Frequent Contributor. Disclaimer: Credit card offers are constantly changing. penfed payment saver forumwhen will lego diagon alley be back in stock. Create an account to follow your favorite communities and start taking part in conversations. 1. Your actual credit score is only a small fraction of the equation. Only problem I had was getting approved. Original review: June 28, 2022. As far as balloon loans go, it's a very good program. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. Im sure the dealer can get it done. Read PenFed car loan review. Like, a super tiny fraction. Reply. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. 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). Uses transunion credit for score. 2% cash back for PenFed Honors Advantage Members. Used auto loans: You can get up to 110 percent financing with terms . At minimum, expect a $725 origination fee for vehicles over $75K. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. They changed stuff over the years. Yep, that is what I am going with as well. In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. Anyone else skeptical about these loans? Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. PenFed takes no responsibility for the content of the page. 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? I'm seeing 3.74% for 84 months at DCU. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . Generally, I do think a balloon loan makes sense for short term purchases. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. 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. *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. My wife also works and makes over $200k a year.We currently lease and finance Volvos. 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. For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. There website says its an estimation based on their data & the mileage cannot exceed 15k a year. But regardless its clear that people generally arent doing these to save money. 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 looked at it. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. Do we have to have a checking account open too or just share account is good enough? G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . PenFed takes no responsibility for the content of the page. 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. Does anyone know how the RV is calculated in the PenFed Payment Saver program? What this means for you: When you open an account, we will ask for your name, address . Expect a hard pull immediately after submitting your application online. Just go to a dealer. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. The banks want nothing to do with that, and will happily turn you away. I have a lady coming by today who I got approved and she literally has a 412 score. Better then a lease loan offering is backed by AFG at a 3.74% rate. Debt to income is also a huge factor, as you said. What state/county do you live in? Go into a dealership and let them properly structure a deal to get an approval for you. 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've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. Message 3 of 4. AFG Calculator. 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? I have my score from Credit Karma but the dealership told me they got a different score. 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 just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. 2. You need to claim your rental income on the application. Please review our most Frequently Asked Questions to see if your question has already been answered. I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" Further information is available in our FICO Data Privacy Policy. 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. Uses experian for credit score. Nothing good can come of it. All Rights Reserved. The way the market is now I don't think I would touch it. FORUMS. 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. I was told to just call back when I have the VIN. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. Generally, I do think a balloon loan makes sense for short term purchases. 12 Months. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. 1323 3 Only show this user. 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. Access Bill Pay: PenFed's Online Bill Payment System. CALCULATE YOUR PAYMENT SAVER LOAN PAYMENT. You need to be a member to access it. PenFed Payment Saver Auto Loan. When I applied last month, it was for conventional: new, used, and less than 1 year old refi. or just a certain type of loan. You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. But interest rates start higher than the interest rates for its traditional car loans. 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. I also got a decline the other day on a 700. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. 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. ; Trade it at maturity or anytime during loan term. New and used motorcycle loans. 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. This isnt a product thats useful to me. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Re: Has PenFed done away with Payment Saver (balloon finance) loans? I applied with neither and was approved. Forums. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. Those would be your best bet to see if there is one you can work with. I actually had a few grand in equity. Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. 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. i saw maybe less than month ago, but yeah seems to be gone now. NerdWallet rating. New Auto Loans. High-Yield Savings Accounts; CD Rates; . No early payoff penalty. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. "They don't have to . Collapse. 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. On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? MountainCrest FCU (WA), 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. Other restrictions may apply. I think this is the path I'm going to go. *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. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. How do you plan on paying the $800/month payment? 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! 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??? In normal times? MECF_728x90_top. The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. Motorcycle, RV and boat loans. Started the process online on Mondaycheck was at our doorstep on Thursday. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). Copyright AmeriCU Credit Union. I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. Instead you owe a large balloon payment at the end. TERM APY* 6 Month 2.70%** 12 . All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. ; Sell it at maturity or anytime during loan term. You can look through AFgs website in the press release section. Mileage options apply only if you return the vehicle at program end. Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. Couldn't find the ED price etc. 