. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. Answering everything by email with responses taking less than 15-20 minutes. 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. The last thing they want to do is repo your car. 2. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. 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. You need to claim your rental income on the application. PenFed Payment Saver Auto Loan. Make a Payment. Instead you owe a large balloon payment at the end. PenFed's payment saver loans have the appeal of low initial payments. What happens if you can't refinance in time at the end of the loan? 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. If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. The share savings account gets you all the benefits, Powered by Discourse, best viewed with JavaScript enabled. 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. Membership via $15 one-time donation to American Consumer Council. Note that fees charged between providers can vary. I don't see it on their site anymore, did they stop offering it? APY = Annual Percentage Yield As my grandfather would say, this place can't find its Auto Saver Loans. Uses transunion credit for score. This is completely wrong. I have a credit score of 821 and $130k annual income. AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. 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. The lease numbers are just NOT favorable for me. 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. Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) I searched for this but still cannot find a straight answer. Make a Payment. A lot of credit unions buy residuals from AFG. Generally, I do think a balloon loan makes sense for short term purchases. Penfed Payment Saver for ED. 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. 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? Press question mark to learn the rest of the keyboard shortcuts. Lesser known benefits of the program, it includes GAP and deductible insurance. Sorry, I do not. Forums. The banks want nothing to do with that, and will happily turn you away. AmeriCUs PaySaver Auto Loan program offers just that! There website says its an estimation based on their data & the mileage cannot exceed 15k a year. I created both and getting $10 charged every month from my checking account since I only have minimum. 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. Paysaver rates not posted, but you can apply for paysaver loan via the website. 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 am a bot, and this action was performed automatically. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. When I applied last month, it was for conventional: new, used, and less than 1 year old refi. I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. Bimmerpost Model Selection. New and used motorcycle loans. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. AmeriCU Credit Union (https://americu.org/) Do you wish you could make paying your bills less of a hassle? Yep, that is what I am going with as well. What this means for you: When you open an account, we will ask for your name, address . PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. White House Approves $17.4 Billion Auto Loans to GM & Chrysler. Mileage options apply only if you return the vehicle at program end. I don't see anyone doing the right thing with these loans. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. Rates current as of May 4, 2021. MountainCrest FCU (WA), Has anyone ever used this program before? AFG Calculator. I have my score from Credit Karma but the dealership told me they got a different score. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. Original review: June 28, 2022. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. In normal times? To Sign In or Enroll: Log-in to PenFed Online in the login box at the top-right of this page and click the Pay Bills tab from the Main Menu of PenFed Online. 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. My PenFed Visa has a $50K limit, which is their max. Did you go to a different page? Anyone on here have any experience with these loans?? I have a lady coming by today who I got approved and she literally has a 412 score. Did anyone have great luck with these, thought about doing one for a corvette. PenFed Payment Saver Deal. I looked but it was cheaper to go with BMW select. A dealer can usually get it done because we have direct lines to the loan officers. This lets us know where you're located so we can assist you better. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. (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. They didn't even have the 2016 M3 in their system when I applied. If something happens to the income, they may never get paid the contracted balance. $100 bonus offer statement credit on $1,500 spent within the first 90 days. But like all credit unions, membership is Might have to call them and ask. I looked at it. Generally, I do think a balloon loan makes sense for short term purchases. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. I just had a giant lunch so I may be even less lucid than normal, so please bear with me. Adnimation ATF. Bring back /u/chooter, Press J to jump to the feed. 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 . 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). Its not. Collapse. Learn about the other ways you can use online and mobile banking. 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. I just looked at our HELOC and its currently 3.13%. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. 2% cash back for PenFed Honors Advantage Members. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. 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. Do we have to have a checking account open too or just share account is good enough? 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. You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? I had forgotten about these loans, so I might go this route myself right now. I would rather keep the equity in my pocket, during that time period, then in the vehicle. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. 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. Thanks for the input thus far guys, very helpful. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. No match for the 2.99% 36mo rate that PenFed offered. The way the market is now I don't think I would touch it. TERM APY* 6 Month 2.70%** 12 . 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. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). 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'm seeing 3.74% for 84 months at DCU. Credit Unions often offer what's called a Payment Saver Auto Loan. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? Skip to content. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their term. Solve Now. Taxes on full vehicle price were paid on vehicle upfront. With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. 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. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. Certificate Term. They are difficult to get approved for compared to others as. Remember your panic when you were far from home and remembered that a bill was due? If so, please share your experience with them. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. AFG Calculator. You'll also face a balloon payment at the end of your loan. Those would be your best bet to see if there is one you can work with. Rates depend on terms, as follows: Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? See how anyone can join and take advantage of its market-leading CD rates. 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. To start viewing messages, select the forum that you want to visit from the selection below. Debt to income is also a huge factor, as you said. Uses experian for credit score. Try Access Bill Pay today! Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. Rates and offers current as of and are subject to change.. 