When I try, the keyboard that comes up does not function. In particular, the delete key (need to remove the old name) does nothing. Cancel and Check keys do function correctly.
Change the name of a favorite destination:
Select Favorites from the Navigation menu.
Select Add/Edit Nav Favorite.
Select Rename.
Select the destination you want to rename; keyboard is displayed.
Input new name.
Select OK to store new name.
Not the original respondent, but the stated procedure works with a couple of additions:
It doesn*t say *enter new name* ... rather you place the cursor on the existing name, backspace to remove the unwanted information, and then enter and save the new name.
I*ve successfully followed that procedure many times.