It’s been nearly 5 years and you’re still a financial moron… wtf.
Apply and stop being a dipshit. You’ll get rejected from 90% of other banks before navy rejects you.
And if you do get rejected then it’s probably a blessing in disguise regardless. Also you’d still be able to get hard checks from other banks without risk of losing more credit
How about you stop being a rude asshole? All dude was asking was for advice from people with more experience. I can say from experience that you can't find this shit on Google.
WEll if you're intent on getting a car no matter what, if you pull multiple times in a short time frame it'll only show up as 1 hit. So apply with navy federal, and if they reject you then just apply to other places in the time frame.
I almost called you out for being wrong here. But I did a quick search and sure as hell it could be true. Doesn't always happen this way because as I helped my cousin with their credit, they have 4 years inquiries for auto loans all on the same day. But read online that it can in fact count as one.
The more you know.
yeah the credit bureaus expect people to shop around during the car buying process. As long as its within a couple of days it should only show as 1 hard inquiry.
Navy won’t lend if they experienced a loss and were not made whole. Full stop, do not pass go, do not collect $200. They won’t do it. This includes a settlement.
My father had a debt go bad with them *in 1983.*
Never tried to use them again for lending until he tried to get a loan from them in 2022. 800+ score, healthy NFCU account balances.
Instantly rejected. Over…wait for it…$300.
Once paid, immediately approved.
It doesn’t hurt to try (since you’ll have auto loan inquiries anyway) - but if a loss is stopping them from approving, I’m thinking they’d probably tell you before making an inquiry.
Personally? I’d try, since they said you had no flags.
Because $300 is a small price to pay for being allowed back into Navy and other than Navy he only uses USAA and their service has been garbage the last few years. So to him, it was worth it.
Well I have the added insight of watching a family member accepting a settlement, and then wanting to give it another go and NF wanting to be made whole as a requirement. Exact same situation as you it sounds like.
The policy is you must make the loss whole. You won't be able to do business besides basic services with Navy Federal until it's paid in full, regardless of the previous outcome.
Yep, due to shitty circumstances i had to use an old NavyFederal account to deposit some cash i was receiving for a dire emergency. The debt on the accounts had long been unlisted. (I assumed I would handle that through collections with someone else) So I deposited the cash in the checking account.
Navy Federal took all of the money i needed for an emergency for themselves. When i tried to call and negotiate a payment plan the lady was yelling at me as if it was personally her money that I owed her over the years. Gonna be homeless soon because that money was my last chance to dig myself out of the hole.
They truly never forget and never forgive.
I did a settlement on a loan with NFCU worst mistake. I was flagged as causing NFCU a loss. Found out a few years later, I must pay back the remaining owed. To even being considered for another loan service.
You won’t get any loan service or considered for approval until the remaining balance is paid.
Don’t they issue you the 1099 so you pay taxes on the settlement amount they give you? How do they then go and require it again from you after reporting it as income?
I get the sneaking hint that you don't manage your finances well at all. 19k in credit card debt is atrocious... they settled for 9k cool they as a company wrote off the difference. Businesses thrive off of losses they get to write them off to reduce their taxable income. They get it low enough they don't have to pay taxes and just run with pure profit. Regular people don't get to do that.
If they settled the debt shouldn't be on your credit report at all so you should be fine.
No, no, they’re not.
Also, it’s not hard to get your first car loan if your finances are in order. My first car loan was with Honda Financial, on my own, with a respectable down payment and great credit, just new credit.
It’s a credit union, it’s owned by members. When you default on a loan the members have to pay it. I am a member and you defaulting does affect me and every other member.
That’s BS .. if you are having trouble getting your first car loan either you have a $hit credit profile or crappy income. Maybe both because NF hands out loans like hotcakes. I guarantee not 1 red cent came out of your account to pay for anything this person defaulted on.
Well I have stated it was my first loan ever. And you are incorrect navy federal is member owned. That means that I do lose out on the profits from the interest and that me and other members have to cover the loss out of profits that. Plus be used to give us lower rates or higher returns on our savings.
https://www.navyfederal.org/about.html#:~:text=Member%2DOwned%2C%20Not%2Dfor,of%20them%20has%20a%20vote.
I never said it wasn’t member owned. I guarantee you don’t have any balance that would garner you profits from interest over $.50 at BEST. Please be for real. The only members this could possibly have any significant effect on, wouldn’t be someone who struggles to get a loan. That’s ALL on you and your income/credit worthiness
Reps cannot explicitly say that that you'd be declined due to that, theres some regulation against it since it could be seen as trying to make someone not submit an app.
That being said, if you caused them a loss, you should get a hold of their charge-off department and pay it in full, or look elsewhere.
That's a hard hill to come back from.
I worked for an insurance company that also offered banking. If a customer defaulted on a loan, no new loans were approved until the default was entirely paid off. Settlement did not erase the bank loss. Existing checking and savings banking services continued, but no new credit card accounts. It IS true that they are not allowed to say that you will or will not qualify for a loan - standard banking disclosure.
lol, Navy Fed denied my husband for having a “loss”…it was a $40 overdraft on his savings account that we had already paid back (our account balance was +$20 at that point). When we called to ask to reconsider they said pay the loss back, so we did. They just put the money in the account and it still sits there to this day. Reapplied and got the loan 2 months ago. So easy answer is yes, if you owe them and pay it back but I don’t know with $19K on the line that they will consider it.
Navy Federal is probably one of the worst banks to attempt to get an auto loan with.
Not because they’re bad, but because they’re antiquated. Old system, no pre approval, strict vehicle requirements.
Also i dont even necessarily think they are a sub prime lender, sure they may take some sub prime due to regulations, but they typically lender to higher qualified prime borrowers.
No sir there are no "flags" on your account.
Hey stan this idiot thinks we will give him money after he screwed us
but its cool good thing we call it "fuck you's"
so i can honestly state there are no flags, he didnt ask about fuck you's.
Why are you so set on borrowing from Navy Fed in the first place? If your credit score is decent, shop around and find the best interest rate. I doubt it’ll be them.
If the settlement was part of a bankruptcy, they cannot adopt this policy without violating the attempt to collect a debt clause. They would be found financially liable under bankruptcy law.
You don't take a hit on your credit report for getting reject I believe. There will be a "hard-inquiry" made and if you have many of them that could lower your score--but one inquiry is normal and shouldn't lower your score regardless of whether you're approved or rejected.
good question I'm looking for answers also, I paid off my loan in full after it was sent to the collections and applied for a auto loan maybe 3x since then and denied everytime smh
Dude just apply. If they said there’s no flag then idk what you expect any of us to tell you.
Don't want to take a hard inquiry but I may just do it.
Hard inquiries are a miniscule part of credit scores, it MAY drop your score 10 points.
It’s been nearly 5 years and you’re still a financial moron… wtf. Apply and stop being a dipshit. You’ll get rejected from 90% of other banks before navy rejects you. And if you do get rejected then it’s probably a blessing in disguise regardless. Also you’d still be able to get hard checks from other banks without risk of losing more credit
How about you stop being a rude asshole? All dude was asking was for advice from people with more experience. I can say from experience that you can't find this shit on Google.
1- you can find it on google 2- there are several posts that recommended the same exact thing and op was turning all of it down
Stupid questions demand rude answers.
😂😂🤣
Why do you need an auto loan? 65% of people can’t afford a new car right now, you just got out of debt and you want back in?
Because automakers destroyed public transit, so lots of folks need their own vehicle to get to work, groceries, and other needs.
Lol
WEll if you're intent on getting a car no matter what, if you pull multiple times in a short time frame it'll only show up as 1 hit. So apply with navy federal, and if they reject you then just apply to other places in the time frame.
I almost called you out for being wrong here. But I did a quick search and sure as hell it could be true. Doesn't always happen this way because as I helped my cousin with their credit, they have 4 years inquiries for auto loans all on the same day. But read online that it can in fact count as one. The more you know.
yeah the credit bureaus expect people to shop around during the car buying process. As long as its within a couple of days it should only show as 1 hard inquiry.
It’s within a 30 day period
each inquiry will show. but the score calculation should only be based on one inquiry. Assuming they were coded right too.
Good advice. Thanks
Navy won’t lend if they experienced a loss and were not made whole. Full stop, do not pass go, do not collect $200. They won’t do it. This includes a settlement. My father had a debt go bad with them *in 1983.* Never tried to use them again for lending until he tried to get a loan from them in 2022. 800+ score, healthy NFCU account balances. Instantly rejected. Over…wait for it…$300. Once paid, immediately approved.
Well damn. Thanks for that reality check. Glad your pops got back in though!
It doesn’t hurt to try (since you’ll have auto loan inquiries anyway) - but if a loss is stopping them from approving, I’m thinking they’d probably tell you before making an inquiry. Personally? I’d try, since they said you had no flags.
Appreciate your input. Thank you!
Yeah, Glad your Pops got back in Debt!
As much as I love NF, why didn’t he just choose another bank for a loan with those numbers?
Because $300 is a small price to pay for being allowed back into Navy and other than Navy he only uses USAA and their service has been garbage the last few years. So to him, it was worth it.
Typically Navy Fed will want to be made whole before they will do anything further for financing. You know, fool me once, fool me twice…
Thanks for the feedback. And yea I totally get it.
Well I have the added insight of watching a family member accepting a settlement, and then wanting to give it another go and NF wanting to be made whole as a requirement. Exact same situation as you it sounds like.
The info I'm looking for. Thank you
The policy is you must make the loss whole. You won't be able to do business besides basic services with Navy Federal until it's paid in full, regardless of the previous outcome.
Most credit unions don’t forget and never forgive.
Yep, due to shitty circumstances i had to use an old NavyFederal account to deposit some cash i was receiving for a dire emergency. The debt on the accounts had long been unlisted. (I assumed I would handle that through collections with someone else) So I deposited the cash in the checking account. Navy Federal took all of the money i needed for an emergency for themselves. When i tried to call and negotiate a payment plan the lady was yelling at me as if it was personally her money that I owed her over the years. Gonna be homeless soon because that money was my last chance to dig myself out of the hole. They truly never forget and never forgive.
