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NFCU Vehicle Transfer Day

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Anonymous
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NFCU Vehicle Transfer Day

Hey everyone! I just got off the phone with my account rep with Navy Federal Business Services and he has informed me that this FRIDAY ONLY, Navy Federal will have a vehicle transfer day where you can transfer your personal vehicle into the name of the business (essentially removing it from your personal credit report, hence decreasing your personal debt/liability). Kicker is, that the car has to be currently financed with Navy Federal. There is NO hardpull for this and no title transfer fee, the only information that they need if you wish to proceed is a copy of a valid insurance card for the vehicle to be transferred. This is an excellent opportunity and once I get clearance from the wife, that insurance card is being e-mailed! Contact your regional rep today before it's too late!

Message 1 of 4
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Anonymous
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Re: NFCU Vehicle Transfer Day

How is this possible? And not fraud?
Message 2 of 4
Anonymous
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Re: NFCU Vehicle Transfer Day

Because it's a refinance. No different then refinancing my former residence to the business so I can rent it out. Perfectly legal
Message 3 of 4
Anonymous
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Re: NFCU Vehicle Transfer Day

I guess it comes down to how you write your taxes, but you might have to pay income tax on the proportion of time you use the vehicle for personal use. Not sure what kind of business you have.
Message 4 of 4
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