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What are the pluses/minuses of financing using payment saver plan? 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. You'll discover the ease and convenience of paying your bills online in almost no time. Has PenFed done away with Payment Saver (balloon finance) loans? What state/county do you live in? Make a Payment. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Now you can leave those worries behind and use Access Bill Pay! 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. 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. 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. Nothing good can come of it. Payment came back very high, not sure what rates/fees they used. I'm new to Audi, but understand RS models maintain their equity, making the. Have they stopped all new vehicle finance options? Press question mark to learn the rest of the keyboard shortcuts. Frequent Contributor. 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. Membership via $15 one-time donation to American Consumer Council. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. 4.0. Couldn't find the ED price etc. I have a lady coming by today who I got approved and she literally has a 412 score. Might have to call them and ask. All rights reserved. Thanks for turning me on to this. 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 wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. Anything branded payment saver is the afg balloon. There website says its an estimation based on their data & the mileage cannot exceed 15k a year. Re: Penfed Pre-Approvals Credit Card. 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. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? Payment saver loans. ; Trade it at maturity or anytime during loan term. E81 / E82 / E87 / E88Model Year: 2004 - 2011. If I total the car my . Should I wait since I just had Pen Fed pull my credit or does it not matter? Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. I have my score from Credit Karma but the dealership told me they got a different score. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. ; Sell it at maturity or anytime during loan term. $465. https://www.penfed.org/auto/payment-saver. *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. I am a bot, and this action was performed automatically. $100 bonus offer statement credit on $1,500 spent within the first 90 days. Reply. Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. Forums. PenFed dropping the balloons is very interesting. 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? "They don't have to . Call 1-800-247-5626 for details. My wife also works and makes over $200k a year.We currently lease and finance Volvos. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. Better then a lease loan offering is backed by AFG at a 3.74% rate. 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. All Rights Reserved. What happens if you can't refinance in time at the end of the loan? 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 . G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . Debt to income is also a huge factor, as you said. It also has been off for many other makes too and that makes the payment way higher than it should. MERGED: Has anyone read this (bankruptcy) about GM? Many factors affect your FICO Scores and the interest rates you may receive. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. 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 . 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.. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. Did anyone have great luck with these, thought about doing one for a corvette. . 2016 F80 | MG/SO | DCT | Adaptive M Suspension | 19" Black 437M Wheels | CF Roof | CF Trim, AAFCU = 0.99% apr (1.49 base minus .25 direct deposit and .25 for loyalty, if applicable). Instead you owe a large balloon payment at the end. I love pen fed dont get me wrong and have used the payment saver 7+ times, but it was so much better years ago. 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! Teachers Federal Credit Union (https://teachersfcu.org/) BMW Buyers Guide - Dealers, Resources & Pricing. 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. No security deposit or acquisition fees. Access Bill Pay: PenFed's Online Bill Payment System. MECF_728x90_top. Note that fees charged between providers can vary. Applications and Car Buying Service dealership match must be received during the promotional period, between 2/1/2023 and 4/30/2023. Mileage options apply only if you return the vehicle at program end. Theyll get you financing. Loan amounts range from $10,000 to $100,000 and APRs start at 2.99% and 3.74% for new and used cars, respectively. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. You need to claim your rental income on the application. 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. Our students say Absolutely amazing app, but is there a way to copy a result? Welcome to Park City Credit Union's Payment Saver calculator site. 01-22-2022 02:06 AM. Just wanted to give you a heads-up. Rates current as of May 4, 2021. How do you plan on paying the $800/month payment? There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. Go into a dealership and let them properly structure a deal to get an approval for you. 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? Uses experian for credit score. That is what Chrsyler is estimating based on 64% residual with about 10k lease. Given your RV example, if the desired ownership term was only 6 months. 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 searched for this but still cannot find a straight answer. Like, a super tiny fraction. 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). Remember your panic when you were far from home and remembered that a bill was due? By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. Including the ability to turn your vehicle in and walk away at the end of the loan term. 1323 3 Only show this user. 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. 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? I don't believe they allow you to walk away from the car at the end though. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. Uses transunion credit for score. I looked but it was cheaper to go with BMW select. 1. Learn more. AFG never sold residual insurance or residual values to credit unions. Expect a hard pull immediately after submitting your application online. Payment and Shipping info for 1st Edition Camaro5 shirts, Americans increasingly going upside down on auto loans. AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. Become a member and take advantage of products and exclusive offers! Re: Has PenFed done away with Payment Saver (balloon finance) loans? 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. 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. Paysaver rates not posted, but you can apply for paysaver loan via the website. Stay tuned! I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. APY. Congrats man!!! I had no problems getting 3 approvals at other banks at top rates inculding through BMW. My question is, if I do go forward with the pen fed . I would rather keep the equity in my pocket, during that time period, then in the vehicle. Frankenmuth CU (MI). AmeriCUs PaySaver Auto Loan program offers just that! 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. Solve Now. I created both and getting $10 charged every month from my checking account since I only have minimum. E81 / E82 / E87 / E88Model Year: 2004 - 2011. AmeriCU Credit Union (https://americu.org/) 2. However the payment difference is hundreds per month between a lease and a balloon payment. Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. You need to be a member to access it. Uses transunion credit for score. I actually had a few grand in equity. 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. 12 Months. Adnimation ATF. Thanks for the candid feedback. We can help you find an auto loan that meets your needs with our CarBuilder Program. The way the market is now I don't think I would touch it. 1. You might also have luck in the r/whatcarshouldibuy subreddit. I have a lady coming by today who I got approved and she literally has a 412 score. Please contact the moderators of this subreddit if you have any questions or concerns. 