Anyone on here have any experience with these loans?? I don't see it on their site anymore, did they stop offering it? Should I wait since I just had Pen Fed pull my credit or does it not matter? Access Bill Pay makes bill paying easy and secure. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. 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. European Delivery. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. See the difference? Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. 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. Has anyone else had this experience with PenFed? Please contact the moderators of this subreddit if you have any questions or concerns. AmeriCU Credit Union (https://americu.org/) Payment came back very high, not sure what rates/fees they used. PenFed dropping the balloons is very interesting. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. Sound impossible? FORUMS. We can help you find an auto loan that meets your needs with our CarBuilder Program. Re: Penfed Pre-Approvals Credit Card. Read PenFed car loan review. To start viewing messages, select the forum that you want to visit from the selection below. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. Rates are accurate as of Feb. 2, 2023. I am a bot, and this action was performed automatically. 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. Sorry, I do not. The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. i hadnt really looked into this being as its my first loan but the biggest problem i see with it is, what if your car gets totaled. i saw maybe less than month ago, but yeah seems to be gone now. 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. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? Refinance remaining balance and keep the vehicle. What are the pluses/minuses of financing using payment saver plan? It doesn't hurt to try but it probably won't make a difference. Original review: June 28, 2022. 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. Did anyone have great luck with these, thought about doing one for a corvette. With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their term. Just not a pen fed customer to know what their RVs are on those two specific vehicles. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. The lease numbers are just NOT favorable for me. Anything branded payment saver is the afg balloon. Monthly Payment. Came back with a rate over 5%, Regional options (not-open-membership) to consider: I looked at it. I think thats the reason why he loves Penfed balloon loans. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. TERM APY* 6 Month 2.70%** 12 . Lowest available BALLON LOAN rate found was 2.49% but I did not qualify. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. Answering everything by email with responses taking less than 15-20 minutes. White House Approves $17.4 Billion Auto Loans to GM & Chrysler. Remember your panic when you were far from home and remembered that a bill was due? 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. AFG Calculator. I have my score from Credit Karma but the dealership told me they got a different score. 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? Did you get this quote via their PenFed website? the same thing that happened with the housing pop is it not? 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. Now you can leave those worries behind and use Access Bill Pay! How to pick a car? I have a credit score of 821 and $130k annual income. Id guess they will turn on a lease program sometime in the next year or two. I think this is the path I'm going to go. They didn't even have the 2016 M3 in their system when I applied. Better then a lease loan offering is backed by AFG at a 3.74% rate. . Used car loan value based on NADA Retail Value. GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! APR = Annual Percentage Rate. 1. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. AmeriCUs PaySaver Auto Loan program offers just that! Anyone else skeptical about these loans? Membership via $15 one-time donation to American Consumer Council. Neither lease well and ran across this idea but didnt know how to calculate the RV. Should I add $500 so that I dont get charged a service fee or I can close the chrcking and just keep my share account? If so, please share your experience with them. What this means for you: When you open an account, we will ask for your name, address . If I total the car my . I think Brad is right. 1323 3 Only show this user. New Auto Loans. "They don't have to . CALCULATE YOUR PAYMENT SAVER LOAN PAYMENT. Learn about the other ways you can use online and mobile banking. 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. On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? All Rights Reserved. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. 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. Just did the payment saver plan on the M4 we are picking up next weekend. NerdWallet rating. Frequent Contributor. 01-22-2022 02:06 AM. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? dunn2500. Same APR. We use cookies to provide you with better experiences and allow you to navigate our website. Yep, that is what I am going with as well. Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. Welcome to the Greater Nevada Credit Union Payment Saver site. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). Nothing good can come of it. No match for the 2.99% 36mo rate that PenFed offered. You need to be a member to access it. Call 1-800-247-5626 for details. However the payment difference is hundreds per month between a lease and a balloon payment. Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. Penfed Payment Saver for ED. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. A lot of credit unions buy residuals from AFG. But like all credit unions, membership is Do not do it! I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). Generally, I do think a balloon loan makes sense for short term purchases. I created both and getting $10 charged every month from my checking account since I only have minimum. MountainCrest FCU (WA), 1. Im sure the dealer can get it done. I'm seeing 3.74% for 84 months at DCU. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) Has PenFed done away with Payment Saver (balloon finance) loans? 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. 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. Uses transunion credit for score. Credit Unions often offer what's called a Payment Saver Auto Loan. Ken had already updated the PenFed site to these new rates but haven't seen anything mentioned on the blog or in the forum. See how anyone can join and take advantage of its market-leading CD rates. If something happens to the income, they may never get paid the contracted balance. If you click the details tab on the DCU site it shows 3.74% for 84 months. MERGED: Has anyone read this (bankruptcy) about GM? E81 / E82 / E87 / E88Model Year: 2004 - 2011. I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. Generally, I do think a balloon loan makes sense for short term purchases. As far as the process goes though, I pretty much just need to get my exact total from the dealer (car, taxes, fees, etc) apply for the loan, then walk in and hand them the check? I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. I'm new to Audi, but understand RS models maintain their equity, making the. Your actual credit score is only a small fraction of the equation. I applied with neither and was approved. PenFed's new car loans as of Dec. 31, 2018 were $1.9 billion, up 7.7%, while the total among all credit unions was $21.2 billion, up 5.9%. I need to differentiate multiple times in a row and there's no feature for that in the calculator nor can I copy the result so I can just d/dx it again. https://www.penfed.org/auto/payment-saver. Alright guys so I just had to report on my deal as the numbers are great! 