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GAP Protection
Typical car insurance covers damage and theft. But what if your loan is more than the value of your vehicle? PenFed’s GAP Protection covers that difference.
Payment Saver Loans
Disclosures
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Payment Saver Auto Loans:
Rates and offers current as of and are subject to change.
*APR = Annual Percentage Rate. Your actual APR will be determined at the time of disbursement and will be based on your application and credit information. Rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate. The rate you receive on your loan will be the rate in effect at the time of loan disbursal.
How It Works
With Payment Saver Auto Loans, you will be able to make a lower payment than what the conventional auto loan would offer, yet at a higher interest rate. Then, at the end of the loan, you will owe the remaining balance of the loan itself. At this juncture, you may choose to pay off the loan or sell, trade, or refinance the vehicle.
Your Payment Saver Auto Loan payment is calculated based on the loan term, the amount you have requested, and the residual value of the vehicle. The residual is the expected value of your vehicle at the end of your loan term.
The difference between your loan amount requested and the residual value is amortized over the loan term, resulting in a low monthly payment without the danger of your becoming upside-down in the loan.
The residual value of the vehicle after the loan term is an estimation. We cannot guarantee this value. The residual value is subject to current used car market conditions and depends on a number of factors including, but not limited to, the mileage the car has been driven and the condition of the car at the end of the loan term.
Electric vehicles are not eligible to be financed with a Payment Saver Loan.
Pre-approved drafts are not available for Payment Saver Loans.
NEW VEHICLES are where you are the original owner and the untitled vehicle is model year or newer with less than 7501 miles.
USED VEHICLES are pre-owned vehicles or vehicles with over 7501 miles.
The vehicle mileage may not exceed 15,000 miles per year based on the model year.
Used car loan value based on NADA Retail Value. Other restrictions may apply. Call 1-800-247-5626 for details.
Loan Payment Example: A $27,000 new auto financed at % APR; 60 monthly payments of approximately $
each, with a final balloon payment of approximately $
.
Extended Warranty
PenFed's Extended Warranty can extend your auto manufacturer's warranty by picking up where that policy leaves off.
Debt Protection
Life is unpredictable. With PenFed Debt Protection, your family's financial security is protected in the event you're unable to make timely payments.
Payment Saver Loans
Save money by lowering your auto payments.
NEW PAYMENT SAVER RATES
Vehicle's model year is![]( "Auto Loans Previous Year")
or newer.
Loan Payment Example: A $27,000 new auto financed at![]( "Auto Payment Saver New Car 60")
% APR; 60 monthly payments of approximately $![]( "Auto Payment Saver New Car 60 Payment Example")
each, with a final balloon payment of approximately $![]( "Auto Payment Saver New Car 60 Final Payment Example")
.
FEATURES & BENEFITS
USED PAYMENT SAVER RATES
Pre-owned vehicle model years![]( "Auto Loans Used Previous 2 Model Year")
and newer.
Loan Payment Example: A $27,000 used auto financed at![]( "Auto Payment Saver Used Car 60")
% APR; 60 monthly payments of approximately $![]( "Auto Payment Saver Used Car 60 Payment Example")
each, with a final balloon payment of approximately $![]( "Auto Payment Saver Used Car 60 Final Payment Example")
.
• The vehicle is yours; this is not a lease
• No pre-payment penalties
• Sell, trade, or refinance*, at the end of your loan term
• Payment saver loans aren’t applicable for electric vehicles