Make a Payment. Uses experian for credit score. 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. E81 / E82 / E87 / E88Model Year: 2004 - 2011. Out of curiosity, for those who have balloon loans, whats your APR? *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" This is completely wrong. Membership to the CU is possible via a $20 donation to CapEd Foundation. Motorcycle, RV and boat loans. Does anyone know how the RV is calculated in the PenFed Payment Saver program? Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. 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? 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 dropping the balloons is very interesting. Including the ability to turn your vehicle in and walk away at the end of the loan term. Only problem I had was getting approved. 1. PenFed takes no responsibility for the content of the page. Payment Saver auto loans. Sound impossible? Id guess they will turn on a lease program sometime in the next year or two. Not that I'm going to finance that long. SoFi's starting interest rate is also lower than PenFed's but . On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? Neither lease well and ran across this idea but didnt know how to calculate the RV. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. Disclaimer: Credit card offers are constantly changing. Refinance remaining balance and keep the vehicle. Anything branded payment saver is the afg balloon. 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. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. But like all credit unions, membership is Try Access Bill Pay today! Those would be your best bet to see if there is one you can work with. However, they do not take any action and the dispute . This lets us know where you're located so we can assist you better. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. I'm seeing 3.74% for 84 months at DCU. G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . But regardless its clear that people generally arent doing these to save money. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. See the difference? Applications are subject to credit approval. The select looked attractive to me but they (BMW) managed to talk me out of it. 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. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . Monthly Payment. I searched for this but still cannot find a straight answer. I just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. 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. He is more focused on the monthly payment than the total cost of ownership. No early payoff penalty. Teachers Federal Credit Union (https://teachersfcu.org/) basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. It gave me a ~$29.7k residual on a $72k MSRP. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. Paysaver rates not posted, but you can apply for paysaver loan via the website. I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. Uses transunion credit for score. But interest rates start higher than the interest rates for its traditional car loans. Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. 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. Better then a lease loan offering is backed by AFG at a 3.74% rate. 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. You'll discover the ease and convenience of paying your bills online in almost no time. I have found cars with a 72 month term lower. 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. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. The vehicle mileage may not exceed 15,000 miles per year based on the model year. I have a credit score of 821 and $130k annual income. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. 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 Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. Flexible loan terms of up to 72 months. They changed stuff over the years. 2% cash back for PenFed Honors Advantage Members. My wife also works and makes over $200k a year.We currently lease and finance Volvos. How do you plan on paying the $800/month payment? All rights reserved. For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. SEFCU (NY), However the payment difference is hundreds per month between a lease and a balloon payment. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. Please contact the moderators of this subreddit if you have any questions or concerns. As far as balloon loans go, it's a very good program. You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. Alright guys so I just had to report on my deal as the numbers are great! Has PenFed done away with Payment Saver (balloon finance) loans? AFG Calculator. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. All vehicles that hold their value extremely well. I have a lady coming by today who I got approved and she literally has a 412 score. They didn't even have the 2016 M3 in their system when I applied. Certificate Term. 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 . How to pick a car? We can help you find an auto loan that meets your needs with our CarBuilder program. the same thing that happened with the housing pop is it not? That really is an awesome deal! TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? Including the ability to turn your vehicle in and walk away at the end of the loan term. More details on software and accessibility are available at WebAIM.org. Bring back /u/chooter, Press J to jump to the feed. 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. 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. 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. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Thanks for the candid feedback. balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. See how anyone can join and take advantage of its market-leading CD rates. Skip to content. My wife also works and makes over $200k a year. 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. 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. 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. Further information is available in our FICO Data Privacy Policy. Used auto loans: You can get up to 110 percent financing with terms . You can look through AFgs website in the press release section. Press question mark to learn the rest of the keyboard shortcuts. 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? Become a member and take advantage of products and exclusive offers! Did anyone have great luck with these, thought about doing one for a corvette. That is what Chrsyler is estimating based on 64% residual with about 10k lease. Anyone else skeptical about these loans? New Auto Loans. Penfed payment saver loan? Mileage options apply only if you return the vehicle at program end. Do not do it! 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. Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. FORUMS. Also remember to add flair to your post by clicking the "Flair" link beneath it. Just did the payment saver plan on the M4 we are picking up next weekend. 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. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. 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. 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. $869.13. I had forgotten about these loans, so I might go this route myself right now. Just like buying new? penfed payment saver forumwhen will lego diagon alley be back in stock. There have always been specific reasons why I opted for a balloon 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). Find out how you can save on your next car. 