Navy fed question

[Goeagles1231]

After being denied by capital one after reapplying when my first preapproval expired, I am looking for a new lender for a used car. I was reading some good things about navy federal. Do you have to be a current member with them to get a preapproval?

[AllZero]

I'm guessing you do have to be a member. Make sure your qualify for membership.

[Caliboy97]

You would have to be a member because you will need a family member who is a part of them or yourself if your military.

[Loquat]

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@Goeagles1231 wrote:

After being denied by capital one after reapplying when my first preapproval expired, I am looking for a new lender for a used car. I was reading some good things about navy federal. Do you have to be a current member with them to get a preapproval?

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@Goeagles1231 You do have to be a member of NFCU before you can apply for any of their products.  Check out their website for way of obtaining membership.  With that being said, there are several other options out there at are just as good or better than NFCU when it comes to auto loans.  Have you given any thought to DCU or PenFed?  They both require memeberships but said membership is easily obtained via a small amount (less than $20) to a variety of organzations. 

[dunn2500]

i called them and joined without being in military or proof of family in military......i would give them a call

[Brian_Earl_Spilner]

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@dunn2500 wrote:

i called them and joined without being in military or proof of family in military......i would give them a call

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That's fine and all as long as you actually qualify for membership. If not and they do an audit, all accounts will be frozen until proof is provided or the accounts are closed, which could take a while.

[OmarGB9]

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@dunn2500 wrote:

i called them and joined without being in military or proof of family in military......i would give them a call

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Well, military is the main way to get in, but yes, there are other ways, such as living with a current member, or being a government/contract worker currently working on a military installation. Hopefully you still fall under one of the eligible categories, otherwise they will eventually find out and shut you down.

[dunn2500]

well i have a 50k auto loan and savings acct with them so....i spoke with super nice lady at bank and she said dont worry about it

[coldfusion]

They're also not afraid to close accounts when they determine that someone is not eligible, occasionally we get someone reporting on the site that it happened to them.

I would not trust the word of a CSR, they're neither decision makers nor accountable for compliance with any relevant and related government regulations.

[dunn2500]

some paranoid peeps here, ok dont call them then.....

if that day ever comes i am covered, but doubt it ever will unless i screw up the loan......they didnt seem concerned so neither am I.....it is an institution designed to make money afterall and since when has that been all above board......they have donations now for petes sake so you can enroll in CU you otherwise wouldnt qualify for.....

default on loans and screw your accts up i am sure there is an audit for every institution