Navy FCU Commits $3.5 Billion To Auto Loans

Published February 17, 2009, 10:04 p.m. EST

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Updated August 27, 2020, 12:49 a.m. EDT

1 Min Read

VIENNA, Va. – Navy FCU said yesterday it is setting aside $3.5 billion for loans which can be used to finance a new or used car purchase from any automaker.

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The funds can also be used to finance discounted loans through the "Invest In America" credit union program with General Motors and Chrysler.

"Navy Federal is not facing the same problems many banks are. We never got involved in risky investments and as a result we are safe and secure," said Cutler Dawson, president of the nation’s largest credit union. "We've had a couple of the best loan months, in terms of volume, and one of our best years ever in 2008 and off to a great start in 2009."

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