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). Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Just like buying new? I just looked at our HELOC and its currently 3.13%. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . Used car loan value based on NADA Retail Value. 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? Where the manufacturer is providing more rebates for purchase, versus lease. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? I also got a decline the other day on a 700. the same thing that happened with the housing pop is it not? $869.13. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. I looked at it. 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. All vehicles that hold their value extremely well. Create an account to follow your favorite communities and start taking part in conversations. Taxes on full vehicle price were paid on vehicle upfront. Expect a hard pull immediately after submitting your application online. 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. Like, a super tiny fraction. Any chances this program comes back? Given your RV example, if the desired ownership term was only 6 months. Read PenFed car loan review. 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. Remember your panic when you were far from home and remembered that a bill was due? All Rights Reserved. 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). Certificate Term. This happens most often with no option vehicle (ie Hellcat). MountainCrest FCU (WA), Learn more. 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. Remember your panic when you were far from home and remembered that a bill was due? Access Bill Pay makes bill paying easy and secure. 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. Sorry, I do not. I have a lady coming by today who I got approved and she literally has a 412 score. 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. Minimum Deposit. Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. Plugged in same options etc and only getting a $740 discount. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. In normal times? 12 Months. AmeriCUs PaySaver Auto Loan program offers just that! I just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. At minimum, expect a $725 origination fee for vehicles over $75K. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. They are difficult to get approved for compared to others as. My wife wants a Sienna or Odyssey and want to see what options I have. Try Access Bill Pay today! Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). I think Brad is right. I had forgotten about these loans, so I might go this route myself right now. You might also have luck in the r/whatcarshouldibuy subreddit. The way the market is now I don't think I would touch it. I drive alot, PA charges 9% lease tax on leases, and of course BMW acquisition/leasing fees are not something you deal with when buying. penfed payment saver forum. Affiliate Business Arrangement Disclosure. 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. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. Frankenmuth CU (MI). 0 Kudos. Many factors affect your FICO Scores and the interest rates you may receive. Forums. Hanscom Federal Credit Union (https://hfcu.org/) Nothing good can come of it. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. Payment and Shipping info for 1st Edition Camaro5 shirts, Americans increasingly going upside down on auto loans. 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. Including the ability to turn your vehicle in and walk away at the end of the loan term. Had you not put down $10k, you would have been upside down. I just emailed Penfed to ask for more info on how they figure the RV. 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. APR = Annual Percentage Rate. I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). 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. Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . $100 bonus offer statement credit on $1,500 spent within the first 90 days. I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. Debt to income is also a huge factor, as you said. I had no problems getting 3 approvals at other banks at top rates inculding through BMW. European Delivery. 2. Applications are subject to credit approval. Thanks, I was really intrigued buy the loan option Pen Fed was offering to lower payments. Make a Payment. What are the pluses/minuses of financing using payment saver plan? 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. Just did the payment saver plan on the M4 we are picking up next weekend. AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). As my grandfather would say, this place can't find its Auto Saver Loans. E81 / E82 / E87 / E88Model Year: 2004 - 2011. $465. ; Trade it at maturity or anytime during loan term. 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). Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. PenFed takes no responsibility for the content of the page. PenFed Payment Saver Deal. They are taxed as a purchase, application was all done online and my approval was always instant. more or less this is the opposite of gap insurance. 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. Please contact the moderators of this subreddit if you have any questions or concerns. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. I have a lady coming by today who I got approved and she literally has a 412 score. You'll also face a balloon payment at the end of your loan. Anyone on here have any experience with these loans?? A lot of credit unions buy residuals from AFG. If something happens to the income, they may never get paid the contracted balance. Thanks for the info. I'm new to Audi, but understand RS models maintain their equity, making the. No security deposit or acquisition fees. However, they do not take any action and the dispute . 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. Skip to content. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. If you click the details tab on the DCU site it shows 3.74% for 84 months. GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! 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. 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. PenFed dropping the balloons is very interesting. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. Better then a lease loan offering is backed by AFG at a 3.74% rate. All rights reserved. I looked but it was cheaper to go with BMW select. Membership to the CU is possible via a $20 donation to CapEd Foundation. They changed stuff over the years. Anyone else skeptical about these loans? Read: 35 Ways To Slash Your Car Costs. You'll discover the ease and convenience of paying your bills online in almost no time. 2. I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. This lets us know where you're located so we can assist you better. I have found cars with a 72 month term lower. Penfed payment saver loan? Find out how you can save on your next car. I am a bot, and this action was performed automatically. Motorcycle, RV and boat loans. 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. Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. How do you plan on paying the $800/month payment? Copyright AmeriCU Credit Union. High-Yield Savings Accounts; CD Rates; . Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. 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.. Bimmerpost Model Selection. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" "They don't have to . Sound impossible? 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. 