penfed payment saver forum

Further information is available in our FICO Data Privacy Policy. Also remember to add flair to your post by clicking the "Flair" link beneath it. Ken had already updated the PenFed site to these new rates but haven't seen anything mentioned on the blog or in the forum. That really is an awesome deal! Bimmerpost Model Selection. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. But interest rates start higher than the interest rates for its traditional car loans. MERGED: Has anyone read this (bankruptcy) about GM? Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. CU doesnt want your business. Rates current as of May 4, 2021. 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. I had no problems getting 3 approvals at other banks at top rates inculding through BMW. or just a certain type of 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. Were they easy app, approval or did you have to send in a bunch of docs. https://www.penfed.org/auto/payment-saver. 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). We can help you find an auto loan that meets your needs with our CarBuilder program. Instead you owe a large balloon payment at the end. Membership to the CU is possible via a $20 donation to CapEd Foundation. No match for the 2.99% 36mo rate that PenFed offered. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. I just looked at our HELOC and its currently 3.13%. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. You'll also face a balloon payment at the end of your loan. Generally, I do think a balloon loan makes sense for short term purchases. penfed payment saver forumwhen will lego diagon alley be back in stock. 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??? 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. Theyll get you financing. When more credit unions were leasing, they were also buying residual insurance from AFG. Chances are you owe too many people too much money and your CU sees this as a liability. Create an account to follow your favorite communities and start taking part in conversations. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. 2. 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. PenFed takes no responsibility for the content of the page. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? Again denied!! Other features of the Payment Saver Auto Loan include: New and used vehicles up to five years old qualify. 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. 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. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). 4.0. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. That is what Chrsyler is estimating based on 64% residual with about 10k lease. AFG Calculator. I also got a decline the other day on a 700. Your actual credit score is only a small fraction of the equation. I've also been thinking about going this route. It doesn't hurt to try but it probably won't make a difference. Flexible loan terms of up to 72 months. Monthly Payment. Credit Unions often offer what's called a Payment Saver Auto Loan. I don't see anyone doing the right thing with these loans. 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. Paysaver rates not posted, but you can apply for paysaver loan via the website. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. I was told to just call back when I have the VIN. TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? 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. They didn't even have the 2016 M3 in their system when I applied. E81 / E82 / E87 / E88Model Year: 2004 - 2011. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. . If they truly killed it an didnt just pause it, there is almost no chance it comes back. Thanks for the input thus far guys, very helpful. PenFed Payment Saver Deal. Thanks for the candid feedback. You can look through AFgs website in the press release section. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. You'll discover the ease and convenience of paying your bills online in almost no time. Original review: June 28, 2022. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. Also offers a 2.14% rate for 96 months, so one application gives you both options. Uses transunion credit for initial score. . Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. 2.70%. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. ; Sell it at maturity or anytime during loan term. Mileage options apply only if you return the vehicle at program end. 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. For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure. The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. 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. Rates are accurate as of Feb. 2, 2023. 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 and Shipping info for 1st Edition Camaro5 shirts, Americans increasingly going upside down on auto loans. I had forgotten about these loans, so I might go this route myself right now. Go into a dealership and let them properly structure a deal to get an approval for you. Just like buying new? No security deposit or acquisition fees. Access Bill Pay makes bill paying easy and secure. 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. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. See how anyone can join and take advantage of its market-leading CD rates. But like all credit unions, membership is European Delivery. Collapse. 1. Reply. Bring back /u/chooter, Press J to jump to the feed. You need to be a member to access it. 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%. 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. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. I just emailed Penfed to ask for more info on how they figure the RV. i saw maybe less than month ago, but yeah seems to be gone now. Welcome to Park City Credit Union's Payment Saver calculator site. Certificate Term. 01-22-2022 02:06 AM. 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. A lot of credit unions buy residuals from AFG. 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. Their customer service has been great so far. Frequent Contributor. Loan amounts range from $10,000 to $100,000 and APRs start at 2.99% and 3.74% for new and used cars, respectively. Given your RV example, if the desired ownership term was only 6 months. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. But regardless its clear that people generally arent doing these to save money. For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. Try Access Bill Pay today! 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. The vehicle mileage may not exceed 15,000 miles per year based on the model year. Only problem I had was getting approved. Our students say Absolutely amazing app, but is there a way to copy a result? The banks want nothing to do with that, and will happily turn you away. { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . Those would be your best bet to see if there is one you can work with. penfed payment saver forum. He is more focused on the monthly payment than the total cost of ownership. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) Do you wish you could make paying your bills less of a hassle? The lease numbers are just NOT favorable for me. It gave me a ~$29.7k residual on a $72k MSRP. They are taxed as a purchase, application was all done online and my approval was always instant. I have found cars with a 72 month term lower. This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? 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. Press question mark to learn the rest of the keyboard shortcuts. Stay tuned! The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. Sound impossible? Same APR. Financing Available for up to 110% of vehicle value. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. $869.13. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. 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. Where the manufacturer is providing more rebates for purchase, versus lease. Expect a hard pull immediately after submitting your application online. Had you not put down $10k, you would have been upside down. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. There's so much else going on behind the scenes. In one case, I was quoted $1500 for origination. One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? 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. High-Yield Savings Accounts; CD Rates; . The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). 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'm new to Audi, but understand RS models maintain their equity, making the. If something happens to the income, they may never get paid the contracted balance. Just did the payment saver plan on the M4 we are picking up next weekend. 