Navy Federal Auto Loan Criteria

[Anonymous]

FYI - I just received a message from Navy Fed regarding my question asking which version of FICO they used for auto loans.  Here is, verbatim, what they said.

"We do not use FICO, it is directly from your Transunion credit report. It is based on a full credit evaluation and a wide variety of factors of your ability to repay the loan, credit history, previous payment histories with other lenders, income, debt ratio, etc. We do not use any specific credit score, but rather review all the above items."

The only thing that is clear is that they currently use Transunion.

[Shooting-For-800]

I would imagine all FIs would say that.

[dunn2500]

Navys scores matched my TU/EQ auto F9 to within 1pt.....was pulled 3 times in last 2 years

[Anonymous]

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@Anonymous wrote:

FYI - I just received a message from Navy Fed regarding my question asking which version of FICO they used for auto loans.  Here is, verbatim, what they said.

"We do not use FICO, it is directly from your Transunion credit report. It is based on a full credit evaluation and a wide variety of factors of your ability to repay the loan, credit history, previous payment histories with other lenders, income, debt ratio, etc. We do not use any specific credit score, but rather review all the above items."

The only thing that is clear is that they currently use Transunion.

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When I applied back in April they used my TU FICO Risk Score Classic 98. Well, that's what was quoted on my denial letter anyway. 

[jchester]

I find that facinating.. because my credit scores are UP & DOWN (in the low to mid 600's).  Seriously, like +20 and/or -20 -- all the time.  Anywho..  Navy Fed for the win.  Applied at USAA (denied, but they hold my va loan so...meh).  Navy Fed - applied and sending check in the mail for 32k.  What really blew my mind was the - "if you don't buy the vehicle, the loan converts to a personal loan.."

[pizzadude]

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@jchester wrote:

I find that facinating.. because my credit scores are UP & DOWN (in the low to mid 600's).  Seriously, like +20 and/or -20 -- all the time.  Anywho..  Navy Fed for the win.  Applied at USAA (denied, but they hold my va loan so...meh).  Navy Fed - applied and sending check in the mail for 32k.  What really blew my mind was the - "if you don't buy the vehicle, the loan converts to a personal loan.."

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Congrats on the approval!  So if you don't buy a vehicle NFCU will just convert your loan a personal loan, at the same rate & terms ?

[jchester]

You're correct, rate will change, thus yeah - payment surely follows.

[7774x]

PenFed sends loan  draft for specfic vehicle..mind numbing to get  $38,000 check 

[rudywswartz]

That is false, if you don't use the pre-approval check within a certain amount of days, the loan is void. They even make you return the check to a branch. 

[ldkcivilservant]

The verbage regarding the loan converting to a personal loan (at their highest APR) was given to me too, but only in the case where I did not submit the title to them.