You can look through AFgs website in the press release section. I was told to just call back when I have the VIN. 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). Did anyone have great luck with these, thought about doing one for a corvette. Were they easy app, approval or did you have to send in a bunch of docs. 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? Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. Answering everything by email with responses taking less than 15-20 minutes. Started the process online on Mondaycheck was at our doorstep on Thursday. Do you think it is worth trying to contact Pen Fed even though they declined my reconsideration or should I just accept it and move on with dealership? PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. Has anyone else had this experience with PenFed? Who's Alesha and how do you know she pays everything on time? I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. Payment and Shipping info for 1st Edition Camaro5 shirts, Americans increasingly going upside down on auto loans. Do we have to have a checking account open too or just share account is good enough? 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. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. They are difficult to get approved for compared to others as. A lot of credit unions buy residuals from AFG. On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? This isnt a product thats useful to me. Other restrictions may apply. or just a certain type of loan. 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. Should I wait since I just had Pen Fed pull my credit or does it not matter? I had no problems getting 3 approvals at other banks at top rates inculding through BMW. Just not a pen fed customer to know what their RVs are on those two specific vehicles. Given your RV example, if the desired ownership term was only 6 months. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. Do you wish you could make paying your bills less of a hassle? PenFed takes no responsibility for the content of the page. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. 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 Auto Loan. Mileage options apply only if you return the vehicle at program end. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. Bring back /u/chooter, Press J to jump to the feed. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. more or less this is the opposite of gap insurance. They changed stuff over the years. NerdWallet rating. 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. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. Has anyone ever used this program before? Vermont FCU (VT), I looked at it. Theyll get you financing. However the payment difference is hundreds per month between a lease and a balloon payment. 2. E81 / E82 / E87 / E88Model Year: 2004 - 2011. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. Where the manufacturer is providing more rebates for purchase, versus lease. 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 . But regardless its clear that people generally arent doing these to save money. This is completely wrong. *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. There's so much else going on behind the scenes. Rates are accurate as of Feb. 2, 2023. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. 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. I traded my M3 in back in September after about 30 months and I actually had a few grand in equity. Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. You'll also face a balloon payment at the end of your loan. I have my score from Credit Karma but the dealership told me they got a different score. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. Please review our most Frequently Asked Questions to see if your question has already been answered. Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. 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. Other features of the Payment Saver Auto Loan include: New and used vehicles up to five years old qualify. 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? I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. New Auto Loans. Solve Now. My wife wants a Sienna or Odyssey and want to see what options I have. They are taxed as a purchase, application was all done online and my approval was always instant. APY. 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. I did do this loan on my e90 M3 back in 08. AmeriCU Credit Union (https://americu.org/) PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . Note that fees charged between providers can vary. 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. 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. Rates current as of May 4, 2021. Anyone else skeptical about these loans? Thanks for the candid feedback. Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. But interest rates start higher than the interest rates for its traditional car loans. 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 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? It doesn't hurt to try but it probably won't make a difference. Only problem I had was getting approved. Read: 35 Ways To Slash Your Car Costs. Alright guys so I just had to report on my deal as the numbers are great! Better then a lease loan offering is backed by AFG at a 3.74% rate. For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their term. Find out how you can save on your next car. AFG Calculator. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. Expect a hard pull immediately after submitting your application online. $465. The last thing they want to do is repo your car. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. Instead you owe a large balloon payment at the end. ; Sell it at maturity or anytime during loan term. There have always been specific reasons why I opted for a balloon loan. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. The lease numbers are just NOT favorable for me. Just like buying new? No match for the 2.99% 36mo rate that PenFed offered. Financing Available for up to 110% of vehicle value. I have a lady coming by today who I got approved and she literally has a 412 score. Thanks, I was really intrigued buy the loan option Pen Fed was offering to lower payments. If so, please share your experience with them. $1,000. I think thats the reason why he loves Penfed balloon loans. Also offers a 2.14% rate for 96 months, so one application gives you both options. E81 / E82 / E87 / E88Model Year: 2004 - 2011. I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" . Bimmerpost Model Selection. 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. Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. I don't see anyone doing the right thing with these loans. New vehicles are vehicles without previous owners and are of a current (2021) or prior (2020) model year with less than or equal to 7,500 miles. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. 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. If you click the details tab on the DCU site it shows 3.74% for 84 months. Your actual credit score is only a small fraction of the equation. The vehicle mileage may not exceed 15,000 miles per year based on the model year. The select looked attractive to me but they (BMW) managed to talk me out of it. Any chances this program comes back? Do you wish you could make paying your bills less of a hassle? You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. Try Access Bill Pay today! I had forgotten about these loans, so I might go this route myself right now. 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. 2. Forums. PenFed vs. SoFi. Make a Payment. Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. I just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. Hanscom Federal Credit Union (https://hfcu.org/) No security deposit or acquisition fees. "They don't have to . 1. Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. Certificate Term. Remember your panic when you were far from home and remembered that a bill was due? I have found cars with a 72 month term lower. Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. CALCULATE YOUR PAYMENT SAVER LOAN PAYMENT. Lowest available BALLON LOAN rate found was 2.49% but I did not qualify. That really is an awesome deal! SoFi's starting interest rate is also lower than PenFed's but . Did you go to a different page? Chances are you owe too many people too much money and your CU sees this as a liability. AFG Calculator. MountainCrest FCU (WA), 01-22-2022 02:06 AM. *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. Collapse. GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. 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. Here's an overview of PenFed Credit Union's Money Market Certificate rates. They usually announce all the small CUs they sign each quarter. 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. However, they do not take any action and the dispute . 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. Does anyone know how the RV is calculated in the PenFed Payment Saver program? 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. Payment Saver "Balloon" Loans Camaro Price | Ordering | Tracking | Dealers Discussions Payment Saver "Balloon" Loans - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com You are browsing camaro5 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. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. I wonder were these taxed at the full purchase price or taxed like a lease? We can help you find an auto loan that meets your needs with our CarBuilder Program. At minimum, expect a $725 origination fee for vehicles over $75K. What happens if you can't refinance in time at the end of the loan? 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. 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. 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). Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. Any options I have found, the rate has been at 4% and greater. Teachers Federal Credit Union (https://teachersfcu.org/) I think this is the path I'm going to go. How to pick a car? 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. AFG never sold residual insurance or residual values to credit unions. 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). Access Bill Pay makes bill paying easy and secure. There website says its an estimation based on their data & the mileage cannot exceed 15k a year. 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. In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. 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. AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). See how anyone can join and take advantage of its market-leading CD rates. Out of curiosity, for those who have balloon loans, whats your APR? PenFed Payment Saver Deal. I don't see it on their site anymore, did they stop offering it? 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. Anything branded payment saver is the afg balloon. $869.13. I have a credit score of 821 and $130k annual income. Uses transunion credit for score. That means they are most likely not seeing the originations that afg sold them on. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. If something happens to the income, they may never get paid the contracted balance. 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! For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. Generally, I do think a balloon loan makes sense for short term purchases. APY = Annual Percentage Yield Sorry, I do not. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? I created both and getting $10 charged every month from my checking account since I only have minimum. Read PenFed car loan review. I just looked at our HELOC and its currently 3.13%. Did you get this quote via their PenFed website? Sound impossible? My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. 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. If they truly killed it an didnt just pause it, there is almost no chance it comes back. Im sure the dealer can get it done.