Pen-fed Payment saver any good for JL for those who usually lease?

KDR83

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Has anyone confirmed with Penfed that this type of loan is available on the Wrangler? I emailed them early 2018 and they said no, it states on the calculator that its not available for trucks and SUVs. My buddy was able to get it on a new Lexus RX350 and GX460 but they said they classified those as wagons. I had the it on my 2015 Corvette Z06 and it worked great and paid it off early when I sold the car but just not sure if they are now offering it on Wranglers.





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guarnibl

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Has anyone confirmed with Penfed that this type of loan is available on the Wrangler? I emailed them early 2018 and they said no, it states on the calculator that its not available for trucks and SUVs. My buddy was able to get it on a new Lexus RX350 and GX460 but they said they classified those as wagons. I had the it on my 2015 Corvette Z06 and it worked great and paid it off early when I sold the car but just not sure if they are now offering it on Wranglers.
I’ll call tomorrow and check if I get a chance.
 

cbrenthus

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The calculator is showing that it would work with a wrangler. I grabbed the VIN of a rubicon and plugged it in.
 

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It worked for my Tacoma
 

cbrenthus

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Well, I just tried several vehicles in the calculator. It seems different today than yesterday, but for me it looks like its good with 2019s, but won't let you buy a 2018. I tried Silverados, Corvettes, and Wranglers. I'm really liking the 2.99% for 36 months, then refi the balloon payment.
 
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nypharm

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It worked for my Tacoma
You have done it with the tacoma in past? Reason I ask is Tacoma and Wrangler are least deprecating vehicles on the road. Did you sell it before 3 years or refinanced the tacoma? I'm looking to possibly do this pen fed payment saver due to high resale on wrangler. Do not want to upside down on it after 3 years.
 

PowerGuy

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You have done it with the tacoma in past? Reason I ask is Tacoma and Wrangler are least deprecating vehicles on the road. Did you sell it before 3 years or refinanced the tacoma? I'm looking to possibly do this pen fed payment saver due to high resale on wrangler. Do not want to upside down on it after 3 years.
I've done it with a Mini Cooper and 2 Tacomas, sold the Mini outright and traded the Tacomas in before the 3 years were up. Had to make up a little ($600) on the last Tacoma due to it being in an accident (hit a deer) and depreciated value from CarFax. I didn't do it with the JL because the payment difference wasn't going to be that big of a difference and didn't want to take a chance on the projected resale value.

You do come out better if you Private Sale and not trade in.
 
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nypharm

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I've done it with a Mini Cooper and 2 Tacomas, sold the Mini outright and traded the Tacomas in before the 3 years were up. Had to make up a little ($600) on the last Tacoma due to it being in an accident (hit a deer) and depreciated value from CarFax. I didn't do it with the JL because the payment difference wasn't going to be that big of a difference and didn't want to take a chance on the projected resale value.

You do come out better if you Private Sale and not trade in.
Yea I usually lease; would do the same with JL but the rubicon lease is higher than these pen fed payment savers. So I figured I roll the dice and maybe try it. Do you think the value of these JL rubicons won't be around 31-33k 3 years down the road?
 

KDR83

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Calculator works for a bunch of cars that aren't actually eligible. Also model years too.

Here is the respond I got from PenFed:

Dear Member,

A Jeep is going to be classified as a SUV which is going to make it and
ineligible vehicle for our payment saver loans.

Please feel free to reply if you need further assistance.

Sincerely,

Lacey Weldon
Consumer Loan Processor
PenFed Credit Union
 
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nypharm

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Calculator works for a bunch of cars that aren't actually eligible. Also model years too.

Here is the respond I got from PenFed:

Dear Member,

A Jeep is going to be classified as a SUV which is going to make it and
ineligible vehicle for our payment saver loans.

Please feel free to reply if you need further assistance.

Sincerely,

Lacey Weldon
Consumer Loan Processor
PenFed Credit Union
I called today and they told me it is. Can anyone verify?
 

cbrenthus

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From the website: "Trucks, Vans, Crossover Vehicles, Smart cars and SUVs are not eligible as Payment Saver Loan vehicle types. This restriction includes hybrid trucks and SUVs as well."

I'd really like to know as this is very interesting.
 

KDR83

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Maybe it's discretionary and they will make an exception for some people because obviously the calculator works so maybe they have the ability to push it through? It would be really nice to verify in way as on a 4 door Rubicon that makes the loan payment either $500 a month or $950 a month.

One thing that is nice is this loan automatically includes GAP coverage so if you total your car in the first year or so when you probably will be under water, you are safe. As far as residual values, I think I remember a Rubicon shows as $30k after 5 years. Considering you can barely find a 2013 JK Unlimited Rubicon for under $30k and those were significantly less expensive to begin with, I think people will be okay on selling or refinancing. Penfed itself does refinancing up to 110% value of the car so that should easily cover it.

Just need an answer one way or another, I would like an email answer saying they can do it versus a phone call.
 

cjaama

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I called today and they told me it is. Can anyone verify?
It sounds like they verified.
This is the first I've heard of these loans. My interest is piqued. The couple of forums I found with people discussing these loans had almost nothing but good things to say, particularly in certain states where you have to pay sales tax on the entire vehicle at lease inception and then again if you choose to buy it out. I don't know how that's legal.
I'd like to look have an amortization schedule for one of these loans.
 

sfadchi

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I had it on my JLUR and now have it on my Raptor. :) My JLUR payment was $251 and my Raptor payment is $612. My only suggestion for anyone trying to get this type of loan is overpay overpay overpay. If this is really all you can afford, do not get the loan. When I had my JLUR I set my account up to auto pay $200 every Friday. Now that I have the Raptor, I have it pay $250 every Friday.
 

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