i saw maybe less than month ago, but yeah seems to be gone now. However the payment difference is hundreds per month between a lease and a balloon payment. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. Applications are subject to credit approval. You'll discover the ease and convenience of paying your bills online in almost no time. Other restrictions may apply. E81 / E82 / E87 / E88Model Year: 2004 - 2011. Membership via $15 one-time donation to American Consumer Council. Thanks for the input thus far guys, very helpful. Why? Do you wish you could make paying your bills less of a hassle? How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? SEFCU (NY), I have a lady coming by today who I got approved and she literally has a 412 score. But regardless its clear that people generally arent doing these to save money. Credit Unions often offer what's called a Payment Saver Auto Loan. APY = Annual Percentage Yield PenFed takes no responsibility for the content of the page. 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. Read PenFed car loan review. 1. Has PenFed done away with Payment Saver (balloon finance) loans? That being said, I did put like 10k down. Vermont FCU (VT), F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. But interest rates start higher than the interest rates for its traditional car loans. Note that fees charged between providers can vary. 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. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. PenFed vs. SoFi. Answering everything by email with responses taking less than 15-20 minutes. Ken had already updated the PenFed site to these new rates but haven't seen anything mentioned on the blog or in the forum. I would rather keep the equity in my pocket, during that time period, then in the vehicle. Make a Payment - members I have a credit score of 821 and $130k annual income. My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. Would love to pick up other vehicles with this program. penfed payment saver forum - s161650.gridserver.com My question is, if I do go forward with the pen fed . As my grandfather would say, this place cant find its ass with both hands. 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. They are taxed as a purchase, application was all done online and my approval was always instant. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . Nothing good can come of it. I have a credit score of 821 and $130k annual income. Just did the payment saver plan on the M4 we are picking up next weekend. Did anyone have great luck with these, thought about doing one for a corvette. Make a Payment. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. 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.. PenFed Credit Union - Deposit Accounts I really don't think it is terrible as long as you setup an auto deduction into a interest bearing acount for what you would save each month. Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. Neither lease well and ran across this idea but didnt know how to calculate the RV. Do we have to have a checking account open too or just share account is good enough? Have they stopped all new vehicle finance options? Id guess they will turn on a lease program sometime in the next year or two. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. All vehicles that hold their value extremely well. I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). Frequent Contributor. Open membership, anyone can join. PenFed Reimagines Balloon Loans | Credit Union Times Who's Alesha and how do you know she pays everything on time? If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. This credit union is federally insured by the National Credit Union Administration. I did this same type of thing with my E92 M3 and it was perfect. Uses experian for credit score. Not that I'm going to finance that long. Become a member and take advantage of products and exclusive offers! Bimmerpost Model Selection. 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. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. See this is what concerns meyou had equity b/c of how much you put down (really as with any financing). Did you get this quote via their PenFed website? 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). Find out how you can save on your next car. Disclaimer: Credit card offers are constantly changing. PenFed Payment Saver auto loan experience?? - The FICO Forums AFG never sold residual insurance or residual values to credit unions. FTC's website on credit. I looked at it. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. 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 . 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. Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. CALCULATE YOUR PAYMENT SAVER LOAN PAYMENT. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. 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. There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. Generally, I do think a balloon loan makes sense for short term purchases. 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. Used auto loans: You can get up to 110 percent financing with terms . He is more focused on the monthly payment than the total cost of ownership. 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. Top 117 Pentagon Federal Credit Union Auto Loans Reviews 72 month finance would have been about $1018 a month, the payment saver was $639. E81 / E82 / E87 / E88Model Year: 2004 - 2011. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. 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. A dealer can usually get it done because we have direct lines to the loan officers. Their customer service has been great so far. . I just looked at our HELOC and its currently 3.13%. Penfed Payment Saver for ED | BimmerFest BMW Forum Might have to call them and ask. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. Our students say Absolutely amazing app, but is there a way to copy a result? TERM APY* 6 Month 2.70%** 12 . High-Yield Savings Accounts; CD Rates; . AmeriCUs PaySaver Auto Loan program offers just that! I'm seeing 3.74% for 84 months at DCU. 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. 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. Your actual credit score is only a small fraction of the equation. The last thing they want to do is repo your car. Sound impossible? I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. With the Challenger, Dodge was still offering power dollar rebates with a purchase, but not with a traditional lease. 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 . If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. PenFed payment Saver - Ask the Hackrs - FORUM | LEASEHACKR 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 I just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. 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. Skip to content. I applied with neither and was approved. I think Brad is right. Payment came back very high, not sure what rates/fees they used. Anyone else skeptical about these loans? Penfed auto saver loan calculator - Math Index That means they are most likely not seeing the originations that afg sold them on. Remember your panic when you were far from home and remembered that a bill was due? Used car loan value based on NADA Retail Value. Remember your panic when you were far from home and remembered that a bill was due? My PenFed Visa has a $50K limit, which is their max. 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 had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . How to pick a car? Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. Better then a lease loan offering is backed by AFG at a 3.74% rate. I think thats the reason why he loves Penfed balloon loans. If something happens to the income, they may never get paid the contracted balance. I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. Penfed Pre-Approvals Credit Card - myFICO Forums - 6650476 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. In normal times? 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. Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. Payment Saver Auto Loans - TCT FCU Certificate Term. I just had a giant lunch so I may be even less lucid than normal, so please bear with me. 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. