Anyone else skeptical about these loans? Penfed Payment Saver for ED | BimmerFest BMW Forum Just did the payment saver plan on the M4 we are picking up next weekend. $650 a Month C8 - MidEngineCorvetteForum.com Has anyone ever used this program before? Generally, I do think a balloon loan makes sense for short term purchases. Please contact the moderators of this subreddit if you have any questions or concerns. Welcome to Park City Credit Union's Payment Saver calculator site. Theyll get you financing. PenFed Payment Saver Auto Loan. No early payoff penalty. 1. Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. APY = Annual Percentage Yield There website says its an estimation based on their data & the mileage cannot exceed 15k a year. Sorry, I do not. Same APR. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). I currently pay $800 a month on a auto loan, so trading it in for another $800 isnt a strain on my finances. Thanks for the input thus far guys, very helpful. Congrats man!!! Who's Alesha and how do you know she pays everything on time? 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. TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? Neither lease well and ran across this idea but didnt know how to calculate the RV. Bimmerpost Model Selection. Better then a lease loan offering is backed by AFG at a 3.74% rate. But like all credit unions, membership is 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. My wife also works and makes over $200k a year.We currently lease and finance Volvos. 2. This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. 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. 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. ; Sell it at maturity or anytime during loan term. PenFed Payment Saver Auto Loan - 1addicts.com Debt to income is also a huge factor, as you said. See this is what concerns meyou had equity b/c of how much you put down (really as with any financing). Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. A dealer can usually get it done because we have direct lines to the loan officers. 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. APR = Annual Percentage Rate. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. I'm seeing 3.74% for 84 months at DCU. 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've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). PenFed was their only national CU and the rest are all small that serve a group of counties in various states. Re: Penfed Pre-Approvals Credit Card. Skip to content. 2% cash back for PenFed Honors Advantage Members. the same thing that happened with the housing pop is it not? 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. Flexible loan terms of up to 72 months. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? FORUMS. 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? There have always been specific reasons why I opted for a balloon loan. See the difference? 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. 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. PenFed Auto Loan Review: Competitive Rates for Buying and Refinancing Just go to a dealer. Pen-fed Payment saver any good for JL for those who usually lease 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. Does anyone know how the RV is calculated in the PenFed Payment Saver program? Their customer service has been great so far. AmeriCU Credit Union (https://americu.org/) Pen-fed Payment saver any good for JL for those who usually lease The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. As far as balloon loans go, it's a very good program. Do not do it! There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. I have a credit score of 821 and $130k annual income. Nothing good can come of it. Vermont FCU (VT), PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. A lot of credit unions buy residuals from AFG. Yep, that is what I am going with as well. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. PenFed Payment Saver Deal - BIMMERPOST I'm new to Audi, but understand RS models maintain their equity, making the. AFG Calculator - Auto Financial Group GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! Those would be your best bet to see if there is one you can work with. All Rights Reserved. Penfed payment saver loan? - f80.bimmerpost.com Remember your panic when you were far from home and remembered that a bill was due? SoFi's starting interest rate is also lower than PenFed's but . For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. Taxes on full vehicle price were paid on vehicle upfront. The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. 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! But regardless its clear that people generally arent doing these to save money. Affiliate Business Arrangement Disclosure. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. E81 / E82 / E87 / E88Model Year: 2004 - 2011. 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. I have a credit score of 821 and $130k annual income. Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. That being said, I did put like 10k down. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. 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 would rather keep the equity in my pocket, during that time period, then in the 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. Its not. 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. They didn't even have the 2016 M3 in their system when I applied. 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 think Brad is right. All vehicles that hold their value extremely well. I don't believe they allow you to walk away from the car at the end though. Membership to the CU is possible via a $20 donation to CapEd Foundation. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. AmeriCUs PaySaver Auto Loan program offers just that! In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. Anything branded payment saver is the afg balloon. What this means for you: When you open an account, we will ask for your name, address . No match for the 2.99% 36mo rate that PenFed offered. penfed payment saver forumwhen will lego diagon alley be back in stock. This happens most often with no option vehicle (ie Hellcat). Had no issues with penfed. 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. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. No security deposit or acquisition fees. My wife also works and makes over $200k a year. I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. Go into a dealership and let them properly structure a deal to get an approval for you. Thanks for turning me on to this. I created both and getting $10 charged every month from my checking account since I only have minimum. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. You'll also face a balloon payment at the end of your loan. Learn more. $100 bonus offer statement credit on $1,500 spent within the first 90 days. Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. To start viewing messages, select the forum that you want to visit from the selection below. The last thing they want to do is repo your car. Auto Loan declined by CU and I have a credit score of 821 - reddit To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. Did you go to a different page? PenFed Credit Union - Deposit Accounts Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. Started the process online on Mondaycheck was at our doorstep on Thursday. Should I wait since I just had Pen Fed pull my credit or does it not matter? F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. Rates are accurate as of Feb. 2, 2023. We currently lease and finance Volvos. Might have to call them and ask. The banks want nothing to do with that, and will happily turn you away. High-Yield Savings Accounts; CD Rates; . 72 month finance would have been about $1018 a month, the payment saver was $639. More details on software and accessibility are available at WebAIM.org. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. Also offers a 2.14% rate for 96 months, so one application gives you both options. Collapse. Hanscom Federal Credit Union (https://hfcu.org/) My PenFed Visa has a $50K limit, which is their max. PenFed Personal Loans Review 2023 - Forbes Advisor Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. As my grandfather would say, this place cant find its ass with both hands. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Have they stopped all new vehicle finance options? For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure. You can look through AFgs website in the press release section. What are the pluses/minuses of financing using payment saver plan? 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. $1,000. 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. Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. 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??? 0 Kudos. You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? Try Access Bill Pay today! 1. You will need to put in the rental income as "other income" on the credit app, and provide your tax returns showing that income, or sometimes the leases, or bank statements, etc. 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. CU doesnt want your business. That really is an awesome deal! 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%. 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? 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. SEFCU (NY), Chances are you owe too many people too much money and your CU sees this as a liability. junio 16, 2022 . The select looked attractive to me but they (BMW) managed to talk me out of it. I looked at it. Read PenFed car loan review. AFG Calculator. penfed payment saver forum - s161650.gridserver.com I had no problems getting 3 approvals at other banks at top rates inculding through BMW. Couldn't find the ED price etc. Financing Available for up to 110% of vehicle value. I did do this loan on my e90 M3 back in 08. What state/county do you live in? Anyone on here have any experience with these loans?? Copyright AmeriCU Credit Union. Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. 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. 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. Uses transunion credit for score. Id guess they will turn on a lease program sometime in the next year or two. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. Call 1-800-247-5626 for details. Alright guys so I just had to report on my deal as the numbers are great! 2.70%. Membership via $15 one-time donation to American Consumer Council. It gave me a ~$29.7k residual on a $72k MSRP. Again denied!! I just had a giant lunch so I may be even less lucid than normal, so please bear with me. MERGED: Has anyone read this (bankruptcy) about GM? F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. As my grandfather would say, this place can't find its Auto Saver Loans. more or less this is the opposite of gap insurance. Has anyone else had this experience with PenFed? Lowest available BALLON LOAN rate found was 2.49% but I did not qualify. I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. I've also been thinking about going this route. Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. New vehicles are vehicles without previous owners and are of a current (2021) or prior (2020) model year with less than or equal to 7,500 miles. However the payment difference is hundreds per month between a lease and a balloon payment. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. Note that fees charged between providers can vary. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. If so, please share your experience with them. Motorcycle, RV and boat loans. Now you can leave those worries behind and use Access Bill Pay! Had you not put down $10k, you would have been upside down. 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. 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 . Auto Loans - New, Used, Car Loan Refinancing | PenFed Credit Union dunn2500. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. The lease numbers are just NOT favorable for me. Retiree with a solid pension and half a century of on-time car payments? European Delivery. MECF_728x90_top. That being said, I did put like 10k down. Payment came back very high, not sure what rates/fees they used. 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. 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. Top 507 Pentagon Federal Credit Union Reviews - ConsumerAffairs Monthly Payment. Penfed Payment Saver for ED. Uses transunion credit for score. 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. Bring back /u/chooter, Press J to jump to the feed. 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. 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? G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. Expect a hard pull immediately after submitting your application online. E81 / E82 / E87 / E88Model Year: 2004 - 2011. 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. 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. My wife wants a Sienna or Odyssey and want to see what options I have. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. Just not a pen fed customer to know what their RVs are on those two specific vehicles. Rates are current as of March 2023unless otherwise noted and are subject to change. I don't see it on their site anymore, did they stop offering it? Thanks for the candid feedback. Forums. 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.