Came back with a rate over 5%, Regional options (not-open-membership) to consider: Taxes on full vehicle price were paid on vehicle upfront. Like, a super tiny fraction. Penfed payment saver loans (like bmw select with balloon) - BIMMERPOST How do you plan on paying the $800/month payment? I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. PenFed takes no responsibility for the content of the page. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. I would rather keep the equity in my pocket, during that time period, then in the vehicle. Thanks for the candid feedback. They usually announce all the small CUs they sign each quarter. Started the process online on Mondaycheck was at our doorstep on Thursday. 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! Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. The lease numbers are just NOT favorable for me. 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??? However the payment difference is hundreds per month between a lease and a balloon payment. Top 117 Pentagon Federal Credit Union Auto Loans Reviews This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. 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. balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. Auto Loan declined by CU and I have a credit score of 821 - reddit Further information is available in our FICO Data Privacy Policy. *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. 2. Had no issues with penfed. I looked but it was cheaper to go with BMW select. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . Rates current as of May 4, 2021. All Rights Reserved. I am a bot, and this action was performed automatically. I have a lady coming by today who I got approved and she literally has a 412 score. I just emailed Penfed to ask for more info on how they figure the RV. I applied with neither and was approved. I have a credit score of 821 and $130k annual income. 2. Payment came back very high, not sure what rates/fees they used. penfed payment saver forum. 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. Including the ability to turn your vehicle in and walk away at the end of the loan term. Their customer service has been great so far. Out of curiosity, for those who have balloon loans, whats your APR? I actually had a few grand in equity. It doesn't hurt to try but it probably won't make a difference. Did you go to a different page? Payment Saver auto loans. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. Chances are you owe too many people too much money and your CU sees this as a liability. What is a Payment Saver Auto Loan? - YouTube Applications and Car Buying Service dealership match must be received during the promotional period, between 2/1/2023 and 4/30/2023. That really is an awesome deal! Re: Penfed Pre-Approvals Credit Card. AFG Calculator - Auto Financial Group Hanscom Federal Credit Union (https://hfcu.org/) Pen-fed Payment saver any good for JL for those who usually lease The vehicle mileage may not exceed 15,000 miles per year based on the model year. Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. 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. "They don't have to . 1.5% cash back for non-members. the same thing that happened with the housing pop is it not? Adnimation ATF. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. 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. For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. Generally, I do think a balloon loan makes sense for short term purchases. penfed payment saver forum - s161650.gridserver.com See this is what concerns meyou had equity b/c of how much you put down (really as with any financing). I created both and getting $10 charged every month from my checking account since I only have minimum. Plugged in same options etc and only getting a $740 discount. 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. 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. There have always been specific reasons why I opted for a balloon loan. I had no problems getting 3 approvals at other banks at top rates inculding through BMW. 1. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. But interest rates start higher than the interest rates for its traditional car loans. I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). 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. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) dunn2500. Access Bill Pay | PenFed Re: Has PenFed done away with Payment Saver (balloon finance) loans? 6 Months. Message 3 of 4. PenFed Credit Union Credit Card Reviews, Rules & Opinions - MoneyGeek.com Bimmerpost Model Selection. Please review our most Frequently Asked Questions to see if your question has already been answered. E81 / E82 / E87 / E88Model Year: 2004 - 2011. Bimmerpost Model Selection. MERGED: Has anyone read this (bankruptcy) about GM? Forums. 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. 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? Penfed Payment Saver for ED | BimmerFest BMW Forum You can look through AFgs website in the press release section. I've also been thinking about going this route. However, they do not take any action and the dispute . It also has been off for many other makes too and that makes the payment way higher than it should. This credit union is federally insured by the National Credit Union Administration. Just go to a dealer. 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. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. New and used motorcycle loans. I think thats the reason why he loves Penfed balloon loans. Thanks for turning me on to this. 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! F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. PenFed payment Saver - Ask the Hackrs - FORUM | LEASEHACKR Payment saver loans. In one case, I was quoted $1500 for origination. Might have to call them and ask. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. 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. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. BMW Buyers Guide - Dealers, Resources & Pricing. I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. Call 1-800-247-5626 for details. 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. Payment Saver Auto Loan | Greater Nevada Credit Union - GNCU 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. In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. PenFed auto loan review: Low rates + easy membership - Finder Access Bill Pay: PenFed's Online Bill Payment System. 2.70%. 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. Rates are current as of March 2023unless otherwise noted and are subject to change. 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.. 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%. Did you get this quote via their PenFed website? This is completely wrong. Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. All rights reserved. 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. Open membership, anyone can join. Frankenmuth CU (MI). I had forgotten about these loans, so I might go this route myself right now. E81 / E82 / E87 / E88Model Year: 2004 - 2011. Lowest available BALLON LOAN rate found was 2.49% but I did not qualify. I don't see it on their site anymore, did they stop offering it? Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. *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. Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. FORUMS. Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. Payment Saver | GPO FCU | Utica, Rome, Ilion - NY Take two $50,000 cars, one with a 50% RV and one with a 40% RV. Will it impact my credit or look bad to banks if I immediately submit another application with PenFed - this time as a joint application? Only problem I had was getting approved. MECF_728x90_top. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. Why? Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. 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. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that.