Navy Federal Credit Union Per-approved car loan changed rates day after acquired Williamsburg, Virginia

"Moving on..."

All that you say is correct.  However, before you leap to the conclusion that the original author simply failed to check the website, let me share my story.

In 2006, I bought a new, top of the line Nissan truck.  I checked around for auto loan rates, and decided that NFCU offered the best.  I had been a member for 20 years - NFCU had my primary checking and credit card account.

I had excellent credit.  I've paid off a boat loan, and at the time had held a mortgage for approximately 13 years, all payments on time and in full.  I had no debt to speak of.  In otherwords, if the small print said, subject to approval, there is no earthly reason why I should have been forced to accept a more expensive rate.

But a more expensive rate is exactly what I was offered when I applied for the loan.  The credit union called me back after my on-line application and told me I would have to accept a 500 basis point (0.5%) higher rate than offered for a five-year car loan.  Incredulous, I asked why.  I had checked the website.  I was told that the website was "out of date."

Hmmmm.  A modern day credit union with millions of members all over the United States, billions in assets and liabilities, a long functioning, fully contemporary website... but they forget to update their loan rates.

If I were a betting man, I'd say that error only works in one direction.  Has anybody out there gotten a lower rate than applied for, because rates dropped, but the credit union "forgot" to update its website?

Sorry, but my mother didn't raise a fool.  That's bait and switch.  I took my business to Nissan, and let them finance it.  I paid off the loan in four years.  Nissan profited, my credit union lost.  It should continue to lose until current leadership is out on the street, looking for a job...

If you go to the website it tells you exactly what the terms and conditions are for new vehicle financing, late model vehicle financing and used vehicle financing. It tells you specifically the years and milage considered for each catagory and the associated interest rate. This information is updated regularly and was certainly updated in the 16 days between the time you met with the loan officer and the day you purchased your vehicle. In fact, the Navy Federal website is one of the few that is so explicit in disclosing this information up front without even having to make application. There are plenty of lenders out there that are not nearly as transparent as NFCU.