Someone has financed with federal navy

[Dcchris311]

How does Mark Dodge handle the paper check from Navy Federal? You just bring the check with you when you pick up the truck?

Yes, that's what I did. I picked up the check at my local NFCU and drove down to Mark Dodge. Gave them the check, signed some papers and was out in 10 minutes.

 

[RAM-Ranch-MT]

Yes, that's what I did. I picked up the check at my local NFCU and drove down to Mark Dodge. Gave them the check, signed some papers and was out in 10 minutes.

for remote buyers, can they move the money into your navy federal account to be transferred to mark dodge or is the Check the only way? only asking since i will be buying remotely and financing through navy fed. i read earlier in this thread that someone overseas was able to have navy fed transfer the funds to their navy fed account then to MD.

Thanks!

 

[MattH89]

for remote buyers, can they move the money into your navy federal account to be transferred to mark dodge or is the Check the only way? only asking since i will be buying remotely and financing through navy fed. i read earlier in this thread that someone overseas was able to have navy fed transfer the funds to their navy fed account then to MD.

Thanks!

Unless you are overseas the check is the only option. So you'd have to mail it.

This is the reason I went with Wells Fargo over NFCU even though the interest rate was (very) slightly worse.

 

[RAM-Ranch-MT]

Unless you are overseas the check is the only option. So you'd have to mail it.

This is the reason I went with Wells Fargo over NFCU even though the interest rate was (very) slightly worse.

hmm thats rather annoying, ill message navy federal and mark dodge to verify. That would suck to have to mail the check to MD but not a huge deal to lock in the super low rate.

 

[MattH89]

hmm thats rather annoying, ill message navy federal and mark dodge to verify. That would suck to have to mail the check to MD but not a huge deal to lock in the super low rate.

Its up to you but I would recommend letting MD run a rate for you too and compare them. Mine was I think 0.1% different from Navy Fed.

If yours is the same, you might make the same decision I did which was that the ease of the transaction was worth it.

 

[Cautionary Tale]

hmm thats rather annoying, ill message navy federal and mark dodge to verify. That would suck to have to mail the check to MD but not a huge deal to lock in the super low rate.

It's a bit more inconvenient than all that, because you'd have to mail it signed and endorsed, so essentially like mailing cash that you are on the hook for. It was outside my comfort zone for such a large sum, but after my exciting trip, my comfort zone has since broadened

 

[Haildamage]

Just opened a $5 savings account with NFCU. After about 10 minutes I had an email stating the account is good. Then signed up for digital banking and filled out the credit app. Signed up for the preapproval which is where they send you basically a blank check not to go over the amount you’re asking for. For me, I have $31K equity in my trade and putting down $15K (also paying my own taxes (difference), registration (transfer vanity plate), $149 doc fee. Going to add 100K max care warranty to the price. Approval for up to $45K was almost immediate and the check will be in the mail tomorrow. Truck is supposed to be here end of Feb but you have 90 days to use it. Just an fyi if you’ve wondered how the whole thing works. 4.59%. Don’t know why the extra 0.10% but whatever. Lower than anything Ive seen around Louisiana. My own bank/fcu said they could not even get a rate that low so I went with it. Now just need a truck. Ordered 7 August.

 

[Cautionary Tale]

Just opened a $5 savings account with NFCU. After about 10 minutes I had an email stating the account is good. Then signed up for digital banking and filled out the credit app. Signed up for the preapproval which is where they send you basically a blank check not to go over the amount you’re asking for. For me, I have $31K equity in my trade and putting down $15K (also paying my own taxes (difference), registration (transfer vanity plate), $149 doc fee. Going to add 100K max care warranty to the price. Approval for up to $45K was almost immediate and the check will be in the mail tomorrow. Truck is supposed to be here end of Feb but you have 90 days to use it. Just an fyi if you’ve wondered how the whole thing works. 4.59%. Don’t know why the extra 0.10% but whatever. Lower than anything Ive seen around Louisiana. My own bank/fcu said they could not even get a rate that low so I went with it. Now just need a truck. Ordered 7 August.

If switching all your banking to them, just be prepared for the whack-a-mole game of getting everything set up properly. More work with spouses as they can be on account without being a member (form required) but need to be a member (another form and sponsorship) to do any real banking. Zelle attaches to a debit card, not an account (not a fan of debit cards...long story), lots of forms for everything, which you'll need to keep track of. Took 30 days to set allow mobile deposite (able to link other banks for feeless wires though) and an EFT system that says it works with employers but after entering all the details it turns it out doesn't but also it doesn't say it doesn't.

Thus far, I'm a HUGE fan of their customer service, I just wasn't prepared for all the legwork to get established with them. If you don't use lots of banking services, it's likely a non-issue. I'm several months in with them and just finally got my most my accounts in order. If I had a local branch, I'd imagine I could have did in 2 hours, what took me months. Nature of the digital banking beast, I suppose.

Hopefully my banking journey helps guide other new NFCU members to expedite their migration.

 

[Haildamage]

All I did was open a $5 savings account to become a member then you can apply for the loan. Very quick and easy. You can also call them and they will set it up in the phone with you.

 

[RAM-Ranch-MT]

@AnthonyRI Since others have used navy federal to finance with MD on remote purchases, is mailing the check that you receive from navy federal to mark dodge the only way to do this? Thanks so much! Just trying to figure the best way to purchase using navy fed since i will be buying remotely. Sorry if you have answered this, i searched and found no answer.

 

[AnthonyRI]

@AnthonyRI Since others have used navy federal to finance with MD on remote purchases, is mailing the check that you receive from navy federal to mark dodge the only way to do this? Thanks so much! Just trying to figure the best way to purchase using navy fed since i will be buying remotely. Sorry if you have answered this, i searched and found no answer.

As far as I know that is their process from NFED. Sure do wish they'd wire!

 

[RAM-Ranch-MT]

As far as I know that is their process from NFED. Sure do wish they'd wire!

Thank you sir!

 

[genxeration]

I’m not really sure how NFCU qualifies loan apps but makes no sense. They gave me 5.79 for 60 instead of the lower advertised rate. What pissed me off is they would not tell me why. I have an 832 credit score when they pulled it, 3% credit card utilization, no late payments ever, and DTI of 17%, and I was making a $23k down payment. I’ve lived at the same address for 13 years and I’ve had the same job for 19. I just went to my other credit union and received 4.9 for 60 months.

 

[halftendril]

They use an abacus to calculate rates, based off credit score, debt to income, credit utilization, location, then add .25% for non active duty.

 

[ruh-roh-RHO]

I use to finance all my vehicles through Pentagon Federal until they couldn't figure out how to finance the Raptor. They didn't have the trim level listed, so I would have to pay off 13k+ to get a loan amount they would offer. PenFed and Navy Federal usually have the same rates.

The rate difference is small enough between 60 and 72, I do the longer term to have a buffer in payment if needed. Damn I miss a 2.49% rate.