How do I know who my auto loan lender or servicer is?
If you financed your loan through a bank or credit union, that is your lender. If you got financing through a dealer, you should receive a welcome letter from your lender or servicer with information on your loan.
Your lender is the financial institution loaning you money for your auto loan. Your servicer is responsible for managing your loan, including collecting your monthly payments. In auto loans, most lenders manage and service their own loans, but occasionally some lenders will use a third party for servicing.
In most cases, your lender or servicer is not your dealership. You may have arranged financing through the dealer, but the loan is from a bank, credit union, or another type of lender.
If you need to find out who your lender or servicer is – for example, if you’re having trouble making your payments and need to ask for help – there are a few ways to find out:
If you have a new loan
If you’ve just finalized your auto loan, you should receive a welcome letter notifying you of who your lender or servicer is. Make sure you keep your paperwork, as it can tell you:
- Who your lender or servicer is
- Where to send your payments
- What counts as an “on time” payment (usually when the lender receives it, not when you mail it) and whether there is a grace period
- The amount the lender can charge for late fees
- Whether there is a penalty if you pay off the loan early (prepayment penalty)
- Who to contact if you are having difficulty making payments
If you have an existing loan
If you already have a loan, one of the easiest ways to find out who to contact about your loan is to look at your monthly statement, which should include the lender or servicer’s company name and contact information in case of questions or issues.
If you bought the car through the dealer, you can also contact the Finance and Insurance(F&I) department at the dealership, which should have record of your lender or servicer.