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 Does anyone know how the RV is calculated in the PenFed Payment Saver program? PenFed was their only national CU and the rest are all small that serve a group of counties in various states. Will it impact my credit or look bad to banks if I immediately submit another application with PenFed - this time as a joint application? But like all credit unions, membership is 1.5% cash back for non-members. Any options I have found, the rate has been at 4% and greater. Just wanted to give you a heads-up. dunn2500. Do we have to have a checking account open too or just share account is good enough? Stay tuned! Do not do it! PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . Just not a pen fed customer to know what their RVs are on those two specific vehicles. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. How to pick a car? As my grandfather would say, this place cant find its ass with both hands. What happens if you can't refinance in time at the end of the loan? They offer a payment saver loan option (via AFG) at a 3.84% rate. 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 would rather keep the equity in my pocket, during that time period, then in the vehicle. When I applied last month, it was for conventional: new, used, and less than 1 year old refi. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. I searched for this but still cannot find a straight answer. I don't see it on their site anymore, did they stop offering it? FTC's website on credit. Have they stopped all new vehicle finance options? PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. 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. 1323 3 Only show this user. Came back with a rate over 5%, Regional options (not-open-membership) to consider: FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. 1. F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. 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. If I total the car my . Its not. NerdWallet rating. Instead you owe a large balloon payment at the end. 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. Vermont FCU (VT), penfed payment saver forumwhen will lego diagon alley be back in stock. You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. E81 / E82 / E87 / E88Model Year: 2004 - 2011. 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. New and used motorcycle loans. Has PenFed done away with Payment Saver (balloon finance) loans? I applied with neither and was approved. 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! With the Challenger, Dodge was still offering power dollar rebates with a purchase, but not with a traditional lease. 1. I don't believe they allow you to walk away from the car at the end though. Loan amounts range from $10,000 to $100,000 and APRs start at 2.99% and 3.74% for new and used cars, respectively. Penfed Payment Saver for ED. 01-22-2022 02:06 AM. I have a credit score of 821 and $130k annual income. Make a Payment. 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 usually announce all the small CUs they sign each quarter. Should I wait since I just had Pen Fed pull my credit or does it not matter? Uses transunion credit for score. 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. Frequent Contributor. You need to be a member to access it. For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. Neither lease well and ran across this idea but didnt know how to calculate the RV. Open membership, anyone can join. I love pen fed dont get me wrong and have used the payment saver 7+ times, but it was so much better years ago. 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. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. Id guess they will turn on a lease program sometime in the next year or two. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. I've also been thinking about going this route. *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 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. Our students say Absolutely amazing app, but is there a way to copy a result? When more credit unions were leasing, they were also buying residual insurance from AFG. ; Sell it at maturity or anytime during loan term. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. What this means for you: When you open an account, we will ask for your name, address . 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! My question is, if I do go forward with the pen fed . Again denied!! One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? 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. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. Teachers Federal Credit Union (https://teachersfcu.org/) Other restrictions may apply. 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). I did do this loan on my e90 M3 back in 08. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. SoFi's starting interest rate is also lower than PenFed's but . 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. F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. AmeriCU Credit Union (https://americu.org/) I think this is the path I'm going to go. That really is an awesome deal! Not that I'm going to finance that long. Bimmerpost Model Selection. Has anyone else had this experience with PenFed? As far as balloon loans go, it's a very good program. Payment saver loans. PenFed's payment saver loans have the appeal of low initial payments. Those would be your best bet to see if there is one you can work with. 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??? A dealer can usually get it done because we have direct lines to the loan officers. You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? Answering everything by email with responses taking less than 15-20 minutes. 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. The select looked attractive to me but they (BMW) managed to talk me out of it. That being said, I did put like 10k down. My wife also works and makes over $200k a year.We currently lease and finance Volvos. Please review our most Frequently Asked Questions to see if your question has already been answered. Would love to pick up other vehicles with this program. More details on software and accessibility are available at WebAIM.org. Bring back /u/chooter, Press J to jump to the feed. 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. You can look through AFgs website in the press release section. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. Login Register. 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. PenFed Payment Saver Auto Loan. (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. 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. Refinance remaining balance and keep the vehicle. Mileage options apply only if you return the vehicle at program end. No early payoff penalty. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. Become a member and take advantage of products and exclusive offers! Lowest available BALLON LOAN rate found was 2.49% but I did not qualify. Flexible loan terms of up to 72 months. Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. 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. Collapse. 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. Call 1-800-247-5626 for details. In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. APY = Annual Percentage Yield Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. 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. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. Theyll get you financing. We can help you find an auto loan that meets your needs with our CarBuilder Program. Did you go to a different page? Financing Available for up to 110% of vehicle value. Retiree with a solid pension and half a century of on-time car payments? We can help you find an auto loan that meets your needs with our CarBuilder program. FORUMS. https://www.penfed.org/auto/payment-saver. Go into a dealership and let them properly structure a deal to get an approval for you. Original review: June 28, 2022. Why? 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. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. Only problem I had was getting approved. For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. 1. Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether.