homesite

Has anyone finance with PenFed Payment Saver?

What was the balloon amount at the end of the loan?

Glen e

Is that you, scott? it's glen from veradoclub and THT...still got the fountain?

Yes I have a penfed payment saver loan..I think I have 20 g's at end of 5 years as a balloon...

Stop down and see my Vette or I'll come to your fav place by the water: houston's!

RedC7AZ

I just financed with PenFed, but not the payment saver.
Regular 60 month loan at 1.99%

homesite

Hi Glen,

Yes, I still have the Fountain. I would love to see it. I would also love to give you a ride in my GTR with 1500 hp.

Nyvetteguy007

I did....balloon is approx $25,000 at month 60...

Paxton90292

Interested in this question as well. Are you guys rolling taxes and miscellaneous fees in the payment saver program? Will Penfed allow it?

Nyvetteguy007

I got myself approved for a much larger amount as I didn't know what exact options etc I was going to end up getting, I also figured let me do worst case scenario and roll everything in the number including taxes and fees in case I wanted to do no $$$ down at all.

I did the application online on a Saturday morning, by early Monday afternoon I was approved.

So now I was shopping with the knowledge I could borrow x$ and what the payment would be. The approval is good for 90 days and you must start the process again in the event you end up purchasing in more than 90 days.

I had a couple of questions along the way and the folks at PenFed could not have been more helpful.

Due to being busy etc it took me a while (about 30 days) to finally get to picking a car, first guy I contacted was Mike Furman at Criswell on a Sunday night with my C6 info pics etc, by late Monday morn he gave me exactly the number I was looking for on a trade.

I had positive equity in my C6 and I put another $2k down just to get to a payment number the wife was happy with and Criswell sent me a PO which I sent to PenFed and PenFed sent me a check in that amount in a day.

Sounds like a lot, but in reality it was very easy from how PenFed treated me to Mike at Criswell who was also fantastic to deal with.

Could not be happier with PenFed, Mike Furman and my C7

Glen e

What I liked about Penfed, and I'm sure many cu's do this, is I walked in with a check plus my trade for everything. Made the tedious and torturous time you have to sit with the "F&I guy" VERY short.

jimmyb

+1. It sure makes it painless. "Here's your check, thanks"

Jimmy

mjw930

FYI, the sweet spot on the PenFed Payment Saver is 36 months unless you are putting a lot of money down.

My wife calls me the spreadsheet king so I made one to see what the TCO (Total Cost of Ownership) is between a straight loan and the Payment Saver. The assumptions here are $60,000 borrowed against a $66,000 MSRP. MSRP is important because that's how PenFed calculates residual. TCO includes $6000 down but does not include taxes, insurance, etc.

Nyvetteguy007

My conversation with the F&I woman was pretty quick...

Paxton90292

Thanks for the helpful info!

23/C8Z

I completed the application for this loan tonight. sorry to bring thread back from the grave but was wondering what the quickest anyone pulled one of these draft checks off in lol. thanks in advance

Was hoping to receive a check before the weekend!

Nyvetteguy007

My friend just did his and had his check in less than a week I believe.

Flame Red

I have financed several cars through PenFed. Usually they FedEx the bank draft by the 2nd business day. They usually have the best rates. If pushed, the Stealerships can usually match their rates, but I'd rather spend the least amount of time possible in the Stealerships myself.

microday

They can send it overnight for a fee, once you enter the VIN the process is very simple for approval. As many have mentioned I have found PENFED to be excellent, on several private seller sales the new owner financed with PENFED making the transaction very easy.

If using the payment saver enter the VIN or a VIN of a similar priced MSRP to calculate the "sweat spot" for age. They are using NADA data to calculate the residual value for the balloon. This will give you a good idea of wholesale value at the end of term. If you plan to keep your vehicle the complete term the loan is expensive but drops your payment down, no different then a lease.

EMINENT 1

I did. Fee for overnight is like $12-16, can't remember. Very fast on approval. I didn't even know they cut the check and sent it already when I called to check the status a couple days after applying.

KratosBear

Good stuff.... I am going to consider....

Mluzzy1

Used them twice. Most recently had the app approved thursday morning and check arrived friday . Overnight fee was small. Great people to work with.

KratosBear

Do you need to have the car picked out when you apply or just the needed amount? Did you apply online or via phone?