If your vehicle is totaled in an accident or stolen and not recovered, the insurance settlement is based on the actual cash value, not the outstanding loan balance. This could create a loan "gap"—money you owe on the loan after the insurance company pays its portion. Optional GAP may cover the difference between the outstanding loan amount and the actual cash value and covers up to $1,000 of your deductible.
Note: GAP cannot be transferred from one vehicle to another.
For new loans: GAP can be added during the initial online loan application process,
in person at a branch, or by phone.
**Active Duty or retired military can get 1/4% APR off select loans when you apply at a branch or by calling 1-888-842-6328. Offer does not apply to online applications. Direct Deposit required. Rate discounts can be applied, but cannot bring the rate below the 1.79% APR minimum.
***25-year member discount is a one-time, non-transferrable offer. Rate discounts can be applied, but cannot bring the rate below the 1.79% APR minimum.
If purchased from a private seller: Take the title, bill of sale and promissory note to the DMV, register the vehicle in your name and record Navy Federal as the first lien holder. In most cases, the DMV will send the title to Navy Federal; however, should you receive the title after registration and lien placement, simply forward it to Navy Federal using the envelope provided in your loan package or mail to: Navy Federal Credit Union, P.O. Box 25109, Lehigh Valley, PA 18002.
If purchased from a dealer: In general, the dealer will complete the DMV registration and lien placement and, in most cases, the DMV will forward the title to Navy Federal. Should you receive the title after registration and lien placement, simply forward it to Navy Federal using the envelope provided in your loan package or mail to: Navy Federal Credit Union, P.O. Box 25109, Lehigh Valley, PA 18002. If the dealer is not completing the registration and lien placement, please take the title, bill of sale and promissory note to your local DMV office and record Navy Federal as the first lien holder.
Overseas requirements: We will accept a copy of the military registration, foreign registration, notarized copy of the bill of sale, or copy of the Manufacturer's Statement of Origin (MS0) only if the member is not titling the vehicle overseas. Navy Federal will hold the copy until the member returns stateside, registers the vehicle at the DMV and records Navy Federal as first lien holder on the title.
VIN requirement: Navy Federal requires members to submit the identification number(s) for the collateral secured on a loan. Autos, motorcycles, motor homes, and trailers have vehicle identification numbers (VINs). Recreational vehicles, including ATVs and campers which must be pulled by another vehicle, have serial numbers. Boats and other watercraft have hull numbers. Aircraft have N-numbers.
Lien: A lien is a legal claim to property. Members who have Navy Federal loans secured by collateral (e.g., autos, boats, or motorcycles) must ensure their Proof of Ownership (title) is registered at their state DMV with Navy Federal listed on the title as "first lien holder." If a member defaults on a collateral loan, Navy Federal can exercise its legal claim to the property.
To help fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account, including joint owners.
What This Means For You
When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you.