penfed payment saver forum penfed payment saver forum

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. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. Do you wish you could make paying your bills less of a hassle? I also got a decline the other day on a 700. When more credit unions were leasing, they were also buying residual insurance from AFG. AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . 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. PenFed Payment Saver Deal. You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. I actually had a few grand in equity. 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 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. Rates depend on terms, as follows: For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. Plugged in same options etc and only getting a $740 discount. Go into a dealership and let them properly structure a deal to get an approval for you. You need to claim your rental income on the application. Did anyone have great luck with these, thought about doing one for a corvette. 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? Press question mark to learn the rest of the keyboard shortcuts. Other restrictions may apply. However the payment difference is hundreds per month between a lease and a balloon payment. AmeriCUs PaySaver Auto Loan program offers just that! 4.0. Read PenFed car loan review. Have they stopped all new vehicle finance options? 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. This isnt a product thats useful to me. https://www.penfed.org/auto/payment-saver. 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. AFG Calculator. I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. PenFed Payment Saver Auto Loan. 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. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. 2.70%. 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. We can help you find an auto loan that meets your needs with our CarBuilder program. 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? As my grandfather would say, this place cant find its ass with both hands. 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??? 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? 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. My wife wants a Sienna or Odyssey and want to see what options I have. Forums. You might also have luck in the r/whatcarshouldibuy subreddit. Sorry, I do not. Uses transunion credit for score. APR = Annual Percentage Rate. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) Now you can leave those worries behind and use Access Bill Pay! more or less this is the opposite of gap insurance. 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. No early payoff penalty. Mileage options apply only if you return the vehicle at program end. Create an account to follow your favorite communities and start taking part in conversations. Answering everything by email with responses taking less than 15-20 minutes. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. Re: Has PenFed done away with Payment Saver (balloon finance) loans? I think this is the path I'm going to go. I have a lady coming by today who I got approved and she literally has a 412 score. or just a certain type of loan. 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. 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.. Original review: June 28, 2022. How to pick a car? As far as balloon loans go, it's a very good program. 2. I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. Reply. Where the manufacturer is providing more rebates for purchase, versus lease. Thanks for the candid feedback. Only problem I had was getting approved. High-Yield Savings Accounts; CD Rates; . If they truly killed it an didnt just pause it, there is almost no chance it comes back. Would love to pick up other vehicles with this program. I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. Flexible loan terms of up to 72 months. 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. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. I just had a giant lunch so I may be even less lucid than normal, so please bear with me. Login Register. Sound impossible? 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. No match for the 2.99% 36mo rate that PenFed offered. 2. I traded my M3 in back in September after about 30 months and I actually had a few grand in equity. I had forgotten about these loans, so I might go this route myself right now. Payment and Shipping info for 1st Edition Camaro5 shirts, Americans increasingly going upside down on auto loans. Im sure the dealer can get it done. My question is, if I do go forward with the pen fed . Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. FORUMS. SoFi's starting interest rate is also lower than PenFed's but . I had no problems getting 3 approvals at other banks at top rates inculding through BMW. Also remember to add flair to your post by clicking the "Flair" link beneath it. Motorcycle, RV and boat loans. My wife also works and makes over $200k a year.We currently lease and finance Volvos. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. 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. Hanscom Federal Credit Union (https://hfcu.org/) I did this same type of thing with my E92 M3 and it was perfect. I looked at it. junio 16, 2022 . I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. 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 . I have a lady coming by today who I got approved and she literally has a 412 score. { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . 01-22-2022 02:06 AM. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. Why? Penfed Payment Saver for ED. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. 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). basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. When I applied last month, it was for conventional: new, used, and less than 1 year old refi. I currently pay $800 a month on a auto loan, so trading it in for another $800 isnt a strain on my finances. 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. Solve Now. 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. Further information is available in our FICO Data Privacy Policy. APY = Annual Percentage Yield Out of curiosity, for those who have balloon loans, whats your APR? Used auto loans: You can get up to 110 percent financing with terms . That really is an awesome deal! I just looked at our HELOC and its currently 3.13%. 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 . Alright guys so I just had to report on my deal as the numbers are great! Neither lease well and ran across this idea but didnt know how to calculate the RV. Welcome to Park City Credit Union's Payment Saver calculator site. A dealer can usually get it done because we have direct lines to the loan officers. 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 can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. Adnimation ATF. If something happens to the income, they may never get paid the contracted balance. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . $869.13. 