What to Do When You Can’t Pay Your Bank of America Auto Finance Bill
Bank of America is one of the largest lending banks in the United States. The bank offers personal and business loans, including auto finance loans for qualified customers. Customers can choose to apply for and pay Bank of America auto finance bills online. Once approved for a loan, the customer has 30 days to use the guaranteed rate to purchase a vehicle before the rate expires.
How to Pay the Bill
Your Bank of America auto finance bill is listed in your online account. You will also receive a monthly statement showing the total amount due each month. You can use the monthly statement to return your personal check or money order payment, but there are other methods of payment for your auto loan.
Pay automatically: You can sign up for automatic payments from your Bank of America account or your bank account if your personal account is held outside of Bank of America. If you have a Bank of America account, simply visit the bill payment page and setup the automatic payment. Use the same process to setup automatic payments using other personal bank accounts with online bill pay.
Pay online: You can sign in to your online bank account to pay your Bank of America auto finance bill online at https://www.bankofamerica.com/. Both one-time and recurring payments can be setup using your online account. You must register for online account access before making your payment.
Pay by phone: Phone payments for your Bank of America auto finance bill are accepted at 1-800-215-6195. You can choose to pay using the automated system at no charge or you can ask for assistance from a customer service agent for a fee.
Questions About Your Billing Statement or Account?
If you have questions regarding your auto bill, you can contact customer service at 1-800-215-6195. The representatives are available to answer any questions you may have about fees, service charges or billing in general. There is also a detailed FAQs page available for auto loans.
How the Penalty Fees Work
There is no fee to apply for an auto loan from the Bank of America, but customers will be responsible for paying late payment fees and returned payment fees as part of the terms and conditions of accepting an auto loan from the Bank of America.
There are no specific penalty fees listed on the Bank of America website pertaining to the repayment of an auto loan, but customers are advised that a down payment and loan fee ($200) may be applicable at the time the loan is used for purchase.
I Can’t Make a Payment
If you can’t pay your Bank of America auto finance bill, contact the customer service department immediately at 1-800-215-6195. The customer service representative will speak with you about possibly moving the loan payment or other programs available for customers in financial need. If the car is repossessed for non-payment, you will be responsible for paying the difference between the car resale amount and the amount owed, in most cases.
Will They Work With Me to Pay My Bill?
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