PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. That means they are most likely not seeing the originations that afg sold them on. the same thing that happened with the housing pop is it not? 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. PenFed's payment saver loans have the appeal of low initial payments. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Welcome to Park City Credit Union's Payment Saver calculator site. I was told to just call back when I have the VIN. In one case, I was quoted $1500 for origination. But regardless its clear that people generally arent doing these to save money. 1. Further information is available in our FICO Data Privacy Policy. Would love to pick up other vehicles with this program. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. I did this same type of thing with my E92 M3 and it was perfect. Bring back /u/chooter, Press J to jump to the feed. Sorry, I do not. Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . What are the pluses/minuses of financing using payment saver plan? Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. 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. Membership to the CU is possible via a $20 donation to CapEd Foundation. Im sure the dealer can get it done. With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. Those would be your best bet to see if there is one you can work with. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. Uses transunion credit for score. 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). penfed payment saver forum. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. Their customer service has been great so far. I just had a giant lunch so I may be even less lucid than normal, so please bear with me. If I buy a car using the Penfed Payment Saver (balloon payment) program and say I want to put in $10,000 as a downpayment. 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. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. To start viewing messages, select the forum that you want to visit from the selection below. 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. I also got a decline the other day on a 700. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. Where the manufacturer is providing more rebates for purchase, versus lease. Any options I have found, the rate has been at 4% and greater. $1,000. 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. Membership via $15 one-time donation to American Consumer Council. 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 earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? PenFed takes no responsibility for the content of the page. PenFed takes no responsibility for the content of the page. Has anyone ever used this program before? 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 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). Rates current as of May 4, 2021. As my grandfather would say, this place can't find its Auto Saver Loans. Generally, I do think a balloon loan makes sense for short term purchases. There website says its an estimation based on their data & the mileage cannot exceed 15k a year. Nothing good can come of it. New Auto Loans. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. 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. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. This isnt a product thats useful to me. Theyll get you financing. Rates depend on terms, as follows: G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . Do you wish you could make paying your bills less of a hassle? The last thing they want to do is repo your car. E81 / E82 / E87 / E88Model Year: 2004 - 2011. With the Challenger, Dodge was still offering power dollar rebates with a purchase, but not with a traditional lease. Just did the payment saver plan on the M4 we are picking up next weekend. SEFCU (NY), The way the market is now I don't think I would touch it. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. Instead you owe a large balloon payment at the end. 2. 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. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. My PenFed Visa has a $50K limit, which is their max. 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? Motorcycle, RV and boat loans. Frankenmuth CU (MI). Anything branded payment saver is the afg balloon. Congrats man!!! I searched for this but still cannot find a straight answer. You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. 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. AFG Calculator. Retiree with a solid pension and half a century of on-time car payments? Credit Unions often offer what's called a Payment Saver Auto Loan. What state/county do you live in? PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. 2. 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. You'll also face a balloon payment at the end of your loan. AmeriCU Credit Union (https://americu.org/) 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. Have they stopped all new vehicle finance options? Yep, that is what I am going with as well. 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. 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. Who's Alesha and how do you know she pays everything on time? All rights reserved. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. 1. How do you plan on paying the $800/month payment? FORUMS. I created both and getting $10 charged every month from my checking account since I only have minimum. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). MountainCrest FCU (WA), Message 3 of 4. The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. Re: Penfed Pre-Approvals Credit Card. Collapse. Login Register. Will it impact my credit or look bad to banks if I immediately submit another application with PenFed - this time as a joint application? Also remember to add flair to your post by clicking the "Flair" link beneath it. Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. In both cases it seems to me it would make more sense to simply take out a longer term loan in the first place to get your payments down. 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 had forgotten about these loans, so I might go this route myself right now. penfed payment saver forumwhen will lego diagon alley be back in stock. Bimmerpost Model Selection. more or less this is the opposite of gap insurance. I'm seeing 3.74% for 84 months at DCU. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). Again denied!! I did do this loan on my e90 M3 back in 08. Flexible loan terms of up to 72 months. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . My wife also works and makes over $200k a year.We currently lease and finance Volvos. 1. TERM APY* 6 Month 2.70%** 12 . Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. I just looked at our HELOC and its currently 3.13%. MERGED: Has anyone read this (bankruptcy) about GM? Now you can leave those worries behind and use Access Bill Pay! I applied with neither and was approved. Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? You can look through AFgs website in the press release section. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. Anyone else skeptical about these loans? 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. 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. That really is an awesome deal! I had no problems getting 3 approvals at other banks at top rates inculding through BMW. 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. Press question mark to learn the rest of the keyboard shortcuts. I looked at it. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. That being said, I did put like 10k down. Uses transunion credit for score. $869.13. Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. Mileage options apply only if you return the vehicle at program end. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Answering everything by email with responses taking less than 15-20 minutes. *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. I don't see anyone doing the right thing with these loans. AFG never sold residual insurance or residual values to credit unions. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. Bimmerpost Model Selection. 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. 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. $100 bonus offer statement credit on $1,500 spent within the first 90 days. Ken had already updated the PenFed site to these new rates but haven't seen anything mentioned on the blog or in the forum. 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%. White House Approves $17.4 Billion Auto Loans to GM & Chrysler. 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. They usually announce all the small CUs they sign each quarter. 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. I just emailed Penfed to ask for more info on how they figure the RV. I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). . Adnimation ATF. I would rather keep the equity in my pocket, during that time period, then in the vehicle. I love pen fed dont get me wrong and have used the payment saver 7+ times, but it was so much better years ago. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. Also offers a 2.14% rate for 96 months, so one application gives you both options. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. APY = Annual Percentage Yield Does anyone know how the RV is calculated in the PenFed Payment Saver program? If I total the car my . Same APR. Call 1-800-247-5626 for details. There's so much else going on behind the scenes. Loan amounts range from $10,000 to $100,000 and APRs start at 2.99% and 3.74% for new and used cars, respectively. I don't believe they allow you to walk away from the car at the end though. I have found cars with a 72 month term lower. What happens if you can't refinance in time at the end of the loan? F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Applications and Car Buying Service dealership match must be received during the promotional period, between 2/1/2023 and 4/30/2023. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. Has PenFed done away with Payment Saver (balloon finance) loans? Thanks for the info. PenFed Payment Saver Deal. You will need to put in the rental income as "other income" on the credit app, and provide your tax returns showing that income, or sometimes the leases, or bank statements, etc. My wife also works and makes over $200k a year. Copyright AmeriCU Credit Union. Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether.