Navy Federal Credit Union Financing

[Old smart]

The Navy Federal Credit Union has heretofore offered very favorable, no-gimmick automobile finance rates (presently 3.5%) and pre-approved commitments to the Navy and Marine Corps only. NFCU has now announced that it is opening its membership to all Department of Defense branches, including their reserves, civilian support, retirees and annuitants. Navy Federal: Membership

[Big Panda]

Originally Posted by Old smart

The Navy Federal Credit Union has heretofore offered very favorable, no-gimmick automobile finance rates (presently 3.5%) and pre-approved commitments to the Navy and Marine Corps only. NFCU has now announced that it is opening its membership to all Department of Defense branches, including their reserves, civilian support, retirees and annuitants. Navy Federal: Membership

THANKS! my daughter will be happy to hear that. i think she may have the smart 'bug' now. too bad she's in CA as i won't get to see her car 'in person'. on the other hand, she may get her's BEFORE me.....

[SmartCabrio]

For other military members out there, USAA also offers some good rates. They usually aren't as good as Navy Federal, but a good place to check. Smart wound up producing the best rate for me. Keep in mind that if you are going to use Navy Federal, you want to start that process early, especially if you are hoping to take advantage of possibly getting an orphan. You want to be pre-approved before you get that phone call!

[Old smart]

Originally Posted by SmartCabrio

... Keep in mind that if you are going to use Navy Federal, you want to start that process early, especially if you are hoping to take advantage of possibly getting an orphan. You want to be pre-approved before you get that phone call!

Not so bad. I've done two pre-approvals for my wife remotely (Diego Garcia, B.I.O.T and Rota, SP) and each one only took about 20 minutes. They arranged to have the completed paperwork available for pickup Stateside at the nearby NFCU office. Or they can have NFCU HQ send the paperwork by FEDEX. The NFCU's pre-approvals are good for 60 days; USAA's are 45. So, I'll go NFCU for the financing and USAA for the insurance.

[T12121]

how does pre-approval work? Never used a different company for a car. Does the dealer have to accept it? How does one go about doing it? Thanks (sorry if this is a tread jack)

[chieftmc]

Originally Posted by Old smart

The Navy Federal Credit Union has heretofore offered very favorable, no-gimmick automobile finance rates (presently 3.5%) and pre-approved commitments to the Navy and Marine Corps only. NFCU has now announced that it is opening its membership to all Department of Defense branches, including their reserves, civilian support, retirees and annuitants. Navy Federal: Membership

Good info Old smart! I've been a member since 1969!!!!!!

[Flashman]

Originally Posted by T12121

how does pre-approval work? Never used a different company for a car. Does the dealer have to accept it? How does one go about doing it? Thanks (sorry if this is a tread jack)

Every bank does things slightly different. My credit union (Wings Financial) simply deposits the amount requested in my checking and I go buy the car on a personal check. Some other banks will issue bank drafts in both your name and the dealer (to insure you or the dealer can't cash it independently), leaving the total amount blank (its good UP TO the approved amount) so you can negotiate freely. Talk to your bank. You have more negotiating power and will most likely get a better rate if you do your own financing.

[Old smart]

NFCU essentially issues a letter-of-credit to the member up to an agreed amount. It does not specify any particular dealer, so the member can negotiate with anyone and with the money already in his pocket. No cash down payments; no fiddling around; just write in the bottom line.

[cmartie]

I used NFCU when I purchased my smart in March from smartAlex. The NFCU blank check was accepted by them with no problems. 3.5% for 36 months is hard to beat!

[JusNameMe]

Originally Posted by Old smart

The NFCU's pre-approvals are good for 60 days; USAA's are 45. So, I'll go NFCU for the financing and USAA for the insurance.

That's what I did... NFCU for the financing and USAA for the insurance. GREAT combination this time.