New Auto Loans. Frankenmuth CU (MI). Any chances this program comes back? Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. Chances are you owe too many people too much money and your CU sees this as a liability. That being said, I did put like 10k down. Uses experian for credit score. My wife also works and makes over $200k a year. 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. 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 wonder were these taxed at the full purchase price or taxed like a lease? I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. A dealer can usually get it done because we have direct lines to the loan officers. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. To Sign In or Enroll:Log-in to PenFed Onlinein the login box at the top-right of this page and click the Pay Bills tab from the Main Menu of PenFed Online. But like all credit unions, membership is Thanks for the input thus far guys, very helpful. PenFed takes no responsibility for the content of the page. Did anyone have great luck with these, thought about doing one for a corvette. the same thing that happened with the housing pop is it not? This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). Please contact the moderators of this subreddit if you have any questions or concerns. I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. AmeriCUs PaySaver Auto Loan program offers just that! balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. Where the manufacturer is providing more rebates for purchase, versus lease. Membership via $15 one-time donation to American Consumer Council. I've been researching some alternative financing and this Penfed loan seems to blow everything else out of the water (including Select finance). That really is an awesome deal! I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. I don't see it on their site anymore, did they stop offering it? Applications are subject to credit approval. Adnimation ATF. I need to differentiate multiple times in a row and there's no feature for that in the calculator nor can I copy the result so I can just d/dx it again. Did you get this quote via their PenFed website? I had forgotten about these loans, so I might go this route myself right now. Anything branded payment saver is the afg balloon. 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. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. At minimum, expect a $725 origination fee for vehicles over $75K. 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. They didn't even have the 2016 M3 in their system when I applied. Might have to call them and ask. When more credit unions were leasing, they were also buying residual insurance from AFG. If they truly killed it an didnt just pause it, there is almost no chance it comes back. Congrats man!!! Why? Try Access Bill Pay today! 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. Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. I think Brad is right. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? 12 Months. Bring back /u/chooter, Press J to jump to the feed. For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure. Enables you to easily upgrade and/or change your vehicle every couple of years. Rates depend on terms, as follows: Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. There website says its an estimation based on their data & the mileage cannot exceed 15k a year. Re: Has PenFed done away with Payment Saver (balloon finance) loans? 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. FTC's website on credit. I did this same type of thing with my E92 M3 and it was perfect. I searched for this but still cannot find a straight answer. 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. E81 / E82 / E87 / E88Model Year: 2004 - 2011. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations . Will it impact my credit or look bad to banks if I immediately submit another application with PenFed - this time as a joint application? Im sure the dealer can get it done. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. Welcome to Park City Credit Union's Payment Saver calculator site. The lease numbers are just NOT favorable for me. Collapse. Further information is available in our FICO Data Privacy Policy. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. Uses transunion credit for score. It doesn't hurt to try but it probably won't make a difference. Hanscom Federal Credit Union (https://hfcu.org/) 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. I have a lady coming by today who I got approved and she literally has a 412 score. Lowest available BALLON LOAN rate found was 2.49% but I did not qualify. 01-22-2022 02:06 AM. PenFed Payment Saver Auto Loan. However, they do not take any action and the dispute . I was told to just call back when I have the VIN. https://www.penfed.org/auto/payment-saver. Credit Unions often offer what's called a Payment Saver Auto Loan. TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. Press question mark to learn the rest of the keyboard shortcuts. All Rights Reserved. Make a Payment. 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? Copyright AmeriCU Credit Union. Other restrictions may apply. G42 Model Year: 2021 + F44 Model Year: 2020 + Previous Generations; F22 / F23 Model Year: . 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.. Used car loan value based on NADA Retail Value. E81 / E82 / E87 / E88Model Year: 2004 - 2011. PRIVACY NOTICE: When you visit this website we collect your browsing activities on our site and use that information to analyze and research improvements to the website, and to our products and services. Out of curiosity, for those who have balloon loans, whats your APR? 2% cash back for PenFed Honors Advantage Members. 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. AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). I think folks that are considering that option need to give themselves a reality check, and say "Can I REALLY afford this car?" But regardless its clear that people generally arent doing these to save money. Any options I have found, the rate has been at 4% and greater. In normal times? All rights reserved. Open membership, anyone can join. Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. 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 . Couldn't find the ED price etc. On a typical (not speciality, not for purchase only incentives, not to avoid a closed-end lease) vehicle?? 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. PenFed Payment Saver Deal. Just wanted to give you a heads-up. Instead you owe a large balloon payment at the end. SEFCU (NY), Only problem I had was getting approved. This credit union is federally insured by the National Credit Union Administration. Motorcycle, RV and boat loans. 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. Original review: June 28, 2022. 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). We can help you find an auto loan that meets your needs with our CarBuilder Program. Would love to pick up other vehicles with this program. Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). See the difference? They would only give me 1.9% on select but gave .9% on regular financing, Pricing, Ordering, Leasing / Purchasing, Delivery, https://www.penfed.org/auto/payment-saver. Their customer service has been great so far. 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. Affiliate Business Arrangement Disclosure. 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. What this means for you: When you open an account, we will ask for your name, address . Call 1-800-247-5626 for details. Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. I applied with neither and was approved. 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. 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. $100 bonus offer statement credit on $1,500 spent within the first 90 days. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. I have my score from Credit Karma but the dealership told me they got a different score. My only thought is we have two rental properties/mortgages so might look like I have large debt but they actually provide income. Used auto loans: You can get up to 110 percent financing with terms . This is completely wrong. Penfed has a calculator which allows you to lookup MSRP and RV for a given vehicle. Your actual credit score is only a small fraction of the equation. A balloon loan is fundamentally paying down a presumed balance between MSRP and residual value. We can help you find an auto loan that meets your needs with our CarBuilder program. 