Looking for penfed payment saver auto loan clone

Are there any other financial institutions (banks, credit unions, etc) that offer a program similar to PenFed’s “Payment Saver” loan. PenFed doesn’t allow the purchase of trucks or SUVs with their loan, unfortunately. It’s a good tool, and I’m wanting to find something as good.

Care to elaborate on the terms, or provide a link? I’ve never heard of this, but if it’s what I think it is, I know of a few CUs that offer similar things.

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.

Trucks, Vans, Crossover Vehicles, Smart cars and SUVs are not eligible as Payment Saver Loan vehicle types. This restriction includes hybrid trucks and SUVs as well.

Pre-approved drafts are not available for Payment Saver loans.

NEW VEHICLES: Never titled; Current (2018) and prior model year (2017).

USED VEHICLES: Current (2018) and prior two model years (2017 & 2016).

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.

Seems unusual. It looks like a lease offered by the bank because of the balloon payment/residual value.

On new cars, I can’t see how this would be better than a lease promotion. On used cars, it seems most people would look to dispose the car with an assumption that the residual value will hold to cover the loan balance.