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%. They offer a payment saver loan option (via AFG) at a 3.84% rate. 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. It doesn't hurt to try but it probably won't make a difference. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . PenFed dropping the balloons is very interesting. Out of curiosity, for those who have balloon loans, whats your APR? AFG Calculator. He is more focused on the monthly payment than the total cost of ownership. No early payoff penalty. I have my score from Credit Karma but the dealership told me they got a different score. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. I've also been thinking about going this route. 2. 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 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? 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. My PenFed Visa has a $50K limit, which is their max. Call 1-800-247-5626 for details. 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. APR = Annual Percentage Rate. Did anyone have great luck with these, thought about doing one for a corvette. For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure. PenFed takes no responsibility for the content of the page. Do you wish you could make paying your bills less of a hassle? 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. Monthly Payment. I don't see anyone doing the right thing with these loans. 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. Generally, I do think a balloon loan makes sense for short term purchases. Learn more. With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. I did do this loan on my e90 M3 back in 08. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. I am a bot, and this action was performed automatically. 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. 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. 12 Months. 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. Thanks for the info. 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. PenFed Payment Saver Deal. 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. Thanks, I was really intrigued buy the loan option Pen Fed was offering to lower payments. PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. If you click the details tab on the DCU site it shows 3.74% for 84 months. Came back with a rate over 5%, Regional options (not-open-membership) to consider: https://www.penfed.org/auto/payment-saver. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). Applications are subject to credit approval. Our students say Absolutely amazing app, but is there a way to copy a result? 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! Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. Had no issues with penfed. MECF_728x90_top. 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's used car loans as of Dec. 31, 2018 were $1.5 . Learn about the other ways you can use online and mobile banking. Has anyone ever used this program before? (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. See this is what concerns meyou had equity b/c of how much you put down (really as with any financing). They usually announce all the small CUs they sign each quarter. Better then a lease loan offering is backed by AFG at a 3.74% rate. Given your RV example, if the desired ownership term was only 6 months. We currently lease and finance Volvos. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. I would rather keep the equity in my pocket, during that time period, then in the vehicle. You need to claim your rental income on the application. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . I have a credit score of 821 and $130k annual income. As far as balloon loans go, it's a very good program. E81 / E82 / E87 / E88Model Year: 2004 - 2011. I have found cars with a 72 month term lower. Credit Unions often offer what's called a Payment Saver Auto Loan. PenFed Payment Saver Auto Loan. TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? Lowest available BALLON LOAN rate found was 2.49% but I did not qualify. Just wanted to give you a heads-up. Here's an overview of PenFed Credit Union's Money Market Certificate rates. 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. Collapse. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Anyone on here have any experience with these loans?? I traded my M3 in back in September after about 30 months and I actually had a few grand in equity. Their customer service has been great so far. My wife also works and makes over $200k a year.We currently lease and finance Volvos. F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. The lease numbers are just NOT favorable for me. 2. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. Used auto loans: You can get up to 110 percent financing with terms . 2.70%. AmeriCU Credit Union (https://americu.org/) I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. That being said, I did put like 10k down. 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. I just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. FORUMS. Uses transunion credit for initial score. Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. E81 / E82 / E87 / E88Model Year: 2004 - 2011. The share savings account gets you all the benefits, Powered by Discourse, best viewed with JavaScript enabled. At minimum, expect a $725 origination fee for vehicles over $75K. I think thats the reason why he loves Penfed balloon loans. 6 Months. How to pick a car? Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. They changed stuff over the years. Lesser known benefits of the program, it includes GAP and deductible insurance. Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). Please note that verified professionals will have flair, take advice from non-flaired users with discretion. This happens most often with no option vehicle (ie Hellcat). Payment came back very high, not sure what rates/fees they used. But like all credit unions, membership is I currently pay $800 a month on a auto loan, so trading it in for another $800 isnt a strain on my finances. Other features of the Payment Saver Auto Loan include: New and used vehicles up to five years old qualify. Instead you owe a large balloon payment at the end. Anything branded payment saver is the afg balloon. Adnimation ATF. 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. Any chances this program comes back? Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. Were they easy app, approval or did you have to send in a bunch of docs. More details on software and accessibility are available at WebAIM.org. CU doesnt want your business. 2% cash back for PenFed Honors Advantage Members. Uses experian for credit score. Plugged in same options etc and only getting a $740 discount. Yep, that is what I am going with as well. Skip to content. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. 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 . Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. 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. No match for the 2.99% 36mo rate that PenFed offered. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. or just a certain type of loan. Who's Alesha and how do you know she pays everything on time? The way the market is now I don't think I would touch it. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. NerdWallet rating. I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. The vehicle mileage may not exceed 15,000 miles per year based on the model year. Started the process online on Mondaycheck was at our doorstep on Thursday. If I total the car my . I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. What happens if you can't refinance in time at the end of the loan? 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. *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. 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. $1,000. We can help you find an auto loan that meets your needs with our CarBuilder Program. My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. CALCULATE YOUR PAYMENT SAVER LOAN PAYMENT. The last thing they want to do is repo your car. Affiliate Business Arrangement Disclosure. You need to be a member to access it. All rights reserved. Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. They are taxed as a purchase, application was all done online and my approval was always instant. Do we have to have a checking account open too or just share account is good enough? One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? 1. Frequent Contributor. Again denied!! You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. Read PenFed car loan review. dunn2500. Would love to pick up other vehicles with this program. I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. My wife wants a Sienna or Odyssey and want to see what options I have. This credit union is federally insured by the National Credit Union Administration. Make a Payment. Refinance remaining balance and keep the vehicle. 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. Might have to call them and ask. I think Brad is right. Welcome to Park City Credit Union's Payment Saver calculator site. 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? 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.. Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. "They don't have to . AmeriCUs PaySaver Auto Loan program offers just that! For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. 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. I had forgotten about these loans, so I might go this route myself right now. Other restrictions may apply. With the Challenger, Dodge was still offering power dollar rebates with a purchase, but not with a traditional lease. This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). White House Approves $17.4 Billion Auto Loans to GM & Chrysler. It gave me a ~$29.7k residual on a $72k MSRP. 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. 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. In one case, I was quoted $1500 for origination. What state/county do you live in? 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. Generally, I do think a balloon loan makes sense for short term purchases. Further information is available in our FICO Data Privacy Policy. Neither lease well and ran across this idea but didnt know how to calculate the RV. penfed payment saver forumwhen will lego diagon alley be back in stock. Rates depend on terms, as follows: Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. I love pen fed dont get me wrong and have used the payment saver 7+ times, but it was so much better years ago. I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. Thanks for turning me on to this. Penfed Payment Saver for ED. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. When I applied last month, it was for conventional: new, used, and less than 1 year old refi. Does anyone know who else offers payment saver loans? Message 3 of 4. 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). Certificate Term. 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. $100 bonus offer statement credit on $1,500 spent within the first 90 days. The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. But regardless its clear that people generally arent doing these to save money. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. Collapse. What this means for you: When you open an account, we will ask for your name, address . 1. See how anyone can join and take advantage of its market-leading CD rates. TERM APY* 6 Month 2.70%** 12 . 1. 72 month finance would have been about $1018 a month, the payment saver was $639. Chances are you owe too many people too much money and your CU sees this as a liability. 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. Where the manufacturer is providing more rebates for purchase, versus lease. You might also have luck in the r/whatcarshouldibuy subreddit. Disclaimer: Credit card offers are constantly changing. Now you can leave those worries behind and use Access Bill Pay! The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. 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. I created both and getting $10 charged every month from my checking account since I only have minimum. We can help you find an auto loan that meets your needs with our CarBuilder program. Thanks for the input thus far guys, very helpful. Only problem I had was getting approved. I looked but it was cheaper to go with BMW select. 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? Financing Available for up to 110% of vehicle value. Should I wait since I just had Pen Fed pull my credit or does it not matter? I looked at it. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. 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). Rates are current as of March 2023unless otherwise noted and are subject to change. I don't see it on their site anymore, did they stop offering it? Did you go to a different page? Ken had already updated the PenFed site to these new rates but haven't seen anything mentioned on the blog or in the forum. Uses transunion credit for score. 4.0. Same APR. Nothing good can come of it. Does anyone know how the RV is calculated in the PenFed Payment Saver program? Its not. 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. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. CarBuilder gives you the ability to build your vehicle of choice online, then compare the cost of the Payment Saver low payment to the conventional loan payment. Used car loan value based on NADA Retail Value. Original review: June 28, 2022. This lets us know where you're located so we can assist you better. Have they stopped all new vehicle finance options? I applied with neither and was approved. Anyone else skeptical about these loans? Had you not put down $10k, you would have been upside down. I was told to just call back when I have the VIN. 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. They didn't even have the 2016 M3 in their system when I applied. 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). Frankenmuth CU (MI). Uses transunion credit for score. That really is an awesome deal! I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. Just like buying new? I did this same type of thing with my E92 M3 and it was perfect. Payment and Shipping info for 1st Edition Camaro5 shirts, Americans increasingly going upside down on auto loans. Rates current as of May 4, 2021. Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. 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. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. All vehicles that hold their value extremely well. But interest rates start higher than the interest rates for its traditional car loans. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. Taxes on full vehicle price were paid on vehicle upfront. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . SEFCU (NY), My wife also works and makes over $200k a year. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. 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. I don't believe they allow you to walk away from the car at the end though. ; Sell it at maturity or anytime during loan term. Try Access Bill Pay today! more or less this is the opposite of gap insurance. Im sure the dealer can get it done. Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Retiree with a solid pension and half a century of on-time car payments? Just go to a dealer. APY = Annual Percentage Yield Any options I have found, the rate has been at 4% and greater. { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . 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. 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). Applications and Car Buying Service dealership match must be received during the promotional period, between 2/1/2023 and 4/30/2023. How do you plan on paying the $800/month payment? Theyll get you financing. Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. New and used motorcycle loans. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. 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. I wonder were these taxed at the full purchase price or taxed like a lease? Re: Penfed Pre-Approvals Credit Card. MERGED: Has anyone read this (bankruptcy) about GM? Expect a hard pull immediately after submitting your application online. High-Yield Savings Accounts; CD Rates; . Stay tuned! Motorcycle, RV and boat loans. Read: 35 Ways To Slash Your Car Costs. 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??? 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.
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