$1,000. White House Approves $17.4 Billion Auto Loans to GM & Chrysler. Login Register. You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. Re: Penfed Pre-Approvals Credit Card. 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. Rates depend on terms, as follows: junio 16, 2022 . To start viewing messages, select the forum that you want to visit from the selection below. 1323 3 Only show this user. The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. You need to claim your rental income on the application. Instead you owe a large balloon payment at the end. Please review our most Frequently Asked Questions to see if your question has already been answered. https://www.penfed.org/auto/payment-saver. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. 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. Stay tuned! I would rather keep the equity in my pocket, during that time period, then in the vehicle. I'm seeing 3.74% for 84 months at DCU. 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. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. Uses transunion credit for score. Rates are accurate as of Feb. 2, 2023. Go into a dealership and let them properly structure a deal to get an approval for you. Better then a lease loan offering is backed by AFG at a 3.74% rate. If they truly killed it an didnt just pause it, there is almost no chance it comes back. 12 Months. With the Challenger, Dodge was still offering power dollar rebates with a purchase, but not with a traditional lease. 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. Lowest available BALLON LOAN rate found was 2.49% but I did not qualify. 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. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. They are difficult to get approved for compared to others as. 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. Lesser known benefits of the program, it includes GAP and deductible insurance. I have my score from Credit Karma but the dealership told me they got a different score. Like, a super tiny fraction. Its not. E81 / E82 / E87 / E88Model Year: 2004 - 2011. One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? 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. Solve Now. Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. BMW Buyers Guide - Dealers, Resources & Pricing. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. Learn about the other ways you can use online and mobile banking. Bring back /u/chooter, Press J to jump to the feed. I actually had a few grand in equity. Penfed offered me a balloon for $475 a month and a balloon payment of $15K where as my truck was purchase for $55K and have a balloon of $26K for $550 a month. Press question mark to learn the rest of the keyboard shortcuts. Message 3 of 4. Make a Payment. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. Payment Saver auto loans. Read: 35 Ways To Slash Your Car Costs. Certificate Term. I have a lady coming by today who I got approved and she literally has a 412 score. more or less this is the opposite of gap insurance. 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. Uses transunion credit for initial score. G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. See how anyone can join and take advantage of its market-leading CD rates. How to pick a car? What this means for you: When you open an account, we will ask for your name, address . I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? 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. Adnimation ATF. I've also been thinking about going this route. My question is, if I do go forward with the pen fed . I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. I am a bot, and this action was performed automatically. All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. 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. They offer a payment saver loan option (via AFG) at a 3.84% rate. Penfed payment saver loan? Sound impossible? SoFi's starting interest rate is also lower than PenFed's but . That really is an awesome deal! Enables you to easily upgrade and/or change your vehicle every couple of years. At minimum, expect a $725 origination fee for vehicles over $75K. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. Theyll get you financing. Retiree with a solid pension and half a century of on-time car payments? Any chances this program comes back? Payment came back very high, not sure what rates/fees they used. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their term. Welcome to Park City Credit Union's Payment Saver calculator site. 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. Frankenmuth CU (MI). Do not do it! { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . . Same APR. Credit Unions often offer what's called a Payment Saver Auto Loan. Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. Just did the payment saver plan on the M4 we are picking up next weekend. NerdWallet rating. GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! PenFed was their only national CU and the rest are all small that serve a group of counties in various states. The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. 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. I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). Affiliate Business Arrangement Disclosure. Skip to content. AFG Calculator. However, they do not take any action and the dispute . APY. Does anyone know how the RV is calculated in the PenFed Payment Saver program? I had no problems getting 3 approvals at other banks at top rates inculding through BMW. So i don't 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. As my grandfather would say, this place cant find its ass with both hands. Alright guys so I just had to report on my deal as the numbers are great! Forums. PenFed vs. SoFi. 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. If I buy a car using the Penfed Payment Saver (balloon payment) program and say I want to put in $10,000 as a downpayment. You might also have luck in the r/whatcarshouldibuy subreddit. Nothing good can come of it. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. It doesn't hurt to try but it probably won't make a difference. 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. Uses experian for credit score. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. 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. 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). Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. What happens if you can't refinance in time at the end of the loan? PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. It gave me a ~$29.7k residual on a $72k MSRP. 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. They usually announce all the small CUs they sign each quarter. But like all credit unions, membership is Do we have to have a checking account open too or just share account is good enough? Debt to income is also a huge factor, as you said. The select looked attractive to me but they (BMW) managed to talk me out of it. Open membership, anyone can join. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? This isnt a product thats useful to me. I think this is the path I'm going to go. In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . If something happens to the income, they may never get paid the contracted balance. 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. Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. Our students say Absolutely amazing app, but is there a way to copy a result? You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. But interest rates start higher than the interest rates for its traditional car loans. Might have to call them and ask. 