penfed payment saver forum penfed payment saver forum

Congrats man!!! 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. Just go to a dealer. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. I've also been thinking about going this route. F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. penfed payment saver forum. dunn2500. 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). How do you plan on paying the $800/month payment? 72 month finance would have been about $1018 a month, the payment saver was $639. Used auto loans: You can get up to 110 percent financing with terms . Anyone on here have any experience with these loans?? Refinance remaining balance and keep the vehicle. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? Create an account to follow your favorite communities and start taking part in conversations. Further information is available in our FICO Data Privacy Policy. This credit union is federally insured by the National Credit Union Administration. Frankenmuth CU (MI). 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% cash back for PenFed Honors Advantage Members. Thanks for the candid feedback. 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? Re: Has PenFed done away with Payment Saver (balloon finance) loans? The lease numbers are just NOT favorable for me. the same thing that happened with the housing pop is it not? *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. Forums. 1.5% cash back for non-members. Certificate Term. For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. AFG Calculator. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. No early payoff penalty. GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! No security deposit or acquisition fees. My PenFed Visa has a $50K limit, which is their max. You need to claim your rental income on the application. See how anyone can join and take advantage of its market-leading CD rates. Does anyone know who else offers payment saver loans? F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. I have my score from Credit Karma but the dealership told me they got a different score. This happens most often with no option vehicle (ie Hellcat). Any options I have found, the rate has been at 4% and greater. Payment saver loans. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure. Lesser known benefits of the program, it includes GAP and deductible insurance. I applied with neither and was approved. The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. NerdWallet rating. Penfed Payment Saver for ED. 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. We can help you find an auto loan that meets your needs with our CarBuilder Program. That being said, I did put like 10k down. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . That being said, I did put like 10k down. White House Approves $17.4 Billion Auto Loans to GM & Chrysler. PenFed Payment Saver Deal. Do you wish you could make paying your bills less of a hassle? Flexible loan terms of up to 72 months. PenFed takes no responsibility for the content of the page. High-Yield Savings Accounts; CD Rates; . Im sure the dealer can get it done. 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. Given your RV example, if the desired ownership term was only 6 months. 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. Theyll get you financing. Sound impossible? Its not. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. Has PenFed done away with Payment Saver (balloon finance) loans? Better then a lease loan offering is backed by AFG at a 3.74% rate. 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. I also got a decline the other day on a 700. I have found cars with a 72 month term lower. 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. 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 earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? Just not a pen fed customer to know what their RVs are on those two specific vehicles. In normal times? F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. Like, a super tiny fraction. Find out how you can save on your next car. Might have to call them and ask. TERM APY* 6 Month 2.70%** 12 . Read PenFed car loan review. i saw maybe less than month ago, but yeah seems to be gone now. How to pick a car? . Do we have to have a checking account open too or just share account is good enough? They offer a payment saver loan option (via AFG) at a 3.84% rate. E81 / E82 / E87 / E88Model Year: 2004 - 2011. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . Applications and Car Buying Service dealership match must be received during the promotional period, between 2/1/2023 and 4/30/2023. 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. FORUMS. Press question mark to learn the rest of the keyboard shortcuts. Has anyone ever used this program before? Disclaimer: Credit card offers are constantly changing. My wife also works and makes over $200k a year. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. 01-22-2022 02:06 AM. I'm seeing 3.74% for 84 months at DCU. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. 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. Make a Payment. 1. 0 Kudos. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). Couldn't find the ED price etc. I currently pay $800 a month on a auto loan, so trading it in for another $800 isnt a strain on my finances. My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. (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. 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. Your actual credit score is only a small fraction of the equation. Please contact the moderators of this subreddit if you have any questions or concerns. However the payment difference is hundreds per month between a lease and a balloon payment. Sorry, I do not. I would rather keep the equity in my pocket, during that time period, then in the vehicle. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. I was told to just call back when I have the VIN. Were they easy app, approval or did you have to send in a bunch of docs. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. Paysaver rates not posted, but you can apply for paysaver loan via the website. Call 1-800-247-5626 for details. Membership to the CU is possible via a $20 donation to CapEd Foundation. or just a certain type of loan. New and used motorcycle loans. What happens if you can't refinance in time at the end of the loan? https://www.penfed.org/auto/payment-saver. A lot of credit unions buy residuals from AFG. ; Sell it at maturity or anytime during loan term. 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. APY = Annual Percentage Yield Any chances this program comes back? You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. Enables you to easily upgrade and/or change your vehicle every couple of years. Alright guys so I just had to report on my deal as the numbers are great! 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! Thanks for turning me on to this. On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? Open membership, anyone can join. Solve Now. Hanscom Federal Credit Union (https://hfcu.org/) 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. Including the ability to turn your vehicle in and walk away at the end of the loan term. Go into a dealership and let them properly structure a deal to get an approval for you. Message 3 of 4. Access Bill Pay: PenFed's Online Bill Payment System. 2. 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. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . Anyone else skeptical about these loans? Rates current as of May 4, 2021. Thanks for the input thus far guys, very helpful. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. 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. The share savings account gets you all the benefits, Powered by Discourse, best viewed with JavaScript enabled. Uses transunion credit for score. 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. TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? Penfed payment saver loan? Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. Do you wish you could make paying your bills less of a hassle? Please note that verified professionals will have flair, take advice from non-flaired users with discretion. A dealer can usually get it done because we have direct lines to the loan officers. Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? 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? Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. Rates are accurate as of Feb. 2, 2023. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. You can look through AFgs website in the press release section. 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. Adnimation ATF. AFG never sold residual insurance or residual values to credit unions. All Rights Reserved. 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. Bimmerpost Model Selection. We can help you find an auto loan that meets your needs with our CarBuilder program. AmeriCU Credit Union (https://americu.org/) If they truly killed it an didnt just pause it, there is almost no chance it comes back. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. E81 / E82 / E87 / E88Model Year: 2004 - 2011. 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! Expect a hard pull immediately after submitting your application online. Including the ability to turn your vehicle in and walk away at the end of the loan term. PenFed Payment Saver Auto Loan. There's so much else going on behind the scenes. 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. Read: 35 Ways To Slash Your Car Costs. Now you can leave those worries behind and use Access Bill Pay! To come up with that payment you have to either save it up while your paying the smaller payments or refinance the remainder at the end of the loan. 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. AFG Calculator. Our students say Absolutely amazing app, but is there a way to copy a result? Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). Learn more. I don't believe they allow you to walk away from the car at the end though. You might also have luck in the r/whatcarshouldibuy subreddit. Teachers Federal Credit Union (https://teachersfcu.org/) Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. 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. Had no issues with penfed. Should I wait since I just had Pen Fed pull my credit or does it not matter? There website says its an estimation based on their data & the mileage cannot exceed 15k a year. I wonder were these taxed at the full purchase price or taxed like a lease? For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. 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). Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. It doesn't hurt to try but it probably won't make a difference. Taxes on full vehicle price were paid on vehicle upfront. AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. I had no problems getting 3 approvals at other banks at top rates inculding through BMW. Equal Housing Lender - Federally insured by NCUAMembership restrictions apply, New and pre-owned vehicles up to five years old qualify, Annual mileage options of 12,000, 15,000 & 18,000 available. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. Other features of the Payment Saver Auto Loan include: New and used vehicles up to five years old qualify. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . My wife wants a Sienna or Odyssey and want to see what options I have. Many factors affect your FICO Scores and the interest rates you may receive. Uses transunion credit for initial score. I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). 1. But regardless its clear that people generally arent doing these to save money. 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. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. Mileage options apply only if you return the vehicle at program end. PRIVACY NOTICE: When you visit this website we collect your browsing activities on our site and use that information to analyze and research improvements to the website, and to our products and services. I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). 2. My question is, if I do go forward with the pen fed . Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. I actually had a few grand in equity. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. What state/county do you live in? AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). Neither lease well and ran across this idea but didnt know how to calculate the RV. Would love to pick up other vehicles with this program. 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. penfed payment saver forumwhen will lego diagon alley be back in stock. 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. Welcome to Park City Credit Union's Payment Saver calculator site. PenFed takes no responsibility for the content of the page. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. Original review: June 28, 2022. What this means for you: When you open an account, we will ask for your name, address . Idk what the full scope of the deal is, but if you make $10,000/month and owe $9,500/month in revolving debt and credit card balances, that leaves you with only $500/month of available buying power. I 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). I just looked at our HELOC and its currently 3.13%. Payment and Shipping info for 1st Edition Camaro5 shirts, Americans increasingly going upside down on auto loans. I traded my M3 in back in September after about 30 months and I actually had a few grand in equity. Does anyone know how the RV is calculated in the PenFed Payment Saver program? No match for the 2.99% 36mo rate that PenFed offered. I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. 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. 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. 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.. I think this is the path I'm going to go. There have always been specific reasons why I opted for a balloon loan. ; Trade it at maturity or anytime during loan term. I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. 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. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. 1. If so, please share your experience with them. With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. 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. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Again denied!! CU doesnt want your business. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. I just had a giant lunch so I may be even less lucid than normal, so please bear with me. The select looked attractive to me but they (BMW) managed to talk me out of it. 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. Those would be your best bet to see if there is one you can work with. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. E81 / E82 / E87 / E88Model Year: 2004 - 2011. Just like buying new? 2. 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.