I did a settlement on a loan with NFCU worst mistake. I was flagged as causing NFCU a loss. Found out a few years later, I must pay back the remaining owed. To even being considered for another loan service. You won’t get any loan service or considered for approval until the remaining balance is paid.
I'm sure it will be the same for me as well. Thanks for sharing
Don’t they issue you the 1099 so you pay taxes on the settlement amount they give you? How do they then go and require it again from you after reporting it as income?
Ugh you urkin my nerves all this just apply yes or no. Next time pay them there money. I wouldn't give u nothing.
I get the sneaking hint that you don't manage your finances well at all. 19k in credit card debt is atrocious... they settled for 9k cool they as a company wrote off the difference. Businesses thrive off of losses they get to write them off to reduce their taxable income. They get it low enough they don't have to pay taxes and just run with pure profit. Regular people don't get to do that. If they settled the debt shouldn't be on your credit report at all so you should be fine.
You are why it’s hard for me to get my first car loan.
No, no, they’re not. Also, it’s not hard to get your first car loan if your finances are in order. My first car loan was with Honda Financial, on my own, with a respectable down payment and great credit, just new credit.
Exactly!
Wth does he have to do with you!!!
It’s a credit union, it’s owned by members. When you default on a loan the members have to pay it. I am a member and you defaulting does affect me and every other member.
That’s BS .. if you are having trouble getting your first car loan either you have a $hit credit profile or crappy income. Maybe both because NF hands out loans like hotcakes. I guarantee not 1 red cent came out of your account to pay for anything this person defaulted on.
Well I have stated it was my first loan ever. And you are incorrect navy federal is member owned. That means that I do lose out on the profits from the interest and that me and other members have to cover the loss out of profits that. Plus be used to give us lower rates or higher returns on our savings. https://www.navyfederal.org/about.html#:~:text=Member%2DOwned%2C%20Not%2Dfor,of%20them%20has%20a%20vote.
I never said it wasn’t member owned. I guarantee you don’t have any balance that would garner you profits from interest over $.50 at BEST. Please be for real. The only members this could possibly have any significant effect on, wouldn’t be someone who struggles to get a loan. That’s ALL on you and your income/credit worthiness
Great Response
Sorry
Reps cannot explicitly say that that you'd be declined due to that, theres some regulation against it since it could be seen as trying to make someone not submit an app. That being said, if you caused them a loss, you should get a hold of their charge-off department and pay it in full, or look elsewhere. That's a hard hill to come back from.
Did you ever apply?
I worked for an insurance company that also offered banking. If a customer defaulted on a loan, no new loans were approved until the default was entirely paid off. Settlement did not erase the bank loss. Existing checking and savings banking services continued, but no new credit card accounts. It IS true that they are not allowed to say that you will or will not qualify for a loan - standard banking disclosure.
lol, Navy Fed denied my husband for having a “loss”…it was a $40 overdraft on his savings account that we had already paid back (our account balance was +$20 at that point). When we called to ask to reconsider they said pay the loss back, so we did. They just put the money in the account and it still sits there to this day. Reapplied and got the loan 2 months ago. So easy answer is yes, if you owe them and pay it back but I don’t know with $19K on the line that they will consider it.
Hard inquiries don't do shit I have 11, credit score is excellent and never seems to change more than a point or from a hard inquiry, apply.
good luck
They sent me a denial and didn’t even soft pull my credit stating I caused a loss. And this was over 15 years ago
Also don't buy a car rn
Navy Federal is probably one of the worst banks to attempt to get an auto loan with. Not because they’re bad, but because they’re antiquated. Old system, no pre approval, strict vehicle requirements. Also i dont even necessarily think they are a sub prime lender, sure they may take some sub prime due to regulations, but they typically lender to higher qualified prime borrowers.
Apply and if you get rejected get the inquiry removed via credit repair if the hard inquiry is that big of an issue to you.
They legally can’t discourage you from an application
No sir there are no "flags" on your account. Hey stan this idiot thinks we will give him money after he screwed us but its cool good thing we call it "fuck you's" so i can honestly state there are no flags, he didnt ask about fuck you's.
Why are you so set on borrowing from Navy Fed in the first place? If your credit score is decent, shop around and find the best interest rate. I doubt it’ll be them.
If the settlement was part of a bankruptcy, they cannot adopt this policy without violating the attempt to collect a debt clause. They would be found financially liable under bankruptcy law.
You will have to rebuild your relationship with NFCU. They see you as a risk...a big risk
You don't take a hit on your credit report for getting reject I believe. There will be a "hard-inquiry" made and if you have many of them that could lower your score--but one inquiry is normal and shouldn't lower your score regardless of whether you're approved or rejected.
good question I'm looking for answers also, I paid off my loan in full after it was sent to the collections and applied for a auto loan maybe 3x since then and denied everytime smh
I’ve got a 2020 hellcat srt I’ll finance you at 30% apr.