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1. Will it impact my credit or look bad to banks if I immediately submit another application with PenFed - this time as a joint application? 6 Months. Open membership, anyone can join. FTC's website on credit. Access Bill Pay makes bill paying easy and secure. Refinance remaining balance and keep the vehicle. I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. However the payment difference is hundreds per month between a lease and a balloon payment. { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . Ken had already updated the PenFed site to these new rates but haven't seen anything mentioned on the blog or in the forum. CALCULATE YOUR PAYMENT SAVER LOAN PAYMENT. Has anyone else had this experience with PenFed? 2.70%. I searched for this but still cannot find a straight answer. Original review: June 28, 2022. The last thing they want to do is repo your car. You need to claim your rental income on the application. I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. 72 month finance would have been about $1018 a month, the payment saver was $639. Bimmerpost Model Selection. Collapse. 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. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. ; Sell it at maturity or anytime during loan term. 2. Payment Saver auto loans. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Welcome to the Greater Nevada Credit Union Payment Saver site. I would rather keep the equity in my pocket, during that time period, then in the vehicle. 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. 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. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. Uses transunion credit for score. See how anyone can join and take advantage of its market-leading CD rates. Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. PenFed vs. SoFi. 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? So i dont 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. On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? I think this is the path I'm going to go. 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. Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. 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. Further information is available in our FICO Data Privacy Policy. Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. Including the ability to turn your vehicle in and walk away at the end of the loan term. 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? Were they easy app, approval or did you have to send in a bunch of docs. Uses transunion credit for score. Learn more. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. Like, a super tiny fraction. 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. 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). balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. High-Yield Savings Accounts; CD Rates; . AmeriCU Credit Union (https://americu.org/) They are taxed as a purchase, application was all done online and my approval was always instant. Came back with a rate over 5%, Regional options (not-open-membership) to consider: the same thing that happened with the housing pop is it not? TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? Read: 35 Ways To Slash Your Car Costs. F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. 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. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. Same 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. Has anyone ever used this program before? If you click the details tab on the DCU site it shows 3.74% for 84 months. Out of curiosity, for those who have balloon loans, whats your APR? Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. i saw maybe less than month ago, but yeah seems to be gone now. They are difficult to get approved for compared to others as. PenFed takes no responsibility for the content of the page. You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. Expect a hard pull immediately after submitting your application online. In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Message 3 of 4. A dealer can usually get it done because we have direct lines to the loan officers. SoFi's starting interest rate is also lower than PenFed's but . For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? Mileage options apply only if you return the vehicle at program end. Applications are subject to credit approval. New Auto Loans. You can look through AFgs website in the press release section. MountainCrest FCU (WA), F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. 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? Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. I had no problems getting 3 approvals at other banks at top rates inculding through BMW. $1,000. Penfed payment saver loan? Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. Monthly Payment. Started the process online on Mondaycheck was at our doorstep on Thursday. $869.13. . G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . 2. 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. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. We use cookies to provide you with better experiences and allow you to navigate our website. Vermont FCU (VT), Create an account to follow your favorite communities and start taking part in conversations. junio 16, 2022 . 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. AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). 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. Make a Payment. 0 Kudos. 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. Its not. 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. Rates are current as of March 2023unless otherwise noted and are subject to change. Better then a lease loan offering is backed by AFG at a 3.74% rate. I have found cars with a 72 month term lower. Thanks for the info. Reply. *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. The banks want nothing to do with that, and will happily turn you away. 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 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.. This is completely wrong. No early payoff penalty. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. 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. 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. Plugged in same options etc and only getting a $740 discount. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? 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. Bimmerpost Model Selection. AFG Calculator. The share savings account gets you all the benefits, Powered by Discourse, best viewed with JavaScript enabled. Try Access Bill Pay today! Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. That really is an awesome deal! Just like buying new? ; Trade it at maturity or anytime during loan term. When more credit unions were leasing, they were also buying residual insurance from AFG. 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??? This isnt a product thats useful to me. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? If they truly killed it an didnt just pause it, there is almost no chance it comes back. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. 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 have my score from Credit Karma but the dealership told me they got a different score. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. 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. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. This credit union is federally insured by the National Credit Union Administration. We can help you find an auto loan that meets your needs with our CarBuilder Program. Frankenmuth CU (MI). 1323 3 Only show this user. Rates depend on terms, as follows: 2% cash back for PenFed Honors Advantage Members. How to pick a car? 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! Yep, that is what I am going with as well. But regardless its clear that people generally arent doing these to save money. Anyone else skeptical about these loans? Credit Unions often offer what's called a Payment Saver Auto Loan. Generally, I do think a balloon loan makes sense for short term purchases. Remember your panic when you were far from home and remembered that a bill was due? 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). Here's an overview of PenFed Credit Union's Money Market Certificate rates. 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. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. Im sure the dealer can get it done. Other restrictions may apply. 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. BMW Buyers Guide - Dealers, Resources & Pricing. Certificate Term. My wife wants a Sienna or Odyssey and want to see what options I have. Do we have to have a checking account open too or just share account is good enough? MECF_728x90_top. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. He is more focused on the monthly payment than the total cost of ownership. Flexible loan terms of up to 72 months. All rights reserved. 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. Enables you to easily upgrade and/or change your vehicle every couple of years. Note that fees charged between providers can vary. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? Who's Alesha and how do you know she pays everything on time? Solve Now. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. I applied with neither and was approved. 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. All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. The vehicle mileage may not exceed 15,000 miles per year based on the model year. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. That is what Chrsyler is estimating based on 64% residual with about 10k lease. 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. 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! Please contact the moderators of this subreddit if you have any questions or concerns. 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. If I total the car my . This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. PenFed Payment Saver Auto Loan. 2. This happens most often with no option vehicle (ie Hellcat). Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. Rates current as of May 4, 2021. Have they stopped all new vehicle finance options? Forums. I traded my M3 in back in September after about 30 months and I actually had a few grand in equity. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. Taxes on full vehicle price were paid on vehicle upfront. Did you get this quote via their PenFed website? 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. But like all credit unions, membership is Call 1-800-247-5626 for details. 1. Lesser known benefits of the program, it includes GAP and deductible insurance. Read PenFed car loan review. Stay tuned! more or less this is the opposite of gap insurance. 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. Chances are you owe too many people too much money and your CU sees this as a liability. Many factors affect your FICO Scores and the interest rates you may receive. My question is, if I do go forward with the pen fed . My wife also works and makes over $200k a year.We currently lease and finance Volvos. 1. SEFCU (NY), Not that I'm going to finance that long. PenFed's payment saver loans have the appeal of low initial payments. Collapse. This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). 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 pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. I think Brad is right. Has PenFed done away with Payment Saver (balloon finance) loans? Debt to income is also a huge factor, as you said. European Delivery. Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. APY = Annual Percentage Yield E81 / E82 / E87 / E88Model Year: 2004 - 2011. 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. G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . Other features of the Payment Saver Auto Loan include: New and used vehicles up to five years old qualify. 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? Become a member and take advantage of products and exclusive offers! It also has been off for many other makes too and that makes the payment way higher than it should. Access Bill Pay: PenFed's Online Bill Payment System. 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.