I don't believe they allow you to walk away from the car at the end though. Teachers Federal Credit Union (https://teachersfcu.org/) Payment Saver - Deere Employees Credit Union Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. I think Brad is right. Debt to income is also a huge factor, as you said. 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. 1.5% cash back for non-members. My wife also works and makes over $200k a year. Remember your panic when you were far from home and remembered that a bill was due? That being said, I did put like 10k down. My wife also works and makes over $200k a year.We currently lease and finance Volvos. I just looked at our HELOC and its currently 3.13%. Welcome to Park City Credit Union's Payment Saver calculator site. Does anyone know how the RV is calculated in the PenFed Payment Saver program? Penfed Payment Saver for ED. He is more focused on the monthly payment than the total cost of ownership. 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. Were they easy app, approval or did you have to send in a bunch of docs. 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. Retiree with a solid pension and half a century of on-time car payments? Hanscom Federal Credit Union (https://hfcu.org/) PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. Have they stopped all new vehicle finance options? Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. AmeriCUs PaySaver Auto Loan program offers just that! Theyll get you financing. 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. 01-22-2022 02:06 AM. balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. I have a credit score of 821 and $130k annual income. I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. Where the manufacturer is providing more rebates for purchase, versus lease. With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. You can look through AFgs website in the press release section. Auto Loan declined by CU and I have a credit score of 821 - reddit FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. 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. It also has been off for many other makes too and that makes the payment way higher than it should. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. 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. This isnt a product thats useful to me. Rates current as of May 4, 2021. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. Has PenFed done away with Payment Saver (balloon finance) loans? G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . PenFed Payment Saver Deal. Anyone on here have any experience with these loans?? Only problem I had was getting approved. Including the ability to turn your vehicle in and walk away at the end of the loan term. 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? Find out how you can save on your next car. 2. That means they are most likely not seeing the originations that afg sold them on. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . Do you think it is worth trying to contact Pen Fed even though they declined my reconsideration or should I just accept it and move on with dealership? You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. 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. I searched for this but still cannot find a straight answer. How to pick a car? Enables you to easily upgrade and/or change your vehicle every couple of years. This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). 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. 2. F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. PenFed Personal Loans Review 2023 - Forbes Advisor Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. They offer a payment saver loan option (via AFG) at a 3.84% rate. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. Disclaimer: Credit card offers are constantly changing. No early payoff penalty. 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. $869.13. No security deposit or acquisition fees. New and used motorcycle loans. Please contact the moderators of this subreddit if you have any questions or concerns. Auto Loans - New, Used, Car Loan Refinancing | PenFed Credit Union Create an account to follow your favorite communities and start taking part in conversations. I did do this loan on my e90 M3 back in 08. Open membership, anyone can join. Anyone else skeptical about these loans? Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). However, they do not take any action and the dispute . We use cookies to provide you with better experiences and allow you to navigate our website. Sound impossible? "They don't have to . I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. Also remember to add flair to your post by clicking the "Flair" link beneath it. Paysaver rates not posted, but you can apply for paysaver loan via the website. In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. the same thing that happened with the housing pop is it not? I just had a giant lunch so I may be even less lucid than normal, so please bear with me. I just emailed Penfed to ask for more info on how they figure the RV. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? What state/county do you live in? Payment Saver Auto Loan | Greater Nevada Credit Union - GNCU Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. Neither lease well and ran across this idea but didnt know how to calculate the RV. F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. I traded my M3 in back in September after about 30 months and I actually had a few grand in equity. TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? Rates depend on terms, as follows: I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. Login Register. 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. Ken had already updated the PenFed site to these new rates but haven't seen anything mentioned on the blog or in the forum. $100 bonus offer statement credit on $1,500 spent within the first 90 days. But like all credit unions, membership is 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. What is a Payment Saver Auto Loan? - YouTube Pen-fed Payment saver any good for JL for those who usually lease Penfed auto saver loan calculator - Math Index PaySaver Auto Loan | AmeriCU Credit Union Just go to a dealer. For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their term. I created both and getting $10 charged every month from my checking account since I only have minimum. Uses transunion credit for score. What happens if you can't refinance in time at the end of the loan? 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. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . If something happens to the income, they may never get paid the contracted balance. As far as balloon loans go, it's a very good program. Message 3 of 4. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. E81 / E82 / E87 / E88Model Year: 2004 - 2011. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. There have always been specific reasons why I opted for a balloon loan. PenFed Credit Union Review: Checking, Savings and Share Certificates All rights reserved. I had forgotten about these loans, so I might go this route myself right now. 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. You'll also face a balloon payment at the end of your loan. 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). 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 . Same APR. 