Penfed payment saver loans (like bmw select with balloon)

dantm3 · 10-10-2021, 07:52 PM

Has anyone ever used this program before? 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..

https://www.penfed.org/auto/payment-saver

mattssi · 10-10-2021, 08:17 PM

I looked but it was cheaper to go with BMW select.

comebackid · 10-10-2021, 09:04 PM

Quote:

Originally Posted by dantm3

Has anyone ever used this program before? 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..

https://www.penfed.org/auto/payment-saver

3.99 on a 60 is high. BMW Select (BMW Choice in my area) is .9. That wasn't on my radar, but the salesperson pointed out that with 300-400 less payments per month, the extra interest difference after 60 months vs. the conventional loan was around $600. Just don't forget that final balloon payment.

Limegrntaln · 10-10-2021, 09:09 PM

Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes.

MavRick · 10-11-2021, 06:36 AM

Quote:

Originally Posted by dantm3

Has anyone ever used this program before? 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..

https://www.penfed.org/auto/payment-saver

we used it when we got our '16 F82 and it was awesome. tried to use it for our '19 that we bought in September of 2018....and they didnt have the model year residuals in the system. tried it again, a month ago, for our incoming '22 and they didnt have that model year's residual in the system, again.

honestly, tho...the rates are just too high. we are going with the Select at 60 mos because .9% is like free money.

barryc365 · 10-11-2021, 06:43 AM

The select looked attractive to me but they (BMW) managed to talk me out of it. They would only give me 1.9% on select but gave .9% on regular financing

I don't know why the dealer hate it so much but the finance guy brought his colleague over and they were both pleading with me not to do select. In hindsight they probably make more on the straight finance.

Should have stuck to my guns but the higher rate put me off a bit

CiaranRomero · 07-05-2023, 05:10 AM

Hey there! I haven't personally used that program, but it sounds interesting. If you're looking for information on how to calculate the residual value, you could try reaching out to a Mortgage Broker in Newport. They're experts in the field and might have some insights or alternative options for you. Good luck with your research!

Thorsveinyhammer · 07-05-2023, 01:16 PM

Quote:

Originally Posted by CiaranRomero

Hey! I haven't tried that program myself, but it does seem intriguing. Calculating the residual value can be a bit tricky sometimes, especially without clear instructions. Have you considered reaching out to the program's support team or searching online forums for more information?

This is an old thread. I'm pretty sure they are not still looking at financing rates

10-10-2021, 07:52 PM	#1
dantm3 Major 643 Rep 1,231 Posts Drives: 2022 M3 Xdrive Join Date: Mar 2010 Location: austin, tx iTrader: (0)	Penfed payment saver loans (like bmw select with balloon) Has anyone ever used this program before? 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.. https://www.penfed.org/auto/payment-saver
	Appreciate 0 Tweet Quote

10-10-2021, 08:17 PM	#2
mattssi Major 879 Rep 1,369 Posts Drives: 2019 X3 Join Date: Sep 2006 Location: Bend, OR iTrader: (1)	I looked but it was cheaper to go with BMW select.
	Appreciate 0 Quote

10-10-2021, 09:09 PM	#4
Limegrntaln Major General 13478 Rep 6,962 Posts Drives: 2022 DG/BLk xDrive M4C Wk 34 Join Date: Mar 2008 Location: Sacramento Area iTrader: (3) Garage List 2022 G82 M4 Competi ... [9.23]	Keep in mind when you calculate the payments on BMWs site, it doesn't include taxes. __________________ 2022 DravitGrau /Black Full Merino M4 Competition M xDrive / Production Week 34/ Delivered 10/19/21/ IG: dravit_m4_comp YT: G Dubyou
	Appreciate 1 BMWRacer5232519.00 Quote

10-11-2021, 06:43 AM	#6
barryc365 Major 1956 Rep 1,383 Posts Drives: BMWM3 Join Date: Apr 2021 Location: NYC iTrader: (1)	The select looked attractive to me but they (BMW) managed to talk me out of it. They would only give me 1.9% on select but gave .9% on regular financing I don't know why the dealer hate it so much but the finance guy brought his colleague over and they were both pleading with me not to do select. In hindsight they probably make more on the straight finance. Should have stuck to my guns but the higher rate put me off a bit
	Appreciate 0 Quote

07-05-2023, 05:10 AM	#7
CiaranRomero Registered 0 Rep 4 Posts Drives: Toyota Join Date: Apr 2023 Location: Paris iTrader: (0)	Hey there! I haven't personally used that program, but it sounds interesting. If you're looking for information on how to calculate the residual value, you could try reaching out to a Mortgage Broker in Newport. They're experts in the field and might have some insights or alternative options for you. Good luck with your research! Last edited by CiaranRomero; 07-10-2023 at 03:36 AM..
	Appreciate 0 Quote