penfed payment saver forum penfed payment saver forum

See how anyone can join and take advantage of its market-leading CD rates. Id guess they will turn on a lease program sometime in the next year or two. MECF_728x90_top. I'm new to Audi, but understand RS models maintain their equity, making the. With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. I looked but it was cheaper to go with BMW select. You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . i saw maybe less than month ago, but yeah seems to be gone now. All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. 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). The select looked attractive to me but they (BMW) managed to talk me out of it. Thanks for turning me on to this. To start viewing messages, select the forum that you want to visit from the selection below. Your actual credit score is only a small fraction of the equation. 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. High-Yield Savings Accounts; CD Rates; . 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). Press question mark to learn the rest of the keyboard shortcuts. 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. As my grandfather would say, this place can't find its Auto Saver Loans. Lesser known benefits of the program, it includes GAP and deductible insurance. No match for the 2.99% 36mo rate that PenFed offered. For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure. Please contact the moderators of this subreddit if you have any questions or concerns. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. This isnt a product thats useful to me. 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. If so, please share your experience with them. Penfed payment saver loan? As my grandfather would say, this place cant find its ass with both hands. Read: 35 Ways To Slash Your Car Costs. I also got a decline the other day on a 700. AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. I did this same type of thing with my E92 M3 and it was perfect. Rates are current as of March 2023unless otherwise noted and are subject to change. But interest rates start higher than the interest rates for its traditional car loans. Generally, I do think a balloon loan makes sense for short term purchases. 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. Credit Unions often offer what's called a Payment Saver Auto Loan. 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. Learn about the other ways you can use online and mobile banking. 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? PenFed dropping the balloons is very interesting. Why? Chances are you owe too many people too much money and your CU sees this as a liability. Who's Alesha and how do you know she pays everything on time? 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. PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. PenFed's used car loans as of Dec. 31, 2018 were $1.5 . More details on software and accessibility are available at WebAIM.org. *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. Just go to a dealer. No security deposit or acquisition fees. I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. Make a Payment. They are difficult to get approved for compared to others as. Have they stopped all new vehicle finance options? Open membership, anyone can join. balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. 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? 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. { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . 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.. What state/county do you live in? I'm seeing 3.74% for 84 months at DCU. . 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. 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. Any chances this program comes back? G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . The banks want nothing to do with that, and will happily turn you away. For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. 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. Taxes on full vehicle price were paid on vehicle upfront. This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. AmeriCUs PaySaver Auto Loan program offers just that! Adnimation ATF. 1. My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. Thanks for the candid feedback. Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. In one case, I was quoted $1500 for origination. Certificate Term. Bimmerpost Model Selection. That is what Chrsyler is estimating based on 64% residual with about 10k lease. If you click the details tab on the DCU site it shows 3.74% for 84 months. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. Uses transunion credit for score. 2. I ended up taking the truck even though it was more expensive because I'd rather take the risk on a truck instead of what will be an 7-8 year old cadillac at the end of the loan. A lot of credit unions buy residuals from AFG. Only problem I had was getting approved. 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. But like all credit unions, membership is How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). You need to claim your rental income on the application. Penfed Payment Saver for ED. 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? I have my score from Credit Karma but the dealership told me they got a different score. Create an account to follow your favorite communities and start taking part in conversations. Learn more. 1. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. I don't see it on their site anymore, did they stop offering 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. Sorry, I do not. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. 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? Should I wait since I just had Pen Fed pull my credit or does it not matter? 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. I don't see anyone doing the right thing with these loans. You'll also face a balloon payment at the end of your loan. On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? When I applied last month, it was for conventional: new, used, and less than 1 year old refi. APY. When more credit unions were leasing, they were also buying residual insurance from AFG. Lowest available BALLON LOAN rate found was 2.49% but I did not qualify. 