penfed payment saver forum

At minimum, expect a $725 origination fee for vehicles over $75K. I have a lady coming by today who I got approved and she literally has a 412 score. What this means for you: When you open an account, we will ask for your name, address . or just a certain type of loan. 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? PenFed Payment Saver Deal. 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. penfed payment saver forumwhen will lego diagon alley be back in stock. There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. 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. Who's Alesha and how do you know she pays everything on time? Stay tuned! They offer a payment saver loan option (via AFG) at a 3.84% rate. MECF_728x90_top. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. Find out how you can save on your next car. Lesser known benefits of the program, it includes GAP and deductible insurance. The way the market is now I don't think I would touch it. They are difficult to get approved for compared to others as. Where there is no state sales tax, for example NJ when purchasing a zero emissions vehicle. I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). Motorcycle, RV and boat loans. Original review: June 28, 2022. He is more focused on the monthly payment than the total cost of ownership. For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure. I think Brad is right. 1. 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). 01-22-2022 02:06 AM. 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). The pen fed saver payment calculator estimates a rubicon unlimited with 53k msrp to be worth 34k in change after 3 years. GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! They changed stuff over the years. Did you get this quote via their PenFed website? Had no issues with penfed. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). We can help you find an auto loan that meets your needs with our CarBuilder Program. Rates depend on terms, as follows: 12 Months. 2% cash back for PenFed Honors Advantage Members. There's so much else going on behind the scenes. Neither lease well and ran across this idea but didnt know how to calculate the RV. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. 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. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. Access Bill Pay makes bill paying easy and secure. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). 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. I've also been thinking about going this route. I don't believe they allow you to walk away from the car at the end though. 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. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. We use cookies to provide you with better experiences and allow you to navigate our website. Payment saver loans. Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? That is what Chrsyler is estimating based on 64% residual with about 10k lease. Generally, I do think a balloon loan makes sense for short term purchases. You can look through AFgs website in the press release section. Nothing good can come of it. F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. You might also have luck in the r/whatcarshouldibuy subreddit. penfed payment saver forum. Sound impossible? Penfed Payment Saver for ED. 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. I have found cars with a 72 month term lower. I searched for this but still cannot find a straight answer. Lowest available BALLON LOAN rate found was 2.49% but I did not qualify. Given your RV example, if the desired ownership term was only 6 months. Learn about the other ways you can use online and mobile banking. Other features of the Payment Saver Auto Loan include: New and used vehicles up to five years old qualify. PenFed's 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. Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. Generally, I do think a balloon loan makes sense for short term purchases. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? Minimum Deposit. Sorry, I do not. MERGED: Has anyone read this (bankruptcy) about GM? { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. 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. If I total the car my . AmeriCU Credit Union (https://americu.org/) I think thats the reason why he loves Penfed balloon loans. Message 3 of 4. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. Login Register. Have they stopped all new vehicle finance options? PenFed vs. SoFi. All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. Credit Unions often offer what's called a Payment Saver Auto Loan. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. I had no problems getting 3 approvals at other banks at top rates inculding through BMW. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. The last thing they want to do is repo your car. I have my score from Credit Karma but the dealership told me they got a different score. 1. 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. Make a Payment. Does anyone know who else offers payment saver loans? It gave me a ~$29.7k residual on a $72k MSRP. Further information is available in our FICO Data Privacy Policy. Copyright AmeriCU Credit Union. Become a member and take advantage of products and exclusive offers! I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. 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! AmeriCUs PaySaver Auto Loan program offers just that! G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . 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??? 0 Kudos. Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. Penfed payment saver loan? Rates are current as of March 2023unless otherwise noted and are subject to change. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. Access Bill Pay: PenFed's Online Bill Payment System. 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. Uses transunion credit for initial score. TERM APY* 6 Month 2.70%** 12 . 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 . Note that fees charged between providers can vary. 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. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. 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. Thanks for the info. New and used motorcycle loans. Bring back /u/chooter, Press J to jump to the feed. Plugged in same options etc and only getting a $740 discount. 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? Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. Congrats man!!! I looked at it. Also offers a 2.14% rate for 96 months, so one application gives you both options. FTC's website on credit. My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. 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. 4.0. Do you wish you could make paying your bills less of a hassle? When I applied last month, it was for conventional: new, used, and less than 1 year old refi. 72 month finance would have been about $1018 a month, the payment saver was $639. 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. Please contact the moderators of this subreddit if you have any questions or concerns. 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. Read: 35 Ways To Slash Your Car Costs. Re: Has PenFed done away with Payment Saver (balloon finance) loans? Taxes on full vehicle price were paid on vehicle upfront. Other restrictions may apply. I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. 