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Old 05-05-2009, 06:14 PM   #1
Banshee
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Questions for those who financed through PenFed

I recently refinanced my Harley through PenFed with a APR rate drop from 9.8% to 6.49%. I got the check and literature and forms today.

In the insurance affidavit that I have to give State Farm, PenFed REQUIRES a maximum Comp and Collision deductable of $500. I currently have my deductible at $1000 COmp/Collision.

Anyhow, the refinance saves me $13 a month, but the insurance hike to a $500 deductible will cost me $23 a month.

I also was approved for the full price for the 2SS. Does ANYONE know after reviewing their literature for their Camaro what minimum or maximum Comp/Collision coverages are required?

To be honest, the rates are great, but another company at 4.70% requires only $1000 C/C coverage and that is a HUGE savings, even if going with the higher interest rate. You may pay more monthly payment for car, but the insurance rate will be much lower.

Food for thought.
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Old 05-05-2009, 06:26 PM   #2
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Good point
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Old 05-05-2009, 08:06 PM   #3
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I have state farm, and have been quoted 48 dollars a month increase to my current coverage with a 500 deductible. I have two other vehicles with them and a home. I have been with them for 11 years, and I live in a pretty decent area of the state. Lower crime than others.

I did see the small print from PenFed. I went right by it because it did not pertain to me.

I am getting a new car rate at 3.99% for 60, or 4.75% for 72, or the payment saver rate at 4.25% at 72 months. I am still undecided. I have a few weeks to go to make up my mind.

Used rates are also at 3.99%, can't you refinance for a lower percentage to get a better payment? The payments could be lower the other route, but you will pay more for the vehicle.
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Old 05-05-2009, 08:24 PM   #4
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where do you see the 500 deductible required? i was going with 1000 to save the insurance. also i keep finding more and more problems with penfed. I know it is also required to have 500 dollars in your account at all times, is there anything i am missing?

of course i have geico so maybe i could save some on insurance as they seem to be partnered up.
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Old 05-05-2009, 08:29 PM   #5
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Quote:
Originally Posted by bob2the2nd View Post
where do you see the 500 deductible required? i was going with 1000 to save the insurance. also i keep finding more and more problems with penfed. I know it is also required to have 500 dollars in your account at all times, is there anything i am missing?

of course i have geico so maybe i could save some on insurance as they seem to be partnered up.
I was told when I opened up my account w/ Penfed that there was no requirment to maintain a minimum balance save the $5 that was necessary in order to open it.
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Old 05-05-2009, 08:37 PM   #6
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I was told when I opened up my account w/ Penfed that there was no requirment to maintain a minimum balance save the $5 that was necessary in order to open it.
oh hmm because on the website it says they want you to maintain a minimum balance.

hmmm ill have to call and figure it out. car shouldnt come in till late june (i pray the plant doesnt stop) so i have plenty of time
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Old 05-05-2009, 08:45 PM   #7
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Quote:
Originally Posted by edog View Post
I have state farm, and have been quoted 48 dollars a month increase to my current coverage with a 500 deductible. I have two other vehicles with them and a home. I have been with them for 11 years, and I live in a pretty decent area of the state. Lower crime than others.

I did see the small print from PenFed. I went right by it because it did not pertain to me.

I am getting a new car rate at 3.99% for 60, or 4.75% for 72, or the payment saver rate at 4.25% at 72 months. I am still undecided. I have a few weeks to go to make up my mind.

Used rates are also at 3.99%, can't you refinance for a lower percentage to get a better payment? The payments could be lower the other route, but you will pay more for the vehicle.
What is the payment saver rate? That's the first I've heard of it... it's lower than the regular 72-month rate, so what's the catch? Thanks
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Old 05-05-2009, 08:47 PM   #8
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i didnt see that it said you needed a 500 dollar requirement! where does it say this?
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Old 05-05-2009, 08:59 PM   #9
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i didnt see that it said you needed a 500 dollar requirement! where does it say this?
it says all accounts need a 500 dollar min. maybe i just assumed you needed an account to take out the loan? but as others have said you dont, so that works too


edit here is what it says for a checking account "No monthly service fee with a minimum monthly balance of $500.00 or Direct Deposit of net pay (minimum $500 monthly)" but if an account isnt needed for a loan then it doesnt matter
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Old 05-05-2009, 09:00 PM   #10
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Only needed $5 to open the account. Didn't see anything about needing more to keep it open...
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Old 05-05-2009, 09:06 PM   #11
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Only needed $5 to open the account. Didn't see anything about needing more to keep it open...
oh for a savings account, i was assuming checking account
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Old 05-05-2009, 09:07 PM   #12
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Quote:
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oh for a savings account, i was assuming checking account
Yea, I'm pretty sure that's all you needed to apply for a loan.
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Old 05-05-2009, 09:12 PM   #13
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Payment saver loans.