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. My wife wants a Sienna or Odyssey and want to see what options I have. What state/county do you live in? There's so much else going on behind the scenes. This isnt a product thats useful to me. Bimmerpost Model Selection. Only problem I had was getting approved. I wonder were these taxed at the full purchase price or taxed like a lease? 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. We currently lease and finance Volvos. I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). Had you not put down $10k, you would have been upside down. 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. 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. Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. 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. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. 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. Theyll get you financing. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. Why? Payment Saver auto loans. 2. Applications are subject to credit approval. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. FTC's website on credit. They changed stuff over the years. 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). Congrats man!!! $465. Retiree with a solid pension and half a century of on-time car payments? { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . Login Register. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. Collapse. Used auto loans: You can get up to 110 percent financing with terms . G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . 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 saver loans. I have a lady coming by today who I got approved and she literally has a 412 score. Remember your panic when you were far from home and remembered that a bill was due? 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 takes no responsibility for the content of the page. Note that fees charged between providers can vary. How do you plan on paying the $800/month payment? 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. Paysaver rates not posted, but you can apply for paysaver loan via the website. Thanks for the candid feedback. Mileage options apply only if you return the vehicle at program end. My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. Enables you to easily upgrade and/or change your vehicle every couple of years. Also remember to add flair to your post by clicking the "Flair" link beneath it. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). They offer a payment saver loan option (via AFG) at a 3.84% rate. APY. 1. I actually had a few grand in equity. 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. One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? That really is an awesome deal! There website says its an estimation based on their data & the mileage cannot exceed 15k a year. Its not. E81 / E82 / E87 / E88Model Year: 2004 - 2011. I just emailed Penfed to ask for more info on how they figure the RV. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. The share savings account gets you all the benefits, Powered by Discourse, best viewed with JavaScript enabled. Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. Many factors affect your FICO Scores and the interest rates you may receive. Has anyone ever used this program before? 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. Uses transunion credit for score. I have found cars with a 72 month term lower. 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. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Membership to the CU is possible via a $20 donation to CapEd Foundation. Have they stopped all new vehicle finance options? Thanks, I was really intrigued buy the loan option Pen Fed was offering to lower payments. A dealer can usually get it done because we have direct lines to the loan officers. Learn more. Welcome to Park City Credit Union's Payment Saver calculator site. High-Yield Savings Accounts; CD Rates; . Loan amounts range from $10,000 to $100,000 and APRs start at 2.99% and 3.74% for new and used cars, respectively. Go into a dealership and let them properly structure a deal to get an approval for you. 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. My wife also works and makes over $200k a year. CU doesnt want your business. My wife also works and makes over $200k a year.We currently lease and finance Volvos. 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). Do you wish you could make paying your bills less of a hassle? They are taxed as a purchase, application was all done online and my approval was always instant. I searched for this but still cannot find a straight answer. Uses transunion credit for initial score. Make a Payment. I have a credit score of 821 and $130k annual income. Solve Now. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . 0 Kudos. APY = Annual Percentage Yield I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. 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. Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. Does anyone know who else offers payment saver loans? Vermont FCU (VT), Who's Alesha and how do you know she pays everything on time? 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. We can help you find an auto loan that meets your needs with our CarBuilder program. I was told to just call back when I have the VIN. I had forgotten about these loans, so I might go this route myself right now. Do you wish you could make paying your bills less of a hassle? 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. more or less this is the opposite of gap insurance. 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. Started the process online on Mondaycheck was at our doorstep on Thursday. I don't see anyone doing the right thing with these loans. Teachers Federal Credit Union (https://teachersfcu.org/) Minimum Deposit. 2.70%. Had no issues with penfed. It gave me a ~$29.7k residual on a $72k MSRP. Rates depend on terms, as follows: To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. I've also been thinking about going this route. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. 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. 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. $1,000. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. Applications and Car Buying Service dealership match must be received during the promotional period, between 2/1/2023 and 4/30/2023. Frankenmuth CU (MI). You need to claim your rental income on the application. Copyright AmeriCU Credit Union. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. 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. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . Bring back /u/chooter, Press J to jump to the feed. This may come as a surprise, but financing a car isn't that easy, and credit scores are only a small fraction of the total approval/decline. They would only give me 1.9% on select but gave .9% on regular financing, Pricing, Ordering, Leasing / Purchasing, Delivery, https://www.penfed.org/auto/payment-saver. 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 . This credit union is federally insured by the National Credit Union Administration. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members.