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 Reply. Your actual credit score is only a small fraction of the equation. Generally, I do think a balloon loan makes sense for short term purchases. Penfed Pre-Approvals Credit Card - myFICO Forums - 6650476 The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. Why? The way the market is now I don't think I would touch it. 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. penfed payment saver forumwhen will lego diagon alley be back in stock. penfed payment saver forum. PenFed Payment Saver Deal - BIMMERPOST I looked but it was cheaper to go with BMW select. PenFed Has Stopped Accepting Payment Saver Auto Loan Applications - FORUM 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 drive alot, PA charges 9% lease tax on leases, and of course BMW acquisition/leasing fees are not something you deal with when buying. I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. I have a credit score of 821 and $130k annual income. This is completely wrong. Couldn't find the ED price etc. Here's an overview of PenFed Credit Union's Money Market Certificate rates. 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. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. Rates are current as of March 2023unless otherwise noted and are subject to change. Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. 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). Membership to the CU is possible via a $20 donation to CapEd Foundation. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. ; Sell it at maturity or anytime during loan term. Answering everything by email with responses taking less than 15-20 minutes. Did you get this quote via their PenFed website? This lets us know where you're located so we can assist you better. Try Access Bill Pay today! Any chances this program comes back? 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. Penfed payment saver loan? - f80.bimmerpost.com A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. A lot of credit unions buy residuals from AFG. 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. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . I am a bot, and this action was performed automatically. 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. You'll discover the ease and convenience of paying your bills online in almost no time. 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). PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times Original review: June 28, 2022. 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 . 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. Alright guys so I just had to report on my deal as the numbers are great! High-Yield Savings Accounts; CD Rates; . The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. Payment and Shipping info for 1st Edition Camaro5 shirts, Americans increasingly going upside down on auto loans. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. We can help you find an auto loan that meets your needs with our CarBuilder program. Credit Unions often offer what's called a Payment Saver Auto Loan. We can help you find an auto loan that meets your needs with our CarBuilder Program. The share savings account gets you all the benefits, Powered by Discourse, best viewed with JavaScript enabled. 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. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Bimmerpost Model Selection. PenFed takes no responsibility for the content of the page. The vehicle mileage may not exceed 15,000 miles per year based on the model year. I also got a decline the other day on a 700. I think this is the path I'm going to go. Collapse. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. Its not. PenFed Credit Union - Deposit Accounts However the payment difference is hundreds per month between a lease and a balloon payment. The banks want nothing to do with that, and will happily turn you away. Just like buying new? The select looked attractive to me but they (BMW) managed to talk me out of it. PenFed dropping the balloons is very interesting. Access Bill Pay | PenFed CALCULATE YOUR PAYMENT SAVER LOAN PAYMENT. Top 507 Pentagon Federal Credit Union Reviews - ConsumerAffairs Please review our most Frequently Asked Questions to see if your question has already been answered. One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? 12 Months. They usually announce all the small CUs they sign each quarter. PenFed Auto Loan Review: Competitive Rates for Buying and Refinancing PenFed Payment Saver Auto Loan. 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. Solve Now. 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. Had you not put down $10k, you would have been upside down. Anything branded payment saver is the afg balloon. PenFed Credit Union Credit Card Reviews, Rules & Opinions - MoneyGeek.com A dealer can usually get it done because we have direct lines to the loan officers. Copyright AmeriCU Credit Union. E81 / E82 / E87 / E88Model Year: 2004 - 2011. AFG Calculator. NerdWallet rating. Rates are accurate as of Feb. 2, 2023. Thanks for the input thus far guys, very helpful. All Rights Reserved. I love pen fed dont get me wrong and have used the payment saver 7+ times, but it was so much better years ago. Id guess they will turn on a lease program sometime in the next year or two. I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. BMW Buyers Guide - Dealers, Resources & Pricing. Read PenFed car loan review. Did anyone have great luck with these, thought about doing one for a corvette. How do you plan on paying the $800/month payment? 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. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Learn about the other ways you can use online and mobile banking. I have found cars with a 72 month term lower. 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. 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. Applications and Car Buying Service dealership match must be received during the promotional period, between 2/1/2023 and 4/30/2023. Thanks for the candid feedback. They didn't even have the 2016 M3 in their system when I applied. APR = Annual Percentage Rate. Skip to content. PenFed Payment Saver auto loan experience?? - The FICO Forums Welcome to the Greater Nevada Credit Union Payment Saver site. This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. 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. Not that I'm going to finance that long. G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. Will it impact my credit or look bad to banks if I immediately submit another application with PenFed - this time as a joint application? That really is an awesome deal! . 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. ; Trade it at maturity or anytime during loan term. Thanks for the info. Many factors affect your FICO Scores and the interest rates you may receive. Payment came back very high, not sure what rates/fees they used. Any options I have found, the rate has been at 4% and greater. 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. SEFCU (NY), But interest rates start higher than the interest rates for its traditional car loans. Re: Penfed Pre-Approvals Credit Card. In normal times? If I total the car my . All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. . That is what Chrsyler is estimating based on 64% residual with about 10k lease. 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.