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. Make a Payment. 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. Would love to pick up other vehicles with this program. Learn more. Including the ability to turn your vehicle in and walk away at the end of the loan term. 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. Remember your panic when you were far from home and remembered that a bill was due? I was told to just call back when I have the VIN. Other features of the Payment Saver Auto Loan include: New and used vehicles up to five years old qualify. Enables you to easily upgrade and/or change your vehicle every couple of years. Do not do it! Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. If they truly killed it an didnt just pause it, there is almost no chance it comes back. Anyone else skeptical about these loans? Access Bill Pay: PenFed's Online Bill Payment System. 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. Payment saver loans. Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. I created both and getting $10 charged every month from my checking account since I only have minimum. Those would be your best bet to see if there is one you can work with. I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. { BK7 DC 12/2019 } target 1300/ kohls 3000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy . You need to be a member to access it. The lease numbers are just NOT favorable for me. A dealer can usually get it done because we have direct lines to the loan officers. 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. 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. They are taxed as a purchase, application was all done online and my approval was always instant. More details on software and accessibility are available at WebAIM.org. 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? AmeriCU Credit Union (https://americu.org/) 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! Bimmerpost Model Selection. Please contact the moderators of this subreddit if you have any questions or concerns. I looked but it was cheaper to go with BMW select. Just did the payment saver plan on the M4 we are picking up next weekend. Alright guys so I just had to report on my deal as the numbers are great! Thanks for the candid feedback. 4.0. This lets us know where you're located so we can assist you better. Generally, I do think a balloon loan makes sense for short term purchases. Should I wait since I just had Pen Fed pull my credit or does it not matter? I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. Again denied!! Sorry, I do not. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. Teachers Federal Credit Union (https://teachersfcu.org/) They didn't even have the 2016 M3 in their system when I applied. PenFed takes no responsibility for the content of the page. Thanks, I was really intrigued buy the loan option Pen Fed was offering to lower payments. 1. 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. Stay tuned! G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . I don't see it on their site anymore, did they stop offering it? Forums. How do you plan on paying the $800/month payment? Yeah that's not uncommon for credit unions or banks that just use software to put it in as that. Welcome to the Greater Nevada Credit Union Payment Saver site. Where Penfed has an unusually high MSRP, which does not properly align to the manufacturer MSRP. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. Anything branded payment saver is the afg balloon. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) I did this same type of thing with my E92 M3 and it was perfect. Try Access Bill Pay today! I applied with neither and was approved. This isnt a product thats useful to me. SEFCU (NY), I wasnt questioning the logic of a balloon loan vs. lease; I understand why someone would do one vs. the other in various scenarios. Refinance your current vehicle loan to reduce your monthly payments with the PaySaver Auto Loan program. Including the ability to turn your vehicle in and walk away at the end of the loan term. That being said, I did put like 10k down. 2% cash back for PenFed Honors Advantage Members. Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. AFG uses a derivative (90% iirc) of straight ALG for the RVs on their balloon loans. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. If you click the details tab on the DCU site it shows 3.74% for 84 months. Create an account to follow your favorite communities and start taking part in conversations. TT (Mk3) Discussion - PenFed - Anyone ever use PenFed's Payment Saver loan? Other restrictions may apply. I also got a decline the other day on a 700. Neither lease well and ran across this idea but didnt know how to calculate the RV. 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. I think this is the path I'm going to go. Sound impossible? 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. Had no issues with penfed. Theyll get you financing. 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 earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? 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. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. You might also have luck in the r/whatcarshouldibuy subreddit. However, they do not take any action and the dispute . Only problem I had was getting approved. I would rather keep the equity in my pocket, during that time period, then in the vehicle. With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. Couldn't find the ED price etc. That being said, I did put like 10k down. Credit Unions often offer what's called a Payment Saver Auto Loan. This is completely wrong. AFG runs a balloon loan program through a bunch of small CUs and a couple big ones (Pen Fed nationwide and SEFCU in NY). 1.5% cash back for non-members. Copyright 2001-document.write(new Date().getFullYear()) Fair Isaac Corporation. You'll discover the ease and convenience of paying your bills online in almost no time. CULA used to also offer balloons but we stopped about 5 years ago because the demand for that product was miniscule in most markets. AFG Calculator. Disclaimer: Credit card offers are constantly changing. 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). Rates are current as of March 2023unless otherwise noted and are subject to change. Just like buying new? 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. 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. Note that fees charged between providers can vary. See how anyone can join and take advantage of its market-leading CD rates. For one reason or another penfed was difficult to get approval for, and I'm not sure I understand why. Their MSRP for cars when doing payment saver are ridiculously off and by off I mean lower. 2. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. What are the pluses/minuses of financing using payment saver plan? APY. In addition, PenFed offers Payment Saver (Balloon) loan options for members seeking lower monthly payments. Yep, that is what I am going with as well. 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. Like a lease, the PaySaver Auto Loan program offers payments that are considerably lower than conventional financing. $100 bonus offer statement credit on $1,500 spent within the first 90 days. Refinance remaining balance and keep the vehicle. 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! 