1 The PenFed Car Buying Service rebate of $350 will apply to new and used purchase loan applications with a qualifying vehicle purchase sourced through the PenFed Car Buying Service. Payment saver loans. Applications and Car Buying Service dealership match must be received during the promotional period, between 2/1/2023 and 4/30/2023. I have done 2 PenFed Payment saver loans (my 2014 C7 and my 2021 C8) The video after the finance guy is NOT about PenFed Payment Saver loans Last edited by jimmyb; 04-07-2021 . Reply. Has anyone else had this experience with PenFed? *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. See the difference? 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. I just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. Collapse. Do not do it! more or less this is the opposite of gap insurance. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. ; Trade it at maturity or anytime during loan term. I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. Id guess they will turn on a lease program sometime in the next year or two. Monthly Payment. I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). Where the manufacturer is providing more rebates for purchase, versus lease. 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. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. Plugged in same options etc and only getting a $740 discount. Not that I'm going to finance that long. . Out of curiosity, for those who have balloon loans, whats your APR? 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. 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. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. Your actual credit score is only a small fraction of the equation. I also got a decline the other day on a 700. { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . 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. 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. Alright guys so I just had to report on my deal as the numbers are great! That being said, I did put like 10k down. Including the ability to turn your vehicle in and walk away at the end of the loan term. 2. I applied with neither and was approved. Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. FORUMS. Thanks for the info. 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. I was told to just call back when I have the VIN. More details on software and accessibility are available at WebAIM.org. Powered by Discourse, best viewed with JavaScript enabled, PenFed Has Stopped Accepting Payment Saver Auto Loan Applications, PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. 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. 72 month finance would have been about $1018 a month, the payment saver was $639. I think thats the reason why he loves Penfed balloon loans. Has PenFed done away with Payment Saver (balloon finance) loans? Used car loan value based on NADA Retail Value. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. Read: 35 Ways To Slash Your Car Costs. Also remember to add flair to your post by clicking the "Flair" link beneath it. My wife also works and makes over $200k a year. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. Does anyone know who else offers payment saver loans? Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. Chances are you owe too many people too much money and your CU sees this as a liability. I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. Retiree with a solid pension and half a century of on-time car payments? Create an account to follow your favorite communities and start taking part in conversations. Congrats man!!! I love pen fed dont get me wrong and have used the payment saver 7+ times, but it was so much better years ago. APY. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. If I total the car my . Teachers Federal Credit Union (https://teachersfcu.org/) 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. 2. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. Payment Saver auto loans. Should I wait since I just had Pen Fed pull my credit or does it not matter? Like, a super tiny fraction. It gave me a ~$29.7k residual on a $72k MSRP. Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. Remember your panic when you were far from home and remembered that a bill was due? F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. Now you can leave those worries behind and use Access Bill Pay! G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . Many factors affect your FICO Scores and the interest rates you may receive. They changed stuff over the years. If they truly killed it an didnt just pause it, there is almost no chance it comes back. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . 2.70%. No security deposit or acquisition fees. TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. Please contact the moderators of this subreddit if you have any questions or concerns. The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. Anyone else skeptical about these loans? 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 FTC's website on credit. Bimmerpost Model Selection. 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! You'll discover the ease and convenience of paying your bills online in almost no time. If you click the details tab on the DCU site it shows 3.74% for 84 months. Frequent Contributor. Why? I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. 1. In one case, I was quoted $1500 for origination. PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. Would love to pick up other vehicles with this program. i saw maybe less than month ago, but yeah seems to be gone now. Were they easy app, approval or did you have to send in a bunch of docs. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. However the payment difference is hundreds per month between a lease and a balloon payment. 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 don't have to . What state/county do you live in? Had you not put down $10k, you would have been upside down. F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. European Delivery. For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. Does anyone know how the RV is calculated in the PenFed Payment Saver program? I traded my M3 in back in September after about 30 months and I actually had a few grand in equity. Do you wish you could make paying your bills less of a hassle? Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. They are taxed as a purchase, application was all done online and my approval was always instant. 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.. You need to be a member to access it. Have they stopped all new vehicle finance options? 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. Find out how you can save on your next car. High-Yield Savings Accounts; CD Rates; . My question is, if I do go forward with the pen fed . By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. Membership to the CU is possible via a $20 donation to CapEd Foundation. Neither lease well and ran across this idea but didnt know how to calculate the RV. I've also been thinking about going this route. All vehicles that hold their value extremely well. $869.13. What are the pluses/minuses of financing using payment saver plan? 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? PenFed vs. SoFi. Our students say Absolutely amazing app, but is there a way to copy a result? This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. $465. MECF_728x90_top. Applications are subject to credit approval. Just go to a dealer. He is more focused on the monthly payment than the total cost of ownership. 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? AFG never sold residual insurance or residual values to credit unions. We currently lease and finance Volvos. But regardless its clear that people generally arent doing these to save money. Their customer service has been great so far. I just emailed Penfed to ask for more info on how they figure the RV. *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. the same thing that happened with the housing pop is it not? But interest rates start higher than the interest rates for its traditional car loans. I have a lady coming by today who I got approved and she literally has a 412 score.