GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! Just go to a dealer. Did you get this quote via their PenFed website? PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . PenFed Payment Saver Deal - BIMMERPOST Your actual credit score is only a small fraction of the equation. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. *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 applied with neither and was approved. PenFed Credit Union Certificate (CD) Rates: March 2023 Anyone else skeptical about these loans? Bring back /u/chooter, Press J to jump to the feed. Other restrictions may apply. Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. Might have to call them and ask. Same APR. The way the market is now I don't think I would touch it. Lowest available BALLON LOAN rate found was 2.49% but I did not qualify. Alright guys so I just had to report on my deal as the numbers are great! 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. We use cookies to provide you with better experiences and allow you to navigate our website. Do we have to have a checking account open too or just share account is good enough? If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. I have a credit score of 821 and $130k annual income. Chances are you owe too many people too much money and your CU sees this as a liability. 2.70%. 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. Generally, I do think a balloon loan makes sense for short term purchases. F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. I have a credit score of 821 and $130k annual income. Create an account to follow your favorite communities and start taking part in conversations. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. 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. They changed stuff over the years. 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's payment saver loans have the appeal of low initial payments. Had no issues with penfed. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. Certificate Term. 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. Penfed payment saver loans (like bmw select with balloon) - BIMMERPOST Payment and Shipping info for 1st Edition Camaro5 shirts, Americans increasingly going upside down on auto loans. Also offers a 2.14% rate for 96 months, so one application gives you both options. 72 month finance would have been about $1018 a month, the payment saver was $639. PenFed Auto Loan Review: Competitive Rates for Buying and Refinancing Collapse. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. Do not do it! No security deposit or acquisition fees. 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. There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. I think this is the path I'm going to go. That being said, I did put like 10k down. 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. Credit Unions often offer what's called a Payment Saver Auto Loan. 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. Flexible loan terms of up to 72 months. Their customer service has been great so far. They are taxed as a purchase, application was all done online and my approval was always instant. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. (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. It gave me a ~$29.7k residual on a $72k MSRP. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). There's so much else going on behind the scenes. $650 a Month C8 - MidEngineCorvetteForum.com Learn more. I have found cars with a 72 month term lower. Instead you owe a large balloon payment at the end. Started the process online on Mondaycheck was at our doorstep on Thursday. Skip to content. That really is an awesome deal! Lesser known benefits of the program, it includes GAP and deductible insurance. 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. Have they stopped all new vehicle finance options? This is completely wrong. 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. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). 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. If they truly killed it an didnt just pause it, there is almost no chance it comes back. Neither lease well and ran across this idea but didnt know how to calculate the RV. I traded my M3 in back in September after about 30 months and I actually had a few grand in equity. 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. Rates are current as of March 2023unless otherwise noted and are subject to change. Payment saver loans. the same thing that happened with the housing pop is it not? I had no problems getting 3 approvals at other banks at top rates inculding through BMW. F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. Auto Loans - New, Used, Car Loan Refinancing | PenFed Credit Union The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. 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. Generally, I do think a balloon loan makes sense for short term purchases. 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. PaySaver Auto Loan | AmeriCU Credit Union How to pick a car? I looked at it. Im sure the dealer can get it done. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. 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. When I applied last month, it was for conventional: new, used, and less than 1 year old refi. I have a lady coming by today who I got approved and she literally has a 412 score. Penfed Payment Saver for ED. APY = Annual Percentage Yield F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. I just looked at our HELOC and its currently 3.13%. Penfed payment saver loan? 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! PenFed vs. SoFi. Affiliate Business Arrangement Disclosure. Original review: June 28, 2022. What this means for you: When you open an account, we will ask for your name, address . SoFi's starting interest rate is also lower than PenFed's but . You need to claim your rental income on the application. $465. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . Pen-fed Payment saver any good for JL for those who usually lease I would rather keep the equity in my pocket, during that time period, then in the vehicle. PenFed Payment Saver auto loan experience?? - The FICO Forums To start viewing messages, select the forum that you want to visit from the selection below. 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.. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Given your RV example, if the desired ownership term was only 6 months. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. 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. As far as balloon loans go, it's a very good program. I don't believe they allow you to walk away from the car at the end though. 2. See this is what concerns meyou had equity b/c of how much you put down (really as with any financing). Welcome to Park City Credit Union's Payment Saver calculator site. 6 Months. Penfed payment saver loan calculator - Math Index My wife also works and makes over $200k a year. With the Challenger, Dodge was still offering power dollar rebates with a purchase, but not with a traditional lease. I wonder were these taxed at the full purchase price or taxed like a lease? PenFed takes no responsibility for the content of the page. G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . See how anyone can join and take advantage of its market-leading CD rates. I did do this loan on my e90 M3 back in 08. Paysaver rates not posted, but you can apply for paysaver loan via the website. Make a Payment - members In normal times? . That being said, I did put like 10k down. Now you can leave those worries behind and use Access Bill Pay! You'll discover the ease and convenience of paying your bills online in almost no time. Do you wish you could make paying your bills less of a hassle? Note that fees charged between providers can vary. Here's an overview of PenFed Credit Union's Money Market Certificate rates. Penfed payment saver loan? - f80.bimmerpost.com 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. What are your loan options with PenFed Credit Union? - Finder I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" Sound impossible? Should I wait since I just had Pen Fed pull my credit or does it not matter? Motorcycle, RV and boat loans. I had forgotten about these loans, so I might go this route myself right now. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. dunn2500. Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? $1,000. They used to have a payment calculator on the site where you could either enter a VIN or select make and model and it would show estimated payments, but it looks like they took it down. PenFed takes no responsibility for the content of the page. I don't see anyone doing the right thing with these loans. Monthly Payment. Adnimation ATF. 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. Who's Alesha and how do you know she pays everything on time? basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. He is more focused on the monthly payment than the total cost of ownership. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. 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. Thanks for the candid feedback. 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. Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. 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. PenFed - AudiWorld Forums 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! PenFed Payment Saver Auto Loan - 1addicts.com All Rights Reserved. They didn't even have the 2016 M3 in their system when I applied. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. Financing Available for up to 110% of vehicle value. Out of curiosity, for those who have balloon loans, whats your APR? Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. Pen-fed Payment saver any good for JL for those who usually lease Login Register. Enables you to easily upgrade and/or change your vehicle every couple of years. I have a lady coming by today who I got approved and she literally has a 412 score. Had you not put down $10k, you would have been upside down. Anything branded payment saver is the afg balloon. 1323 3 Only show this user. All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. 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). 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). Has PenFed done away with Payment Saver (balloon f - myFICO Forums Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. i saw maybe less than month ago, but yeah seems to be gone now. FORUMS. Membership to the CU is possible via a $20 donation to CapEd Foundation. New Auto Loans. If so, please share your experience with them. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. Access Bill Pay | PenFed 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. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. Has PenFed done away with Payment Saver (balloon finance) loans? 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). 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 Loan declined by CU and I have a credit score of 821 - reddit We can help you find an auto loan that meets your needs with our CarBuilder program. Used car loan value based on NADA Retail Value. Payment Saver Auto Loan | Greater Nevada Credit Union - GNCU Would love to pick up other vehicles with this program. As my grandfather would say, this place cant find its ass with both hands. Does anyone know who else offers payment saver loans? Camaro Price | Ordering | Tracking | Dealers Discussions, General Automotive + Other Cars Discussion, Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com, Find More Posts by joes3rdcamaro82/91/2010, https://www.penfed.org/productsAndRape=NEW&value=Y. My PenFed Visa has a $50K limit, which is their max. Payment Saver Auto Loans - TCT FCU What are the pluses/minuses of financing using payment saver plan? Payment came back very high, not sure what rates/fees they used. AFG Calculator - Auto Financial Group 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 . However, they do not take any action and the dispute .