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. 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. Remember your panic when you were far from home and remembered that a bill was due? You can look through AFgs website in the press release section. To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. If something happens to the income, they may never get paid the contracted balance. It doesn't hurt to try but it probably won't make a difference. 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 . Were they easy app, approval or did you have to send in a bunch of docs. SoFi offers personal loans ranging from $5,000 to $100,000, which is much higher than PenFed's $50,000 limit. When I applied last month, it was for conventional: new, used, and less than 1 year old refi. The last thing they want to do is repo your car. You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? penfed payment saver forum. That really is an awesome deal! Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. Open membership, anyone can join. The banks want nothing to do with that, and will happily turn you away. Im sure the dealer can get it done. GPO's Payment Saver is a financing option that offers monthly payments that are considerably lower than conventional financing! I have my score from Credit Karma but the dealership told me they got a different score. As my grandfather would say, this place can't find its Auto Saver Loans. Rates are accurate as of Feb. 2, 2023. PenFed was their only national CU and the rest are all small that serve a group of counties in various states. Anyone on here have any experience with these loans?? Here's an overview of PenFed Credit Union's Money Market Certificate rates. A lot of credit unions buy residuals from AFG. Uses transunion credit for initial score. He is more focused on the monthly payment than the total cost of ownership. If you look at their terms there is no pre-payment penalty, and you can pay off early anytime. $465. 6 Months. Membership via $15 one-time donation to American Consumer Council. 2. 12 Months. APR = Annual Percentage Rate. But regardless its clear that people generally arent doing these to save money. 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. 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. I have a lady coming by today who I got approved and she literally has a 412 score. 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). Penfed payment saver loan calculator One tool that can be used is Penfed payment saver loan calculator. 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. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. ; Sell it at maturity or anytime during loan term. Bimmerpost Model Selection. Popular programs such as PenFeds PSA Loan basically resembles a auto lease, but without th. 1. $1,000. Thanks for the info. I pulled one up for a Maserati Ghibli and it showed an MSRP of $48K and the car was a $91K sticker. I have a credit score of 821 and $130k annual income. Please review our most Frequently Asked Questions to see if your question has already been answered. Go into a dealership and let them properly structure a deal to get an approval for you. In one case, I was quoted $1500 for origination. That is what Chrsyler is estimating based on 64% residual with about 10k lease. 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. How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? 72 month finance would have been about $1018 a month, the payment saver was $639. All rights reserved. Bring back /u/chooter, Press J to jump to the feed. Its also well established they dont verify the options you claim are actually equipped (driving up MSRP). Make a Payment. Uses transunion credit for score. See the difference? We can help you find an auto loan that meets your needs with our CarBuilder program. There website says its an estimation based on their data & the mileage cannot exceed 15k a year. Given your RV example, if the desired ownership term was only 6 months. High-Yield Savings Accounts; CD Rates; . We currently lease and finance Volvos. Plugged in same options etc and only getting a $740 discount. PenFed Payment Saver Deal. Has PenFed done away with Payment Saver (balloon finance) loans? Collapse. PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. Congrats man!!! NerdWallet rating. 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. Motorcycle, RV and boat loans. But like all credit unions, membership is Credit Union Times PenFed to Offer Walk-Away Balloon Car Loans | Credit Union Times. Its not. E81 / E82 / E87 / E88Model Year: 2004 - 2011. Thanks for the input thus far guys, very helpful. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. . New Auto Loans. No down payment required; Annual mileage options of 12,000, 15,000 & 18,000 available; No security deposit or acquisition fees; No early payoff penalty; Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity. I actually had a few grand in equity. Came back with a rate over 5%, Regional options (not-open-membership) to consider: 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. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. Do you wish you could make paying your bills less of a hassle? 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. Did you go to a different page? Uses experian for credit score. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. As my grandfather would say, this place cant find its ass with both hands. 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. I don't see anyone doing the right thing with these loans. 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. 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). PenFed's new "Payment Saver Plus Program" removes the risk of credit damage for . F40 Model Year: 2019 + Previous Generations; F20 / F21 Model Year: 2012 - 2018; E82 / E83 / E87 / E88 Model Year: 2004 - 2011; 2. As far as balloon loans go, it's a very good program. Any chances this program comes back? 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. Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 available. In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. Your actual credit score is only a small fraction of the equation. Do we have to have a checking account open too or just share account is good enough? This credit union is federally insured by the National Credit Union Administration. 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. Further information is available in our FICO Data Privacy Policy. "They don't have to . penfed payment saver forumwhen will lego diagon alley be back in stock. My PenFed Visa has a $50K limit, which is their max. Applications are subject to credit approval. Call 1-800-247-5626 for details. Re: Penfed Pre-Approvals Credit Card. Loan amounts range from $10,000 to $100,000 and APRs start at 2.99% and 3.74% for new and used cars, respectively. 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). You need to claim your rental income on the application. There have always been specific reasons why I opted for a balloon loan. No early payoff penalty. 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. 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. That means they are most likely not seeing the originations that afg sold them on. Just wanted to give you a heads-up. One quick question for those familiar with this loan: I pay sales tax on the entire vehicle of the car, right? Flexible loan terms of up to 72 months.