There's so much else going on behind the scenes. 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. The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. Make a Payment. Learn more. 72 month finance would have been about $1018 a month, the payment saver was $639. You need to claim your rental income on the application. What state/county do you live in? Other restrictions may apply. My question is, if I do go forward with the pen fed . The only time this "Payment Saver" would make sense is if you had money tied up in stocks or property that wasn't liquid right now but that you knew would be liquid by the time the balloon payment became due. AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). PenFed Has Stopped Accepting Payment Saver Auto Loan Applications - FORUM Couldn't find the ED price etc. PenFed Auto Loan Review: Competitive Rates for Buying and Refinancing By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. As my grandfather would say, this place can't find its Auto Saver Loans. Nothing good can come of it. But interest rates start higher than the interest rates for its traditional car loans. PenFed Credit Union - Deposit Accounts What are the pluses/minuses of financing using payment saver plan? I have found cars with a 72 month term lower. Payment Saver Auto Loan | Greater Nevada Credit Union - GNCU F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Does anyone know how the RV is calculated in the PenFed Payment Saver program? Does anyone know who else offers payment saver loans? Debt to income is also a huge factor, as you said. 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. No early payoff penalty. To start viewing messages, select the forum that you want to visit from the selection below. Just wanted to give you a heads-up. Stay tuned! Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. Affiliate Business Arrangement Disclosure. 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. Message 3 of 4. All Rights Reserved. Any chances this program comes back? Copyright AmeriCU Credit Union. Did you get this quote via their PenFed website? 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. My PenFed Visa has a $50K limit, which is their max. I actually had a few grand in equity. Have they stopped all new vehicle finance options? This is completely wrong. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. 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 have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? Loan amounts range from $10,000 to $100,000 and APRs start at 2.99% and 3.74% for new and used cars, respectively. Better then a lease loan offering is backed by AFG at a 3.74% rate. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. 1. Do not do it! PenFed - AudiWorld Forums Penfed Payment Saver for ED | BimmerFest BMW Forum 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. Has PenFed done away with Payment Saver (balloon finance) loans? I would rather keep the equity in my pocket, during that time period, then in the vehicle. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . 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. If so, please share your experience with them. Id guess they will turn on a lease program sometime in the next year or two. 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. If something happens to the income, they may never get paid the contracted balance. They didn't even have the 2016 M3 in their system when I applied. I did do this loan on my e90 M3 back in 08. I created both and getting $10 charged every month from my checking account since I only have minimum. This lets us know where you're located so we can assist you better. PenFed takes no responsibility for the content of the page. 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? Do you wish you could make paying your bills less of a hassle? Uses transunion credit for score. Neither lease well and ran across this idea but didnt know how to calculate the RV. PenFed Credit Union Review: Checking, Savings and Share Certificates Welcome to the Greater Nevada Credit Union Payment Saver site. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. Payment and Shipping info for 1st Edition Camaro5 shirts, Americans increasingly going upside down on auto loans. Payment Saver "Balloon" Loans - Camaro5 Chevy Camaro Forum / Camaro ZL1 Auto Loan declined by CU and I have a credit score of 821 - reddit I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. Adnimation ATF. 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. 12 Months. Payment Saver Auto Loans - TCT FCU I am a bot, and this action was performed automatically. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. 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. In normal times? The share savings account gets you all the benefits, Powered by Discourse, best viewed with JavaScript enabled. We use cookies to provide you with better experiences and allow you to navigate our website. In one case, I was quoted $1500 for origination. 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. Solve Now. Yep, that is what I am going with as well. 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. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. 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. But regardless its clear that people generally arent doing these to save money. At minimum, expect a $725 origination fee for vehicles over $75K. Rates are current as of March 2023unless otherwise noted and are subject to change. AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times This credit union is federally insured by the National Credit Union Administration. 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. I have a lady coming by today who I got approved and she literally has a 412 score. 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. See the difference? Vermont FCU (VT), Collapse. For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their term. Learn about the other ways you can use online and mobile banking. That being said, I did put like 10k down. SoFi's starting interest rate is also lower than PenFed's but . I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. Forums. They are difficult to get approved for compared to others as. What is a Payment Saver Auto Loan? - YouTube PenFed Personal Loans Review 2023 - Forbes Advisor 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. Rates are accurate as of Feb. 2, 2023. 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. FTC's website on credit. Like, a super tiny fraction. . Rates depend on terms, as follows: MERGED: Has anyone read this (bankruptcy) about GM? Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. Chances are you owe too many people too much money and your CU sees this as a liability. I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. PenFed takes no responsibility for the content of the page. Hanscom Federal Credit Union (https://hfcu.org/) Membership to the CU is possible via a $20 donation to CapEd Foundation. Just go to a dealer. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . MECF_728x90_top. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. $1,000. ; Sell it at maturity or anytime during loan term. PenFed vs. SoFi. $869.13. Instead you owe a large balloon payment at the end. Motorcycle, RV and boat loans. 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. Thanks for the input thus far guys, very helpful. GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! Also remember to add flair to your post by clicking the "Flair" link beneath it. Bimmerpost Model Selection. Uses transunion credit for initial score. AFG Calculator. 01-22-2022 02:06 AM. 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. Did you go to a different page? Payment Saver auto loans. 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 can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. Read: 35 Ways To Slash Your Car Costs. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. 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. Top 507 Pentagon Federal Credit Union Reviews - ConsumerAffairs However the payment difference is hundreds per month between a lease and a balloon payment. This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). All rights reserved. Reply. We can help you find an auto loan that meets your needs with our CarBuilder program. Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). I just looked at our HELOC and its currently 3.13%. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. PenFed Payment Saver Deal. E81 / E82 / E87 / E88Model Year: 2004 - 2011. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. Auto Loans - New, Used, Car Loan Refinancing | PenFed Credit Union Why? There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. Remember your panic when you were far from home and remembered that a bill was due? Including the ability to turn your vehicle in and walk away at the end of the loan term. As my grandfather would say, this place cant find its ass with both hands. Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. Do we have to have a checking account open too or just share account is good enough? You'll discover the ease and convenience of paying your bills online in almost no time. You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? European Delivery. I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. 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. penfed payment saver forum. 6 Months. I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). Certificate Term. This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. E81 / E82 / E87 / E88Model Year: 2004 - 2011. As far as balloon loans go, it's a very good program. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. 1323 3 Only show this user. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? I was told to just call back when I have the VIN. Were they easy app, approval or did you have to send in a bunch of docs. I'm new to Audi, but understand RS models maintain their equity, making the. (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. Their customer service has been great so far. Penfed auto saver loan calculator - Math Index G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . 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. They are taxed as a purchase, application was all done online and my approval was always instant. Remember your panic when you were far from home and remembered that a bill was due? PenFed payment Saver - Ask the Hackrs - FORUM | LEASEHACKR For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. 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. Any options I have found, the rate has been at 4% and greater. With the Challenger, Dodge was still offering power dollar rebates with a purchase, but not with a traditional lease.