I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. Their customer service has been great so far. They are difficult to get approved for compared to others as. Any options I have found, the rate has been at 4% and greater. I don't see it on their site anymore, did they stop offering it? 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. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. You need to be a member to access it. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. 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. 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. Now you can leave those worries behind and use Access Bill Pay! I have great credit and am already approved for a normal loan through my credit union with affordable monthly payments, but am considering the payment saver loan because of how much lower it makes them. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. Not that I'm going to finance that long. 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. 2. Make a Payment. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. 72 month finance would have been about $1018 a month, the payment saver was $639. Frequent Contributor. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. In one case, I was quoted $1500 for origination. I think thats the reason why he loves Penfed balloon loans. Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). Does anyone know how the RV is calculated in the PenFed Payment Saver program? Thanks, I was really intrigued buy the loan option Pen Fed was offering to lower payments. 4.0. Vermont FCU (VT), Had you not put down $10k, you would have been upside down. Who's Alesha and how do you know she pays everything on time? Solve Now. The lease numbers are just NOT favorable for me. I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. See this is what concerns meyou had equity b/c of how much you put down (really as with any financing). I looked but it was cheaper to go with BMW select. They didn't even have the 2016 M3 in their system when I applied. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. Go into a dealership and let them properly structure a deal to get an approval for you. $465. Again denied!! PenFed takes no responsibility for the content of the page. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. AFG Calculator. This is completely wrong. Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. All vehicles that hold their value extremely well. Id guess they will turn on a lease program sometime in the next year or two. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . . 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. Lowest available BALLON LOAN rate found was 2.49% but I did not qualify. I had forgotten about these loans, so I might go this route myself right now. Login Register. AmeriCUs PaySaver Auto Loan program offers just that! 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 . Does anyone know who else offers payment saver loans? Do we have to have a checking account open too or just share account is good enough? dunn2500. Re: Has PenFed done away with Payment Saver (balloon finance) loans? BMW Buyers Guide - Dealers, Resources & Pricing. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . i saw maybe less than month ago, but yeah seems to be gone now. APR = Annual Percentage Rate. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. 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! 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). No security deposit or acquisition fees. I just had a giant lunch so I may be even less lucid than normal, so please bear with me. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. What are the pluses/minuses of financing using payment saver plan? Came back with a rate over 5%, Regional options (not-open-membership) to consider: Sound impossible? PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . They offer a payment saver loan option (via AFG) at a 3.84% rate. MECF_728x90_top. balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. If you click the details tab on the DCU site it shows 3.74% for 84 months. All Rights Reserved. Do you wish you could make paying your bills less of a hassle? It gave me a ~$29.7k residual on a $72k MSRP. There's so much else going on behind the scenes. See the difference? Those would be your best bet to see if there is one you can work with. Congrats man!!! 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. Become a member and take advantage of products and exclusive offers! That being said, I did put like 10k down. In normal times? 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? One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? Will it impact my credit or look bad to banks if I immediately submit another application with PenFed - this time as a joint application? Open membership, anyone can join. For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their term. The select looked attractive to me but they (BMW) managed to talk me out of it. 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. Instead you owe a large balloon payment at the end. AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . But like all credit unions, membership is I just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. Financing Available for up to 110% of vehicle value. SoFi's starting interest rate is also lower than PenFed's but . 1. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. 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. Membership to the CU is possible via a $20 donation to CapEd Foundation. Uses experian for credit score. 2. Rates current as of May 4, 2021. Like, a super tiny fraction. 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 pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. Many factors affect your FICO Scores and the interest rates you may receive. 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. The last thing they want to do is repo your car. Read: 35 Ways To Slash Your Car Costs. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. How do you plan on paying the $800/month payment? That really is an awesome deal! *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. 1. Please contact the moderators of this subreddit if you have any questions or concerns. Reply. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. To start viewing messages, select the forum that you want to visit from the selection below. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. Forums. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. 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. 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. 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 basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. I don't see anyone doing the right thing with these loans. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. Other restrictions may apply. Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. AmeriCU Credit Union (https://americu.org/) This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). Where the manufacturer is providing more rebates for purchase, versus lease. junio 16, 2022 . 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. You need to claim your rental income on the application. Has PenFed done away with Payment Saver (balloon finance) loans? Access Bill Pay makes bill paying easy and secure. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. It also has been off for many other makes too and that makes the payment way higher than it should. Minimum Deposit. When more credit unions were leasing, they were also buying residual insurance from AFG. I have a lady coming by today who I got approved and she literally has a 412 score. Our students say Absolutely amazing app, but is there a way to copy a result? Also remember to add flair to your post by clicking the "Flair" link beneath it. PenFed takes no responsibility for the content of the page. Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. I have a credit score of 821 and $130k annual income. If they truly killed it an didnt just pause it, there is almost no chance it comes back. Flexible loan terms of up to 72 months. He is more focused on the monthly payment than the total cost of ownership. Please review our most Frequently Asked Questions to see if your question has already been answered. Did anyone have great luck with these, thought about doing one for a corvette. My wife also works and makes over $200k a year. Including the ability to turn your vehicle in and walk away at the end of the loan term. $869.13. E81 / E82 / E87 / E88Model Year: 2004 - 2011. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Copyright AmeriCU Credit Union. I applied with neither and was approved. Stay tuned! CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. 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. I also got a decline the other day on a 700. MountainCrest FCU (WA), 1323 3 Only show this user. I was told to just call back when I have the VIN. AFG Calculator. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) 0 Kudos. AFG never sold residual insurance or residual values to credit unions. European Delivery. Message 3 of 4. Collapse. Nothing good can come of it. MERGED: Has anyone read this (bankruptcy) about GM? Debt to income is also a huge factor, as you said. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. I just looked at our HELOC and its currently 3.13%. Remember your panic when you were far from home and remembered that a bill was due? High-Yield Savings Accounts; CD Rates; . I have my score from Credit Karma but the dealership told me they got a different score. New Auto Loans. 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. Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. 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. 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.. My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. Thanks for turning me on to this. Including the ability to turn your vehicle in and walk away at the end of the loan term. For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure. APY = Annual Percentage Yield Thanks for the info. That being said, I did put like 10k down. https://www.penfed.org/auto/payment-saver. 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. 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. F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. PenFed Payment Saver Auto Loan. My PenFed Visa has a $50K limit, which is their max. I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. 01-22-2022 02:06 AM. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. I created both and getting $10 charged every month from my checking account since I only have minimum. Alright guys so I just had to report on my deal as the numbers are great! 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. I did this same type of thing with my E92 M3 and it was perfect. 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. Bring back /u/chooter, Press J to jump to the feed. When I applied last month, it was for conventional: new, used, and less than 1 year old refi. My wife wants a Sienna or Odyssey and want to see what options I have.