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. I just emailed Penfed to ask for more info on how they figure the RV. I looked but it was cheaper to go with BMW select. Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. This isnt a product thats useful to me. I'm new to Audi, but understand RS models maintain their equity, making the. If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. 2. Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. I also got a decline the other day on a 700. Monthly Payment. Why? On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? But interest rates start higher than the interest rates for its traditional car loans. Uses transunion credit for score. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. If I buy a car using the Penfed Payment Saver (balloon payment) program and say I want to put in $10,000 as a downpayment. Just wanted to give you a heads-up. Might have to call them and ask. But like all credit unions, membership is Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. 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. Better then a lease loan offering is backed by AFG at a 3.74% rate. My wife also works and makes over $200k a year. I just looked at our HELOC and its currently 3.13%. 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. Same APR. CALCULATE YOUR PAYMENT SAVER LOAN PAYMENT. I just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Remember your panic when you were far from home and remembered that a bill was due? 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. 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. You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. Bimmerpost Model Selection. Expect a hard pull immediately after submitting your application online. 2. Thanks for the input thus far guys, very helpful. As my grandfather would say, this place can't find its Auto Saver Loans. I have a credit score of 821 and $130k annual income. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. dunn2500. Like, a super tiny fraction. 1. Again denied!! Equal Housing Lender - Federally insured by NCUAMembership restrictions apply, New and pre-owned vehicles up to five years old qualify, Annual mileage options of 12,000, 15,000 & 18,000 available. CU doesnt want your business. Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. Yep, that is what I am going with as well. I applied with neither and was approved. There are some exceptions where the Penfed payment saver has worked out better for me then a lease or traditional finance. E81 / E82 / E87 / E88Model Year: 2004 - 2011. AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. Thanks for turning me on to this. the same thing that happened with the housing pop is it not? CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. i saw maybe less than month ago, but yeah seems to be gone now. (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. 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. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . However the payment difference is hundreds per month between a lease and a balloon payment. I currently pay $800 a month on a auto loan, so trading it in for another $800 isnt a strain on my finances. 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. TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? E81 / E82 / E87 / E88Model Year: 2004 - 2011. 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. For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their term. I am a bot, and this action was performed automatically. Collapse. What are the pluses/minuses of financing using payment saver plan? PenFed takes no responsibility for the content of the page. They usually announce all the small CUs they sign each quarter. $869.13. 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. 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 . You need to claim your rental income on the application. F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. You'll discover the ease and convenience of paying your bills online in almost no time. Adnimation ATF. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. 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. . Not that I'm going to finance that long. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. Its not. I have a lady coming by today who I got approved and she literally has a 412 score. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. $100 bonus offer statement credit on $1,500 spent within the first 90 days. Paysaver rates not posted, but you can apply for paysaver loan via the website. 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. White House Approves $17.4 Billion Auto Loans to GM & Chrysler. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. ; Trade it at maturity or anytime during loan term. A dealer can usually get it done because we have direct lines to the loan officers. APR = Annual Percentage Rate. This lets us know where you're located so we can assist you better. This credit union is federally insured by the National Credit Union Administration. Here's an overview of PenFed Credit Union's Money Market Certificate rates. Answering everything by email with responses taking less than 15-20 minutes. PenFed's payment saver loans have the appeal of low initial payments. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. In normal times? Welcome to the Greater Nevada Credit Union Payment Saver site. Had you not put down $10k, you would have been upside down. I calculated the residual value it gave me in it's car-specific calculator (i'm logged in as a member). Payment Saver auto loans. Uses transunion credit for score. The vehicle mileage may not exceed 15,000 miles per year based on the model year. We currently lease and finance Volvos. 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. Thanks for the candid feedback. Mileage options apply only if you return the vehicle at program end. I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. I'm seeing 3.74% for 84 months at DCU. Those would be your best bet to see if there is one you can work with. AFG Calculator. Frequent Contributor. Certificate Term. This happens most often with no option vehicle (ie Hellcat). 1. 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). How to pick a car? 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. Where the manufacturer is providing more rebates for purchase, versus lease. 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. No security deposit or acquisition fees. Also remember to add flair to your post by clicking the "Flair" link beneath it. "They don't have to . Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. Refinance remaining balance and keep the vehicle. 1323 3 Only show this user. This is completely wrong. How do you plan on paying the $800/month payment? European Delivery. For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. Learn more. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" My wife wants a Sienna or Odyssey and want to see what options I have. 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. New Auto Loans. Do you wish you could make paying your bills less of a hassle? See this is what concerns meyou had equity b/c of how much you put down (really as with any financing).

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