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. Thanks for the input thus far guys, very helpful. AmeriCUs PaySaver Auto Loan program offers just that! F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. Will it impact my credit or look bad to banks if I immediately submit another application with PenFed - this time as a joint application? Learn more. i saw maybe less than month ago, but yeah seems to be gone now. As my grandfather would say, this place can't find its Auto Saver Loans. 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 was told to just call back when I have the VIN. 1.5% cash back for non-members. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. I just looked at our HELOC and its currently 3.13%. No security deposit or acquisition fees. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. E81 / E82 / E87 / E88Model Year: 2004 - 2011. Read PenFed car loan review. It seemed like it was kind of like a lease, but without the option to just give the car back at the end of the term. Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). 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. That being said, I did put like 10k down. AmeriCU Credit Union (https://americu.org/) 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. 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. Does anyone know who else offers payment saver loans? or just a certain type of loan. Did you go to a different page? Remember your panic when you were far from home and remembered that a bill was due? 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. 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). No early payoff penalty. Just like buying new? 2. CALCULATE YOUR PAYMENT SAVER LOAN PAYMENT. To find out more about the PaySaver Auto Loan program, call or stop by AmeriCU today or go to the PaySaver Calculator to see for yourself how low your auto loan monthly payment can be! Payment and Shipping info for 1st Edition Camaro5 shirts, Americans increasingly going upside down on auto loans. Also offers a 2.14% rate for 96 months, so one application gives you both options. I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. Only problem I had was getting approved. Try Access Bill Pay today! Anyone on here have any experience with these loans?? I had forgotten about these loans, so I might go this route myself right now. Congrats man!!! 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 . You'll discover the ease and convenience of paying your bills online in almost no time. Payment saver loans. E81 / E82 / E87 / E88Model Year: 2004 - 2011. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. Anyone else skeptical about these loans? SEFCU (NY), By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. Used car loan value based on NADA Retail Value. Would love to pick up other vehicles with this program. 6 Months. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? 2. 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. 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? Including the ability to turn your vehicle in and walk away at the end of the loan term. I don't believe they allow you to walk away from the car at the end though. He is more focused on the monthly payment than the total cost of ownership. Greater Nevada Credit Union's Payment Saver Auto Loan Program allows you to get the low costs of leasing with the option to sell, trade, finance or return at program's end. 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. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. PenFed's payment saver loans have the appeal of low initial payments. I have a credit score of 821 and $130k annual income. 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. PenFed takes no responsibility for the content of the page. 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. 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. Mileage options apply only if you return the vehicle at program end. Their customer service has been great so far. 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 Has anyone else had this experience with PenFed? PenFed dropping the balloons is very interesting. TERM APY* 6 Month 2.70%** 12 . 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. If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. MountainCrest FCU (WA), Original review: June 28, 2022. Applications are subject to credit approval. 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. Rates are current as of March 2023unless otherwise noted and are subject to change. 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. The vehicle mileage may not exceed 15,000 miles per year based on the model year. Find out how you can save on your next car. PenFed Payment Saver Auto Loan. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. A lot of credit unions buy residuals from AFG. Hanscom Federal Credit Union (https://hfcu.org/) More details on software and accessibility are available at WebAIM.org. If you click the details tab on the DCU site it shows 3.74% for 84 months. Just go to a dealer. I looked at it. 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. Given your RV example, if the desired ownership term was only 6 months. Welcome to the Greater Nevada Credit Union Payment Saver site. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. (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. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. ; Sell it at maturity or anytime during loan term. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. Has anyone ever used this program before? 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. ; Trade it at maturity or anytime during loan term. 1. Why? 72 month finance would have been about $1018 a month, the payment saver was $639. Monthly Payment. When I applied last month, it was for conventional: new, used, and less than 1 year old refi. Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). Teachers Federal Credit Union (https://teachersfcu.org/) PenFed's used car loans as of Dec. 31, 2018 were $1.5 . Out of curiosity, for those who have balloon loans, whats your APR? 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. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . We use cookies to provide you with better experiences and allow you to navigate our website. penfed payment saver forum. FORUMS. I looked but it was cheaper to go with BMW select. Again denied!! Id guess they will turn on a lease program sometime in the next year or two. This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. That being said, I did put like 10k down. PenFed takes no responsibility for the content of the page. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. 2. However the payment difference is hundreds per month between a lease and a balloon payment. 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. AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? No match for the 2.99% 36mo rate that PenFed offered. Penfed Payment Saver for ED. See this is what concerns meyou had equity b/c of how much you put down (really as with any financing). Thanks, I was really intrigued buy the loan option Pen Fed was offering to lower payments. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. Note that fees charged between providers can vary. 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. Came back with a rate over 5%, Regional options (not-open-membership) to consider: We can help you find an auto loan that meets your needs with our CarBuilder program. Refinance remaining balance and keep the vehicle. Including the ability to turn your vehicle in and walk away at the end of the loan term. Disclaimer: Credit card offers are constantly changing. "They don't have to . I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018.