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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:
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.
*There is no guarantee of refinance. Refinancing subject to PenFed's current creditworthiness standards.
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 Auto Loans: Loan rate applicable to new vehicles only. New vehicles are where you are the original owner and the untitled vehicle is a current () or prior model year (
). Up to 110% financing is available. Vehicle weight restrictions apply. Minimum loan amount is
for 61-72 month term. Rate also depends on term.
USED VEHICLES: Current () and prior two model years (
&
).
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 800-247-5626 for details.
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
Never titled current (![]( "Auto Loans Current Model Year")
) and previous model year (![]( "Auto Loans Previous Year")
)
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
Rate valid for current (![]( "Auto Loans Current Model Year")
) and previous two model years (![]( "Auto Loans Previous Year")
& ![]( "Auto Loans Used Previous 2 Model Year")
)
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