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Auto Loan FAQs from Bank of America


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    • Yes. The following vehicles are not eligible for financing:

      • Vehicles older than 10 calendar years
      • Vehicles with 125,000 miles or more
      • Vehicles valued at less than $6,000 (based on franchise dealer invoice for new vehicles or the wholesale value from an official used car value guide such as NADAguides for used vehicles)
      • Commercial vehicles
      • Vehicles used for commercial and/or business purposes
      • Salvaged, rebuilt or branded-title vehicles
      • Gray market or lemon law vehicles
      • Conversion or delivery vehicles
      • Motorcycles, recreation vehicles (RV), boats or aircraft
    • There are a few conditions that dealers and sellers need to meet. Please be aware of these requirements:

      • Purchases from independent dealers are typically not eligible for financing. An independent dealer is a car dealer that sells many different brands of used vehicles and is not affiliated with any auto manufacturer. (Exceptions to this condition: CarMax®, Hertz Car Sales and Enterprise Car Sales.)
      • The seller(s) must be the same as the registered owner(s) listed on the vehicle title
      • The vehicle must be purchased directly from the seller/owner (consignment sales are not eligible for financing)
    • The applicant (and any co-signer) must be at least 18 years of age (19 in Alabama or Nebraska) and must live in the U.S. as a U.S. citizen, resident alien or non-resident alien.

    • Specific terms for your auto loan are determined by a variety of factors, but you should be aware of the following:

      • The minimum amount we finance is $5,000 ($7,500 in Minnesota and South Carolina)
      • Term limitations may apply
      • Loan-to-value restrictions apply
      • A down payment may be required
      • Title and state fees may apply
      • A loan fee may apply in Indiana and Ohio
      • Powers of attorney are not accepted

      Contact us to see which, if any, of these conditions apply to your specific situation.

    • In most states there is no prepayment penalty, but depending on the particulars of your specific loan situation, a prepayment fee may apply for loans that originate in Florida, Louisiana and Ohio.

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    • Bank of America offers a variety of auto loan types:

      • Dealer purchases (new and used cars)
      • Refinancing of current auto loans
      • Lease buyouts (when you decide to purchase your leased vehicle)

      If you would like to apply for a loan to purchase a vehicle from another individual (also known as a private party sale) you can do so by visiting a financial center.

      Be sure to review the auto loan eligibility requirements and conditions before you begin the auto loan application process.

    • Yes. Bank of America car loans are available in all 50 states and the District of Columbia.

    • You can apply for your auto loan online in just a few minutes. There's no fee to apply and most decisions are available in about 60 seconds. In cases where applications require a more detailed review, we'll send you an email when the decision is ready.

      You can also schedule an appointment at your local financial center to meet with us at your convenience.

      You can also schedule an appointment at your local financial center to meet with us at your convenience.

    • No. Bank of America does not charge you an auto loan application fee or a loan document preparation fee. Depending on which state you live in, though, a title fee and state fees may apply. A loan fee may apply in Indiana and Ohio.

    • When you apply for an auto loan with Bank of America, you'll be asked to provide personal information such as your name, address, Social Security number, employment information, income, U.S. citizenship status and email address.

      We need your email address to be able to send you information about your application status or contact you regarding your experience with the online process. If you're concerned about how your email address may be used for marketing and sharing information, you can visit the Privacy & Security section of our site and set your privacy choices.

      Depending on the specifics of your loan request, the following documents may be required prior to closing: purchase agreement/bill of sale, registration, title, lease buyout instructions, proof of income, federal tax returns, W-2s and financial statements.

      For refinance loans and lease buyouts, we require specific vehicle information such as make, model, year, mileage and vehicle identification number (VIN).

    • Most decisions are available in about 60 seconds. In cases where applications require a more detailed review, we'll send you an email when the decision is ready.

    • Your loan approval and interest rate are locked in for 30 calendar days from the date of your original loan submission.

    • Yes. Your purchase loan approval and interest rate are locked in for 30 calendar days from the date of your original loan submission, which means you know before you shop exactly how much car you can afford.

      For all other types of auto loans (for example a car loan refinance or a lease buyout), you will need to provide a complete description of the vehicle including the year, make, model, vehicle identification number (VIN) and mileage.

    • Franchise dealers sell new and used cars for auto manufacturers such as Ford®, General Motors®, Chrysler®, Honda® and others. Independent dealers are not affiliated with an auto manufacturer and may sell many different brands of vehicles.

      Bank of America does not normally finance vehicles purchased from independent dealers. The general exceptions to this are CarMax®, Hertz Car Sales and Enterprise Car Sales.

    • Bank of America's authorized dealer network can help streamline your car buying process. Once you've been approved, you'll get an approved dealer letter to take to any one of our network dealerships. Having an approved loan allows you to negotiate with dealers on what really matters: the price of the car.

      Use our dealer locator tool to find authorized dealers in your area.

    • Special rate programs can be very attractive if they're offered for the specific car you want and they provide you with appropriate loan terms, but sometimes the terms are too restrictive or you may want different terms.

