The last thing they want to do is repo your car. https://www.penfed.org/auto/payment-saver. Why? There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. What this means for you: When you open an account, we will ask for your name, address . If they truly killed it an didnt just pause it, there is almost no chance it comes back. I wonder were these taxed at the full purchase price or taxed like a lease? I have my score from Credit Karma but the dealership told me they got a different score. G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. AFG never sold residual insurance or residual values to credit unions. I was told to just call back when I have the VIN. Camaro Price | Ordering | Tracking | Dealers Discussions, General Automotive + Other Cars Discussion, Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com, Find More Posts by joes3rdcamaro82/91/2010, https://www.penfed.org/productsAndRape=NEW&value=Y. I think Brad is right. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. Monthly Payment. All Rights Reserved. NerdWallet rating. As my grandfather would say, this place cant find its ass with both hands. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. They had been very interested in leasing for years and then made a last minute decision to go with balloons based on a middle man who I think had a piece of the deal. balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. Note that fees charged between providers can vary. Who's Alesha and how do you know she pays everything on time? Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Payment Saver auto loans. Access Bill Pay: PenFed's Online Bill Payment System. Just not a pen fed customer to know what their RVs are on those two specific vehicles. The banks want nothing to do with that, and will happily turn you away. Remember your panic when you were far from home and remembered that a bill was due? (And no, not aware of anyone else other than Penfed that's doing it, cause I'm not in the market for a bad loan. Equal Housing Lender - Federally insured by NCUAMembership restrictions apply, New and pre-owned vehicles up to five years old qualify, Annual mileage options of 12,000, 15,000 & 18,000 available. Thanks for the info. Generally, I do think a balloon loan makes sense for short term purchases. Might have to call them and ask. I love pen fed dont get me wrong and have used the payment saver 7+ times, but it was so much better years ago. APR = Annual Percentage Rate. Uses transunion credit for score. Used auto loans: You can get up to 110 percent financing with terms . Products & Rates Choose Your Product Auto Payment Saver Auto Loan Estimate my payment, That could be why I cant find it, but Im not going to join until I decide if I want to use the loan, but dont know if I want to use the loan until I know the RV. APY = Annual Percentage Yield Just did the payment saver plan on the M4 we are picking up next weekend. I think thats the reason why he loves Penfed balloon loans. Started the process online on Mondaycheck was at our doorstep on Thursday. They used to have a payment calculator on the site where you could either enter a VIN or select make and model and it would show estimated payments, but it looks like they took it down. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. 1. You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? When you register for our products and services, we also collect certain personal information from you for identification purposes, such as your name, address, email address, telephone number, social security number, IP address, and date of birth. When I add sales tax to my amount and put nothing down, I'm only a few bucks lower than a BMWFS lease with MSD and ED without the risk of being upside down and getting my MSDs back. The advantage here is there are no terms to ownership (you own the car), no acquisition fee, no lease tax (as there is in PA that is in excess of sales tax), no other lease-associated fees. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. Collapse. The only time this "Payment Saver" would make sense is if you had money tied up in stocks or property that wasn't liquid right now but that you knew would be liquid by the time the balloon payment became due. Also offers a 2.14% rate for 96 months, so one application gives you both options. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. See this is what concerns meyou had equity b/c of how much you put down (really as with any financing). 0 Kudos. Rates are current as of March 2023unless otherwise noted and are subject to change. I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. They usually announce all the small CUs they sign each quarter. I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). Payment came back very high, not sure what rates/fees they used. MountainCrest FCU (WA), Now you can leave those worries behind and use Access Bill Pay! CarBuilder gives you the ability to build your vehicle of choice online, then compare the cost of the Payment Saver low payment to the conventional loan payment. Again denied!! My PenFed Visa has a $50K limit, which is their max. Just go to a dealer. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. Because their RVs are so low, youll have some equity at the end to trade with but your payments will be a lot higher than your other options with a lease. I have a lady coming by today who I got approved and she literally has a 412 score. There's so much else going on behind the scenes. Had you not put down $10k, you would have been upside down. All vehicles that hold their value extremely well. It doesn't hurt to try but it probably won't make a difference. Those would be your best bet to see if there is one you can work with. Lesser known benefits of the program, it includes GAP and deductible insurance. No early payoff penalty. Frankenmuth CU (MI). I'm seeing 3.74% for 84 months at DCU. A lot of credit unions buy residuals from AFG. European Delivery. Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. penfed payment saver forumwhen will lego diagon alley be back in stock. Access Bill Pay makes bill paying easy and secure. I am a bot, and this action was performed automatically. 1323 3 Only show this user. Nothing good can come of it. Idk what the full scope of the deal is, but if you make $10,000/month and owe $9,500/month in revolving debt and credit card balances, that leaves you with only $500/month of available buying power. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. I just had a giant lunch so I may be even less lucid than normal, so please bear with me. It also has been off for many other makes too and that makes the payment way higher than it should. MECF_728x90_top. Original review: June 28, 2022. At minimum, expect a $725 origination fee for vehicles over $75K. PenFed takes no responsibility for the content of the page. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. I really don't think it is terrible as long as you setup an auto deduction into a interest bearing acount for what you would save each month. 01-22-2022 02:06 AM. Have they stopped all new vehicle finance options? What state/county do you live in? PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. This credit union is federally insured by the National Credit Union Administration. Penfed Payment Saver for ED. If something happens to the income, they may never get paid the contracted balance. Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? *A typical new auto loan of $30,000 at 3.74% APR would have 71 monthly payments of $404 each month, and would include a balloon payment due at loan maturity of $5,475. PenFed Payment Saver Deal. Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. BMW 1 Series Coupe Forum / 1 Series Convertible Forum (1M / tii / 135i / 128i / Coupe / Cabrio / Hatchback) (BMW E82 E88 128i 130i 135i), Ordering, Pricing, Options, Tracking Discussions. You'll also face a balloon payment at the end of your loan. Now the Raptor, well I don't know what to tell you accept the fact that I have had about 8 auto loans with PenFed and they love me there. Typically I lease my BMWs, whereas we traditionally finance my wife's. TTRS isn't yet listed on PenFed, but I imagine it will be more attractive than Audi leasing??? Affiliate Business Arrangement Disclosure. I'm new to Audi, but understand RS models maintain their equity, making the. Did you get this quote via their PenFed website? AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). Congrats man!!! Did you go to a different page? Its not. To Sign In or Enroll:Log-in to PenFed Onlinein the login box at the top-right of this page and click the Pay Bills tab from the Main Menu of PenFed Online. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. Theyll get you financing. $100 bonus offer statement credit on $1,500 spent within the first 90 days. { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure. $1,000. Credit Unions often offer what's called a Payment Saver Auto Loan. Generally, I do think a balloon loan makes sense for short term purchases. Chances are you owe too many people too much money and your CU sees this as a liability. PenFed dropping the balloons is very interesting. Our students say Absolutely amazing app, but is there a way to copy a result? Certificate Term. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). I was just wondering what the logic was behind wanting a higher RV on this type of balloon loan since a lower RV would cost less when it all washes out. How to pick a car? We use cookies to provide you with better experiences and allow you to navigate our website. We can help you find an auto loan that meets your needs with our CarBuilder program. The bottom line: Pentagon Federal Credit Union, or PenFed, offers good interest rates for checking and even more competitive rates for online savings and money market . Sample deal: I could get into a Flying Spur for nothing down and $0 per month until the end of the 10-year draw period. You might also have luck in the r/whatcarshouldibuy subreddit. My wife wants a Sienna or Odyssey and want to see what options I have. I don't see it on their site anymore, did they stop offering it? Learn more. Where the manufacturer has restrictive lease terms, for example Tesla or Mercedes, that limit your ability to sell/trade/transfer the lease and where you often will have equity. It gave me a ~$29.7k residual on a $72k MSRP. Login Register. New Auto Loans. The lease numbers are just NOT favorable for me. I ended up taking the truck even though it was more expensive because I'd rather take the risk on a truck instead of what will be an 7-8 year old cadillac at the end of the loan. Back in 2019, PenFed briefly offered balloon loans with guaranteed residuals (you could walk away at the end of the initial term), but they quickly discontinued those also. We only did the 36 month term as I was wanting something more along the lines of a lease (Georgia stupid tax laws kill actual leasing) and I wasn't trying to speculate on the car's value 5 yrs from now. New comments cannot be posted and votes cannot be cast, A place to ask questions from car sales professionals - sales people, finance and sales managers. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. So i dont think there a specific method, but if you had to guesstimate it will be around the RV = to the 36/15k vehicle & changes based on the term you pick. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. 1. No match for the 2.99% 36mo rate that PenFed offered. Please review our most Frequently Asked Questions to see if your question has already been answered. I just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. I have found cars with a 72 month term lower. That means they are most likely not seeing the originations that afg sold them on. Forums. Does anyone know how the RV is calculated in the PenFed Payment Saver program? PenFed vs. SoFi. I don't see anyone doing the right thing with these loans. For visitors with visual disabilities, access to this website, including our FICO Data Privacy Policy, is available through assistive technologies, such as BrowseAloud, JAWS, VoiceOver, Narrator, ChromeVox, and Window-Eyes. They didn't even have the 2016 M3 in their system when I applied. TERM APY* 6 Month 2.70%** 12 . Re: Has PenFed done away with Payment Saver (balloon finance) loans? SoFi's starting interest rate is also lower than PenFed's but . Go into a dealership and let them properly structure a deal to get an approval for you. Just wanted to give you a heads-up. AFG Calculator. Rates depend on terms, as follows: I have a lady coming by today who I got approved and she literally has a 412 score. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. The way the market is now I don't think I would touch it. The select looked attractive to me but they (BMW) managed to talk me out of it. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) Will it impact my credit or look bad to banks if I immediately submit another application with PenFed - this time as a joint application? If I total the car my . Collapse. A dealer can usually get it done because we have direct lines to the loan officers. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. FTC's website on credit. All rights reserved. Only problem I had was getting approved. Membership via $15 one-time donation to American Consumer Council. New vehicles are vehicles without previous owners and are of a current (2021) or prior (2020) model year with less than or equal to 7,500 miles. I traded my M3 in back in September after about 30 months and I actually had a few grand in equity. Stay tuned! *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. I looked but it was cheaper to go with BMW select. Had no issues with penfed. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. There have always been specific reasons why I opted for a balloon loan. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. Adnimation ATF. Would love to pick up other vehicles with this program. Bimmerpost Model Selection. The payment would be lower on the 50% RV, but with the larger payment wouldnt you end up with more equity and therefore spend less on interest over the same amount of time? There website says its an estimation based on their data & the mileage cannot exceed 15k a year. PRIVACY NOTICE: When you visit this website we collect your browsing activities on our site and use that information to analyze and research improvements to the website, and to our products and services. You will need to put in the rental income as "other income" on the credit app, and provide your tax returns showing that income, or sometimes the leases, or bank statements, etc. MERGED: Has anyone read this (bankruptcy) about GM? more or less this is the opposite of gap insurance. So I sent a reconsideration letter telling them that and sent bank statements showing six figures in bank account and tax return showing our families income. 2. I just emailed Penfed to ask for more info on how they figure the RV. Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? Frequent Contributor. With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. Uses transunion credit for initial score. $869.13. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. We currently lease and finance Volvos. Same APR. However, PenFed's "Payment Saver Plus Program" removes the risk of credit damage, making a walk-away just another option to satisfy the balloon payment obligation. If you click the details tab on the DCU site it shows 3.74% for 84 months. Minimum Deposit. Other restrictions may apply. 6 Months. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. Like, a super tiny fraction. Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. My wife also works and makes over $200k a year.We currently lease and finance Volvos. Make a Payment. Open membership, anyone can join. Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. Just log-in to PenFed Online (above right, anywhere you are on PenFed.org) and click the Pay Bills tab from the Main Menu of PenFed Online. dunn2500. However, they do not take any action and the dispute . They changed stuff over the years. When more credit unions were leasing, they were also buying residual insurance from AFG. Anyone on here have any experience with these loans?? Out of curiosity, for those who have balloon loans, whats your APR? Looks a like 60 month balloon but cannot find any other info about it in terms of how to calculate residual.. could be an alternative to lease.. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. Balloons are purchases so youll pay sales tax on the full price of the vehicle and you wont always get the same incentives available on a lease. All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. I drive alot, PA charges 9% lease tax on leases, and of course BMW acquisition/leasing fees are not something you deal with when buying. APY. E81 / E82 / E87 / E88Model Year: 2004 - 2011. Neither lease well and ran across this idea but didnt know how to calculate the RV. Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. But like all credit unions, membership is Including the ability to turn your vehicle in and walk away at the end of the loan term. Has anyone else had this experience with PenFed? Solve Now. Has PenFed done away with Payment Saver (balloon finance) loans? Find out how you can save on your next car. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. I just looked at our HELOC and its currently 3.13%. Thanks, I was really intrigued buy the loan option Pen Fed was offering to lower payments. Never any issues with payments.My application only had me on it though, I thought my credit history and annual income would be more than sufficient to qualify. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . 4.0. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. CU doesnt want your business. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. To come up with that payment you have to either save it up while your paying the smaller payments or refinance the remainder at the end of the loan. Were they easy app, approval or did you have to send in a bunch of docs. New and used motorcycle loans. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. AFG Calculator. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. My question is, if I do go forward with the pen fed . No down payment required; Annual mileage options of 12,000, 15,000 & 18,000 available; No security deposit or acquisition fees; No early payoff penalty; Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. Basically its a loan with a reduced monthly payment, but has a balance that must be paid or refinanced at the end of the loan. You need to be a member to access it. Many factors affect your FICO Scores and the interest rates you may receive. This is from a different credit union, but it looks like all of the ones that offer payment saver loans use Auto Financial Group to calculate their payments. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. Back in 2019, PenFed briefly offered balloon loans with guaranteed residuals (you could walk away at the end of the initial term), but they quickly discontinued those also. Thanks for the input thus far guys, very helpful. 1. But interest rates start higher than the interest rates for its traditional car loans. To start viewing messages, select the forum that you want to visit from the selection below. Skip to content. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. This isnt a product thats useful to me. My wife also works and makes over $200k a year. Enables you to easily upgrade and/or change your vehicle every couple of years. Financing Available for up to 110% of vehicle value. Any options I have found, the rate has been at 4% and greater. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . Your actual credit score is only a small fraction of the equation. Make a Payment. I recently applied for an New Auto Payment Saver loan for $65k through PenFed Credit Union and was declined, the reason was Excessive Obligations in Relation to Income (Overextended). That being said, I did put like 10k down. I have great credit and am already approved for a normal loan through my credit union with affordable monthly payments, but am considering the payment saver loan because of how much lower it makes them. Our payment quoting technology gives you the ability to build your vehicle of choice online, then compare the cost of the Payment Saver payment to a conventional loan payment. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. I want to buy this car but being declined with them kind of shocked me and makes me worried.Will I be ok going through dealer financing?What should I do? Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? If you have a chance to be earning 3-5% on what your normal down payment is and go with this you obviously make some money.. if of course the car is still good at the end of the payment. New auto loans: PenFed offers up to 110 percent financing and terms from 36 to 84 months ranging from 1.49 to 3.49 percent APR. 2016 F80 | MG/SO | DCT | Adaptive M Suspension | 19" Black 437M Wheels | CF Roof | CF Trim, AAFCU = 0.99% apr (1.49 base minus .25 direct deposit and .25 for loyalty, if applicable). I actually had a few grand in equity. I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. I would rather keep the equity in my pocket, during that time period, then in the vehicle. Other features of the Payment Saver Auto Loan include: New and used vehicles up to five years old qualify. Payment Saver "Balloon" Loans Camaro Price | Ordering | Tracking | Dealers Discussions Payment Saver "Balloon" Loans - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com You are browsing camaro5 Ken had already updated the PenFed site to these new rates but haven't seen anything mentioned on the blog or in the forum. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? How do you plan on paying the $800/month payment? AmeriCUs PaySaver Auto Loan program offers just that! Motorcycle, RV and boat loans. For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. I had no problems getting 3 approvals at other banks at top rates inculding through BMW. I have a credit score of 821 and $130k annual income. I also got a decline the other day on a 700. In both cases it seems to me it would make more sense to simply take out a longer term loan in the first place to get your payments down. We can help you find an auto loan that meets your needs with our CarBuilder Program. Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. or just a certain type of loan. Couldn't find the ED price etc. I am going to guess that this is a terrible idea for someone that drives up to 20K miles / yr. F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.penfed.org/payment-saverver-calculator. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. Thanks for the candid feedback. But unlike a lease, with the PaySaver Auto Loan program you own the vehicle and have all of the flexibility and benefits of vehicle ownership! Applications are subject to credit approval. Has anyone ever used this program before? Rates are accurate as of Feb. 2, 2023. When I applied last month, it was for conventional: new, used, and less than 1 year old refi. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. Please contact the moderators of this subreddit if you have any questions or concerns. Better then a lease loan offering is backed by AFG at a 3.74% rate. Thanks for turning me on to this. I did do this loan on my e90 M3 back in 08. My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . They are difficult to get approved for compared to others as. I don't believe they allow you to walk away from the car at the end though. Sorry, I do not. Re: Penfed Pre-Approvals Credit Card. Do you wish you could make paying your bills less of a hassle? You can look through AFgs website in the press release section. GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! Become a member and take advantage of products and exclusive offers! TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan?