SANTA MONICA, Calif. and ALEXANDRIA, Va., March 16, 2012 /PRNewswire/ -- Pentagon Federal Credit Union (PenFed), the third largest credit union in the U.S., today announced that it will continue to offer its more than million members a reduced interest rate when using the PenFed Auto Buying Program, powered by TrueCar.com. TrueCar is an online automotive information and communications platform focused on creating a better car buying experience for dealers and consumers.
"We are excited to offer our members an opportunity to buy a car through PenFed's low interest rates on new and used vehicles and receive a reduced rate through the Auto Buying Program," said Ben Scandlen, VP of Marketing at PenFed. "In addition, our members who use our program receive a hassle-free car buying experience."
For members looking to purchase a new or used vehicle using the PenFed Auto Buying Program, PenFed is offering a reduced interest rate of 0.50% percent off the approved loan rate. The special online only rate of 1.49%* APR (after the interest rate reduction) is only available when applying online and applies to new and used vehicles for amounts up to $70,000. This offer ends on April 30, 2012.
The PenFed Auto Buying Program is available to PenFed members by visiting www.penfed.org/mynewcar. The program allows PenFed members access to a comprehensive site where they can research new and used vehicles; get safety information, see photos and videos of vehicles, read reviews, and receive a target price on vehicles from dealers in the program located in their area.
TrueCar, Inc. is an online automotive information and communications platform focused on creating a better car buying experience for dealers and consumers. Consumers want a hassle-free car buying experience and dealers want high-quality sales velocity. TrueCar helps achieve these goals by providing unbiased market information on new car transactions and by supplying an online communications platform through which dealers and consumers can communicate with each other. TrueCar's market-based information provides both consumers and dealers with an accurate and comprehensive understanding of what others actually paid recently for similar vehicles, both locally and nationally. TrueCar's communications platform then allows informed, ready-to-buy consumers to communicate directly with participating dealers. Some of the nation's largest and most well respected membership and service organizations rely on websites powered by TrueCar to help educate their members and customers who are in the automotive market. TrueCar is headquartered in Santa Monica, CA, and has offices in San Francisco, CA, and Austin, TX. After experiencing dramatic growth since 2006, TrueCar is developing a suite of products and services centered on radical clarity through the comprehensive analysis of market data and information. TrueCar's participating dealer partners have sold over 500,000 new vehicles to TrueCar users nationwide.
About Pentagon Federal Credit Union
Pentagon Federal Credit Union (PenFed) is the third largest credit union in the United States with over a million members, and more than $15 billion in assets. The credit union provides worldwide service to the Department of Defense, Army, Marine Corps, Navy, Air Force, Coast Guard, and Department of Homeland Security personnel, employees or volunteers of the American Red Cross and military associations, and many others in the defense community and their families.
For more information about PenFed, or to learn more about membership, visit www.PenFed.org or call 800-247-5626.
- Federally insured by NCUA, PenFed rate and offers current as of March 1, 2012. Rate and term are based upon loan amount and model year, and are subject to change. Other restrictions may apply. *Rate applies to online applications only. Higher rate will be assessed if you do not apply online.
SOURCE Pentagon Federal Credit Union