New Autos 4.24% APR†
Used Autos 4.24% APR†
† Trucks and SUVs are not eligible as
Payment Saver Loan vehicle types.


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
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Old 05-05-2009, 09:16 PM   #14
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Quote:
Originally Posted by edog View Post
Payment saver loans.

New Autos 4.24% APR†
Used Autos 4.24% APR†
† Trucks and SUVs are not eligible as
Payment Saver Loan vehicle types.


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
sorry but i dont get this!?
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10. A manual transmission is the ultimate in control
9. You can use automotive jargon and not sound like a total tool
8. You can't spell "manual" without "man"
7. Manual transmissions prove you can do more than one thing at a time
6. You can't drift in an auto
5. You can't pull fancy moves in an automatic
4. You get better fuel economy with a stick
3. You’ll never look like a chump if you can drive stick
2. Manual transmission cars are faster
1. Women like a guy who is good with his hands.

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Old 05-05-2009, 09:28 PM   #15
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https://www.penfed.org/productsAndRa...Calculator.asp

Go to this site and do the calculator. The Camaro is on the site now. It will explain it easier.

Basically, you pay reduced rates, then at the end of your term you have a balloon payment. You can refinance or pay off. Depending on your deposit and the amount you can pay off extra per year you will determine if it is for you or not.

Most companies would charge huge interest rates for this, but PenFeds rates are low. If I did it I would use part of my yearly tax returns to pay off the balloon payment by the time the term is up. I talked to PenFed and they stated there was no penalty for early payoff.

This is a good option for someone who does not want to over commit during bad economic times, or someone forced into buying a car when they were not ready. I do not need it, but it is a good safety option if I commit to having the loan paid off in 5 years.
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Old 05-05-2009, 09:29 PM   #16
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sorry but i dont get this!?
basically its the exact opposite of how its usually done. instead of the down payment being due at the beginning its instead due at the end of the pay period

for example you buy the car for 30k, for 3 years you make payments down to 10k, at the end of those 3 years you owe the rest of the amount left, in this case 10k. where this makes sense is basically if you are leasing the car or you dont have a lot of money now but by the end of the payment period will have the money. Or it also makes sense if you are just planning on trading the car back in at the end of the period, it would be like leasing the car.

If you are planning on keeping the car though, i would do a normal loan at the 3.99 APR you can always pay off the loan at any time you want and its a lower percentage than 4.25 so you would be saving money.
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Old 05-05-2009, 10:07 PM   #17
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I was not talking about maintaining a $500 balance on a loan from PenFed.

I WAS talking about a required $500 Comp and Collision deductible for an Auto or motorcycle loan from PenFed which, when others do not require such a provision.

I was asking if anyone who has a loan from PenFed for their Camaro knows for sure if a $500 deductible is mandatory.
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Old 05-05-2009, 11:06 PM   #18
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I was not talking about maintaining a $500 balance on a loan from PenFed.

I WAS talking about a required $500 Comp and Collision deductible for an Auto or motorcycle loan from PenFed which, when others do not require such a provision.

I was asking if anyone who has a loan from PenFed for their Camaro knows for sure if a $500 deductible is mandatory.
i know banshee and i would like to know this also. what i dont understand is why they would care. I dont see how the deductible on the insurance effects the loan provider. Or the other question it would seem is there just a minimum 500 dollar deductible required (which would make more since) ie anything at that level or above is fine.
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Old 05-06-2009, 01:26 AM   #19
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I just used PFCU last month (3.99%) to buy my wife's 09 SRX, they do require a min of $500 Comp and Collision deductible.

Good luck.
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Old 05-06-2009, 04:14 AM   #20
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They do require 500 deduct on loan. I think they want to make sure you can fix the car if something happens to it.
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Old 05-06-2009, 07:36 AM   #21
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Only needed $5 to open the account. Didn't see anything about needing more to keep it open...
I have had a pentagon federal account for YEARS. It started with $5.00 and I have never added another dollar. Right now my checking is a little over 20.00 because of earned interest.
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Old 05-06-2009, 08:42 PM   #22
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I think they are referring to the deductible for insurance while financing through them. Someone else is talking about a checking account compared to a savings account.
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Old 05-14-2009, 08:04 PM   #23
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so let me get this straigh.... with a minimum of 500 for a deductible, i can have a 1000??
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Old 05-14-2009, 11:11 PM   #24
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Every NCUA credit union is gonna require 500 min. That's a no brainer...

Why do you think the rates are low? They don't give to bad credit or risky loans.

This protects you as well. If the car's gonna get smoked might as well let them pay more.

Reference the crashed one thread.
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