Penfed Payment Saver Loan - Tesla now Available

Off-Ramp
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I know a few here wondered if Penfed CU would ever extend the payment saver to Tesla and other Ev’s and it is now available. All models are available in the drop down menus and the Base S seems like a pretty nice deal. At at 69750 MSRP with 6500 down I was seeing 646.00 for a 2 year term.

The model 3 seemed to work out just about exactly the way Tesla Leasing has them. 5k down on a 50,000 LR AWD with premium interior and paint is about 535.00 a month with a 30k balloon at 36 most.

Hope this helps some who are looking to buy instead of lease. if you drive under 10k a year and they continue to hold strong re sale , this might be a good solution for some.

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Actually this helps if you wanna do both…lease then buy as the TM3 can’t be bought at the lease end from Tesla.

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FWIW it’s been listed in the calculator for a while, but it still states no EV’s in the fine print.

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Indeed but I have a check for my wife’s Tesla here that says they need to update the fine print:)

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Interesting…

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So basically I am taking the depreciation risk vs car company in a lease?

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Exactly. If the RV tanks because (for instance) the secondary market is somehow flooded with them, or if it’s in an accident and the value is diminished, you are holding the bag.

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Indeed . I think what put us back to the buy was the 5k EV rebate and the miles we typically drive on that car a year. Usually under 7500. Check back with me in 3 years. I’ll let you know how we did😬

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Old thread, but confirming that Penfed is still honoring the balloon loan program for Tesla’s. I financed a demo Model 3 LR AWD with a $52K MSRP for $582/mo and $5000 down over a 36month term.

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What’s your APR and final payment?

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2.99% APR
$28,582 final payment
15K a year mileage limit

Since the balloon loan allows me to sell it at any time, I’m basing my TCO forecast on keeping it for 12 to 16 months. I think it could be in the $350/mo effective range if market conditions hold. .

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I am doing Tesla financing on my Model 3 base.

44.x with tax.

832 drive off

649.xx a month for 72 months including 9.5 tax.

2.49 rate

What is advantage of penfed?

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The monthly payments will usually work out lower with a balloon loan, at the trade-off of additional future risk when the loan matures.

In my case, the Model 3 LR AWD with the 72mo Tesla finance program was $702/mo (with $5K down), so the PenFed balloon loan resulted in payments $120/mo cheaper.

In your case, the gap is not quite as big, financing tax into a balloon loan usually does not work well (I have no tax in NJ). For a Model 3 SR+ the Penfed program would be around $590/mo with $1000 down, and it would fall to $520/mo if you paid all the tax at signing.

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Are there any prepayment penalties or interest dues when you sell out of the balloon loan early?

I have to follow up with US Bank on it, but when I sold my sr+ recently the payoff had around $600 of interest in it. That’s almost a year’s worth of interest.

I had read through the terms originally and I did not see any sort of prepayment penalty. I have to get to the bottom of what that was, Unexpected…

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In my past experiences with PenFed, no. Your payoff is your remaining balance, it’s a simple interest contract.

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Do you have to wait for sometime before taking a loan with PenFed? Some CUs require being a member for 30-day.

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You can do 1.24% for up to 65 months with DCU with direct deposit of a paycheck.

Delete a 0.50% rate reduction if you don’t do DD.

Either way lower than “Tesla” financing which is really Wells Fargo or US bank.

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True, but I’m self-employed. Makes applying for many loans a total PITA…I was approved for the Tesla loan within seconds with zero documentation (I have excellent credit).

I’m probably not going to keep the car for more than 24 months too…but that depends on how much I like it!

I want to keep my Bolt EUV, but GM has offered a buyback…which they’ve dropped the ball on once (different rep, claims doesn’t have documents which I have proof of having emailed!). If it weren’t for this car shortage, I’d just keep it until it became untenable…but I have to plan ahead these days.

My Tesla is due in the next 10 days…maybe I can delay it for another month.

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No, i for instance became a members only because I took from them an auto loan, and was approved on the spot for both

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I went on penfed and wasn’t able to find their balloon calculator. Did they remove it from their site? I’ve never heard on a balloon loan and I’m interesting in checking on payments for Tesla and a few other cars.