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The Quest for an SSL alternative to Alliant

Super Contributor

Re: The Quest for an SSL alternative to Alliant


@AverageJoesCredit wrote:
Recently paid down my 3 year PL from Penfed down to $23 and they did update my reports with $23 balance. Payment not due til Feb 2019Smiley Happy

I had a 5yr loan with a local credit union in which they did not advance the payment dates after I'd prepaid most of the loan; the next payment was due in 2021. So I closed out my little Alliant SSL, thinking I didn't need it anymore, and wouldn't you know it.... after about 12 months with a 2021 due date, the credit union suddenly advanced the last payment date to July 2018.  So now I'm stuck. Won't be able to play the reindeer games unless I can find a new substitute.


FICO8 EQ 769 TU 796 EX 764 Total revolving limits 569900 (484900 reporting)






Message 81 of 153
Super Contributor

Re: The Quest for an SSL alternative to Alliant

I don't think NFCU can be used as an Alliant substitute.

 

I was just told by customer service:

 

By paying more than the required payment, you will ... pay off the loan earlier than your original loan maturity date.

 


FICO8 EQ 769 TU 796 EX 764 Total revolving limits 569900 (484900 reporting)






Message 82 of 153
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

Thanks so much, SouthJ.  A number of other people have confirmed that the paydown to 8.9% has indeed pushed the next payment due date back by 4 years or so.  I wonder if the CSR is simply mistaken, as many CSRs often are?

 

I will see if I can find the people who have confirmed success with Navy and ask them to comment.  There have been several different people by now.

Message 83 of 153
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

I just sent a PM to CreditSage who has has a good experience with the Navy SSL.  I have asked him to join this thread.

Message 84 of 153
Established Member

Re: The Quest for an SSL alternative to Alliant

Thanks for bringing me in @CreditGuyinDixie.

I can confirm that it does push the payment out several years (in my case 4.5 years on a 60 month loan). I can also confirm that in the month leading up to me actually applying for the loan I talked to several CSR and they generally do not know really intricate aspects of their products like this (the fourth CSR verifies with a supervisor).

Unless something has changed in the past 30 days since I got the loan, making a 92% payment will push the next due date out several years.
Message 85 of 153
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

Would you do us a favor and check to make sure that doesn't change?  I.e. check that they don't pull your next due date back to couple months from now. 

 

We've had people using Navy for the SSL technique for the last year at least and I have not heard anything weird where they changed a person's due date once it was pushed way back.  But if you wouldn't mind watching it that could be great.

Message 86 of 153
Established Member

Re: The Quest for an SSL alternative to Alliant

Yeah I’ll let you know if anything changes. I took screenshots of it in the hopes of protecting myself. Can they change it after the fact (I.e move up my date)? I don’t see any details about this little aspect in the promissory note fine print.
Message 87 of 153
Regular Contributor

Re: The Quest for an SSL alternative to Alliant

I got a car loan April 30th through Navy.

48 months

Made a large payment May 6th, pushed the next payment due date to July 2019.

 

So far so good.. I think they do this intentionally for active duty to be able to pay their loans in advance..

Just a theory..

 I'll be paying large installments on mine periodically, if they ever pull the date back, I'll update.

CHEERS

Message 88 of 153
Valued Member

Re: The Quest for an SSL alternative to Alliant

I did an SSL with NFCU just a couple of weeks ago.  I put $3000 in my savings account on a Friday, on Monday morning I called and opened a 60 month SSL for $3000.  In less than an hour the money was available in my checking account. On Tuesday evening I noticed the new account on my NFCU mobile app, and I paid down my loan to a balance of $240.  This pushed my next payment due date to 10/27/2022.  I set up a monthly auto payment of $3 from my checking account to make sure nothing goes wrong due to inactivity. The shares in my savings account were released and available to me on Friday, so my money was only tied up for a week. 

Message 89 of 153
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

Wow, in less than 24 hours we have had three different people raise their hands and describe Navy pushing the next payment due date into the far future, as a result of a big payment.

 

Again, could you all just continue to track that?  Very improbable that Navy would reverse that but in the 1 out of a 1000 chance they do, please let us know.  Or if you feel like chiming in again in four months from now, that would also help.  I like the idea of taking screenshots now.

 

PS.  There are still other people who have described the same success. 

Message 90 of 153