penfed payment saver forum penfed payment saver forum

*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. Certificate Term. Does anyone know how the RV is calculated in the PenFed Payment Saver program? Generally, I do think a balloon loan makes sense for short term purchases. 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? Penfed Payment Saver for ED. New and used motorcycle loans. 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). It doesn't hurt to try but it probably won't make a difference. 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. Membership to the CU is possible via a $20 donation to CapEd Foundation. Alright guys so I just had to report on my deal as the numbers are great! We use cookies to provide you with better experiences and allow you to navigate our website. Learn about the other ways you can use online and mobile banking. But like all credit unions, membership is 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. 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. This happens most often with no option vehicle (ie Hellcat). I did do this loan on my e90 M3 back in 08. Teachers Federal Credit Union (https://teachersfcu.org/) G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . Given your RV example, if the desired ownership term was only 6 months. He is more focused on the monthly payment than the total cost of ownership. $465. 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. Just not a pen fed customer to know what their RVs are on those two specific vehicles. Remember your panic when you were far from home and remembered that a bill was due? Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. No match for the 2.99% 36mo rate that PenFed offered. 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. Will it impact my credit or look bad to banks if I immediately submit another application with PenFed - this time as a joint application? Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. I just had a giant lunch so I may be even less lucid than normal, so please bear with me. I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. Should I wait since I just had Pen Fed pull my credit or does it not matter? My PenFed Visa has a $50K limit, which is their max. Frankenmuth CU (MI). Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. Press question mark to learn the rest of the keyboard shortcuts. Remember your panic when you were far from home and remembered that a bill was due? Credit Unions often offer what's called a Payment Saver Auto Loan. The vehicle mileage may not exceed 15,000 miles per year based on the model year. 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. 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). 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. Call 1-800-247-5626 for details. E81 / E82 / E87 / E88Model Year: 2004 - 2011. Rates depend on terms, as follows: Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). Forums. 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? I think Brad is right. Penfed payment saver loan? Its not. I am a bot, and this action was performed automatically. You can look through AFgs website in the press release section. Including the ability to turn your vehicle in and walk away at the end of the loan term. Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. All Rights Reserved. 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 . Only problem I had was getting approved. Thanks for turning me on to this. 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. Why? How to pick a car? F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. You need to be a member to access it. Including the ability to turn your vehicle in and walk away at the end of the loan term. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). Thanks for the info. Copyright AmeriCU Credit Union. There have always been specific reasons why I opted for a balloon loan. 0 Kudos. The way the market is now I don't think I would touch it. 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? Neither lease well and ran across this idea but didnt know how to calculate the RV. Loan amounts range from $10,000 to $100,000 and APRs start at 2.99% and 3.74% for new and used cars, respectively. 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 have my score from Credit Karma but the dealership told me they got a different score. Anyone on here have any experience with these loans?? Open membership, anyone can join. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. Id guess they will turn on a lease program sometime in the next year or two. Please contact the moderators of this subreddit if you have any questions or concerns. I currently pay $800 a month on a auto loan, so trading it in for another $800 isnt a strain on my finances. 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%. Anything branded payment saver is the afg balloon. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . 2. penfed payment saver forumwhen will lego diagon alley be back in stock. See how anyone can join and take advantage of its market-leading CD rates. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . Im sure the dealer can get it done. Many factors affect your FICO Scores and the interest rates you may receive. PenFed takes no responsibility for the content of the page. There's so much else going on behind the scenes. Create an account to follow your favorite communities and start taking part in conversations. Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. Has anyone ever used this program before? Those would be your best bet to see if there is one you can work with. If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Bimmerpost Model Selection. I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. I searched for this but still cannot find a straight answer. Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. If something happens to the income, they may never get paid the contracted balance. Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. We currently lease and finance Volvos. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. Where the manufacturer is providing more rebates for purchase, versus lease. However the payment difference is hundreds per month between a lease and a balloon payment. You'll also face a balloon payment at the end of your loan. All vehicles that hold their value extremely well. This is completely wrong. NerdWallet rating. 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. SoFi's starting interest rate is also lower than PenFed's but . At minimum, expect a $725 origination fee for vehicles over $75K. GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! My wife wants a Sienna or Odyssey and want to see what options I have. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. 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. Mileage options apply only if you return the vehicle at program end. 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. Original review: June 28, 2022. Just did the payment saver plan on the M4 we are picking up next weekend. 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. This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. Did you get this quote via their PenFed website? Monthly Payment. Just like buying new? If you click the details tab on the DCU site it shows 3.74% for 84 months. Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. 1.5% cash back for non-members. I have found cars with a 72 month term lower. My question is, if I do go forward with the pen fed . PenFed Payment Saver Auto Loan. All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. 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. I'm seeing 3.74% for 84 months at DCU. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. That really is an awesome deal! Your actual credit score is only a small fraction of the equation. They usually announce all the small CUs they sign each quarter. Like, a super tiny fraction. Has anyone else had this experience with PenFed? Not that I'm going to finance that long. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. 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. 1. I also got a decline the other day on a 700. The select looked attractive to me but they (BMW) managed to talk me out of it. 