On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. White House Approves $17.4 Billion Auto Loans to GM & Chrysler. I'm new to Audi, but understand RS models maintain their equity, making the. Had no issues with penfed. I just emailed Penfed to ask for more info on how they figure the RV. You might also have luck in the r/whatcarshouldibuy subreddit. { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . 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. Generally, I do think a balloon loan makes sense for short term purchases. E81 / E82 / E87 / E88Model Year: 2004 - 2011. When more credit unions were leasing, they were also buying residual insurance from AFG. https://www.penfed.org/auto/payment-saver. CALCULATE YOUR PAYMENT SAVER LOAN PAYMENT. They are difficult to get approved for compared to others as. dunn2500. My wife wants a Sienna or Odyssey and want to see what options I have. Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. 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. 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. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. Bring back /u/chooter, Press J to jump to the feed. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. Motorcycle, RV and boat loans. Rates are accurate as of Feb. 2, 2023. Mileage options apply only if you return the vehicle at program end. I searched for this but still cannot find a straight answer. 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. Disclaimer: Credit card offers are constantly changing. Remember your panic when you were far from home and remembered that a bill was due? I just looked at our HELOC and its currently 3.13%. PenFed dropping the balloons is very interesting. Just like buying new? 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. Did you go to a different page? 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. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. PenFed takes no responsibility for the content of the page. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. Rates are current as of March 2023unless otherwise noted and are subject to change. Who's Alesha and how do you know she pays everything on time? 12 Months. Basically its a loan with a reduced monthly payment, but has a balance that must be paid or refinanced at the end of the loan. Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. i saw maybe less than month ago, but yeah seems to be gone now. Alright guys so I just had to report on my deal as the numbers are great! We can help you find an auto loan that meets your needs with our CarBuilder Program. AFG Calculator. Collapse. Uses transunion credit for score. I just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. We can help you find an auto loan that meets your needs with our CarBuilder program. But like all credit unions, membership is 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. Not that I'm going to finance that long. 01-22-2022 02:06 AM. That is what Chrsyler is estimating based on 64% residual with about 10k lease. What this means for you: When you open an account, we will ask for your name, address . Again denied!! basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. penfed payment saver forum. AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. I have a credit score of 821 and $130k annual income. Lowest available BALLON LOAN rate found was 2.49% but I did not qualify. Create an account to follow your favorite communities and start taking part in conversations. PenFed's payment saver loans have the appeal of low initial payments. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? Did anyone have great luck with these, thought about doing one for a corvette. As my grandfather would say, this place cant find its ass with both hands. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. I had forgotten about these loans, so I might go this route myself right now. 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. I applied with neither and was approved. For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their 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. ; Sell it at maturity or anytime during loan term. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. MERGED: Has anyone read this (bankruptcy) about GM? Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? Skip to content. That being said, I did put like 10k down. Paysaver rates not posted, but you can apply for paysaver loan via the website. Read: 35 Ways To Slash Your Car Costs. I currently pay $800 a month on a auto loan, so trading it in for another $800 isnt a strain on my finances. Instead you owe a large balloon payment at the end. I also got a decline the other day on a 700. Nothing good can come of it. This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. The way the market is now I don't think I would touch it. To start viewing messages, select the forum that you want to visit from the selection below. Neither lease well and ran across this idea but didnt know how to calculate the RV. Access Bill Pay makes bill paying easy and secure. In normal times? . Make a Payment. Should I wait since I just had Pen Fed pull my credit or does it not matter? Please review our most Frequently Asked Questions to see if your question has already been answered. Do not do it! Learn about the other ways you can use online and mobile banking. 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. Thanks, I was really intrigued buy the loan option Pen Fed was offering to lower payments. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. Certificate Term. Re: Has PenFed done away with Payment Saver (balloon finance) loans? Yep, that is what I am going with as well. 2. My question is, if I do go forward with the pen fed . Our students say Absolutely amazing app, but is there a way to copy a result? I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. 1. G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . When I applied last month, it was for conventional: new, used, and less than 1 year old refi. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. As far as balloon loans go, it's a very good program. Only problem I had was getting approved. Try Access Bill Pay today! Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. Call 1-800-247-5626 for details. Just wanted to give you a heads-up. If so, please share your experience with them. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. My wife also works and makes over $200k a year. 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. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. Open membership, anyone can join. 1.5% cash back for non-members. This credit union is federally insured by the National Credit Union Administration. Anyone on here have any experience with these loans?? 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. 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. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. Copyright AmeriCU Credit Union. Hanscom Federal Credit Union (https://hfcu.org/) CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. Uses transunion credit for score. Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. 