Penfed Payment Saver Loan - Tesla now Available

Off-Ramp
21

You need to be a member to access the calculator. It’s under;

Products & Rates → Choose Your Product → Auto → Payment Saver Auto Loan → Estimate my payment.

2 Likes
22

Why there is mileage limit if it is loan and not lease?

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I think because if the borrower drives too much, the car will be worth less than the balloon amount at the end of the term.

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But borrower need to pay it anyway right ? Can’t give back as lease, so why it should matter ?

1 Like
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That’s just my guess, I was thinking in case the borrower decided to not finance/pay the balloon, and the car had too much miles, wouldn’t it put the bank at disadvantage position?

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Yeah – the vehicle is still the collateral on the loan. Bank wants to protect the RV in case it gets stuck with the vehicle. Considering most leases adjust the RV for 10K/12K/15K mile options, I much prefer this flat RV for15K approach.

Also, the Penfed program includes free gap insurance and $500 of insurance deductible coverage.

1 Like
27

Does anyone know if the sales tax gets capitalized into the loan for CA using this loan?

28

Thanks for useful info. So this loan for Tesla comes always with 15k miles, no other options ?

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You can get a traditional (non balloon) loan with no mileage restrictions.

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Yep, I know that. Was just wondering about specifically ballon program loan

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One more question on topic. In case of Penfed loans for both cases Traditional and Baloon, are you owner as per title, or like in lease bank holds it?

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Balloon loan works like a traditional loan, you are the owner, as per the title and registration.
PenFed is in the first lien position.

4 Likes
33

Got it and to sell it, to 3rd party I need to pay off loan first, or I can sell to let’s say Carvana, get check and then pay off loan?

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Carvana should be able to pay Penfed directly without you paying off the car.

1 Like
35

Closed a payment saver loan on a Tesla Model S using CapEd CU now that PenFed no longer offers the program. Would recommend CapEd if others are looking for this option instead of Tesla leasing. Only downside is a $750 origination fee for vehicles over $70K.

1 Like
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What were the terms, rate? Worth financing a Model Y this way?