72 month finance would have been about $1018 a month, the payment saver was $639. { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . I looked but it was cheaper to go with BMW select. No security deposit or acquisition fees. ; Sell it at maturity or anytime during loan term. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. 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. Note that fees charged between providers can vary. Should I wait since I just had Pen Fed pull my credit or does it not matter? Including the ability to turn your vehicle in and walk away at the end of the loan term. With the Challenger, Dodge was still offering power dollar rebates with a purchase, but not with a traditional lease. If I total the car my . 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. 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. 1. APY. MERGED: Has anyone read this (bankruptcy) about GM? Flexible loan terms of up to 72 months. I did do this loan on my e90 M3 back in 08. Including the ability to turn your vehicle in and walk away at the end of the loan term. 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. APY = Annual Percentage Yield See how anyone can join and take advantage of its market-leading CD rates. You can borrow between $10,000 and $100,000 with terms of 24 to 60 months. 4.0. No early payoff penalty. 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. Came back with a rate over 5%, Regional options (not-open-membership) to consider: If something happens to the income, they may never get paid the contracted balance. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. 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? The select looked attractive to me but they (BMW) managed to talk me out of it. Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. They offer a payment saver loan option (via AFG) at a 3.84% rate. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. 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). Just did the payment saver plan on the M4 we are picking up next weekend. This happens most often with no option vehicle (ie Hellcat). Debt to income is also a huge factor, as you said. Thanks for the candid feedback. Remember your panic when you were far from home and remembered that a bill was due? Become a member and take advantage of products and exclusive offers! Retiree with a solid pension and half a century of on-time car payments? Alright guys so I just had to report on my deal as the numbers are great! 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. Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. I just looked at our HELOC and its currently 3.13%. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). To Sign In or Enroll: Log-in to PenFed Online in the login box at the top-right of this page and click the Pay Bills tab from the Main Menu of PenFed Online. Remember your panic when you were far from home and remembered that a bill was due? Not that I'm going to finance that long. PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. 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. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. Read PenFed car loan review. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. more or less this is the opposite of gap insurance. F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. As my grandfather would say, this place can't find its Auto Saver Loans. A lot of credit unions buy residuals from AFG. Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. 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. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. I think this is the path I'm going to go. 0 Kudos. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. 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. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. You'll also face a balloon payment at the end of your loan. You need to be a member to access it. 1. Go into a dealership and let them properly structure a deal to get an approval for you. 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. Neither lease well and ran across this idea but didnt know how to calculate the RV. Also offers a 2.14% rate for 96 months, so one application gives you both options. Yep, that is what I am going with as well. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. Thanks for the info. It also has been off for many other makes too and that makes the payment way higher than it should. Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. 1323 3 Only show this user. basically you are taking the chance that at the end of the term of the loan your car is still in perfect condition. 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. See this is what concerns meyou had equity b/c of how much you put down (really as with any financing). Many factors affect your FICO Scores and the interest rates you may receive. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? Message 3 of 4. The vehicle mileage may not exceed 15,000 miles per year based on the model year. As my grandfather would say, this place cant find its ass with both hands. Access Bill Pay makes bill paying easy and secure. That is what Chrsyler is estimating based on 64% residual with about 10k lease. Minimum Deposit. Mileage options apply only if you return the vehicle at program end. *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. I traded my M3 in back in September after about 30 months and I actually had a few grand in equity. The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. 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. Theyll get you financing. Find out how you can save on your next car. junio 16, 2022 . Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). Started the process online on Mondaycheck was at our doorstep on Thursday. You'll discover the ease and convenience of paying your bills online in almost no time. I've also been thinking about going this route. 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 don't see anyone doing the right thing with these loans. In one case, I was quoted $1500 for origination. 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. SoFi's starting interest rate is also lower than PenFed's but . 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). I have a credit score of 821 and $130k annual income. Certificate Term. 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). Had no issues with penfed. 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. I don't believe they allow you to walk away from the car at the end though. Do you wish you could make paying your bills less of a hassle? Also remember to add flair to your post by clicking the "Flair" link beneath it. 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? Reply. Our students say Absolutely amazing app, but is there a way to copy a result? I wonder if its worth trying to contact Pen Fed again or just cut my losses and work with the dealer. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. 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 . PenFed was their only national CU and the rest are all small that serve a group of counties in various states. Generally, I do think a balloon loan makes sense for short term purchases. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Now you can leave those worries behind and use Access Bill Pay! MECF_728x90_top. I just emailed Penfed to ask for more info on how they figure the RV. Vermont FCU (VT), *A typical new auto loan of $30,000 at 3.74% APR would have 71 monthly payments of $404 each month, and would include a balloon payment due at loan maturity of $5,475. or just a certain type of loan. 2. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. Who's Alesha and how do you know she pays everything on time? There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. Just like buying new? 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. BMW Buyers Guide - Dealers, Resources & Pricing. 2. Penfed Payment Saver for ED. AFG Calculator. You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. It gave me a ~$29.7k residual on a $72k MSRP. Skip to content. I currently pay $800 a month on a auto loan, so trading it in for another $800 isnt a strain on my finances. I would rather keep the equity in my pocket, during that time period, then in the vehicle. I love pen fed dont get me wrong and have used the payment saver 7+ times, but it was so much better years ago. The way the market is now I don't think I would touch it. What state/county do you live in? AmeriCU Credit Union (https://americu.org/) (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. Pentagon Federal Credit Union, or PenFed, serves over 903,609 members. How to pick a car? As far as balloon loans go, it's a very good program. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military.
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