I'm new to Audi, but understand RS models maintain their equity, making the. 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%. I did this same type of thing with my E92 M3 and it was perfect. This credit union is federally insured by the National Credit Union Administration. I have a credit score of 821 and $130k annual income. PenFed Payment Saver Auto Loan. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. 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. Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. SoFi's starting interest rate is also lower than PenFed's but . In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. New Auto Loans. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. APY. You can look through AFgs website in the press release section. Solve Now. Collapse. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. This happens most often with no option vehicle (ie Hellcat). I was told to just call back when I have the VIN. As my grandfather would say, this place cant find its ass with both hands. Financing Available for up to 110% of vehicle value. If they truly killed it an didnt just pause it, there is almost no chance it comes back. Find out how you can save on your next car. Other features of the Payment Saver Auto Loan include: New and used vehicles up to five years old qualify. $465. My wife wants a Sienna or Odyssey and want to see what options I have. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. This isnt a product thats useful to me. Uses experian for credit score. I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. It gave me a ~$29.7k residual on a $72k MSRP. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. Just go to a dealer. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). Answering everything by email with responses taking less than 15-20 minutes. Membership via $15 one-time donation to American Consumer Council. 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. PenFed Payment Saver Deal. penfed payment saver forum. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. Re: Penfed Pre-Approvals Credit Card. 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! Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. I have a lady coming by today who I got approved and she literally has a 412 score. Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. All vehicles that hold their value extremely well. What state/county do you live in? Did anyone have great luck with these, thought about doing one for a corvette. I have a credit score of 821 and $130k annual income. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. 1. Retiree with a solid pension and half a century of on-time car payments? Forums. Penfed payment saver loan? But regardless its clear that people generally arent doing these to save money. APR = Annual Percentage Rate. 1. You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? 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? AFG never sold residual insurance or residual values to credit unions. 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. Bimmerpost Model Selection. Create an account to follow your favorite communities and start taking part in conversations. Note that fees charged between providers can vary. Open membership, anyone can join. I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" Started the process online on Mondaycheck was at our doorstep on Thursday. Certificate Term. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. Please review our most Frequently Asked Questions to see if your question has already been answered. Many factors affect your FICO Scores and the interest rates you may receive. Used auto loans: You can get up to 110 percent financing with terms . Login Register. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. Learn about the other ways you can use online and mobile banking. E81 / E82 / E87 / E88Model Year: 2004 - 2011. 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? With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. 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. Do we have to have a checking account open too or just share account is good enough? Read: 35 Ways To Slash Your Car Costs. It doesn't hurt to try but it probably won't make a difference. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. 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. 01-22-2022 02:06 AM. Were they easy app, approval or did you have to send in a bunch of docs. At minimum, expect a $725 origination fee for vehicles over $75K. If something happens to the income, they may never get paid the contracted balance. Rates are accurate as of Feb. 2, 2023. My wife also works and makes over $200k a year.We currently lease and finance Volvos. CU doesnt want your business. 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 Im sure the dealer can get it done. Rates current as of May 4, 2021. PenFed takes no responsibility for the content of the page. Anyone else skeptical about these loans? What this means for you: When you open an account, we will ask for your name, address . Remember your panic when you were far from home and remembered that a bill was due? 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. APY = Annual Percentage Yield 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). 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. Does anyone know how the RV is calculated in the PenFed Payment Saver program? A lot of credit unions buy residuals from AFG. I have a lady coming by today who I got approved and she literally has a 412 score. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . 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. See how anyone can join and take advantage of its market-leading CD rates. 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. There website says its an estimation based on their data & the mileage cannot exceed 15k a year. Debt to income is also a huge factor, as you said. For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. Plugged in same options etc and only getting a $740 discount. Anyone on here have any experience with these loans?? I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. 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. Any chances this program comes back? It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. High-Yield Savings Accounts; CD Rates; . Generally, I do think a balloon loan makes sense for short term purchases. They are taxed as a purchase, application was all done online and my approval was always instant. Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. Welcome to Park City Credit Union's Payment Saver calculator site. Further information is available in our FICO Data Privacy Policy. FTC's website on credit. To start viewing messages, select the forum that you want to visit from the selection below. But like all credit unions, membership is Make a Payment. F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. dunn2500. 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. Re: Has PenFed done away with Payment Saver (balloon finance) loans? *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. Membership to the CU is possible via a $20 donation to CapEd Foundation. *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. AFG Calculator. Make a Payment. New and used motorcycle loans. I am a bot, and this action was performed automatically. Did you get this quote via their PenFed website? Applications are subject to credit approval. Why? You'll discover the ease and convenience of paying your bills online in almost no time. The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. I searched for this but still cannot find a straight answer. I looked but it was cheaper to go with BMW select. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. Where the manufacturer is providing more rebates for purchase, versus lease. Just not a pen fed customer to know what their RVs are on those two specific vehicles. PenFed takes no responsibility for the content of the page. This lets us know where you're located so we can assist you better. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . Better then a lease loan offering is backed by AFG at a 3.74% rate. Might have to call them and ask. I think this is the path I'm going to go. 1.5% cash back for non-members. Bimmerpost Model Selection. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). Call 1-800-247-5626 for details. Rates depend on terms, as follows: 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. Original review: June 28, 2022. Minimum Deposit. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. They offer a payment saver loan option (via AFG) at a 3.84% rate. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. I just had a giant lunch so I may be even less lucid than normal, so please bear with me. Uses transunion credit for initial score. $869.13. Payment saver loans. There have always been specific reasons why I opted for a balloon loan. Neither lease well and ran across this idea but didnt know how to calculate the RV. I had forgotten about these loans, so I might go this route myself right now. Thanks for turning me on to this. I wonder were these taxed at the full purchase price or taxed like a lease? 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. Lesser known benefits of the program, it includes GAP and deductible insurance. 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. We currently lease and finance Volvos. Payment and Shipping info for 1st Edition Camaro5 shirts, Americans increasingly going upside down on auto loans. My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. Came back with a rate over 5%, Regional options (not-open-membership) to consider: 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. 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 actually had a few grand in equity. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. The way the market is now I don't think I would touch it. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. But interest rates start higher than the interest rates for its traditional car loans. That being said, I did put like 10k down. Including the ability to turn your vehicle in and walk away at the end of the loan term. 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. 1. Sorry, I do not. Rates are current as of March 2023unless otherwise noted and are subject to change. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. Teachers Federal Credit Union (https://teachersfcu.org/) That being said, I did put like 10k down. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. Go into a dealership and let them properly structure a deal to get an approval for you. 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. 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 don't see it on their site anymore, did they stop offering it? AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). 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. As my grandfather would say, this place can't find its Auto Saver Loans. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. In one case, I was quoted $1500 for origination. The banks want nothing to do with that, and will happily turn you away. That really is an awesome deal! Like, a super tiny fraction. Learn more. 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. Out of curiosity, for those who have balloon loans, whats your APR? They usually announce all the small CUs they sign each quarter. $1,000. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? Congrats man!!! Enables you to easily upgrade and/or change your vehicle every couple of years. My question is, if I do go forward with the pen fed . I don't believe they allow you to walk away from the car at the end though. 4.0. Payment came back very high, not sure what rates/fees they used. One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? Access Bill Pay: PenFed's Online Bill Payment System. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. Do not do it! 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. How do you plan on paying the $800/month payment? With the Challenger, Dodge was still offering power dollar rebates with a purchase, but not with a traditional lease. 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??? Their customer service has been great so far. Bring back /u/chooter, Press J to jump to the feed. Loan amounts range from $10,000 to $100,000 and APRs start at 2.99% and 3.74% for new and used cars, respectively. They changed stuff over the years. 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. I applied with neither and was approved. Yep, that is what I am going with as well. I did do this loan on my e90 M3 back in 08. Please contact the moderators of this subreddit if you have any questions or concerns. Instead you owe a large balloon payment at the end. 1323 3 Only show this user. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. New vehicles are vehicles without previous owners and are of a current (2021) or prior (2020) model year with less than or equal to 7,500 miles. However, they do not take any action and the dispute . European Delivery. Has anyone ever used this program before? 2. 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 . There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. or just a certain type of loan. We use cookies to provide you with better experiences and allow you to navigate our website. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. Had no issues with penfed. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . Also offers a 2.14% rate for 96 months, so one application gives you both options. 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. 2.70%. If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. 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. I think thats the reason why he loves Penfed balloon loans. However the payment difference is hundreds per month between a lease and a balloon payment. 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.. Welcome to the Greater Nevada Credit Union Payment Saver site. Disclaimer: Credit card offers are constantly changing. Message 3 of 4. E81 / E82 / E87 / E88Model Year: 2004 - 2011. SEFCU (NY), G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . Thanks for the input thus far guys, very helpful. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. What happens if you can't refinance in time at the end of the loan? PenFed's used car loans as of Dec. 31, 2018 were $1.5 . 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. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. Motorcycle, RV and boat loans. That means they are most likely not seeing the originations that afg sold them on. Used car loan value based on NADA Retail Value. Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. Again denied!! F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. No early payoff penalty. I had no problems getting 3 approvals at other banks at top rates inculding through BMW. You'll also face a balloon payment at the end of your loan. Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. Thanks for the candid feedback. MERGED: Has anyone read this (bankruptcy) about GM? Do you wish you could make paying your bills less of a hassle? You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. Couldn't find the ED price etc. You need to be a member to access it. You need to claim your rental income on the application. 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? Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. 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. 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. The select looked attractive to me but they (BMW) managed to talk me out of it. You might also have luck in the r/whatcarshouldibuy subreddit. Read PenFed car loan review. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. No match for the 2.99% 36mo rate that PenFed offered. I created both and getting $10 charged every month from my checking account since I only have minimum. On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? 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. 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. My PenFed Visa has a $50K limit, which is their max. Your actual credit score is only a small fraction of the equation. I currently pay $800 a month on a auto loan, so trading it in for another $800 isnt a strain on my finances. FORUMS. I would rather keep the equity in my pocket, during that time period, then in the vehicle. Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. BMW Buyers Guide - Dealers, Resources & Pricing. I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. 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. Mileage options apply only if you return the vehicle at program end. Access Bill Pay makes bill paying easy and secure.