Paying off your loan early has its own advantages and downsides. However that notwithstanding, alot of lenders accept early payoffs. In this article, I’ll be showing you how to payoff Bank of America Auto Loan.
Bank of America, which is the second largest bank in the U.S is also a top provider of auto loans in the country. Through their Auto Finance division, they’ve helped thousands of drivers to purchase cars and pay back in installments over a specific loan term.
When you decide to payoff your Bank of America Auto Loan, you need to first obtain your payoff quote/ amount which is different from your loan balance. Your Payoff quote is the amount you pay to fully close your loan and it is usually higher than your balance.
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How To Obtain Your Bank of America Auto Loan Payoff Quote
You can conveniently find your payoff quote online by following these steps:
- Click HERE to access the bank’s online portal or you can also download the Bank of America Mobile app
- Login with your User ID and Password (Register for online access if you don’t have an online account)
- Now under “Personal accounts”, select “Automobile Loan” link or,
- Select “Quick View” link
- Your payoff quote will be displayed
Payment Options To Payoff Your BoA Auto Loan
There are a number of ways you can choose to payoff your Bank of America Auto Loan. They include:
Loans can be paid off online via Bill Pay. Simply Log in HERE with your User ID and Password to pay using Bill Pay.
Pay Via Mail
You can also send the full amount of your payoff quote via mail to the address below:
Bank of America
P. O. Box 15220
Wellington, DE 19886-5220.
NB: you can send a check or money order but not cash. Remember also to add your Bank of America Auto Loan account number.
Pay In Person
Physical payments are also allowed hence you can payoff your loan at any of their offices.
Pay Via Phone
It is also possible to make payments over the phone. Just have your details ready before you contact them on 800.215.6195. This payment method can be accessed 24/7.
When Will I Receive My Vehicle Title After Paying Off My Loan?
Your title and lien release should be received at most between 7 to 10 business days after Bank of America receives your payoff. The mail will explain how to get your title if yours happens to be an electronic title.