Navy Federal Auto Loan

[Anonymous]

I was preapproved for $18,000 however I found a vehicle for only $15,000. I was told by someone who done it before that Navy Federal can deposit the remaining balance to me since I was approved for that amount. When I called Navy Federal they said no check is only made to dealer for purchase amount. I wanted use the difference to consolidate all other debt and only have car loan. Does anyone know if its true that you can ask for remaining balance of the approved loan?

[babbles]

 That's  correct, proceeds would be made out to the exact amount of the vehicle purchase and that's what your repayment terms  are based on.

[Anonymous]

Hi, When you received your pre-approval, it means that you were approved up to the maximum of $18000. 

I have a car financed with Navy Fed as well, they've been fantastic! Welcome to the club and Congratulations!

I received my finance check from Navy, and brought it to the dealer. The dealer can finance up to whatever your approval amount is, but if it's less than you simply wouldn't receive those funds.

[Anonymous]

Plus, It's an auto loan, not a personal loan.

[AllZero]

Congratulations on your approval!

[Anonymous]

Congrats on the auto loan approval!

[Gmood1]

Penfed offered to give me the cash over the price of a vehicle I financed with them. However the vehicle was worth almost $5k more than the requested loan amount.

I declined, but I can see where it could be useful in the right situation.