2. There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. $869.13. BMW Buyers Guide - Dealers, Resources & Pricing. I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. 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). Why? I have a lady coming by today who I got approved and she literally has a 412 score. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. Note that fees charged between providers can vary. Here's an overview of PenFed Credit Union's Money Market Certificate rates. Original review: June 28, 2022. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Remember your panic when you were far from home and remembered that a bill was due? Given your RV example, if the desired ownership term was only 6 months. 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. Read PenFed car loan review. I wonder were these taxed at the full purchase price or taxed like a lease? Out of curiosity, for those who have balloon loans, whats your APR? Have they stopped all new vehicle finance options? It doesn't hurt to try but it probably won't make a difference. PenFed Payment Saver Auto Loan. The select looked attractive to me but they (BMW) managed to talk me out of 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. I actually had a few grand in equity. That really is an awesome deal! 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). You'll also face a balloon payment at the end of your loan. Has anyone ever used this program before? I have found cars with a 72 month term lower. 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. 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. That being said, I did put like 10k down. It gave me a ~$29.7k residual on a $72k MSRP. Powered by Discourse, best viewed with JavaScript enabled, PenFed Has Stopped Accepting Payment Saver Auto Loan Applications, PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. Just 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. Im sure the dealer can get it done. Generally, I do think a balloon loan makes sense for short term purchases. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. 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%. I don't believe they allow you to walk away from the car at the end though. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. I don't see it on their site anymore, did they stop offering it? Plugged in same options etc and only getting a $740 discount. 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. Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. I've also been thinking about going this route. Monthly Payment. How to pick a car? With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. 1. Teachers Federal Credit Union (https://teachersfcu.org/) PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. 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. Adnimation ATF. Sound impossible? Does anyone know how the RV is calculated in the PenFed Payment Saver program? 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? AFG Calculator. 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. 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. AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). Uses transunion credit for initial score. Solve Now. Sorry, I do not. You can look through AFgs website in the press release section. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. There's so much else going on behind the scenes. Press question mark to learn the rest of the keyboard shortcuts. Learn more. See how anyone can join and take advantage of its market-leading CD rates. Rates depend on terms, as follows: This lets us know where you're located so we can assist you better. AFG never sold residual insurance or residual values to credit unions. What happens if you can't refinance in time at the end of the loan? Payment came back very high, not sure what rates/fees they used. PenFed vs. SoFi. I have a lady coming by today who I got approved and she literally has a 412 score. The vehicle mileage may not exceed 15,000 miles per year based on the model year. Further information is available in our FICO Data Privacy Policy. What state/county do you live in? Thanks for the candid feedback. 2.70%. I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. 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 . ; Trade it at maturity or anytime during loan term. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. Expect a hard pull immediately after submitting your application online. 1. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). 2% cash back for PenFed Honors Advantage Members. See the difference? Debt to income is also a huge factor, as you said. Credit Unions often offer what's called a Payment Saver Auto 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. Other features of the Payment Saver Auto Loan include: New and used vehicles up to five years old qualify. My PenFed Visa has a $50K limit, which is their max. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. 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. New and used motorcycle loans. Now you can leave those worries behind and use Access Bill Pay! Where the manufacturer is providing more rebates for purchase, versus lease. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). TERM APY* 6 Month 2.70%** 12 . I did this same type of thing with my E92 M3 and it was perfect. 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? Its not. 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. Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. There website says its an estimation based on their data & the mileage cannot exceed 15k a year. This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). Thanks for turning me on to this. It also has been off for many other makes too and that makes the payment way higher than it should. AmeriCUs PaySaver Auto Loan program offers just that! I think thats the reason why he loves Penfed balloon loans. 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. 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. We use cookies to provide you with better experiences and allow you to navigate our website. 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.. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . Other restrictions may apply. Membership via $15 one-time donation to American Consumer Council. or just a certain type of loan. I did do this loan on my e90 M3 back in 08. Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. SoFi's starting interest rate is also lower than PenFed's but . European Delivery. E81 / E82 / E87 / E88Model Year: 2004 - 2011. I just had a giant lunch so I may be even less lucid than normal, so please bear with me. Has anyone else had this experience with PenFed? That means they are most likely not seeing the originations that afg sold them on. We currently lease and finance Volvos. All Rights Reserved. Forums. PenFed Payment Saver Deal. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. As my grandfather would say, this place can't find its Auto Saver Loans. I think this is the path I'm going to go. They offer a payment saver loan option (via AFG) at a 3.84% rate. 1323 3 Only show this user. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. Might have to call them and ask. They changed stuff over the years. Does anyone know who else offers payment saver loans?