Navy Federal Credit Union Car Loans

Great rates come at a cost. I had checking, savings, 2 credit cards, and an auto loan with NFCU. If money gets tight or your car breaks down and you're trying to save up money to repair it and can't afford to make the payments on your loans, they will SEIZE the money from your checking account without your consent. I wasn't able to pay my rent because Navy Fed just snatched the money out of my account for the minimum payments. This is how they're able to offer low-rates, easy approvals, and write notes on older, high-mileage vehicles. They dont care what happens to you or the collateral, because theyre gonna get paid, one way or another. This also means that you can't back them into a corner by withholding payment and make them negotiate like you would with a traditional bank. I had a 50% paid off loan on a car that needed more repairs than it was worth, for which I should've been able to negotiate a repo, partial payment, and charge-off, but the most they would do is give me a 1 month forbearance. I'm not putting $4k into a car that's worth $3k, on which I owe over $7k. Sorry, not sorry. What's worse - when I tried to move my money to an account with a different financial institution by writing myself a check, they snatched the car payment again and dishonored the check 2 days AFTER it posted at the other bank.

NFCU has gone downhill and is a terrible credit union to deal with. They have no consistency in what they quote for financing a new auto or refinancing one. They do not explain their logic, despite a credit score over 800, and adhere to deceptive practices. I am taking my auto loan business elsewhere and closing my accounts here.

Warning - stay away from this credit union.

I contacted NFCU prior to purchasing a used 2020 Tundra to get a feel for the interest rates available to me. I was told they would be around 5.5% with my credit score in the low 800s. I purchased the truck, and the dealership secured me a 6.74% rate with Bank of America. I contacted NFCU to find out what I needed to refinance the truck with them. I was advised I needed amount other things the 10-14 day payoff amount and the date of payoff. I inquired again about the interest rates and was informed that I was probably looking at a rate of around 5.5%. I went to the local branch at 241 Hanbury Rd East, Chesapeake, VA, and sat down with Jeff to get the loan started. He gave me the interest rate range starting at 5.49%. He input my figures and came back with a 9.6% rate for my loan. He could not explain why my interest rate was 9.6%, even with my credit score at 804 and a low income-to-debt ratio. I left the branch upset by NFCU's deceitful bait-and-switch tactic. I contacted NFCU the next day and talked to Brian with auto loans. I asked him who would qualify for the 5.49%, if I couldn't with my excellent credit score (804-827) and low income-to-debt ratio. He had no answers and tried to downplay the importance of credit scores. I wanted facts, but he had only speculations on why it happened. I now took an unwanted hit to my credit report due to NFCU's deceitfulness. I hope nobody else falls for this trick. I will be filing a complaint with the VA Bureau of Financial Institutions to inform them of NFCU's misleading interest rate practices. I am open to dialogue regarding this matter at [email protected].

New member (USAF/ANG retired) to Navy Federal Credit Union and extremely disappointed with their policy and procedures in the loan approval process. Like the majority of military members, retired members, and relatives, I joined for the "possibility" of receiving a lower interest rate that Navy Federal Credit Union advertised. I'm not writing this review because I didn't get approved; however, I didn't receive the loan rate I feel I deserve. I have well over an 800 credit score, regardless of the credit bureau you decide to check, never missed a payment or made a late payment, and most of the time, I pay off all loans early. I'm a middle-aged person with an impeccable and extensive credit history. My debt-to-income ratio is significantly low (almost nonexistent) and I have guaranteed passive income. Furthermore, I'm still employed working full-time, not to mention my well above average salary, but for some reason, Navy Federal decided that they have their own policy for disregarding the credit bureaus, therefore, I didn't receive the rate I spent a lifetime building and doing the right thing. I guess no matter how much one may have sacrificed, they aren't committed to doing what's right. Oh, and I was told there is no way of disputing this either. To all that serve, have served, and the relatives that served alongside, thank you, and please do your research.

Navy Federal offers low-interest vehicle loans and has 24-hour phone service. I have had no problems working with them for over 5 years now. 5 Stars.

The NFCU is not affiliated with the military. They offer services to military members, albeit poorly. They declined a car loan refinance, even though they already hold the loan. I was simply trying to refinance at a lower interest rate. My credit has improved substantially since the original loan, and my payment history is 100% on time. It's perplexing why they wouldn't offer me a lower rate when they can instead continue at the current rate. Fortunately, I found a loan from a reputable bank with an interest rate 10% lower. If you're a veteran, I recommend not giving them your business. They seem to disregard veterans. In fact, I would suggest they view us not as individuals who served our country but as mere targets.

Great loan company if you are in the market for buying a vehicle. This will be the best route to go. I've been with them for at least three years and have never had any problems. Great service.

For an institution that brags about taking care of the military, it has little empathy for difficulties and/or hardship. They need to be more flexible.

Very good, they have been very helpful with my loan and even extended the monthly payment when my paycheck was delayed a few months. Also, they are checking my credit card for fraud related to Apple Bill Pay because I don't even have that, and there are over 4k in charges.

I have a car loan with Navy Federal and I chose them cause I heard so many great things. I needed to make a change to my title which is a fairly easy process. They send me a form I go to my county clerks and they make the change. Navy Federal sent me the form filled out incorrectly and it took them 2 months and 2 government officials for them to send me the corrected form. In the end, I had to do a 3-way call with a county dept. worker for them to fill out the form correctly. They then told me it would take another 2-3 weeks for them to get it signed and send it to me cause they were so backed up from things from November (This process started in October and it is now December). At the same time, they sent me a letter asking me to resolve my title situation so they could reinstate my lein. It's all very laughable cause they were the sole reason I couldn't resolve my title situation. Anyways, they then offer to send me the document correctly filled out to my app, and then I can print it out and then drive 45 minutes to get it signed at a physical branch. I get to the branch and then they almost don't sign it because "in my notes" it says they have already sent this form out to me. So through this entire process, each person I spoke to kept saying they were filling out the most thorough notes known to mankind. However, every time I spoke to a new person they would read the notes and still have no idea what was going on. This happened AGAIN at the bank. smh I honestly think they don't take any notes cause how do 8 people (yes I called 8 times over the course of 2 months) mess up the same story so well? In the end, because of MY OWN tenacity and desperation, I got the form signed and finished the process. I will NEVER recommend this bank to anyone and I feel bad for the service members who have no other choice but to use this bank. There was no compensation for their incompetence so I am writing reviews to balance the scales. I hope you all burn.