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. You can look through AFgs website in the press release section. (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. Here's an overview of PenFed Credit Union's Money Market Certificate rates. 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. Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. 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. 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%. Were they easy app, approval or did you have to send in a bunch of docs. I don't see anyone doing the right thing with these loans. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. Copyright AmeriCU Credit Union. Had you not put down $10k, you would have been upside down. Minimum Deposit. I have a credit score of 821 and $130k annual income. For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. 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). Loan amounts range from $10,000 to $100,000 and APRs start at 2.99% and 3.74% for new and used cars, respectively. Open membership, anyone can join. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. All Rights Reserved. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). If I total the car my . PenFed takes no responsibility for the content of the page. SEFCU (NY), The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. PenFed takes no responsibility for the content of the page. Become a member and take advantage of products and exclusive offers! The banks want nothing to do with that, and will happily turn you away. Better then a lease loan offering is backed by AFG at a 3.74% rate. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. They offer a payment saver loan option (via AFG) at a 3.84% rate. That being said, I did put like 10k down. 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. 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. the same thing that happened with the housing pop is it not? Bring back /u/chooter, Press J to jump to the feed. It also has been off for many other makes too and that makes the payment way higher than it should. To start viewing messages, select the forum that you want to visit from the selection below. All rights reserved. For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure. I am a bot, and this action was performed automatically. I looked but it was cheaper to go with BMW select. In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. Just did the payment saver plan on the M4 we are picking up next weekend. Had no issues with penfed. Note that fees charged between providers can vary. There's so much else going on behind the scenes. Yep, that is what I am going with as well. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. Please review our most Frequently Asked Questions to see if your question has already been answered. BMW Buyers Guide - Dealers, Resources & Pricing. Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. Id guess they will turn on a lease program sometime in the next year or two. This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). Penfed payment saver loan? A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. 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've also been thinking about going this route. Anyone else skeptical about these loans? Might have to call them and ask. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. AFG never sold residual insurance or residual values to credit unions. 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. Rates are current as of March 2023unless otherwise noted and are subject to change. All vehicles that hold their value extremely well. 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. See how anyone can join and take advantage of its market-leading CD rates. Monthly Payment. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. Anyone on here have any experience with these loans?? If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. Collapse. Does anyone know how the RV is calculated in the PenFed Payment Saver program? Make a Payment. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . You'll also face a balloon payment at the end of your loan. Generally, I do think a balloon loan makes sense for short term purchases. 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. All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. CALCULATE YOUR PAYMENT SAVER LOAN PAYMENT. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. 12 Months. 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. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. Certificate Term. 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. APY. AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). Financing Available for up to 110% of vehicle value. penfed payment saver forum. This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Learn about the other ways you can use online and mobile banking. Please contact the moderators of this subreddit if you have any questions or concerns. New Auto Loans. Affiliate Business Arrangement Disclosure. Re: Penfed Pre-Approvals Credit Card. For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their term. 0 Kudos. PenFed's payment saver loans have the appeal of low initial payments. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . 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! What this means for you: When you open an account, we will ask for your name, address . See this is what concerns meyou had equity b/c of how much you put down (really as with any financing). Taxes on full vehicle price were paid on vehicle upfront. My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. 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. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. Congrats man!!! Disclaimer: Credit card offers are constantly changing. I wonder were these taxed at the full purchase price or taxed like a lease? Our students say Absolutely amazing app, but is there a way to copy a result? The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. 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. 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. 72 month finance would have been about $1018 a month, the payment saver was $639. 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. Applications and Car Buying Service dealership match must be received during the promotional period, between 2/1/2023 and 4/30/2023. But regardless its clear that people generally arent doing these to save money. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? What happens if you can't refinance in time at the end of the loan? Enables you to easily upgrade and/or change your vehicle every couple of years. 1. It doesn't hurt to try but it probably won't make a difference. AFG Calculator. 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 But unlike a lease, with the PaySaver Auto Loan program you own the vehicle and have all of the flexibility and benefits of vehicle ownership! I have my score from Credit Karma but the dealership told me they got a different score. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV.