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Old 04-29-2009, 08:59 AM   #1
edog


 
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What are the pluses/minuses of financing using payment saver plan?

Are there any drawbacks for financing with a payment saver loan? I wonder, for those who might be in a situation of limited cash flow and job security, could this help them finance, and if something was to happen due to the economy there payments would be lower minimizing the amount they have to pay during the month. It looks as if it could save them up to 300 a month if needed.

Any thoughts?

How It Works
With Payment Saver Auto Loans, you will be able to make a lower payment than what the conventional auto loan would offer, yet at a higher interest rate. Then, at the end of the loan, you will owe the remaining balance of the loan itself. At this juncture, you may choose to payoff the loan or sell, trade, or refinance the vehicle.

Your Payment Saver Auto Loan payment is calculated based on the loan term, the amount you have requested, and the residual value of the vehicle. The residual is the expected value of your vehicle at the end of your loan term.

The difference between your loan amount requested and the residual value is amortized over the loan term, resulting in a low monthly payment without the danger of your becoming upside-down in the loan.

Loan Features
Ownership - The vehicle is yours, this is not a lease
No prepayment penalties
No wear and tear clause
We'll determine the residual value to estimate your vehicle's worth at the end of your loan*
Sell, trade, or refinance** at the end of your loan term
We offer superb rates as well as additional offerings for your investment; such as Mechanical Breakdown Protection and GEICO Auto Insurance.

How much car can you afford to buy?

Payment Saver Auto Loan Calculator
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Old 04-29-2009, 09:08 AM   #2
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I wouldn't do it this way.. If you can't afford a 6 month loan at 5.99% down to 3.99% like the one I will be getting at penfed.org, then I wouldn't be getting the car. You are better off saving your money in a savings account until you have enough to make a down payment large enough so that you can easily afford the monthly payments of a regular interest loan. Don't let yourself be a financial situation where you are paying a huge interest rate (even if it is for a longer period of time) just to have the car immediately. How high is the interest rate on this anyways?? Is it over 10%? Doesn't seem worth it if it is don't you think. You are better off leasing with an option to buy in that case..
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Old 04-29-2009, 09:54 AM   #3
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Actually, through pen fed it is only 4.25%. It was not such a arm breaker. At the present I am doing either the 3.99 @60 months or the 4.75 @72 months. It just depends on what size deposit I am putting down. Currently I have saved 12k, but my porch is in need of repairs.

I could put down pretty large lump sums each year to have it paid off in five without the need to refinance a balance, but if something were to come up unexpected this would give a little breathing room. I am not strapped by any means, but thought it might be a good idea with a contingency if something bad were to happen.

Any thoughts based off this info?
https://www.penfed.org/productsAndRa...SaverLoans.asp
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Old 04-29-2009, 02:36 PM   #4
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i checked and there is not a penalty for early payoff.
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Old 04-29-2009, 02:42 PM   #5
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I don't even think you can lease them can you? I didn't think a lease option was available.
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Old 05-06-2009, 08:39 PM   #6
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The payments saver is not a lease, it just reverses the buying process as another member stated. You will have a balloon payment at the end to either refinance, trade in, or sell it.
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