      Dealers often offer cash rebates as an alternative to low interest rates. Choosing the cash rebate and financing with us may be a better option for you: By choosing the rebate, applying it to your down payment and combining that with low-rate financing from us, you can maximize your total savings.

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    • Within 10-15 business days after your closing date, you'll receive a

      welcome package containing the following:

    • Your paper statement is mailed each month 20 days prior to your due date, unless you decide to set up automatic payments through Online Bill Pay, in which case you won't receive monthly paper statements. With Online Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.

      You can also sign up for electronic bills by signing in to Online Banking and selecting eBills from the Bill Pay navigation menu.

      Sign in to set up Bill Pay payments

    • Yes. Simply sign in to Online Banking and select the Automobile Loan link provided under the Personal accounts heading on your accounts overview page. On your loan overview page, select the Statements & Documents tab. You can access up to 18 months of loan statements.

    • You have multiple auto loan payment options:

      • Pay using Bill Pay: If you're an Online Banking customer, you can sign in to set up payments through Bill Pay. With Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.
      • Pay by phone: You can call 800.215.6195 to pay by phone 24/7. Please note that same-day payments cannot be canceled.
      • Pay by mail: You can mail your car loan payment to: Bank of America, N.A., PO Box 15220, Wilmington, DE 19886-5220. Be sure to include your loan account number along with your payment.
      • Pay in person: You can always pay your auto loan in person at one of our financial centers.

      If you don't have a Bank of America deposit account, you may be able to set up electronic payments to your auto loan from your account at another financial institution.

    • If you're an Online Banking customer, you can sign in to set up payments through Online Bill Pay. With Online Bill Pay, you can schedule recurring or one-time bill payments from your checking or money market accounts.

      You can also use the paper signup form included with your welcome package. Include a voided check and mail or fax it to the location indicated on the form.

      After signing up, you'll receive a letter in the mail within 3-4 weeks confirming the start date for your automatic payments to be made. In order to avoid any late charges, please continue to make your payment as usual until you receive the confirmation letter.

      Please note: When scheduling automatic payments, you only need to enroll using one method (either the paper signup form or Online Banking). Submitting the paper form and also signing up in Online Banking can result in multiple payments being made from your account each month.

    • There are 2 easy ways to obtain a letter detailing the interest you paid last year on your car loan:

      • Sign in to Online Banking and select the Automobile Loan link provided under the Personal accounts heading on your accounts overview page. Then, in the column marked Manage your loan at the top of the page, select the Last year interest paid letter link. This will open the letter in your browser and you can print it for your records.
      • Contact us at 800.215.6195 and ask for a faxed or mailed copy of your interest paid last year information
    • Sign in to Online Banking and select the Automobile Loan link listed under Personal accounts on your accounts overview page. You can also select the Quick View link beneath the automobile loan listing on your accounts overview page.

    • You have multiple loan payoff options:

      • Pay using Bill Pay: If you're an Online Banking customer, you can sign in to make a payment through Online Bill Pay.
      • Pay by phone: You can call 800.215.6195 to pay by phone 24/7. Please note that same-day payments cannot be canceled.
      • Pay by mail: You can mail your car loan payoff amount to: Bank of America, N.A., PO Box 15220, Wilmington, DE 19886-5220. Be sure to include your loan account number along with your payment.
      • Pay in person: You can pay off your auto loan in person at one of our financial centers.

      If you don’t have a Bank of America deposit account, you may be able to set up an electronic payoff of your auto loan from your account at another financial institution.

    • In most situations you can expect to receive your lien release, paid-in-full letter and title (if the title is available) within 7-10 business days after we receive and process your payoff. If the title is electronic or other conditions apply, our letter will detail the process to obtain the title and ensure that the lien release is properly recorded.

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    • Yes, and you can refinance your existing auto loan whether it’s through Bank of America or another financial institution. When you start your auto loan application, simply select Refinance from the Loan type dropdown menu on the first step of the application.

    • No. Bank of America does not charge you any fees for submitting a refinance loan application.

    • Yes, but if your current loan’s payoff balance is more than the car's current value, you may be asked to pay the difference as a requirement for getting your auto loan refinanced.

    • In most states there is no prepayment penalty, but depending on the particulars of your specific loan situation, a prepayment fee may apply for loans that originate in Florida, Louisiana and Ohio.

    • When you apply for an auto loan with Bank of America, you'll be asked to provide personal information such as your name, address, Social Security number, employment information, income, U.S. citizenship status and email address.

      We need your email address to be able to send you information about your application status or contact you regarding your experience with the online process. If you're concerned about how your email address may be used for marketing and sharing information, you can visit the Privacy & Security section of our site and set your privacy choices.

      For refinance loans and lease buyouts, we require specific vehicle information such as make, model, year, mileage and vehicle identification number (VIN).

    • Your loan approval and interest rate are locked in for 30 calendar days from the date of your original loan submission.

    • Most decisions are available in about 60 seconds. In cases where applications require a more detailed review, we'll send you an email when the decision is ready.

  • 60-seconddecision (for most applicants) with a30-dayrate lock

  • Knowhow much you can afford before you shop

  • Manageall your BofA accountsin one place


Category: Bank loan

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