How To Get A Paid Off Navy Fed Auto Loan And Pledge Loan With No Money (Educational Purposes Only)

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[ANULIFETV]

How can you deposit auto loan check in savings account if you have to tell navy Fed what dealership you are buying car and they put the dealer name on check?

[williamboyle]

Yup that’s what I did😂💯💰

NFC gave me 50k car loan
I put 40k n the pledge loan

& there’s no limit to how much u get a pledge loan for.

[LooseJointhiphopdance]

Happy New Year to you Hoodrich. All the best to you and your fam. You always dropping the sauce!!! This is A1

[RL_TAKEMONEY]

Are they using the available cash from the pledge to pay back the auto loan?

[Styledbybay]

I was wondering if you could do this. This was a good play 👏🏾

[XaltenoCEO]

After I get the check from them, how do I do it to deposit into my own savings account or checkings? Write my name on the check? Put in a blank check? Thank you, I got a check I’m picking up tomorrow, need this info please

[yahyaabunusaybaquinones]

How did you pay it exactly after the 90% ? Like when was your second payment and so forth?

[mrhrcollins]

How when the check don’t have his name on it. It’s a dealer check

[quaymoore]

I heard that they ask for the title with the auto loan within a certain time frame otherwise, it changes the type of loan and the terms of the loan is this correct?

[danlanphear]

You actually deposit the check into your business account at the atm. You have 90 days to do what you want with the money. If you don’t end up using the loan money to actually get a vehicle you can just pay the loan off and you have two paid off loans.

[TMTTheBoss]

Do NFCU ask for paper work for the car loan seeing how you dont actually buy the car and how fast should you pay it back?

[missveescandles]

Whats up with the Title, your not talking about that... If I go run this play what will i do when they ask for the Title

[TrailblazerEnterprise]

I got a 27k auto loan paid off on my credit report you think navy would approve me for 50k auto loan?

[wbsparkplug]

How if the check has vin numbers spaces reads to authorized vehicle dealer only so please explain

[AjboutaBag]

I got the auto loan how do I deposit the auto loan check into my savings?

[hobi-wan-kanobi]

Follow me please.
- so you apply for the 25k auto loan right
- deposited that into your account
- then took that same auto loan money and asked for that other thing you talling about to build relationship with navy fed right
- then you say since you have 90% paid off on your auto loan the other payment you get will pay off the rest.
- but if you take it out the pledge loan( which is just the auto loan) and pay off the auto with that how does that look good when you just took out the money you deposited ?


How can 90% be paid off when you put the money elsewhere.

How can 90% be paid and then be reported because you have yet to pay anything. All you did was open lines and move money around with nothing actually being paid off.

I’m genuinely asking make it make sense please.


Unless they give you another 25k with the pledge loan it don’t make any sense to do what you’re talking about or that dude lied to you.

[comptonfinest]

dont they do the loan check now though?

[Paydafee]

Okay so i understand this reasonably ! so basically I would get a loan for let’s say 30k and put the check into my savings account . now if I need to use the 30k to buy a car, NFC pledge loan will give me an additional 30k that I can I actually use . so basically 30k will always be available because you have the money in your savings and the collateral pledge loan will allow you to spend there 30k with terms instead of your savings ?

[alexisthekid]

I got the check, but what do I do about filling out the VIN information, etc... Also, do I make the check out to myself and deposit it in my personal savings?

[kennymeeks]

I didn't know you deposit the auto loan deposited into your own savings account