Navy Federal SSL Question

[Anonymous]

Ok so I just took out a 3yr SSL for $2001 I paid of $1850 immediately pushing my next payment to 2023 my question is I was under the impression that if I paid atleast 91% back immediately that those funds would be released but I don't see the funds do it take days to show up or are they suppose to be available instantly?

[AllZero]

I can't recall the time frame. It should show up in a day or two?

[M_Smart007]

Congrats on your SSL approval.

Give it a couple of days for your funds to be released.

I had actually paid mine down to 8.5%, as I did not want to cross the 8.9% threshold.

[Anonymous]

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@M_Smart007 wrote:

Congrats on your SSL approval.

Give it a couple of days for your funds to be released.

I had actually paid mine down to 8.5%, as I did not want to cross the 8.9% threshold.

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@M_Smart007 😉 how did you get to 8.5 without crossing 8.9? 

@Anonymous from my understanding, you will not see a transaction; the funds that are being held simply become accessible.

[CreditBones]

Congrats on your NFCU SSL!

I did one yesterday too! I req'd for the loan funds to be deposited into the chk acct. So tomorrow morning I'll check if the funds are available, in order to process the lump sum pymt towards the SSL. Frozen savings funds should become available as soon as the loan pymt clears; usually 24-72 hrs. depending on the day of the week its started. If you did it M-T, you could see it next day. If it was done Fr, Sa or Su, or with a holiday in between, it could take 48-72 hrs.

[M_Smart007]

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@Anonymous wrote:

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@M_Smart007 😉 how did you get to 8.5 without crossing 8.9? 

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It's called "Reverse Engineering"

[CreditBones]

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@CreditBones wrote:

Congrats on your NFCU SSL!

I did one yesterday too! I req'd for the loan funds to be deposited into the chk acct. So tomorrow morning I'll check if the funds are available, in order to process the lump sum pymt towards the SSL. Frozen savings funds should become available as soon as the loan pymt clears; usually 24-72 hrs. depending on the day of the week its started. If you did it M-T, you could see it next day. If it was done Fr, Sa or Su, or with a holiday in between, it could take 48-72 hrs.

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Update 1:
Loan funds became available on my chk acct Friday afternoon.
Loan posted to the app Saturday at 2:15am.
Was able to make the lump sum pymt of 91.1%, but it is Saturday at 2:30am.
So, lets see when the funds on the savings acct become available.

[CreditBones]

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@CreditBones wrote:

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@CreditBones wrote:

Congrats on your NFCU SSL!

I did one yesterday too! I req'd for the loan funds to be deposited into the chk acct. So tomorrow morning I'll check if the funds are available, in order to process the lump sum pymt towards the SSL. Frozen savings funds should become available as soon as the loan pymt clears; usually 24-72 hrs. depending on the day of the week its started. If you did it M-T, you could see it next day. If it was done Fr, Sa or Su, or with a holiday in between, it could take 48-72 hrs.

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Update 1:
Loan funds became available on my chk acct Friday afternoon.
Loan posted to the app Saturday at 2:15am.
Was able to make the lump sum pymt of 91.1%, but it is Saturday at 2:30am.
So, lets see when the funds on the savings acct become available.

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Update 2:

The lump sum amount paid to the SSL became available today on the Savings acct. 😊👍🏼

[M_Smart007]

Congrats ^^^^^

[spiritcraft1]

This works like a charm!  Mine was a 60 month deal and is a 2023 date.  I may, at some point, pay it off and start all over again.  I hope this program stays around in its current form.  By the way, their Auto loans work the same way.  My Daughter was going to buy a car with cash but I had her do a loan at NFCU and pay it right down...  her next payment is late 2023.