How do you plan on paying the $800/month payment? When I applied last month, it was for conventional: new, used, and less than 1 year old refi. Re: Has PenFed done away with Payment Saver (balloon finance) loans? Might have to call them and ask. Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. 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. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. Has anyone else had this experience with PenFed? You might also have luck in the r/whatcarshouldibuy subreddit. 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. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. Thanks for the candid feedback. 72 month finance would have been about $1018 a month, the payment saver was $639. I just emailed Penfed to ask for more info on how they figure the RV. Applications are subject to credit approval. One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? Thanks for turning me on to this. Payment came back very high, not sure what rates/fees they used. What happens if you can't refinance in time at the end of the loan? What are the pluses/minuses of financing using payment saver plan? Have they stopped all new vehicle finance options? No match for the 2.99% 36mo rate that PenFed offered. Did you go to a different page? Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. Access Bill Pay makes bill paying easy and secure. I have a lady coming by today who I got approved and she literally has a 412 score. My question is, if I do go forward with the pen fed . I currently pay $800 a month on a auto loan, so trading it in for another $800 isnt a strain on my finances. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. TERM APY* 6 Month 2.70%** 12 . Has PenFed done away with Payment Saver (balloon finance) loans? More details on software and accessibility are available at WebAIM.org. 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. PenFed takes no responsibility for the content of the page. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. I have a credit score of 821 and $130k annual income. 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. dunn2500. Certificate Term. Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. 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. I've also been thinking about going this route. { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . Make a Payment. Should I wait since I just had Pen Fed pull my credit or does it not matter? Anyone on here have any experience with these loans?? Learn more. 2. 0 Kudos. 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. Please review our most Frequently Asked Questions to see if your question has already been answered. 1323 3 Only show this user. 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. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . Started the process online on Mondaycheck was at our doorstep on Thursday. If you click the details tab on the DCU site it shows 3.74% for 84 months. You need to be a member to access it. Press question mark to learn the rest of the keyboard shortcuts. Remember your panic when you were far from home and remembered that a bill was due? ; Trade it at maturity or anytime during loan term. 2% cash back for PenFed Honors Advantage Members. Payment Saver auto loans. If so, please share your experience with them. This happens most often with no option vehicle (ie Hellcat). When more credit unions were leasing, they were also buying residual insurance from AFG. Plugged in same options etc and only getting a $740 discount. PenFed takes no responsibility for the content of the page. Create an account to follow your favorite communities and start taking part in conversations. 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. MECF_728x90_top. 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). AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. Vermont FCU (VT), Hanscom Federal Credit Union (https://hfcu.org/) I did do this loan on my e90 M3 back in 08. I just thought it may make sense in regard to the Odyssey and Sienna which lease terrible and tend to hold decent RVs. Im sure the dealer can get it done. Their customer service has been great so far. I had forgotten about these loans, so I might go this route myself right now. Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. 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. PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . Thanks for the info. 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. Does anyone know who else offers payment saver loans? We can help you find an auto loan that meets your needs with our CarBuilder Program. $1,000. CU doesnt want your business. PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. That being said, I did put like 10k down. It also has been off for many other makes too and that makes the payment way higher than it should. Open membership, anyone can join. There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. "They don't have to . 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. 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. 2.70%. Neither lease well and ran across this idea but didnt know how to calculate the RV. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. Original review: June 28, 2022. Came back with a rate over 5%, Regional options (not-open-membership) to consider: Retiree with a solid pension and half a century of on-time car payments? 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. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. Those would be your best bet to see if there is one you can work with. 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. Nothing good can come of it. I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. Learn about the other ways you can use online and mobile banking. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? Note that fees charged between providers can vary. Only problem I had was getting approved. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. Monthly Payment. 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. 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. What this means for you: When you open an account, we will ask for your name, address . You can look through AFgs website in the press release section. The lease numbers are just NOT favorable for me. If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? If they truly killed it an didnt just pause it, there is almost no chance it comes back. Does anyone know how the RV is calculated in the PenFed Payment Saver program? Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. However, they do not take any action and the dispute . 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. Membership via $15 one-time donation to American Consumer Council. APY. Again denied!! I don't see it on their site anymore, did they stop offering it? G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . He is more focused on the monthly payment than the total cost of ownership. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. Also offers a 2.14% rate for 96 months, so one application gives you both options. On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? Minimum Deposit. Motorcycle, RV and boat loans. 1. Just like buying new? 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. At minimum, expect a $725 origination fee for vehicles over $75K. All vehicles that hold their value extremely well. 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.