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. This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. Collapse. Access Bill Pay: PenFed's Online Bill Payment System. 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??? Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? Hanscom Federal Credit Union (https://hfcu.org/) I did do this loan on my e90 M3 back in 08. Had no issues with penfed. One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? My question is, if I do go forward with the pen fed . F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. Just wanted to give you a heads-up. See this is what concerns meyou had equity b/c of how much you put down (really as with any financing). It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. This credit union is federally insured by the National Credit Union Administration. 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. 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. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. Rates current as of May 4, 2021. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. 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. GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! PenFed Payment Saver Deal. Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. 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! 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 also got a decline the other day on a 700. I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. PenFed's payment saver loans have the appeal of low initial payments. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. 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. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. Where the manufacturer is providing more rebates for purchase, versus lease. Im sure the dealer can get it done. All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. PenFed takes no responsibility for the content of the page. Did you go to a different page? 01-22-2022 02:06 AM. The last thing they want to do is repo your car. ; Sell it at maturity or anytime during loan term. At minimum, expect a $725 origination fee for vehicles over $75K. 2. 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. In both cases it seems to me it would make more sense to simply take out a longer term loan in the first place to get your payments down. Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. Do we have to have a checking account open too or just share account is good enough? 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? Learn more. 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. Credit Unions often offer what's called a Payment Saver Auto Loan. 1323 3 Only show this user. PenFed Payment Saver Auto Loan. PenFed vs. SoFi. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . 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. or just a certain type of loan. That being said, I did put like 10k down. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. MERGED: Has anyone read this (bankruptcy) about GM? Go into a dealership and let them properly structure a deal to get an approval for you. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. 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. White House Approves $17.4 Billion Auto Loans to GM & Chrysler. Had you not put down $10k, you would have been upside down. I don't see it on their site anymore, did they stop offering it? 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. You need to be a member to access it. 1. You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? 2. APY = Annual Percentage Yield 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). Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. $465. I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). 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). Uses transunion credit for initial score. Call 1-800-247-5626 for details. 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. 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. It also has been off for many other makes too and that makes the payment way higher than it should. 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. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. Same APR. When I applied last month, it was for conventional: new, used, and less than 1 year old refi. 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 . I am a bot, and this action was performed automatically. *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. Re: Penfed Pre-Approvals Credit Card. All Rights Reserved. Might have to call them and ask. Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). That being said, I did put like 10k down. Given your RV example, if the desired ownership term was only 6 months. Anyone on here have any experience with these loans?? 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. What happens if you can't refinance in time at the end of the loan? Started the process online on Mondaycheck was at our doorstep on Thursday. 4.0. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. Does anyone know who else offers payment saver loans? They usually announce all the small CUs they sign each quarter. Answering everything by email with responses taking less than 15-20 minutes. Retiree with a solid pension and half a century of on-time car payments? junio 16, 2022 . 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. 1.5% cash back for non-members. 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. Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. 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. Do you wish you could make paying your bills less of a hassle? In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. You need to claim your rental income on the application. more or less this is the opposite of gap insurance. Please review our most Frequently Asked Questions to see if your question has already been answered. Sorry, I do not. 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. My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. Create an account to follow your favorite communities and start taking part in conversations. AmeriCUs PaySaver Auto Loan program offers just that! I just had a giant lunch so I may be even less lucid than normal, so please bear with me. I currently pay $800 a month on a auto loan, so trading it in for another $800 isnt a strain on my finances. Re: Has PenFed done away with Payment Saver (balloon finance) loans? It doesn't hurt to try but it probably won't make a difference. dunn2500. 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. TERM APY* 6 Month 2.70%** 12 . PenFed was their only national CU and the rest are all small that serve a group of counties in various states. $100 bonus offer statement credit on $1,500 spent within the first 90 days. When more credit unions were leasing, they were also buying residual insurance from AFG. Reply. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. You'll also face a balloon payment at the end of your loan. 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). That means they are most likely not seeing the originations that afg sold them on. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . Rates are current as of March 2023unless otherwise noted and are subject to change. 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. Welcome to Park City Credit Union's Payment Saver calculator site. 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? In normal times? I'm new to Audi, but understand RS models maintain their equity, making the. MountainCrest FCU (WA), There website says its an estimation based on their data & the mileage cannot exceed 15k a year. 0 Kudos. Loan amounts range from $10,000 to $100,000 and APRs start at 2.99% and 3.74% for new and used cars, respectively.