72 month finance would have been about $1018 a month, the payment saver was $639. Membership to the CU is possible via a $20 donation to CapEd Foundation. Did you go to a different page? Had you not put down $10k, you would have been upside down. We use cookies to provide you with better experiences and allow you to navigate our website. TERM APY* 6 Month 2.70%** 12 . 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 just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. I applied with neither and was approved. This isnt a product thats useful to me. Retiree with a solid pension and half a century of on-time car payments? Thanks for the info. The vehicle mileage may not exceed 15,000 miles per year based on the model year. 2. We can help you find an auto loan that meets your needs with our CarBuilder program. CALCULATE YOUR PAYMENT SAVER LOAN PAYMENT. That being said, I did put like 10k down. Collapse. Original review: June 28, 2022. PenFed's payment saver loans have the appeal of low initial payments. Out of curiosity, for those who have balloon loans, whats your APR? It doesn't hurt to try but it probably won't make a difference. I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their term. Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. Refinance remaining balance and keep the vehicle. AFG Calculator. . Sound impossible? Message 3 of 4. 2.70%. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . Please review our most Frequently Asked Questions to see if your question has already been answered. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Did you get this quote via their PenFed website? Again denied!! PenFed's used car loans as of Dec. 31, 2018 were $1.5 . Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. Just go to a dealer. I don't see anyone doing the right thing with these loans. Penfed payment saver loan? 0 Kudos. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . There have always been specific reasons why I opted for a balloon loan. At minimum, expect a $725 origination fee for vehicles over $75K. You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. Thanks for the input thus far guys, very helpful. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. European Delivery. Also offers a 2.14% rate for 96 months, so one application gives you both options. CU doesnt want your business. Remember your panic when you were far from home and remembered that a bill was due? TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? I wonder were these taxed at the full purchase price or taxed like a 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. 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. New and used motorcycle loans. 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. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. APY = Annual Percentage Yield You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? Other features of the Payment Saver Auto Loan include: New and used vehicles up to five years old qualify. Neither lease well and ran across this idea but didnt know how to calculate the RV. I was told to just call back when I have the VIN. See how anyone can join and take advantage of its market-leading CD rates. I'm seeing 3.74% for 84 months at DCU. Plugged in same options etc and only getting a $740 discount. 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. If you click the details tab on the DCU site it shows 3.74% for 84 months. 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. For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure. The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. Anyone else skeptical about these loans? NerdWallet rating. Read PenFed car loan review. Only problem I had was getting approved. 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. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. Do you wish you could make paying your bills less of a hassle? As my grandfather would say, this place can't find its Auto Saver Loans. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. 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 This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. A dealer can usually get it done because we have direct lines to the loan officers. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. 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. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" 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. 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). PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. I think this is the path I'm going to go. 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. the same thing that happened with the housing pop is it not? The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. They usually announce all the small CUs they sign each quarter. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. He is more focused on the monthly payment than the total cost of ownership. 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. 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. 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. 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? Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. I don't see it on their site anymore, did they stop offering it? 1.5% cash back for non-members. 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. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. PenFed vs. SoFi. 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. PenFed Payment Saver Auto Loan. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. Not that I'm going to finance that long. Further information is available in our FICO Data Privacy Policy. 6 Months. 2. This lets us know where you're located so we can assist you better. We currently lease and finance Volvos. This credit union is federally insured by the National Credit Union Administration. FORUMS. In normal times? Your actual credit score is only a small fraction of the equation. I have found cars with a 72 month term lower. 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. High-Yield Savings Accounts; CD Rates; . Applications are subject to credit approval. A lot of credit unions buy residuals from AFG. They are difficult to get approved for compared to others as. Login Register. Bimmerpost Model Selection. My PenFed Visa has a $50K limit, which is their max. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. What this means for you: When you open an account, we will ask for your name, address . All vehicles that hold their value extremely well. 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. Find out how you can save on your next car. To start viewing messages, select the forum that you want to visit from the selection below. PenFed Payment Saver Deal. You can look through AFgs website in the press release section. Affiliate Business Arrangement Disclosure. In one case, I was quoted $1500 for origination. Financing Available for up to 110% of vehicle value. Uses transunion credit for initial score. There's so much else going on behind the scenes. Lesser known benefits of the program, it includes GAP and deductible insurance. You'll also face a balloon payment at the end of your loan. They didn't even have the 2016 M3 in their system when I applied. Started the process online on Mondaycheck was at our doorstep on Thursday. Id guess they will turn on a lease program sometime in the next year or two. Has anyone ever used this program before? SEFCU (NY), Rates are accurate as of Feb. 2, 2023. Open membership, anyone can join. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. (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. I looked at it. 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. 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??? Came back with a rate over 5%, Regional options (not-open-membership) to consider: 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? Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. 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. They changed stuff over the years. Same APR. 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%. 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. AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). 2% cash back for PenFed Honors Advantage Members. I think Brad is right. I also got a decline the other day on a 700. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. If they truly killed it an didnt just pause it, there is almost no chance it comes back.