When I applied last month, it was for conventional: new, used, and less than 1 year old refi. Other features of the Payment Saver Auto Loan include: New and used vehicles up to five years old qualify. Thanks for the info. Go into a dealership and let them properly structure a deal to get an approval for you. Here's an overview of PenFed Credit Union's Money Market Certificate rates. The lease numbers are just NOT favorable for me. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. More details on software and accessibility are available at WebAIM.org. I just emailed Penfed to ask for more info on how they figure the RV. 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. Open membership, anyone can join. Copyright AmeriCU Credit Union. If you click the details tab on the DCU site it shows 3.74% for 84 months. Re: Has PenFed done away with Payment Saver (balloon finance) loans? PenFed dropping the balloons is very interesting. I am a bot, and this action was performed automatically. Penfed payment saver loan? Your actual credit score is only a small fraction of the equation. I think this is the path I'm going to go. See how anyone can join and take advantage of its market-leading CD rates. I had forgotten about these loans, so I might go this route myself right now. 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. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) E81 / E82 / E87 / E88Model Year: 2004 - 2011. Rates are accurate as of Feb. 2, 2023. "They don't have to . Create an account to follow your favorite communities and start taking part in conversations. Where the manufacturer is providing more rebates for purchase, versus lease. Collapse. Did you go to a different page? New and used motorcycle loans. The share savings account gets you all the benefits, Powered by Discourse, best viewed with JavaScript enabled. Plus dealers had to explain how it was different and 95% of the customers would choose a lease because it makes more financial sense for them. This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). As my grandfather would say, this place cant find its ass with both hands. Just not a pen fed customer to know what their RVs are on those two specific vehicles. I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). I applied with neither and was approved. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. I think Brad is right. Has anyone else had this experience with PenFed? Taxes on full vehicle price were paid on vehicle upfront. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). Couldn't find the ED price etc. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Certificate Term. junio 16, 2022 . White House Approves $17.4 Billion Auto Loans to GM & Chrysler. I love pen fed dont get me wrong and have used the payment saver 7+ times, but it was so much better years ago. 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%. You'll also face a balloon payment at the end of your loan. Further information is available in our FICO Data Privacy Policy. They offer a payment saver loan option (via AFG) at a 3.84% rate. Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. Lesser known benefits of the program, it includes GAP and deductible insurance. Learn more. Remember your panic when you were far from home and remembered that a bill was due? AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). I don't see it on their site anymore, did they stop offering it? Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. Reply. 2. Like, a super tiny fraction. No security deposit or acquisition fees. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. MERGED: Has anyone read this (bankruptcy) about GM? 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. SoFi's starting interest rate is also lower than PenFed's but . They changed stuff over the years. If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. I have found cars with a 72 month term lower. What are the pluses/minuses of financing using payment saver plan? Its not. Chances are you owe too many people too much money and your CU sees this as a liability. 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. dunn2500. 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. High-Yield Savings Accounts; CD Rates; . They didn't even have the 2016 M3 in their system when I applied. Enables you to easily upgrade and/or change your vehicle every couple of years. But interest rates start higher than the interest rates for its traditional car loans. For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. I'm seeing 3.74% for 84 months at DCU. Note that fees charged between providers can vary. To start viewing messages, select the forum that you want to visit from the selection below. 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? That is what Chrsyler is estimating based on 64% residual with about 10k lease. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . I wonder were these taxed at the full purchase price or taxed like a lease? { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . The last thing they want to do is repo your car. Payment Saver auto loans. Again denied!! That really is an awesome deal! Had you not put down $10k, you would have been upside down. 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. I actually had a few grand in equity. 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. MECF_728x90_top. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. 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. 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. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. 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! PenFed takes no responsibility for the content of the page. Welcome to the Greater Nevada Credit Union Payment Saver site. All vehicles that hold their value extremely well. 6 Months. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. I was told to just call back when I have the VIN. AFG Calculator. They are taxed as a purchase, application was all done online and my approval was always instant. If they truly killed it an didnt just pause it, there is almost no chance it comes back. One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? Did you get this quote via their PenFed website? It doesn't hurt to try but it probably won't make a difference. Did anyone have great luck with these, thought about doing one for a corvette. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. Do you wish you could make paying your bills less of a hassle? 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). I'm new to Audi, but understand RS models maintain their equity, making the. 01-22-2022 02:06 AM. G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. more or less this is the opposite of gap insurance. I did do this loan on my e90 M3 back in 08. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. Affiliate Business Arrangement Disclosure. Should I wait since I just had Pen Fed pull my credit or does it not matter? How to pick a car? Rates depend on terms, as follows: This is completely wrong. Read PenFed car loan review. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. 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? PenFed's payment saver loans have the appeal of low initial payments. 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. Just like buying new? 2.70%. PenFed Payment Saver Deal. Nothing good can come of it. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. 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). MountainCrest FCU (WA), Theyll get you financing. I understand the difference the RV would make on the monthly payments, but its not like you can give the car back at the end of the term like on a lease (at least on the balloon loan PenFed most recently offered). PenFed takes no responsibility for the content of the page. Thanks for the candid feedback. Alright guys so I just had to report on my deal as the numbers are great! 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. If so, please share your experience with them. 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. But like all credit unions, membership is Press question mark to learn the rest of the keyboard shortcuts. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. 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 just had a giant lunch so I may be even less lucid than normal, so please bear with me. Generally, I do think a balloon loan makes sense for short term purchases. Monthly Payment. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. FTC's website on credit. Penfed Payment Saver for ED. Payment came back very high, not sure what rates/fees they used. The banks want nothing to do with that, and will happily turn you away. At minimum, expect a $725 origination fee for vehicles over $75K. Does anyone know who else offers payment saver loans? Sound impossible? Answering everything by email with responses taking less than 15-20 minutes. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. 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. 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.. They usually announce all the small CUs they sign each quarter. Also remember to add flair to your post by clicking the "Flair" link beneath it. The select looked attractive to me but they (BMW) managed to talk me out of it. Payment saver loans. Collapse. 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. Re: Penfed Pre-Approvals Credit Card. That being said, I did put like 10k down. However the payment difference is hundreds per month between a lease and a balloon payment. Yep, that is what I am going with as well. If I total the car my . I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? PenFed was their only national CU and the rest are all small that serve a group of counties in various states. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. If something happens to the income, they may never get paid the contracted balance. For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. the same thing that happened with the housing pop is it not? 1. I looked at it. Bimmerpost Model Selection. It gave me a ~$29.7k residual on a $72k MSRP. Other restrictions may apply. I just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. Also offers a 2.14% rate for 96 months, so one application gives you both options. 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. I also got a decline the other day on a 700. . Sorry, I do not. 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%. What happens if you can't refinance in time at the end of the loan? I don't believe they allow you to walk away from the car at the end though. Paysaver rates not posted, but you can apply for paysaver loan via the website. Credit Unions often offer what's called a Payment Saver Auto Loan. APR = Annual Percentage Rate. F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. ; Trade it at maturity or anytime during loan term. *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. Who's Alesha and how do you know she pays everything on time? Just did the payment saver plan on the M4 we are picking up next weekend. BMW Buyers Guide - Dealers, Resources & Pricing. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. Please contact the moderators of this subreddit if you have any questions or concerns. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. https://www.penfed.org/auto/payment-saver. Call 1-800-247-5626 for details. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). 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. 1. This isnt a product thats useful to me. 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. We can help you find an auto loan that meets your needs with our CarBuilder Program. In one case, I was quoted $1500 for origination. 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??? 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. Hanscom Federal Credit Union (https://hfcu.org/) Uses experian for credit score. 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. 1. Those would be your best bet to see if there is one you can work with. 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 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. Retiree with a solid pension and half a century of on-time car payments? Access Bill Pay makes bill paying easy and secure.