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

KDR83

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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.
So no issues when you applied for the loan? I honestly was looking at wranglers with this loan back in 2014 but never pulled the trigger since the website and emails always said no SUV.





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KDR83

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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.
The amortization schedule should be no different than a normal car loan, you just pay more interest since you always have that large final balloon payment that you never pay down until the final payment.

If this works on Jeeps that is great like I said, I used it on my Corvette and Penfed has always been great to work with, their customer service is top notch.
 
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nypharm

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So no issues when you applied for the loan? I honestly was looking at wranglers with this loan back in 2014 but never pulled the trigger since the website and emails always said no SUV.
I just emailed them again. Asking if wranglers qualify. This is the response. Why pay more and more? Fear of being upside down??

Thank you for contacting PenFed.

That vehicle make and model would qualify for a Payment Saver Loan.

Please note, there are other limitations that may apply based on the vehicle
details. Please review the Disclosures section at the following link to ensure
this vehicle is eligible:

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

Please feel free to reply if you need further assistance.

Sincerely,

Ashley Johnson
PenFed Credit Union
 

KDR83

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Guess they don't even know lol

Funny the link they sent says no SUVs or trucks but hey I'm all for it, wish I only got a yes 5 years ago.
 
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nypharm

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Guess they don't even know lol

Funny the link they sent says no SUVs or trucks but hey I'm all for it, wish I only got a yes 5 years ago.
I think they do allow this option. However maybe not all all suv and trucks. Trucks like Tacoma, raptor and suv like wranglers hold value better. Even crashed, these vehicles demand high resale. Therefore penfed hedges bet and allows these loans. If I get the clear they do these loans, I will either get jlur or Tacoma Trd pro in voodoo blue.
 

KDR83

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I think they do allow this option. However maybe not all all suv and trucks. Trucks like Tacoma, raptor and suv like wranglers hold value better. Even crashed, these vehicles demand high resale. Therefore penfed hedges bet and allows these loans. If I get the clear they do these loans, I will either get jlur or Tacoma Trd pro in voodoo blue.
Yea my buddy got one on a RX350 and GX460, both SUVs that hold their value really well
 

sfadchi

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The trick is to do it all online. They have no system in place to know if it's actually an SUV or a Truck. They count on the honor system. However when I bought my JLUR in NJ it did come back as a 4 door wagon on the registration. Now the Raptor, well I don't know what to tell you accept the fact that I have had about 8 auto loans with PenFed and they love me there. My PenFed Visa has a $50K limit, which is their max. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. All vehicles that hold their value extremely well.
 
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nypharm

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The trick is to do it all online. They have no system in place to know if it's actually an SUV or a Truck. They count on the honor system. However when I bought my JLUR in NJ it did come back as a 4 door wagon on the registration. Now the Raptor, well I don't know what to tell you accept the fact that I have had about 8 auto loans with PenFed and they love me there. My PenFed Visa has a $50K limit, which is their max. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. All vehicles that hold their value extremely well.
What term do usually do 36 months? You can take a 48 months loan for example and sell the car before?
 

sfadchi

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What term do usually do 36 months? You can take a 48 months loan for example and sell the car before?
On my JLUR I did 36 months, the others I did 60 months. I only kept my JLUR for 6 months, and got more for it on trade than I paid for it. I had the FJ for 1 year. Traded it in for what I paid for it. I had the JKUR for 3 years, and always paid more than my payment.
 

cbrenthus

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OK, I think I see why I was getting ineligible model year on some vehicles and not others. Sometimes when I copy paste the VIN I got a space in front of the VIN. If that happens, it will say the model year is ineligible.
 

cjaama

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On my JLUR I did 36 months, the others I did 60 months. I only kept my JLUR for 6 months, and got more for it on trade than I paid for it. I had the FJ for 1 year. Traded it in for what I paid for it. I had the JKUR for 3 years, and always paid more than my payment.
When you make a payment in excess of your scheduled payment does it go entirely toward the pricipal?
 

KDR83

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The trick is to do it all online. They have no system in place to know if it's actually an SUV or a Truck. They count on the honor system. However when I bought my JLUR in NJ it did come back as a 4 door wagon on the registration. Now the Raptor, well I don't know what to tell you accept the fact that I have had about 8 auto loans with PenFed and they love me there. My PenFed Visa has a $50K limit, which is their max. I have had the Payment Saver on a FJ Cruiser, JKUR, JLUR and now my Raptor. All vehicles that hold their value extremely well.
They should like me too, I've had probably 5 plus car loans with them, 1 currently plus my mortgage was also with them. Good to know thanks!
 

sfadchi

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When you make a payment in excess of your scheduled payment does it go entirely toward the pricipal?
Yes, but one of the things I really like is that if you ever get in a bind (knock on wood I never have) you are prepaid. For example I don't owe another payment right now till May.

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cbrenthus

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Well, I think I sealed PenFed for me, it's a much better deal than leasing. Follow with me ;)


First, I built the JLUR I want, and went to the lease option on the calculator on the Jeep website. I then adjusted the down payment to make the "loan" amount $35K. You can see that under capitalized costs:
fOiyTQ3.png


Then, I went to Koones and found a JLUR that has a similar MSRP (~1000 more) than the one I built:
ITY7DQs.png


I plugged that VIN into the PenFed website, and got the following:
8rUZuqh.png



As you can see, the payment with PenFed is a much better deal. I also tried making the capitalilzed cost, or loan amount, $45K to see what would happen, and PenFed is $415 a month whereas Jeep is $531. So therefore, if you are going to lease for 3 years, and don't mind taking a bit of risk at the end, PenFed saves over $100 a month, or $3600 over the 36 months!
 

cjaama

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They say on the site that they have gap insurance which covers the difference between what the car is worth vs. what is owed. I’m assuming that would only be used in the case of a total loss and not just when the term is over if it’s worth less than you still owe. Correct?
 

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