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

sfadchi

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Not only would you have the payments with no car, you'd also have to pay the balloon payment 2 months earlier. With a traditional loan I could see making a payment or 2 ahead of time, but not the PenFed ;)
LOL I would never make it to the ballon. I have a terrible car/truck/jeep addiction. I'd be a damn millionaire if I stopped buying so many vehicles.





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guarnibl

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Trade value for a '15 seems to be about $29k, with all options, loaded out Rubicon Hard Rock. I entered 50,000 miles. This is KBB. This seems a bit high to me, given similar equipped Jeeps on eBay are asking $32k. Not enough room there for the dealer. So my guess is it's likely to be around $27k. Maybe I'm wrong.

JL's got more expensive, so I'd estimate trade will likely be around $30k when all said and done. PenFed thinks the residual will be $38,396.. so I'd probably be taking an $8,000 hair cut with the payment saver. I think I'll just pay the extra $3600 in interest (5.5% vs 2.99%) over 36 months and let FCA take the risk. The difference between the FCA lease and the PenFed saver is about $100/month.

Anyone think my numbers are wrong? What was the original MSRP of a loaded out Rubicon Hard Rock in '15? I should probably be comparing a '16 but the values seemed close and I'm choosing every option possible, and options only hold 20% of value compared to the residual of the actual base price so I think this is a more conservative safe approach.

I have used the payment saver before -- on my '16 981 Spyder (Porsche). Since GT cars hold their value, it made sense. The car has depreciated less than 5% since I bought it ~19 months ago. Loan rate was 1.9%.
 
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nypharm

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Trade value for a '15 seems to be about $29k, with all options, loaded out Rubicon Hard Rock. I entered 50,000 miles. This is KBB. This seems a bit high to me, given similar equipped Jeeps on eBay are asking $32k. Not enough room there for the dealer. So my guess is it's likely to be around $27k. Maybe I'm wrong.

JL's got more expensive, so I'd estimate trade will likely be around $30k when all said and done. PenFed thinks the residual will be $38,396.. so I'd probably be taking an $8,000 hair cut with the payment saver. I think I'll just pay the extra $3600 in interest (5.5% vs 2.99%) over 36 months and let FCA take the risk. The difference between the FCA lease and the PenFed saver is about $100/month.

Anyone think my numbers are wrong? What was the original MSRP of a loaded out Rubicon Hard Rock in '15? I should probably be comparing a '16 but the values seemed close and I'm choosing every option possible, and options only hold 20% of value compared to the residual of the actual base price so I think this is a more conservative safe approach.

I have used the payment saver before -- on my '16 981 Spyder (Porsche). Since GT cars hold their value, it made sense. The car has depreciated less than 5% since I bought it ~19 months ago. Loan rate was 1.9%.
If Chrysler did Multiple security deposit on lease, the deal would be close to pen fed payment saver. Anyone know if they actually do that or Ally maybe?
 

guarnibl

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Does Ally do a payment saver ? FCA doesn’t do MSDs
 

sfadchi

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Trade value for a '15 seems to be about $29k, with all options, loaded out Rubicon Hard Rock. I entered 50,000 miles. This is KBB. This seems a bit high to me, given similar equipped Jeeps on eBay are asking $32k. Not enough room there for the dealer. So my guess is it's likely to be around $27k. Maybe I'm wrong.

JL's got more expensive, so I'd estimate trade will likely be around $30k when all said and done. PenFed thinks the residual will be $38,396.. so I'd probably be taking an $8,000 hair cut with the payment saver. I think I'll just pay the extra $3600 in interest (5.5% vs 2.99%) over 36 months and let FCA take the risk. The difference between the FCA lease and the PenFed saver is about $100/month.

Anyone think my numbers are wrong? What was the original MSRP of a loaded out Rubicon Hard Rock in '15? I should probably be comparing a '16 but the values seemed close and I'm choosing every option possible, and options only hold 20% of value compared to the residual of the actual base price so I think this is a more conservative safe approach.

I have used the payment saver before -- on my '16 981 Spyder (Porsche). Since GT cars hold their value, it made sense. The car has depreciated less than 5% since I bought it ~19 months ago. Loan rate was 1.9%.
Again I'll state anyone that does the payment saver and only pays the minimum payment is a fool!
 

guarnibl

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cbrenthus

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You can apply the day before if you want and for a $15 fee they will overnight it. If not they will mail the check out snail mail and it takes about 3-5 days to get it. On my JLUR I made the mistake of applying as soon as I got the vin. I got the check 2 months before my Jeep came in. I ended up canceling that loan and reapplying because I didn't want two months of car payments for no reason.

How did you cancel?
 

Means2212

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I tried doing this option and their system wouldn’t allow it to process because it identified it as an SUV. I know some have had some luck but that was just two weeks ago. I keep getting errors through the app process and eventually called trying to make it happen and the gentlemen I spoke with didn’t understand why it wouldn’t go through as well. Eventually his boss got on the line and explained that the system is catching it as an sub now and that they had seen this issue in the past and that’s why some were able to get around it. Not sure if it can happen still or not but for me I had no such luck.
 

DevilDog305

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I applied online yesterday and got an approval email today, the email I got from the loan officer said that I will be getting a check in my and the dealers name. So far so good.
 

KDR83

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Any update, did you get the check? Wondering if they fixed the system
 
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I've been messing around with the calculator but it does not seem to align with the MSRP when I input the MSRP (and I assume that affects the residual). Should I just apply the % residual to actual MSRP or is there a different calculation?
 

cbrenthus

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I've been messing around with the calculator but it does not seem to align with the MSRP when I input the MSRP (and I assume that affects the residual). Should I just apply the % residual to actual MSRP or is there a different calculation?
I think all it knows is the basics like if it is a 2 or 4 door, Sport, Sahara, or Rubi. When I was playing with the calculator every sport had the same MSRP and residual, and every Rubi did as well. And when I finally went through with it, the payment was slightly different than the calculator, but not enough to be of concern.
 
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How do they enforce the 15k miles a year? We drive a lot so that is pushing it.
 

kre62

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How do they enforce the 15k miles a year? We drive a lot so that is pushing it.

Theres no mileage restrictions. Its not a lease. The 15k mile thing is on used cars. Because they base the residual on wear and tear, and only allow up to 15k miles per year for a used car, so if you buy a 2017 model, it has to have less than 30k miles on it. Once you have the loan, its the exact same as a regular purchase money loan, no prepays, no mileage restrictions one payment is simply bigger than the others.
 

89TransAmWS6

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Just to bump this to the top...has anyone used this PenFed Payment saver recently? Some of these posts say yes, others say no and the website says not to SUVs and Trucks...
 

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