You will receive a welcome package in 10-15 days after the closing of your loan. The package will contain the following:
- Welcome to Bank of America letter
- Your account number, first payment draft date and confirmation of the payment amount
- Instructions on how to sign up for automatic payment
- Information about Bank of America Online Banking features and benefits
- Contact information for Customer Service (800.215.6195) for your new vehicle loan
We offer multiple ways to pay your auto loan so you can select the method that works best for you.
Automatic payments can be set up to pay your auto loan from your Bank of America checking account or an account with a different financial institution. Learn more about automatic payments
Online Banking transfers allow you to pay your auto loan with funds from your Bank of America checking account. Transfers can be set up as a one-time payment or scheduled as recurring payments. You can also make principal-reduction payments using transfers. View FAQs about transfers
Payments from your checking account can be made using Online Banking: Simply select Pay Now on the Loan Summary tab and use your checking account with Bank of America or another financial institution to make a payment. You can make one-time payments or schedule recurring payments. (If your auto loan does not automatically appear as a Pay To option, call or email us and we'll make this option available to you.)
Phone payments can be made using our automated voice response system by calling 800.215.6195. Agent-assisted loan payments are also available at this number for a fee.
If you don't have a Bank of America deposit account, you may be able to use the bill pay functionality of your financial institution to pay your auto loan.
You can easily view information about your loan (such as original loan amount, interest rate, payoff amount and much more) when you sign in to Online Banking and select the link for your account on the Accounts Overview page. You can also call us at the toll-free number that appears on your statement.
Signing up to make automatic payments is easy: Simply sign in to Online Banking and select the Automatic/Recurring payments link from the Bill Pay navigation menu and follow the instructions.
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 for automatic payments, you'll receive a letter in the mail within 3-4 weeks confirming the start date for payments to be drafted. Until you receive the confirmation letter, you should continue to make your payment to avoid any late charges.
First, you need to know exactly how much you need to pay in order to pay off your auto loan. To get your auto loan payoff amount, simply sign in to Online Banking and select the link for your account on the Accounts Overview page (you can also call us at the toll-free number that appears on your statement). Once you know your payoff amount, there are 3 ways to make your payment:
Transfer funds from a Bank of America deposit account. View FAQs about transfers
Use Bill Pay to schedule a payment from your account at Bank of America or another financial institution. View FAQs about Bill Pay
Use the bill pay functionality of your financial institution in the event you don't have a Bank of America deposit account.