New PenFed Service Provides Members with Auto Loan Term "Reset Button" That Puts Them in the Driver's Seat

PenFed's New Rate Reset Partnership Can Lower Monthly Auto Loan Payments.

ALEXANDRIA, VA -- Dec. 31, 2014: Through Pentagon Federal Credit Union's (PenFed) new partnership with Rate Reset, eligible members can now extend their current car loan terms up to 24 months. When a member chooses a new term, PenFed will reset the member's rate to that which is currently being offered for the same term. The reset lowers the member's monthly payments for the duration of the loan.

"Giving our members the ability to extend the term of a car loan provides them with increased flexibility and more cash in their pockets. This equates to greater spending power, which can be quite handy any time, but especially during the holidays," said PenFed's Chief Financial Officer Rocky Mitchell.

The PenFed/Rate Reset partnership is designed to place eligible PenFed members in complete control of the process of adjusting their loan terms via a fast, streamlined process that is wholly electronic.