Payment came back very high, not sure what rates/fees they used. This lets us know where you're located so we can assist you better. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? $465. PenFed Credit Union Certificate (CD) Rates: March 2023 Applications are subject to credit approval. Ken had already updated the PenFed site to these new rates but haven't seen anything mentioned on the blog or in the forum. Certificate Term. Im sure the dealer can get it done. They changed stuff over the years. I have a credit score of 821 and $130k annual income. In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. MECF_728x90_top. $100 bonus offer statement credit on $1,500 spent within the first 90 days. CU doesnt want your business. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). Payment Saver Auto Loan | Greater Nevada Credit Union - GNCU No early payoff penalty. For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. Taxes on full vehicle price were paid on vehicle upfront. Thanks for the candid feedback. PenFed's new car loans as of Dec. 31, 2018 were $1.9 billion, up 7.7%, while the total among all credit unions was $21.2 billion, up 5.9%. Do you wish you could make paying your bills less of a hassle? 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. I have my score from Credit Karma but the dealership told me they got a different score. Original review: June 28, 2022. Refinance remaining balance and keep the vehicle. This happens most often with no option vehicle (ie Hellcat). Hanscom Federal Credit Union (https://hfcu.org/) PenFed's payment saver loans have the appeal of low initial payments. Again denied!! 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. PenFed takes no responsibility for the content of the page. Now you can leave those worries behind and use Access Bill Pay! Please note that verified professionals will have flair, take advice from non-flaired users with discretion. If there is a CU of ours that you can lease through, that is the cheapest way to lease a sienna or odyssey. I looked but it was cheaper to go with BMW select. Penfed payment saver loans (like bmw select with balloon) - BIMMERPOST That really is an awesome deal! More details on software and accessibility are available at WebAIM.org. APR = Annual Percentage Rate. Where the manufacturer is providing more rebates for purchase, versus lease. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . I just looked at our HELOC and its currently 3.13%. PenFed Has Stopped Accepting Payment Saver Auto Loan Applications - FORUM Does anyone know how the RV is calculated in the PenFed Payment Saver program? Paysaver rates not posted, but you can apply for paysaver loan via the website. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. If they truly killed it an didnt just pause it, there is almost no chance it comes back. I have a PenFed Payment saver loan on my Tesla Model 3 and on a previously owned Challenger. Further information is available in our FICO Data Privacy Policy. Many factors affect your FICO Scores and the interest rates you may receive. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. Become a member and take advantage of products and exclusive offers! Anyone on here have any experience with these loans?? I had no problems getting 3 approvals at other banks at top rates inculding through BMW. However the payment difference is hundreds per month between a lease and a balloon payment. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. 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. Same APR. Neither lease well and ran across this idea but didnt know how to calculate the RV. The vehicle mileage may not exceed 15,000 miles per year based on the model year. 1.5% cash back for non-members. PenFed dropping the balloons is very interesting. Pen-fed Payment saver any good for JL for those who usually lease Penfed payment saver loan? - f80.bimmerpost.com Does anyone know who else offers payment saver loans? I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. Auto Loan declined by CU and I have a credit score of 821 - reddit They offer a payment saver loan option (via AFG) at a 3.84% rate. Payment Saver | GPO FCU | Utica, Rome, Ilion - NY There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. 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. 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. In one case, I was quoted $1500 for origination. I just emailed Penfed to ask for more info on how they figure the RV. I love pen fed dont get me wrong and have used the payment saver 7+ times, but it was so much better years ago. Has anyone ever used this program before? I am a bot, and this action was performed automatically. or just a certain type of loan. 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. 2. Collapse. I did this same type of thing with my E92 M3 and it was perfect. Membership to the CU is possible via a $20 donation to CapEd Foundation. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. "They don't have to . 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). 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. Membership via $15 one-time donation to American Consumer Council. I've also been thinking about going this route. Id guess they will turn on a lease program sometime in the next year or two. Used auto loans: You can get up to 110 percent financing with terms . PenFed Credit Union Review: Checking, Savings and Share Certificates Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. 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? Solve Now. Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. 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. Nothing good can come of it. Sorry, I do not. I have a credit score of 821 and $130k annual income. The share savings account gets you all the benefits, Powered by Discourse, best viewed with JavaScript enabled. $869.13. Our students say Absolutely amazing app, but is there a way to copy a result? I have found cars with a 72 month term lower. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. Were they easy app, approval or did you have to send in a bunch of docs. ; Sell it at maturity or anytime during loan term. 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. I looked at it. Any options I have found, the rate has been at 4% and greater. 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. PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. AFG never sold residual insurance or residual values to credit unions. But like all credit unions, membership is 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. It doesn't hurt to try but it probably won't make a difference. With the Challenger, Dodge was still offering power dollar rebates with a purchase, but not with a traditional lease. Payment Saver auto loans. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. You can look through AFgs website in the press release section. Out of curiosity, for those who have balloon loans, whats your APR? Payment Saver - Deere Employees Credit Union 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? SEFCU (NY), Minimum Deposit. 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??? Make a Payment - members BMW Buyers Guide - Dealers, Resources & Pricing. Have they stopped all new vehicle finance options? PenFed Credit Union - Deposit Accounts What is a Payment Saver Auto Loan? - YouTube Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. Learn more. 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. Never any issues with payments.My application only had me on it though, I thought my credit history and annual income would be more than sufficient to qualify. Enables you to easily upgrade and/or change your vehicle every couple of years. Adnimation ATF. (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. 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. What are the pluses/minuses of financing using payment saver plan? Remember your panic when you were far from home and remembered that a bill was due? Affiliate Business Arrangement Disclosure. 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? 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. If I total the car my . F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. 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. All rights reserved. Motorcycle, RV and boat loans. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). 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? AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. Access Bill Pay makes bill paying easy and secure. Had no issues with penfed. 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). You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. Copyright AmeriCU Credit Union. New and used motorcycle loans. penfed payment saver forum - s161650.gridserver.com When more credit unions were leasing, they were also buying residual insurance from AFG. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. Penfed Payment Saver for ED. 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. Call 1-800-247-5626 for details. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. I created both and getting $10 charged every month from my checking account since I only have minimum. Payment saver loans. White House Approves $17.4 Billion Auto Loans to GM & Chrysler. Do not do it! He is more focused on the monthly payment than the total cost of ownership. If so, please share your experience with them. The last thing they want to do is repo your car. To start viewing messages, select the forum that you want to visit from the selection below. 2. 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. I applied with neither and was approved. dunn2500. You'll discover the ease and convenience of paying your bills online in almost no time. My question is, if I do go forward with the pen fed . Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. 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. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. Thanks for the input thus far guys, very helpful. 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 .