topic Re: When does NFCU ask for proof of income? in Auto Loans

When does NFCU ask for proof of income?

Anonymous — Tue, 17 Aug 2021 05:38:45 GMT

Long story short, I am buying a new car, and I need to know when Navy Federal will ask for POI, if at all.

About me: Young, never purchased my own car, 725 credit score, only trying to finance 12k of a 26k new car. Rest will be down-payment. Make roughly 4000 a month, but only started this recently. Am self-employed (gig-economy, not going to be using new car for work).

I was recently pre-approved with Navy Federal for a $12,000 auto loan, 2.69% APR for 60 months. Sounds fair enough to me. However, they never asked for POI during this process, and sent me a pre-approval "draft"/check that I just fill in with the dealer, and then they call NFCU to get a pin to process the check. They keep telling me the only reason the check would be denied is if the car doesn't fit the terms (it does), but others are telling me the check will never be approved since I'm self-employed and work in the gig economy...

A lot of people on Reddit are telling me that once the dealer tries to cash the check, that is when NFCU will actually start reviewing my financials and ask for POI, etc. I do make $4000 a month, but I was unemployed for 2-3 months before this.. so I'm hoping NFCU won't ask for POI.

Does anyone have any insight -- did NFCU need POI when you tried to use your pre-approval at the dealership? Is it common for NFCU to deny a pre-approval check?

TLR People are trying to tell me that my pre-approval check will be denied or NFCU will only start reviewing my loan application once I try to use the check.

I feel like that is incorrect and they already reviewed my finances.. wouldn't they have already asked for POI if they needed it?

Re: When does NFCU ask for proof of income?

Appleman — Tue, 17 Aug 2021 10:55:56 GMT

It sounds like you are putting $14,000 down on a $26,000 car? This is a very favorable position for the lender. If for some reason they need to repossess the vehicle, they should easily get back their money.

I have used many of their pre-approval drafts and never had an issue nor had to send in POI. Just ensure you applied for new car financing if it is a new car (versus used).

If you are concerned, I would call NFCU and have them review the process for you. They should tell you if there is any reason they would deny your pre-approval.

Re: When does NFCU ask for proof of income?

Gmood1 — Tue, 17 Aug 2021 12:30:10 GMT

At least four close family members have used Navy for auto loans. I don't think any of them had to show POI.

Re: When does NFCU ask for proof of income?

dunn2500 — Wed, 18 Aug 2021 01:50:26 GMT

@Anonymous wrote:
Long story short, I am buying a new car, and I need to know when Navy Federal will ask for POI, if at all.

About me: Young, never purchased my own car, 725 credit score, only trying to finance 12k of a 26k new car. Rest will be down-payment. Make roughly 4000 a month, but only started this recently. Am self-employed (gig-economy, not going to be using new car for work).

I was recently pre-approved with Navy Federal for a $12,000 auto loan, 2.69% APR for 60 months. Sounds fair enough to me. However, they never asked for POI during this process, and sent me a pre-approval "draft"/check that I just fill in with the dealer, and then they call NFCU to get a pin to process the check. They keep telling me the only reason the check would be denied is if the car doesn't fit the terms (it does), but others are telling me the check will never be approved since I'm self-employed and work in the gig economy...

A lot of people on Reddit are telling me that once the dealer tries to cash the check, that is when NFCU will actually start reviewing my financials and ask for POI, etc. I do make $4000 a month, but I was unemployed for 2-3 months before this.. so I'm hoping NFCU won't ask for POI.

Does anyone have any insight -- did NFCU need POI when you tried to use your pre-approval at the dealership? Is it common for NFCU to deny a pre-approval check?

TLR People are trying to tell me that my pre-approval check will be denied or NFCU will only start reviewing my loan application once I try to use the check.

I feel like that is incorrect and they already reviewed my finances.. wouldn't they have already asked for POI if they needed it?

people on reddit are full of you know what.i suppose......they would do financials before cutting a check.....i am self employed and approved for a 50k truck loan with no money down and no POI mid high 600 fico....walked in they cut me a check, i walked out.....they arent gonna play games, its so easy most wait for the ball to drop at any moment......just the way it is with credit unions, super simple

since have received 2 more loans from pen fed and same scenario, no POI.......if your profile calls for it they will ask, if not your good.....50% down is ridiculous for any bank to question really.....unless your profile or credit was in really bad shape

congrats on your new ride!......

Re: When does NFCU ask for proof of income?

Boss2Boss — Wed, 18 Aug 2021 02:12:29 GMT

I just financed my car with Navy in July and they never asked for POI.

Re: When does NFCU ask for proof of income?

7774x — Wed, 18 Aug 2021 03:39:24 GMT

@Anonymous wrote:
Long story short, I am buying a new car, and I need to know when Navy Federal will ask for POI, if at all.

About me: Young, never purchased my own car, 725 credit score, only trying to finance 12k of a 26k new car. Rest will be down-payment. Make roughly 4000 a month, but only started this recently. Am self-employed (gig-economy, not going to be using new car for work).

I was recently pre-approved with Navy Federal for a $12,000 auto loan, 2.69% APR for 60 months. Sounds fair enough to me. However, they never asked for POI during this process, and sent me a pre-approval "draft"/check that I just fill in with the dealer, and then they call NFCU to get a pin to process the check. They keep telling me the only reason the check would be denied is if the car doesn't fit the terms (it does), but others are telling me the check will never be approved since I'm self-employed and work in the gig economy...

A lot of people on Reddit are telling me that once the dealer tries to cash the check, that is when NFCU will actually start reviewing my financials and ask for POI, etc. I do make $4000 a month, but I was unemployed for 2-3 months before this.. so I'm hoping NFCU won't ask for POI.

Does anyone have any insight -- did NFCU need POI when you tried to use your pre-approval at the dealership? Is it common for NFCU to deny a pre-approval check?

TLR People are trying to tell me that my pre-approval check will be denied or NFCU will only start reviewing my loan application once I try to use the check.

I feel like that is incorrect and they already reviewed my finances.. wouldn't they have already asked for POI if they needed it?

NFCU Likey satisfied with income listed on CR

Re: When does NFCU ask for proof of income?

Loquat — Thu, 19 Aug 2021 21:45:09 GMT

@Anonymous I have financed with NFCU and PenFed (several with them) and have never been asked for POI after approval. Early congrats on whatever you decide to buy.

Re: When does NFCU ask for proof of income?

Mr_Mojo_Risin — Fri, 20 Aug 2021 23:36:31 GMT

I wasn't asked for POI last year for my auto loan through Navy.

I don't think I've read anyone mentioning POI being asked for from Navy on an auto loan.

At least in this case Reddit has it wrong.