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. If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. Forums. No early payoff penalty. I was told to just call back when I have the VIN. Generally, I do think a balloon loan makes sense for short term purchases. F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? Will it impact my credit or look bad to banks if I immediately submit another application with PenFed - this time as a joint application? I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). Payment saver loans. Access Bill Pay: PenFed's Online Bill Payment System. All Rights Reserved. 4.0. Many factors affect your FICO Scores and the interest rates you may receive. 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? Further information is available in our FICO Data Privacy Policy. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. Should I wait since I just had Pen Fed pull my credit or does it not matter? AmeriCU Credit Union (https://americu.org/) Hanscom Federal Credit Union (https://hfcu.org/) Taxes on full vehicle price were paid on vehicle upfront. New and used motorcycle loans. PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. That is what Chrsyler is estimating based on 64% residual with about 10k lease. Minimum Deposit. Also remember to add flair to your post by clicking the "Flair" link beneath it. Re: Has PenFed done away with Payment Saver (balloon finance) loans? balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. Please contact the moderators of this subreddit if you have any questions or concerns. Couldn't find the ED price etc. You can look through AFgs website in the press release section. BMW Buyers Guide - Dealers, Resources & Pricing. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Note that fees charged between providers can vary. Bimmerpost Model Selection. 1. Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. Re: Penfed Pre-Approvals Credit Card. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Read PenFed car loan review. In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. 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. 2. 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. As far as balloon loans go, it's a very good program. Paysaver rates not posted, but you can apply for paysaver loan via the website. Copyright AmeriCU Credit Union. Sound impossible? They didn't even have the 2016 M3 in their system when I applied. 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. 1. The vehicle mileage may not exceed 15,000 miles per year based on the model year. What state/county do you live in? This may come as a surprise, but financing a car isn't that easy, and credit scores are only a small fraction of the total approval/decline. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. Yep, that is what I am going with as well. MountainCrest FCU (WA), PenFed dropping the balloons is very interesting. 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. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. 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. Answering everything by email with responses taking less than 15-20 minutes. APR = Annual Percentage Rate. Payment and Shipping info for 1st Edition Camaro5 shirts, Americans increasingly going upside down on auto loans. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. I just looked at our HELOC and its currently 3.13%. Welcome to the Greater Nevada Credit Union Payment Saver site. Financing Available for up to 110% of vehicle value. Just wanted to give you a heads-up. The share savings account gets you all the benefits, Powered by Discourse, best viewed with JavaScript enabled. If something happens to the income, they may never get paid the contracted balance. I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" Payment Saver auto loans. Does anyone know how the RV is calculated in the PenFed Payment Saver program? You'll also face a balloon payment at the end of your loan. Motorcycle, RV and boat loans. If I total the car my . More details on software and accessibility are available at WebAIM.org. 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. 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. Penfed payment saver loan? $1,000. Original review: June 28, 2022. Do not do it! Welcome to Park City Credit Union's Payment Saver calculator site. Message 3 of 4. I looked but it was cheaper to go with BMW select. 1.5% cash back for non-members. 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. No security deposit or acquisition fees. AFG Calculator. Call 1-800-247-5626 for details. We can help you find an auto loan that meets your needs with our CarBuilder program. Thanks for the info. 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. 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. 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. That being said, I did put like 10k down. 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. Also offers a 2.14% rate for 96 months, so one application gives you both options. Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. I applied with neither and was approved. For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. I am a bot, and this action was performed automatically. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. Other restrictions may apply. 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). F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. PenFed vs. SoFi. Vermont FCU (VT), You'll discover the ease and convenience of paying your bills online in almost no time. I think Brad is right. Teachers Federal Credit Union (https://teachersfcu.org/) Reply. My PenFed Visa has a $50K limit, which is their max. However the payment difference is hundreds per month between a lease and a balloon payment. E81 / E82 / E87 / E88Model Year: 2004 - 2011. Monthly Payment. PenFed takes no responsibility for the content of the page. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? See the difference? Used auto loans: You can get up to 110 percent financing with terms . Generally, I do think a balloon loan makes sense for short term purchases. NerdWallet rating. The last thing they want to do is repo your car. No match for the 2.99% 36mo rate that PenFed offered. MERGED: Has anyone read this (bankruptcy) about GM? 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). 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. $465. 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??? Its not. You might also have luck in the r/whatcarshouldibuy subreddit. Membership to the CU is possible via a $20 donation to CapEd Foundation. CU doesnt want your business. When more credit unions were leasing, they were also buying residual insurance from AFG. Applications are subject to credit approval. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. Their customer service has been great so far. I think thats the reason why he loves Penfed balloon loans. Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). Our students say Absolutely amazing app, but is there a way to copy a result? ; Sell it at maturity or anytime during loan term. But regardless its clear that people generally arent doing these to save money. The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. 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 think this is the path I'm going to go. Adnimation ATF. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. Just not a pen fed customer to know what their RVs are on those two specific vehicles. PenFed's payment saver loans have the appeal of low initial payments. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. Uses transunion credit for initial score. Did you go to a different page? Have they stopped all new vehicle finance options? 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. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. I actually had a few grand in equity. Would love to pick up other vehicles with this program. My wife also works and makes over $200k a year. 6 Months. Go into a dealership and let them properly structure a deal to get an approval for you. Thanks for turning me on to this. I don't see anyone doing the right thing with these loans. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. Bimmerpost Model Selection. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . Login Register. Theyll get you financing. See how anyone can join and take advantage of its market-leading CD rates. *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. It doesn't hurt to try but it probably won't make a difference. My wife also works and makes over $200k a year.We currently lease and finance Volvos. Your actual credit score is only a small fraction of the equation. 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. Uses transunion credit for score. Neither lease well and ran across this idea but didnt know how to calculate the RV. I don't believe they allow you to walk away from the car at the end though. For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure. junio 16, 2022 . There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. Remember your panic when you were far from home and remembered that a bill was due? Alright guys so I just had to report on my deal as the numbers are great! For visitors with visual disabilities, access to this website, including our FICO Data Privacy Policy, is available through assistive technologies, such as BrowseAloud, JAWS, VoiceOver, Narrator, ChromeVox, and Window-Eyes. Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. Thanks for the input thus far guys, very helpful. 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. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. 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. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. This is completely wrong. 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. Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? Refinance remaining balance and keep the vehicle. i saw maybe less than month ago, but yeah seems to be gone now. Rates are current as of March 2023unless otherwise noted and are subject to change. 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. To start viewing messages, select the forum that you want to visit from the selection below. Anything branded payment saver is the afg balloon. There's so much else going on behind the scenes. Rates are accurate as of Feb. 2, 2023. Frankenmuth CU (MI). Find out how you can save on your next car. Create an account to follow your favorite communities and start taking part in conversations. I had no problems getting 3 approvals at other banks at top rates inculding through BMW. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. Collapse. He is more focused on the monthly payment than the total cost of ownership. Had you not put down $10k, you would have been upside down. 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. They changed stuff over the years. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their term. 0 Kudos. New Auto Loans. Make a Payment. What are the pluses/minuses of financing using payment saver plan? Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . 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). For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. Open membership, anyone can join. Congrats man!!! Enables you to easily upgrade and/or change your vehicle every couple of years. Did anyone have great luck with these, thought about doing one for a corvette. There website says its an estimation based on their data & the mileage cannot exceed 15k a year. I looked at it. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. I love pen fed dont get me wrong and have used the payment saver 7+ times, but it was so much better years ago. Including the ability to turn your vehicle in and walk away at the end of the loan term. We currently lease and finance Volvos. Try Access Bill Pay today! 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. Like, a super tiny fraction. dunn2500. 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. Had no issues with penfed. 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. Remember your panic when you were far from home and remembered that a bill was due? Anyone else skeptical about these loans? Used car loan value based on NADA Retail Value. With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. Those would be your best bet to see if there is one you can work with. I have a credit score of 821 and $130k annual income. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. What happens if you can't refinance in time at the end of the loan? 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. Read: 35 Ways To Slash Your Car Costs. Expect a hard pull immediately after submitting your application online. FTC's website on credit. 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. Do we have to have a checking account open too or just share account is good enough? 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! This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. How do you plan on paying the $800/month payment? PenFed was their only national CU and the rest are all small that serve a group of counties in various states. That means they are most likely not seeing the originations that afg sold them on. One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? Plugged in same options etc and only getting a $740 discount. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . My wife wants a Sienna or Odyssey and want to see what options I have. 1. I created both and getting $10 charged every month from my checking account since I only have minimum. I traded my M3 in back in September after about 30 months and I actually had a few grand in equity. 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). Uses experian for credit score. That being said, I did put like 10k down. The way the market is now I don't think I would touch it. This happens most often with no option vehicle (ie Hellcat). 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. 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. TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? The advantage here is there are no terms to ownership (you own the car), no acquisition fee, no lease tax (as there is in PA that is in excess of sales tax), no other lease-associated fees. TERM APY* 6 Month 2.70%** 12 . Retiree with a solid pension and half a century of on-time car payments? Now you can leave those worries behind and use Access Bill Pay! 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. Frequent Contributor. I also got a decline the other day on a 700. $100 bonus offer statement credit on $1,500 spent within the first 90 days. I just emailed Penfed to ask for more info on how they figure the RV. 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. Stay tuned! Sorry, I do not. Payment came back very high, not sure what rates/fees they used. I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). Better then a lease loan offering is backed by AFG at a 3.74% rate. Out of curiosity, for those who have balloon loans, whats your APR? Im sure the dealer can get it done. 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. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. or just a certain type of loan. With the Challenger, Dodge was still offering power dollar rebates with a purchase, but not with a traditional lease. 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. 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. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. 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. AFG Calculator. I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. Id guess they will turn on a lease program sometime in the next year or two. That really is an awesome deal! Solve Now. Thanks, I was really intrigued buy the loan option Pen Fed was offering to lower payments. AFG never sold residual insurance or residual values to credit unions. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. All rights reserved. Collapse. PenFed Payment Saver Deal. 01-22-2022 02:06 AM. 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? CALCULATE YOUR PAYMENT SAVER LOAN PAYMENT. Were they easy app, approval or did you have to send in a bunch of docs. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. 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. I've also been thinking about going this route. However, they do not take any action and the dispute . Here's an overview of PenFed Credit Union's Money Market Certificate rates. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year.
