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 2019
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.
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.
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.
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.
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.
I got a car loan April 30th through Navy.
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.
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.
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.