TYSONS, VA (December 27, 2024) |
PenFed Credit Union, the nation’s second-largest federal credit union, is offering a $300 bonus for financing a PenFed auto loan and setting up recurring payments from a PenFed Checking account. The offer period ends Jan. 31, 2025.
To qualify, members must finance a new car or refinance a current auto loan from another lender with a PenFed Auto Loan and make the first two payments to the loan by establishing a recurring payment from a PenFed Checking account. The $300 bonus will be deposited to the member’s PenFed Checking or Savings account within 60 days of eligibility completion or by June 30, 2025, whichever is sooner.
1 The auto purchase and refinance cash bonus of $300 will apply to loans over $10,000 when the first two recurring payments are made from a PenFed Checking account. Applies to all purchase and refinance loan applications received at PenFed between 12/18/2024 and 1/31/2025; refinance loans must be refinanced from another institution. PenFed internal refinances and refinance loans originated from 3rd party partners are not eligible for this promotion. A PenFed Checking account does not have to be opened prior to 12/18/2024 but must be used to make the first two recurring payments and remain open until June 1, 2025, to qualify for the bonus. The loan must be currently active and have the first two recurring monthly payments posted to the auto loan from a PenFed Checking account to qualify for the bonus. The $300 bonus will be deposited to the member’s PenFed Checking or Savings account within 60 days of eligibility completion or by June 30, 2025, whichever is sooner. The promotional bonus will be reported on the year-end Form 1099-INT as taxable income. PenFed may discontinue or change the promotion at any time. Other restrictions may apply.
2 Access America Checking Account is a variable rate account. APY (Annual Percentage Yield) of 0.35% applies to accounts with a daily balance of $20,000-$50,000 and a monthly direct deposit of $500 or more. An APY of 0.15% applies to accounts with a daily balance of less than $20,000 and a monthly direct deposit of $500 or more. APYs are valid as of the last dividend declaration date of December 1, 2024, and are subject to change at any time. For both Access America Checking and Free Checking, fees may reduce earnings on account. Minimum deposit of $25 required to open an account. When an account is terminated prior to the end of a statement cycle, dividends will be paid if the aggregate direct deposit requirement is met on the date of account termination.
“At PenFed, anyone can join, and our members now have the opportunity to drive away with an extra $300 as they achieve their financial dreams and enjoy PenFed’s great rates,” said PenFed Chief Marketing Officer Gaurav Bhatia.
PenFed’s auto loans are up to $150,000 and members can view their pre-qualified loan offers with a soft pull, so their credit scores aren’t affected. PenFed Checking account holders also can get paid up to two days early when they set up direct deposit.
To learn more, please visit https://www.penfed.org/auto/