PenFed, Wells Fargo charity efforts aid vets


Two auto lenders are honoring armed service veterans in their latest community service campaigns, according to separate releases by Pentagon Federal Credit Union and Wells Fargo last week.

PenFed served as the sponsor of the inaugural 2019 San Antonio Business Journal Veterans in Business Award, which honors 12 veterans in business and two veteran-owned companies for supporting the military community in Texas through the processes of hiring veterans and creating jobs.

The San Antonio-based credit union is no stranger to honoring and supporting military veterans. PenFed also sponsored similar Veterans in Business Award events in Washington, D.C. and Atlanta this year, and its foundation, The PenFed Foundation, has awarded $34.5 million in financial support to more than 140,000 veterans, active-duty service members and families since it was founded in 2001, according to a company release.

Similarly, Wells Fargo — in partnership with the Military Warriors Foundation’s Transportation4Heroes program and Kuni Chevrolet Cadillac — surpassed $1 million worth of payment-free vehicles with its donation of a 2019 Chevrolet Traverse to former U.S. Army Specialist Andrew Martinez at a half-time presentation of Sacramento Republic FC soccer game. Wells Fargo has provided payment-free vehicles to more than 30 veterans and Gold Star families since 2015. Recipients also receive one year of mentoring to assist with financial literacy.

Read more: Wells Fargo partners with nonprofit, donates vehicle to vet

More than 20 dealers and dealership groups in 12 states have participated with Wells Fargo and the Military Warriors Foundation in providing payment-free vehicles to veterans. The San Francisco-based bank also has donated more than 350 homes totaling more than $55 million through a similar program called Homes4WoundedHeroes.

Join us for Auto Finance Summit 2019, October 28-30 at the Bellagio Las Vegas. The summit continues to bring together the best and brightest executives in auto lending and leasing for unparalleled networking and education. Register now at

Source : AutoFinanceNews