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. PenFed Payment Saver Deal. Better then a lease loan offering is backed by AFG at a 3.74% rate. Re: Penfed Pre-Approvals Credit Card. Do you wish you could make paying your bills less of a hassle? Reply. Given your RV example, if the desired ownership term was only 6 months. Again denied!! How to pick a car? For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. E81 / E82 / E87 / E88Model Year: 2004 - 2011. If I total the car my . It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. New and used motorcycle loans. 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. PenFed vs. SoFi. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. Note that fees charged between providers can vary. Started the process online on Mondaycheck was at our doorstep on Thursday. I actually had a few grand in equity. Had no issues with penfed. Did you go to a different page? Message 3 of 4. I had no problems getting 3 approvals at other banks at top rates inculding through BMW. Stay tuned! TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? Disclaimer: Credit card offers are constantly changing. Not that I'm going to finance that long. All Rights Reserved. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. 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. Mileage options apply only if you return the vehicle at program end. FTC's website on credit. Do not do it! Its not. Enables you to easily upgrade and/or change your vehicle every couple of years. Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. Uses transunion credit for score. Now you can leave those worries behind and use Access Bill Pay! Rates current as of May 4, 2021. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. Any options I have found, the rate has been at 4% and greater. NerdWallet rating. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . We use cookies to provide you with better experiences and allow you to navigate our website. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. Like, a super tiny fraction. We can help you find an auto loan that meets your needs with our CarBuilder Program. Go into a dealership and let them properly structure a deal to get an approval for you. APR = Annual Percentage Rate. . Did you get this quote via their PenFed website? It also has been off for many other makes too and that makes the payment way higher than it should. Do you wish you could make paying your bills less of a hassle? Further information is available in our FICO Data Privacy Policy. Couldn't find the ED price etc. 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. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. See the difference? Welcome to Park City Credit Union's Payment Saver calculator site. There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. 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. Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). Solve Now. 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. 1.5% cash back for non-members. What happens if you can't refinance in time at the end of the loan? Including the ability to turn your vehicle in and walk away at the end of the loan term. I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" At minimum, expect a $725 origination fee for vehicles over $75K. Minimum Deposit. This lets us know where you're located so we can assist you better. Has PenFed done away with Payment Saver (balloon finance) loans? 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. You can look through AFgs website in the press release section. Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. I have a lady coming by today who I got approved and she literally has a 412 score. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . We currently lease and finance Volvos. Here's an overview of PenFed Credit Union's Money Market Certificate rates. I created both and getting $10 charged every month from my checking account since I only have minimum. 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. Had you not put down $10k, you would have been upside down. Might have to call them and ask. PenFed takes no responsibility for the content of the page. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) Call 1-800-247-5626 for details. It doesn't hurt to try but it probably won't make a difference. $869.13. Monthly Payment. Bimmerpost Model Selection. Login Register. Read PenFed car loan review. All vehicles that hold their value extremely well. If they truly killed it an didnt just pause it, there is almost no chance it comes back. Sound impossible? 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). AFG Calculator. Payment saver loans. 1. Would love to pick up other vehicles with this program. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. 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. Has anyone else had this experience with PenFed? 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. Try Access Bill Pay today! 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. In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. Anything branded payment saver is the afg balloon. Applications are subject to credit approval. My PenFed Visa has a $50K limit, which is their max. That really is an awesome deal! Im sure the dealer can get it done. Rates depend on terms, as follows: Does anyone know how the RV is calculated in the PenFed Payment Saver program? penfed payment saver forumwhen will lego diagon alley be back in stock. FORUMS. I would rather keep the equity in my pocket, during that time period, then in the vehicle. Become a member and take advantage of products and exclusive offers! Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. I am a bot, and this action was performed automatically. Their customer service has been great so far. There have always been specific reasons why I opted for a balloon loan. GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! There website says its an estimation based on their data & the mileage cannot exceed 15k a year. Please review our most Frequently Asked Questions to see if your question has already been answered. Including the ability to turn your vehicle in and walk away at the end of the loan term. Just did the payment saver plan on the M4 we are picking up next weekend. I don't believe they allow you to walk away from the car at the end though. Thanks for the input thus far guys, very helpful. dunn2500. 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! 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. There's so much else going on behind the scenes. New Auto Loans.