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Credit Union gives $50,000 combined towards members’ car loans

VIENNA, Va. (November 29, 2022) - Navy Federal Credit Union, today announced the winners of its first Operation Joyride Sweepstakes. The sweepstakes allowed eligible auto loan holders to submit an entry for their chance to win a grand prize of $30,000 toward their Navy Federal auto loan. Members also had the chance to win a first-place prize of $15,000 and a second-place prize of $5,000.

Thanks to Operation Joyride, grand prize winner Travis Wolf, a Navy chief officer and father of two, used a portion of his $30,000 winnings to pay off over $13,000 in an existing auto loan on his 2019 Ford Edge. The remaining money went to his checking account. Wolf has been a Navy Federal Credit Union member for nearly 25 years, and his two sons — one of whom is currently serving in the Air Force — are also Navy Federal members.

“I would have never expected to be entered into a sweepstakes and actually win,” said Travis Wolf. “My family and I are both extremely grateful and thankful for this, it couldn’t have come at a better time. It allowed us number one to pay off our vehicle loan, which was awesome, and it also allowed us to take the rest of the money. It gave us a little bit of financial freedom.”

Operation Joyride’s first-place winner Alejandro (Alex) Magana Jr. is a proud father and hardworking waste management employee in the San Diego area. With his $15,000 win, he was able to pay down his existing auto loan just under half.

“I have been a loyal member of Navy Federal for well over 5 years,” said Alex Magana. “When entering this sweepstake, I didn’t think much of it. I figured my chances of winning were slim to none. I am very blessed to have received this prize as it has help lower my current car payment by more than half! Thank you so much! I am happy to be a part of the best credit union!”

“I’m extremely excited for the winners of our sweepstakes,” said Joe Pendergast, vice president of Consumer Lending at Navy Federal Credit Union. “Our members mean everything to us, and we’re committed to providing tools to help them meet their financial goals through every phase of life. Sometimes our tools may be in the form of online calculators and articles, and sometimes they might look like $30,000 of prize money. The bottom line is it’s all for the members.”

About Navy Federal Credit Union: Established in 1933 with only seven members, Navy Federal now has the distinct honor of serving over 12.1 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, veterans, civilian and contractor personnel, and their families. Dedicated to its mission of service, Navy Federal employs a workforce of over 22,300 and has a global network of 355 branches. For more information about Navy Federal Credit Union, visit navyfederal.org.