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. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. 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. Do you wish you could make paying your bills less of a hassle? I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. I traded my M3 in back in September after about 30 months and I actually had a few grand in equity. 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. Rates depend on terms, as follows: Has anyone ever used this program before? More details on software and accessibility are available at WebAIM.org. Learn more. $1,000. 1. You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? Login Register. As my grandfather would say, this place cant find its ass with both hands. They changed stuff over the 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. 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? G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . This credit union is federally insured by the National Credit Union Administration. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. See this is what concerns meyou had equity b/c of how much you put down (really as with any financing). Open membership, anyone can join. Do not do it! Uses transunion credit for score. FORUMS. All rights reserved. APY = Annual Percentage Yield Its not. Had no issues with penfed. A dealer can usually get it done because we have direct lines to the loan officers. 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 applied with neither and was approved. We currently lease and finance Volvos. There have always been specific reasons why I opted for a balloon loan. Re: Has PenFed done away with Payment Saver (balloon finance) loans? I just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. I looked but it was cheaper to go with BMW select. 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? ; Trade it at maturity or anytime during loan term. Has anyone else had this experience with PenFed? I would rather keep the equity in my pocket, during that time period, then in the vehicle. Read PenFed car loan review. You need to claim your rental income on the application. (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. Lesser known benefits of the program, it includes GAP and deductible insurance. Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. I don't see it on their site anymore, did they stop offering it? Couldn't find the ED price etc. 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. SEFCU (NY), I did this same type of thing with my E92 M3 and it was perfect. Bimmerpost Model Selection. FTC's website on credit. I created both and getting $10 charged every month from my checking account since I only have minimum. See the difference? Did anyone have great luck with these, thought about doing one for a corvette. AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. 1.5% cash back for non-members. My wife wants a Sienna or Odyssey and want to see what options I have. 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. 2. Not that I'm going to finance that long. Should I add $500 so that I dont get charged a service fee or I can close the chrcking and just keep my share account? For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. As my grandfather would say, this place can't find its Auto Saver Loans. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. No early payoff penalty. *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. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . PenFed vs. SoFi. You might also have luck in the r/whatcarshouldibuy subreddit. I did do this loan on my e90 M3 back in 08. What this means for you: When you open an account, we will ask for your name, address . Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? Note that fees charged between providers can vary. Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. PenFed dropping the balloons is very interesting. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. 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. There website says its an estimation based on their data & the mileage cannot exceed 15k a year. What are the pluses/minuses of financing using payment saver plan? 0 Kudos. Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. Remember your panic when you were far from home and remembered that a bill was due? 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. Message 3 of 4. Please review our most Frequently Asked Questions to see if your question has already been answered. Teachers Federal Credit Union (https://teachersfcu.org/) 1. When I applied last month, it was for conventional: new, used, and less than 1 year old refi. Does anyone know who else offers payment saver loans? Disclaimer: Credit card offers are constantly changing. I wonder were these taxed at the full purchase price or taxed like a lease? AmeriCUs PaySaver Auto Loan program offers just that! All Rights Reserved. Payment saver loans. I don't believe they allow you to walk away from the car at the end though. 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! All vehicles that hold their value extremely well. The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. This isnt a product thats useful to me. Has PenFed done away with Payment Saver (balloon finance) loans? SoFi's starting interest rate is also lower than PenFed's but . 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 takes no responsibility for the content of the page. Hanscom Federal Credit Union (https://hfcu.org/) Uses transunion credit for score. Came back with a rate over 5%, Regional options (not-open-membership) to consider: New Auto Loans. 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. 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. Find out how you can save on your next car. Better then a lease loan offering is backed by AFG at a 3.74% rate. Why? 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 . I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. 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 have a lady coming by today who I got approved and she literally has a 412 score. Forums. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. That being said, I did put like 10k down. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. Penfed payment saver loan? BMW Buyers Guide - Dealers, Resources & Pricing. 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. Like, a super tiny fraction. 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. Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. Yep, that is what I am going with as well. Thanks for turning me on to this. The share savings account gets you all the benefits, Powered by Discourse, best viewed with JavaScript enabled. AFG Calculator. My PenFed Visa has a $50K limit, which is their max. AFG never sold residual insurance or residual values to credit unions. Here's an overview of PenFed Credit Union's Money Market Certificate rates. Please contact the moderators of this subreddit if you have any questions or concerns. 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. Congrats man!!! Used auto loans: You can get up to 110 percent financing with terms . NerdWallet rating. Thanks, I was really intrigued buy the loan option Pen Fed was offering to lower payments. *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. Adnimation ATF. Affiliate Business Arrangement Disclosure. As far as balloon loans go, it's a very good program. Re: Penfed Pre-Approvals Credit Card. 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. 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. The select looked attractive to me but they (BMW) managed to talk me out of it. 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 . Applications and Car Buying Service dealership match must be received during the promotional period, between 2/1/2023 and 4/30/2023. Started the process online on Mondaycheck was at our doorstep on Thursday. I am a bot, and this action was performed automatically. Taxes on full vehicle price were paid on vehicle upfront. Will it impact my credit or look bad to banks if I immediately submit another application with PenFed - this time as a joint application? Retiree with a solid pension and half a century of on-time car payments? Anyone else skeptical about these loans? My question is, if I do go forward with the pen fed . 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 have my score from Credit Karma but the dealership told me they got a different score. Plugged in same options etc and only getting a $740 discount. Including the ability to turn your vehicle in and walk away at the end of the loan term. Do we have to have a checking account open too or just share account is good enough?

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