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. 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. FORUMS. Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. When more credit unions were leasing, they were also buying residual insurance from AFG. In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. Affiliate Business Arrangement Disclosure. Other restrictions may apply. That means they are most likely not seeing the originations that afg sold them on. CU doesnt want your business. Welcome to the Greater Nevada Credit Union Payment Saver site. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. 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. Please review our most Frequently Asked Questions to see if your question has already been answered. i saw maybe less than month ago, but yeah seems to be gone now. They are taxed as a purchase, application was all done online and my approval was always instant. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) Read PenFed car loan review. See this is what concerns meyou had equity b/c of how much you put down (really as with any financing). I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. Do you wish you could make paying your bills less of a hassle? That being said, I did put like 10k down. Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? Just wanted to give you a heads-up. Note that fees charged between providers can vary. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. Financing Available for up to 110% of vehicle value. Find out how you can save on your next car. 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. My wife also works and makes over $200k a year.We currently lease and finance Volvos. the same thing that happened with the housing pop is it not? Lowest available BALLON LOAN rate found was 2.49% but I did not qualify. { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . Access Bill Pay: PenFed's Online Bill Payment System. 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 Instead you owe a large balloon payment at the end. Here's an overview of PenFed Credit Union's Money Market Certificate rates. Used car loan value based on NADA Retail Value. In normal times? Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. Access Bill Pay makes bill paying easy and secure. For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. BMW Buyers Guide - Dealers, Resources & Pricing. Further information is available in our FICO Data Privacy Policy. Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. More details on software and accessibility are available at WebAIM.org. Have they stopped all new vehicle finance options? I just emailed Penfed to ask for more info on how they figure the RV. Better then a lease loan offering is backed by AFG at a 3.74% rate. AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. Any chances this program comes back? AmeriCUs PaySaver Auto Loan program offers just that! Enables you to easily upgrade and/or change your vehicle every couple of years. TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. 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. Expect a hard pull immediately after submitting your application online. Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. I traded my M3 in back in September after about 30 months and I actually had a few grand in equity. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. With the Challenger, Dodge was still offering power dollar rebates with a purchase, but not with a traditional lease. I was told to just call back when I have the VIN. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. But interest rates start higher than the interest rates for its traditional car loans. You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. 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. PenFed takes no responsibility for the content of the page. I did this same type of thing with my E92 M3 and it was perfect. Collapse. balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. Hanscom Federal Credit Union (https://hfcu.org/) 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. 01-22-2022 02:06 AM. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. Membership via $15 one-time donation to American Consumer Council. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. Thanks for the input thus far guys, very helpful. 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. We can help you find an auto loan that meets your needs with our CarBuilder Program. See the difference? Congrats man!!! 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. Has PenFed done away with Payment Saver (balloon finance) loans? I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. 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. 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. more or less this is the opposite of gap insurance. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. APY. I created both and getting $10 charged every month from my checking account since I only have minimum. PenFed vs. SoFi. Were they easy app, approval or did you have to send in a bunch of docs. 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. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. Re: Penfed Pre-Approvals Credit Card. I had forgotten about these loans, so I might go this route myself right now. $869.13. They didn't even have the 2016 M3 in their system when I applied. PenFed Payment Saver Deal. Rates are current as of March 2023unless otherwise noted and are subject to change. Generally, I do think a balloon loan makes sense for short term purchases. It gave me a ~$29.7k residual on a $72k MSRP. I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. TERM APY* 6 Month 2.70%** 12 . 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. I have a credit score of 821 and $130k annual income. As my grandfather would say, this place can't find its Auto Saver Loans. 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? Couldn't find the ED price etc. Rates current as of May 4, 2021. Welcome to Park City Credit Union's Payment Saver calculator site. $1,000. Came back with a rate over 5%, Regional options (not-open-membership) to consider: I had no problems getting 3 approvals at other banks at top rates inculding through BMW. 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. Applications are subject to credit approval. Had you not put down $10k, you would have been upside down. 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. Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. junio 16, 2022 . Now you can leave those worries behind and use Access Bill Pay! There website says its an estimation based on their data & the mileage cannot exceed 15k a year. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. Refinance remaining balance and keep the vehicle. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. 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. With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. 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. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their term. 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? Frequent Contributor. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. 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. Reply. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. E81 / E82 / E87 / E88Model Year: 2004 - 2011. G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . 2% cash back for PenFed Honors Advantage Members. Go into a dealership and let them properly structure a deal to get an approval for you. Re: Has PenFed done away with Payment Saver (balloon finance) loans? This isnt a product thats useful to me. I have a lady coming by today who I got approved and she literally has a 412 score. My wife also works and makes over $200k a year. . CALCULATE YOUR PAYMENT SAVER LOAN PAYMENT. High-Yield Savings Accounts; CD Rates; . Answering everything by email with responses taking less than 15-20 minutes. Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. Might have to call them and ask. Uses transunion credit for initial score. The lease numbers are just NOT favorable for me. 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???