this time around, when I'm more aware of options (and hopefully a little smarter), is insurance. If Volvo's lender lets me avoid paying for insurance for 2-3 months because the car isnt in the US (and is covered by Volvo). Excellent. If not, I'll go the cheapest route or quickly refi. I don't like to borrow money, nor pay more than I have to when I do borrow.

My first OSD 8 years ago was through a dealer that was relatively new to Volvo, and I suspect I was their very first OSD. It went very smoothly, but I probably did more leg work than I really should have. We financed through Capital One that time around and had to make both car payments and insurance payments before the car hit US soil. The dealer never offered any Volvo financing. I don't know if I could have saved a month or two of insurance coverage back then or not.
 

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COMark: we went with Volvo's financing (US Bank) for our OSD after reading posts on this board and calling around to a few banks/credit unions. They don't deal with OSD so aren't familiar. I was going to refinance but the % difference was too small.
David....I am in the same boat......did you contact PenFed regarding refinancing???
 

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Discussion Starter · #7 ·
Hello OSDer,
How much time is usually needed to complete the whole process i.e. from online application to pay off the US bank loan? Any potential problem?
Anyone know? :)

Thanks.
 

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David....I am in the same boat......did you contact PenFed regarding refinancing???
I did not. I looked at other refinancing and the rate delta wasn't worth my effort for the $ savings.
 

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Discussion Starter · #10 ·
How much time is usually needed to complete the whole process i.e. from online application to pay off the US bank loan? Any potential problem?
 

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How much time is usually needed to complete the whole process i.e. from online application to pay off the US bank loan? Any potential problem?[/QUOTE

Still not sure of the context. But, I'll try. I'm just not sure where your start point is.
Assuming the "whole process" means from placing an order for an OSD car, which is not an online process- see a dealer, it can take 2-3 months before that car is ready for delivery at your selected delivery point in Sweden or Europe. That delivery date will be available as soon as Volvo accepts the order. Bank financing doesnt take any longer than buying a car from dealer lot. You apply, you get accepted, or not. The bank needs the VIN to make a loan - Volvo will provide the VIN through your dealer. You'll be asked to pay for your OSD car, either in cash or through a loan, about 45 days prior to the scheduled delivery date. The term of your loan with the bank will determine how long it takes to pay the bank loan off.
 

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Discussion Starter · #12 ·
Still not sure of the context. But, I'll try. I'm just not sure where your start point is.
Assuming the "whole process" means from placing an order for an OSD car, which is not an online process- see a dealer, it can take 2-3 months before that car is ready for delivery at your selected delivery point in Sweden or Europe. That delivery date will be available as soon as Volvo accepts the order. Bank financing doesnt take any longer than buying a car from dealer lot. You apply, you get accepted, or not. The bank needs the VIN to make a loan - Volvo will provide the VIN through your dealer. You'll be asked to pay for your OSD car, either in cash or through a loan, about 45 days prior to the scheduled delivery date. The term of your loan with the bank will determine how long it takes to pay the bank loan off.
I meant the timeline for Penfed car loan application... I have been driving the car... How soon one can complete the Pedfed car loan process, i.e. from the online application till the payoff of the existing US Bank loan.. Thanks.
 

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Here is my experience with penfed

I went to bankrate.com and noticed that Pentagon Federal Credit Union had the best rate for new cars. After some reading I found that with a $15 donation to Voices for America's troops and a $5 membership due and I can join PennFed. I filled out the online form, the VIN was suppose to be optional but it would not let me continue. I put in 16characters and it went and approved my loan. I called 2 days later to talk with someone and I was told a check had been mailed to me the day earlier. It was made out to the Volvo dealership. I explained about the OSD and they were fine with no VIN as long as I update them with a letter and copy of the dealer order form.
 

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Refinancing with PenFed is actually a great idea! I have tried it a year ago and everything went well. There were no problems with the transactions. The PenFed Promise Visa is a scarcity among charge cards. How so? Try its no-fee structure, to begin with. If you or a member of your household is a part of the United States armed forces or affiliated group, you're permitted to join Pentagon Federal Credit Union and apply for the card.
 

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Refinancing with PenFed is actually a great idea! I have tried it a year ago and everything went well. There were no problems with the transactions. The PenFed Promise Visa is a scarcity among charge cards. How so? Try its no-fee structure, to begin with. If you or a member of your household is a part of the United States armed forces or affiliated group, you're permitted to join Pentagon Federal Credit Union and apply for the card.
Another credit card to explore is the Capital One Venture card (Visa). Two miles travel for every dollar spent, ALL purchases, no monthly limit on miles, no expiration, no travel block out dates. We use it for personal and business.........it can add up very quickly!!!
 
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