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. Try Access Bill Pay today! Membership to the CU is possible via a $20 donation to CapEd Foundation. Frankenmuth CU (MI). For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure. Rates are current as of March 2023unless otherwise noted and are subject to change. With the Challenger, Dodge was still offering power dollar rebates with a purchase, but not with a traditional lease. I have found cars with a 72 month term lower. 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. 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. Paysaver rates not posted, but you can apply for paysaver loan via the website. No match for the 2.99% 36mo rate that PenFed offered. Become a member and take advantage of products and exclusive offers! You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. Any chances this program comes back? There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. All rights reserved. We can help you find an auto loan that meets your needs with our CarBuilder program. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. What are the pluses/minuses of financing using payment saver plan? I have a lady coming by today who I got approved and she literally has a 412 score. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. I just had a giant lunch so I may be even less lucid than normal, so please bear with me. Did you go to a different page? GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. Thanks for the info. Note that fees charged between providers can vary. Their customer service has been great so far. $869.13. Out of curiosity, for those who have balloon loans, whats your APR? Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. As my grandfather would say, this place can't find its Auto Saver Loans. $465. Thanks for the candid feedback. 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. 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). Welcome to Park City Credit Union's Payment Saver calculator site. Used car loan value based on NADA Retail Value. Penfed payment saver loan? AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. 1. Chances are you owe too many people too much money and your CU sees this as a liability. 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. If something happens to the income, they may never get paid the contracted balance. Bring back /u/chooter, Press J to jump to the feed. 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. Make a Payment. 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. Including the ability to turn your vehicle in and walk away at the end of the loan term. Came back with a rate over 5%, Regional options (not-open-membership) to consider: That really is an awesome deal! { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. We use cookies to provide you with better experiences and allow you to navigate our website. I don't believe they allow you to walk away from the car at the end though. Has anyone else had this experience with PenFed? I think thats the reason why he loves Penfed balloon loans. Remember your panic when you were far from home and remembered that a bill was due? Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. 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. junio 16, 2022 . If you click the details tab on the DCU site it shows 3.74% for 84 months. All vehicles that hold their value extremely well. 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. 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%. 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. 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 did this same type of thing with my E92 M3 and it was perfect. They are taxed as a purchase, application was all done online and my approval was always instant. To Sign In or Enroll: Log-in to PenFed Online in the login box at the top-right of this page and click the Pay Bills tab from the Main Menu of PenFed Online. 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. 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. 4.0. Also remember to add flair to your post by clicking the "Flair" link beneath it. 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. Payment Saver auto loans. See the difference? For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. I currently pay $800 a month on a auto loan, so trading it in for another $800 isnt a strain on my finances. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Where the manufacturer is providing more rebates for purchase, versus lease. As my grandfather would say, this place cant find its ass with both hands. We currently lease and finance Volvos. Now you can leave those worries behind and use Access Bill Pay! Re: Penfed Pre-Approvals Credit Card. It doesn't hurt to try but it probably won't make a difference. That means they are most likely not seeing the originations that afg sold them on. Might have to call them and ask. 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. Welcome to the Greater Nevada Credit Union Payment Saver site. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. Rates depend on terms, as follows: See how anyone can join and take advantage of its market-leading CD rates. 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. In one case, I was quoted $1500 for origination. This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). 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. PenFed dropping the balloons is very interesting. Flexible loan terms of up to 72 months. 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. Refinance remaining balance and keep the vehicle. Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. They offer a payment saver loan option (via AFG) at a 3.84% rate. . Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. Minimum Deposit. 72 month finance would have been about $1018 a month, the payment saver was $639. I did do this loan on my e90 M3 back in 08. That is what Chrsyler is estimating based on 64% residual with about 10k lease. Please contact the moderators of this subreddit if you have any questions or concerns. Just not a pen fed customer to know what their RVs are on those two specific vehicles. My wife wants a Sienna or Odyssey and want to see what options I have. They are difficult to get approved for compared to others as. Rates are accurate as of Feb. 2, 2023. E81 / E82 / E87 / E88Model Year: 2004 - 2011. Do not do it! I searched for this but still cannot find a straight answer. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. Affiliate Business Arrangement Disclosure. Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. This credit union is federally insured by the National Credit Union Administration. Find out how you can save on your next car. Same APR. APY = Annual Percentage Yield 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 . SEFCU (NY), 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. Bimmerpost Model Selection. Solve Now. 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. I'm new to Audi, but understand RS models maintain their equity, making the. 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.