Has anyone ever used this program before? What are the pluses/minuses of financing using payment saver plan? Will it impact my credit or look bad to banks if I immediately submit another application with PenFed - this time as a joint application? This isnt a product thats useful to me. The term doesnt matter that much because you can sell, trade, or pay it off whenever you want. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. Used car loan value based on NADA Retail Value. 1. My wife also works and makes over $200k a year. You might also have luck in the r/whatcarshouldibuy subreddit. Hanscom Federal Credit Union (https://hfcu.org/) APY. European Delivery. I have a lady coming by today who I got approved and she literally has a 412 score. Quite honestly joining for the $5 minimum deposit is a no brainer just for the TDM discounts they offer. I have found cars with a 72 month term lower. I love pen fed dont get me wrong and have used the payment saver 7+ times, but it was so much better years ago. All Rights Reserved. Using the balloon loan qualified me for thousands in additional rebates versus a CCAP lease. Further information is available in our FICO Data Privacy Policy. 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 . Might have to call them and ask. Bimmerpost Model Selection. The share savings account gets you all the benefits, Powered by Discourse, best viewed with JavaScript enabled. I looked at it. 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. Please contact the moderators of this subreddit if you have any questions or concerns. Our students say Absolutely amazing app, but is there a way to copy a result? For instance in 2014 I took out one for a loaded 781 Porsche Boxster S, fully loaded car. I just emailed Penfed to ask for more info on how they figure the RV. Out of curiosity, for those who have balloon loans, whats your APR? Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. Uses transunion credit for initial score. 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. See how anyone can join and take advantage of its market-leading CD rates. This was the case for many of the Dodge products, when they were still doing Power Dollars (no more). 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? However, they do not take any action and the dispute . Maybe you can reverse engineer a good guess on the RV by figuring out total cost of payments compared to MSRP. Its not. That really is an awesome deal! Have they stopped all new vehicle finance options? Just not a pen fed customer to know what their RVs are on those two specific vehicles. 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. As my grandfather would say, this place cant find its ass with both hands. 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. Minimum loan amount of $15,000 for vehicles financed with 60 to 72 month loan terms. Loan rates and terms are determined by each individuals credit history, underwriting factors, and loan-to-value and are subject to change without notice. G42Model Year: 2021 + F44Model Year: 2020 + Previous Generations; F22 / F23 . Learn about the other ways you can use online and mobile banking. Has anyone else had this experience with PenFed? How to pick a car? 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. Penfed payment saver loans (like bmw select with balloon) Bimmerpost Model Selection. 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. This is completely wrong. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. F40Model Year: 2019 + Previous Generations; F20 / F21Model Year: 2012 - 2018. Expect a hard pull immediately after submitting your application online. Monthly Payment. There website says it's an estimation based on their data & the mileage cannot exceed 15k a year. It's a lease-like program, but you OWN the vehicle, and there are plenty of end-of-term options:. 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. Re: Has PenFed done away with Payment Saver (balloon finance) loans? We currently lease and finance Volvos. 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. Ken had already updated the PenFed site to these new rates but haven't seen anything mentioned on the blog or in the forum. Given most APRs are pretty low right now, the difference in interest paid, for such a short term, is fairly insignificant. Read: 35 Ways To Slash Your Car Costs. Collapse. I don't see it on their site anymore, did they stop offering it? Insurance Investments Locations & ATMs Digital Banking EN ESPAOL (800) 421-6674. Message 3 of 4. I really don't think it is terrible as long as you setup an auto deduction into a interest bearing acount for what you would save each month. Just did the payment saver plan on the M4 we are picking up next weekend. Bring back /u/chooter, Press J to jump to the feed. I wonder were these taxed at the full purchase price or taxed like a lease? 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. Hopefully this is not the end of the line, because they are a great option where you can find a favorable RV. Payment came back very high, not sure what rates/fees they used. Nothing good can come of it. With the Tesla, its about the ability to sell the vehicle, at any time, and not be forced to return it to Tesla. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. Solve Now. Same APR. 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. Rates are accurate as of Feb. 2, 2023. 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. $465. PenFed dropping the balloons is very interesting. I don't believe they allow you to walk away from the car at the end though. dunn2500. You need to be a member to access it. 4.0. Used auto loans: You can get up to 110 percent financing with terms . I was told to just call back when I have the VIN. My wife wants a Sienna or Odyssey and want to see what options I have. Take two $50,000 cars, one with a 50% RV and one with a 40% RV. Damn I just picked my 2021 trd pro 4runner with this Penfed program back in June. ; Trade it at maturity or anytime during loan term. I just thought there would be interest in PenFed discontinuing their offering, given the flurry of recent discussion in other threads. Anyone on here have any experience with these loans?? 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. Note that fees charged between providers can vary. Generally, I do think a balloon loan makes sense for short term purchases. What happens if you can't refinance in time at the end of the loan? In my case i started with a 15 dollar savings account with penfed and let it sit for 7 months. Loan amounts range from $10,000 to $100,000 and APRs start at 2.99% and 3.74% for new and used cars, respectively. 0% balance transfer promo APR for 12 months, although a 3% fee applies on each transfer. 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. F80 M3 / M4 Pricing, Ordering, European Delivery, https://www.dcu.org/loans/auto-choices.html. PenFed Payment Saver Auto Loan. Latest BALLON LOAN options (best to worst): CapEd Credit Union (https://capedcu.com/) I used their calculator here for ballpark numbers: I am a member of PenFed and went under their Car Buying service. Welcome to the Greater Nevada Credit Union Payment Saver site. I had no problems getting 3 approvals at other banks at top rates inculding through BMW. Congrats man!!! FORUMS. 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. You may find these sections particularly useful; Will paying in cash or a large cash down payment offer me leverage in negotiations? 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. We can help you find an auto loan that meets your needs with our CarBuilder Program. So i dont think there a specific method, but if you had to guesstimate it will be around the RV = to the 36/15k vehicle & changes based on the term you pick. 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. Those would be your best bet to see if there is one you can work with. Learn more. 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. Thanks for the input thus far guys, very helpful. Just like buying new? A lot of credit unions buy residuals from AFG. 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. Taxes on full vehicle price were paid on vehicle upfront. PenFeds new Payment Saver Plus Program removes the risk of credit damage for members. Make a Payment. Refinance remaining balance and keep the vehicle. Penfed payment saver loan? I looked but it was cheaper to go with BMW select. I've also been thinking about going this route. 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.