I wonder were these taxed at the full purchase price or taxed like a lease? It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. Same APR. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. ; Trade it at maturity or anytime during loan term. NerdWallet rating. I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" This isnt a product thats useful to me. 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. Neither lease well and ran across this idea but didnt know how to calculate the RV. penfed payment saver forum - s161650.gridserver.com Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. ; Sell it at maturity or anytime during loan term. However, they do not take any action and the dispute . Skip to content. (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. Loan amounts range from $10,000 to $100,000 and APRs start at 2.99% and 3.74% for new and used cars, respectively. New Auto Loans. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. 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? 1. That really is an awesome deal! PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. Many factors affect your FICO Scores and the interest rates you may receive. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. My wife wants a Sienna or Odyssey and want to see what options I have. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. This is completely wrong. the same thing that happened with the housing pop is it not? *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. 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. i saw maybe less than month ago, but yeah seems to be gone now. 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 . SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. AFG Calculator - Auto Financial Group My wife also works and makes over $200k a year. SoFi's starting interest rate is also lower than PenFed's but . Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) Any chances this program comes back? Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. I was told to just call back when I have the VIN. Pen-fed Payment saver any good for JL for those who usually lease Bimmerpost Model Selection. . Thanks for turning me on to this. PenFed Credit Union Review: Checking, Savings and Share Certificates Generally, I do think a balloon loan makes sense for short term purchases. No security deposit or acquisition fees. I am going to guess that this is a terrible idea for someone that drives up to 20K miles / yr. F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.penfed.org/payment-saverver-calculator. PenFed Payment Saver auto loan experience?? - The FICO Forums MECF_728x90_top. 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. All rights reserved. Did you get this quote via their PenFed website? Collapse. I think thats the reason why he loves Penfed balloon loans. Hanscom Federal Credit Union (https://hfcu.org/) PenFed auto loan review: Low rates + easy membership - Finder Anyone on here have any experience with these loans?? They usually announce all the small CUs they sign each quarter. 2. The share savings account gets you all the benefits, Powered by Discourse, best viewed with JavaScript enabled. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. As my grandfather would say, this place can't find its Auto Saver Loans. Payment Saver | GPO FCU | Utica, Rome, Ilion - NY 2. That means they are most likely not seeing the originations that afg sold them on. Penfed payment saver loan? - f80.bimmerpost.com 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. Re: Penfed Pre-Approvals Credit Card. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. Given your RV example, if the desired ownership term was only 6 months. I currently pay $800 a month on a auto loan, so trading it in for another $800 isnt a strain on my finances. 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 for ED. 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. 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. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . They didn't even have the 2016 M3 in their system when I applied. Payment saver loans. More details on software and accessibility are available at WebAIM.org. Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. I just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. or just a certain type of loan. 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. Do not do it! 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. 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? 2.70%. Im sure the dealer can get it done. Penfed payment saver loans (like bmw select with balloon) - BIMMERPOST I just emailed Penfed to ask for more info on how they figure the RV. Would love to pick up other vehicles with this program. PenFed Personal Loans Review 2023 - Forbes Advisor Congrats man!!! What happens if you can't refinance in time at the end of the loan? He is more focused on the monthly payment than the total cost of ownership. 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. Have they stopped all new vehicle finance options? If I total the car my . See how anyone can join and take advantage of its market-leading CD rates. 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. PenFed takes no responsibility for the content of the page. Those would be your best bet to see if there is one you can work with. This lets us know where you're located so we can assist you better. Plugged in same options etc and only getting a $740 discount. Debt to income is also a huge factor, as you said. PenFed Payment Saver Deal - BIMMERPOST Certificate Term. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . Other features of the Payment Saver Auto Loan include: New and used vehicles up to five years old qualify. I just looked at our HELOC and its currently 3.13%. Has PenFed done away with Payment Saver (balloon f - myFICO Forums Open membership, anyone can join. Chances are you owe too many people too much money and your CU sees this as a liability. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. PenFed Reimagines Balloon Loans | Credit Union Times 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). Couldn't find the ED price etc. In normal times? 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. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. Access Bill Pay: PenFed's Online Bill Payment System. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . 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 looked at it. 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). You'll also face a balloon payment at the end of your loan. When I applied last month, it was for conventional: new, used, and less than 1 year old refi. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). Its not. Who's Alesha and how do you know she pays everything on time? Minimum Deposit. Has anyone ever used this program before? Just like buying new? https://www.penfed.org/auto/payment-saver. Bring back /u/chooter, Press J to jump to the feed. 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. They are taxed as a purchase, application was all done online and my approval was always instant. Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. 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. 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. Vermont FCU (VT), For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their term. Press question mark to learn the rest of the keyboard shortcuts. I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. Thanks, I was really intrigued buy the loan option Pen Fed was offering to lower payments. Rates depend on terms, as follows: Further information is available in our FICO Data Privacy Policy. 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 allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. 0 Kudos. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. SEFCU (NY), My wife also works and makes over $200k a year.We currently lease and finance Volvos. Does anyone know how the RV is calculated in the PenFed Payment Saver program? PenFed Auto Loan Review: Competitive Rates for Buying and Refinancing 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. 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 they truly killed it an didnt just pause it, there is almost no chance it comes back. 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. I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. Including the ability to turn your vehicle in and walk away at the end of the loan term. Uses transunion credit for score. Frequent Contributor. 1. However the payment difference is hundreds per month between a lease and a balloon payment. Id guess they will turn on a lease program sometime in the next year or two. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. 1. TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. 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. Just wanted to give you a heads-up. PenFed - AudiWorld Forums Payment Saver auto loans. How do you plan on paying the $800/month payment? 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. The lease numbers are just NOT favorable for me. GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! 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. 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 F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. But interest rates start higher than the interest rates for its traditional car loans. Adnimation ATF. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. 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. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. 1. PenFed vs. SoFi. To start viewing messages, select the forum that you want to visit from the selection below. CU doesnt want your business. 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. Started the process online on Mondaycheck was at our doorstep on Thursday. 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.. 1323 3 Only show this user. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. Auto Loan declined by CU and I have a credit score of 821 - reddit If something happens to the income, they may never get paid the contracted balance. Payment Saver - Deere Employees Credit Union $100 bonus offer statement credit on $1,500 spent within the first 90 days. See the difference? Has anyone else had this experience with PenFed? 72 month finance would have been about $1018 a month, the payment saver was $639. Motorcycle, RV and boat loans. BMW Buyers Guide - Dealers, Resources & Pricing. Please review our most Frequently Asked Questions to see if your question has already been answered. Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. I don't believe they allow you to walk away from the car at the end though. You can look through AFgs website in the press release section. Has PenFed done away with Payment Saver (balloon finance) loans? Please contact the moderators of this subreddit if you have any questions or concerns. 2. PenFed Has Stopped Accepting Payment Saver Auto Loan Applications - FORUM Learn about the other ways you can use online and mobile banking. Make a Payment. Go into a dealership and let them properly structure a deal to get an approval for you. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). Like, a super tiny fraction. 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. 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. 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. But regardless its clear that people generally arent doing these to save money. Your actual credit score is only a small fraction of the equation. The banks want nothing to do with that, and will happily turn you away. 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. For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. Enables you to easily upgrade and/or change your vehicle every couple of years. Message 3 of 4. All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. PenFed Credit Union Certificate (CD) Rates: March 2023 There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. Just go to a dealer. I have a credit score of 821 and $130k annual income. 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. 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%. 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. Auto Loans - New, Used, Car Loan Refinancing | PenFed Credit Union Thanks for the candid feedback. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. $650 a Month C8 - MidEngineCorvetteForum.com 6 Months. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. Financing Available for up to 110% of vehicle value. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. MERGED: Has anyone read this (bankruptcy) about GM? We currently lease and finance Volvos. I looked but it was cheaper to go with BMW select. PaySaver Auto Loan | AmeriCU Credit Union In one case, I was quoted $1500 for origination. I have a credit score of 821 and $130k annual income. Bimmerpost Model Selection. I did do this loan on my e90 M3 back in 08. Used auto loans: You can get up to 110 percent financing with terms . Uses experian for credit score. There have always been specific reasons why I opted for a balloon loan. PenFed's payment saver loans have the appeal of low initial payments. This happens most often with no option vehicle (ie Hellcat). Thanks for the info. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. No match for the 2.99% 36mo rate that PenFed offered. Disclaimer: Credit card offers are constantly changing. 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. If you click the details tab on the DCU site it shows 3.74% for 84 months. PenFed payment Saver - Ask the Hackrs - FORUM | LEASEHACKR Their customer service has been great so far. European Delivery. What state/county do you live in? See this is what concerns meyou had equity b/c of how much you put down (really as with any financing). PenFed dropping the balloons is very interesting. I have a lady coming by today who I got approved and she literally has a 412 score. 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. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). Learn more. Alright guys so I just had to report on my deal as the numbers are great! High-Yield Savings Accounts; CD Rates; . If so, please share your experience with them. Yep, that is what I am going with as well. 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! I don't see anyone doing the right thing with these loans. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? The vehicle mileage may not exceed 15,000 miles per year based on the model year. They offer a payment saver loan option (via AFG) at a 3.84% rate. You'll discover the ease and convenience of paying your bills online in almost no time. I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. Sorry, I do not. 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. They are difficult to get approved for compared to others as. Other restrictions may apply. I did this same type of thing with my E92 M3 and it was perfect. I had forgotten about these loans, so I might go this route myself right now. If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. Came back with a rate over 5%, Regional options (not-open-membership) to consider: Affiliate Business Arrangement Disclosure. AFG Calculator. Including the ability to turn your vehicle in and walk away at the end of the loan term. 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. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. My question is, if I do go forward with the pen fed . Pen-fed Payment saver any good for JL for those who usually lease With the Challenger, Dodge was still offering power dollar rebates with a purchase, but not with a traditional lease. 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. I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). Rates current as of May 4, 2021. PenFed Payment Saver Deal. AmeriCU Credit Union (https://americu.org/) Also remember to add flair to your post by clicking the "Flair" link beneath 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. FTC's website on credit. Here's an overview of PenFed Credit Union's Money Market Certificate rates. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. I've also been thinking about going this route. Mileage options apply only if you return the vehicle at program end. You need to claim your rental income on the application. Find out how you can save on your next car. Uses transunion credit for initial score. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. 2% cash back for PenFed Honors Advantage Members. The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. They changed stuff over the years. Applications and Car Buying Service dealership match must be received during the promotional period, between 2/1/2023 and 4/30/2023. Solve Now. As far as balloon loans go, it's a very good program. Out of curiosity, for those who have balloon loans, whats your APR? You need to be a member to access it. Read: 35 Ways To Slash Your Car Costs. *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. $869.13. Payment and Shipping info for 1st Edition Camaro5 shirts, Americans increasingly going upside down on auto loans. 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! Generally, I do think a balloon loan makes sense for short term purchases. As my grandfather would say, this place cant find its ass with both hands. Payment Saver Auto Loan | Greater Nevada Credit Union - GNCU