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . Press question mark to learn the rest of the keyboard shortcuts. *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. Hanscom Federal Credit Union (https://hfcu.org/) Auto Loan declined by CU and I have a credit score of 821 - reddit I love pen fed dont get me wrong and have used the payment saver 7+ times, but it was so much better years ago. Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . PenFed Payment Saver Auto Loan - 1addicts.com Take two $50,000 cars, one with a 50% RV and one with a 40% RV. 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. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. Forums. Debt to income is also a huge factor, as you said. We can help you find an auto loan that meets your needs with our CarBuilder program. The way the market is now I don't think I would touch it. Out of curiosity, for those who have balloon loans, whats your APR? 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. 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. Also offers a 2.14% rate for 96 months, so one application gives you both options. PenFed Auto Loan Review: Competitive Rates for Buying and Refinancing 1. PenFed Payment Saver Deal - BIMMERPOST My wife wants a Sienna or Odyssey and want to see what options I have. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). You can look through AFgs website in the press release section. It gave me a ~$29.7k residual on a $72k MSRP. Sorry, I do not. https://www.penfed.org/auto/payment-saver. I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. (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. What state/county do you live in? Again denied!! The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. Further information is available in our FICO Data Privacy Policy. This isnt a product thats useful to me. Teachers Federal Credit Union (https://teachersfcu.org/) The vehicle mileage may not exceed 15,000 miles per year based on the model year. 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%. 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. Penfed payment saver loans (like bmw select with balloon) - BIMMERPOST Im sure the dealer can get it done. 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. Thanks for the info. Welcome to Park City Credit Union's Payment Saver calculator site. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. I don't see anyone doing the right thing with these loans. Create an account to follow your favorite communities and start taking part in conversations. I'm new to Audi, but understand RS models maintain their equity, making the. There have always been specific reasons why I opted for a balloon loan. $100 bonus offer statement credit on $1,500 spent within the first 90 days. Paysaver rates not posted, but you can apply for paysaver loan via the website. Its not. dunn2500. 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? 2. Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. . You need to claim your rental income on the application. PenFed Personal Loans Review 2023 - Forbes Advisor PenFed auto loan review: Low rates + easy membership - Finder 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. $1,000. $650 a Month C8 - MidEngineCorvetteForum.com 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. Penfed payment saver loan? - f80.bimmerpost.com *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. Access Bill Pay | PenFed I don't see it on their site anymore, did they stop offering it? 1. Theyll get you financing. Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. European Delivery. Payment Saver Auto Loan | Greater Nevada Credit Union - GNCU Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). 2% cash back for PenFed Honors Advantage Members. 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. 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. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . Payment saver loans. 6 Months. Any options I have found, the rate has been at 4% and greater. It doesn't hurt to try but it probably won't make a difference. Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. When more credit unions were leasing, they were also buying residual insurance from AFG. 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). Taxes on full vehicle price were paid on vehicle upfront. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. Just not a pen fed customer to know what their RVs are on those two specific vehicles. 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. $465. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. Penfed payment saver loan? Also remember to add flair to your post by clicking the "Flair" link beneath it. 2. One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. 4.0. The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. I have my score from Credit Karma but the dealership told me they got a different score. 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? Does anyone know how the RV is calculated in the PenFed Payment Saver program? However, they do not take any action and the dispute . What are the pluses/minuses of financing using payment saver plan? Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. AmeriCU Credit Union (https://americu.org/) Has PenFed done away with Payment Saver (balloon f - myFICO Forums Had you not put down $10k, you would have been upside down. All rights reserved. I don't believe they allow you to walk away from the car at the end though. FORUMS. Rates depend on terms, as follows: I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. Anyone on here have any experience with these loans?? White House Approves $17.4 Billion Auto Loans to GM & Chrysler. 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. Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. Started the process online on Mondaycheck was at our doorstep on Thursday. Alright guys so I just had to report on my deal as the numbers are great! There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. 0 Kudos. If so, please share your experience with them. I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . Expect a hard pull immediately after submitting your application online. What happens if you can't refinance in time at the end of the loan? If I total the car my . Where the manufacturer is providing more rebates for purchase, versus lease. 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. Uses transunion credit for initial score. 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. On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. Given your RV example, if the desired ownership term was only 6 months. What is a Payment Saver Auto Loan? - YouTube If they truly killed it an didnt just pause it, there is almost no chance it comes back. How do you plan on paying the $800/month payment? I am a bot, and this action was performed automatically. Make a Payment. Go into a dealership and let them properly structure a deal to get an approval for you. BMW Buyers Guide - Dealers, Resources & Pricing. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. Do not do it! The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. Including the ability to turn your vehicle in and walk away at the end of the loan term. AFG Calculator. Minimum Deposit. 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. PenFed Payment Saver Auto Loan. 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. or just a certain type of loan. They had been very interested in leasing for years and then made a last minute decision to go with balloons based on a middle man who I think had a piece of the deal. 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. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. I was told to just call back when I have the VIN. Just like buying new? They offer a payment saver loan option (via AFG) at a 3.84% rate. More details on software and accessibility are available at WebAIM.org. 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! What are your loan options with PenFed Credit Union? - Finder ; Trade it at maturity or anytime during loan term. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. No match for the 2.99% 36mo rate that PenFed offered. Adnimation ATF. That being said, I did put like 10k down. 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.