ED Magedson – Founder
Navy Federal Credit UnionNationwide USA
Navy Federal Credit Union Taking advantage of active military soldiers!!! Nationwide
I'm warning everyone of how they ripoff active duty military soldiers. I had got a used car back in 2010 and financed through Navy Federal Credit Union. Knowing I receive a check on the 1st and 15th of each month being I was active duty in the Army. They decided to take advantage of me and charged me a 24% intrest rate to the car. My credit score had nothing to do with it because I had around 730 score. The used car was about $16,000.00. I was a first time car buyer so didn't really know a whole lot about how intrest rates worked. So anyways I got the car financed through Navy Federal and was never late on a payment for or missed a payment for 3 years. I paid about $18,000.00 to the car within the 3 years. I was forced out of the military due to not having anyone to watch my 2 children while I deployed so times got hard trying to make a car payment of $421.53 each month plus trying to afford a home and take care of 2 children on top of that. I explained to them what was going on and asked if I could refinance. They said the can do drop it to $388.00 a month.
Long story short I ended up getting behind on payments because of my situation and they repossesed my car and auctioned it off. They said I still owed $19,000.00 on the car that I need to pay. They would not work with me at all on payments at least until I could figured something out. They were very rude... So they got $18,000.00 out of me for the car, more than what the car was even worth. Plus whatever the auctioned it off for. Now they are garnishing my wages $412.00 a month till it's paid in full. So I lost the car plus am now paying for a this car I don't even have. I will never in my life get anything with Navy Federal again and I warn everyone about them and how they treat military soldiers. I had a few other soldiers that were in my company that also complained about intrest rates with Navy Federal. They theif soldiers of as much money as they can get out of you because they know you will always get a check. So check the interest rate and know the type of company you are dealing with!
This report was posted on Ripoff Report on 07/10/2014 09:32 AM and is a permanent record located here: http://www.ripoffreport.com/reports/navy-federal-credit-union/nationwide/navy-federal-credit-union-taking-advantage-of-active-military-soldiers-nationwide-1161005. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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