When more credit unions were leasing, they were also buying residual insurance from AFG. For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. Has anyone else had this experience with PenFed? Thanks for the info. FWIW the AFG calculator is a good resource to play around with numbers: AFG Calculator. We currently lease and finance Volvos. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. 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. 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. No match for the 2.99% 36mo rate that PenFed offered. 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. Re: Has PenFed done away with Payment Saver (balloon finance) loans? Hanscom Federal Credit Union (https://hfcu.org/) Generally, I do think a balloon loan makes sense for short term purchases. I searched for this but still cannot find a straight answer. 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. Given your RV example, if the desired ownership term was only 6 months. That means they are most likely not seeing the originations that afg sold them on. Why? Welcome to Park City Credit Union's Payment Saver calculator site. 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). 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??? 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. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. 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). Teachers Federal Credit Union (https://teachersfcu.org/) To estimate your vehicle payments, use our Payment Saver Auto Loan Calculator. I had forgotten about these loans, so I might go this route myself right now. SoFi's starting interest rate is also lower than PenFed's but . I think thats the reason why he loves Penfed balloon loans. I'm seeing 3.74% for 84 months at DCU. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. Financing Available for up to 110% of vehicle value. I currently pay $800 a month on a auto loan, so trading it in for another $800 isnt a strain on my finances. Create an account to follow your favorite communities and start taking part in conversations. $869.13. The way the market is now I don't think I would touch it. The last thing they want to do is repo your car. Anyone on here have any experience with these loans?? AmeriCU Credit Union (https://americu.org/) AFG never sold residual insurance or residual values to credit unions. A dealer can usually get it done because we have direct lines to the loan officers. 1323 3 Only show this user. Put Your Money in Your Pocket with Mobile Banking, 8 Tips for Taking Reliable Mobile Deposit Check Photos. Learn more. If I total the car my . Skip to content. Disclaimer: Credit card offers are constantly changing. 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. AmeriCUs PaySaver Auto Loan program offers just that! 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. Mileage options apply only if you return the vehicle at program end. 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. Just like buying new? PenFed Credit Union offers low rates, particularly if you're interested in its car-buying service. Welcome to the Greater Nevada Credit Union Payment Saver site. 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. 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. More details on software and accessibility are available at WebAIM.org. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. PenFed's new Payment Saver Plus Program removes the risk of credit damage for members. Might have to call them and ask. Please contact the moderators of this subreddit if you have any questions or concerns. You have to be an employee of a specific business, student/family in a specific school district, or active/retired military. 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 payment saver forum. Your lender or insurer may use a different FICO Score than the versions you receive from myFICO, or another type of credit score altogether. Read PenFed car loan review. 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. You need to claim your rental income on the application. By clicking I ACCEPT, you consent to our use of cookies in accordance with our Privacy, GDPR and Cookie Policies. I have a credit score of 821 and $130k annual income. ; Sell it at maturity or anytime during loan term. Other features of the Payment Saver Auto Loan include: New and used vehicles up to five years old qualify. My wife also works and makes over $200k a year. more or less this is the opposite of gap insurance. This is completely wrong. *For security purposes you must use a 128-bit encryption browser to use Access Bill Pay. Used auto loans: You can get up to 110 percent financing with terms . I can't remember where I read it but I believe Payment Saver is no longer offered as of late last year. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Membership to the CU is possible via a $35 donation to Nashua River Watershed Association. It seems many local credit unions offer them but all require specific membership criteria (impossible given I am not in their area). Do you wish you could make paying your bills less of a hassle? Nothing good can come of it. Like, a super tiny fraction. NerdWallet rating. Make a Payment. How to pick a car? This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. Also remember to add flair to your post by clicking the "Flair" link beneath it. Started the process online on Mondaycheck was at our doorstep on Thursday. The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 . 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 . Reply. I traded my M3 in back in September after about 30 months and I actually had a few grand in equity. You need to be a member to access it. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. Then at 2 years post bk7 dc i applied for the PCR, approved for 7.5k at 17.99, ymmv. Loan amounts range from $10,000 to $100,000 and APRs start at 2.99% and 3.74% for new and used cars, respectively. For those looking to pay less upfront at a higher rate, they come with a lump-sum payment at the end of their term. Will it impact my credit or look bad to banks if I immediately submit another application with PenFed - this time as a joint application? All FICO Score products made available on myFICO.com include a FICO Score 8, and may include additional FICO Score versions. Payment Saver auto loans. But interest rates start higher than the interest rates for its traditional car loans. That is what Chrsyler is estimating based on 64% residual with about 10k lease. Minimum Deposit. Im sure the dealer can get it done. Learn about the other ways you can use online and mobile banking. balloon loans are dangerous and I think the interest rate on them usually fluctuates with prime. 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. 2% cash back for PenFed Honors Advantage Members. Frankenmuth CU (MI). 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. If so, please share your experience with them. PenFed takes no responsibility for the content of the page. Make a Payment. You'll also face a balloon payment at the end of your loan. 2. Would love to pick up other vehicles with this program. I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea? Does anyone know of anywhere other than PenFed that has auto loans with a balloon payment? E81 / E82 / E87 / E88Model Year: 2004 - 2011. I have a lady coming by today who I got approved and she literally has a 412 score. Yes I know about the dangers of the loans, what I need to know is who is offering them (other than PenFed). My wife also works and makes over $200k a year.We currently lease and finance Volvos. 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. My wife wants a Sienna or Odyssey and want to see what options I have. This allows me to recoup the equity locked in the vehicle, which would otherwise be lost w/ a Tesla lease. New Auto Loans. . They changed stuff over the years. Debt to income is also a huge factor, as you said.