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Friday, November 6, 2009

What happens when the bank you have your auto loan through gets bought out?

My auto loan is through Wachovia and i just read they are going to be bought out by Citigroup. What happens now?

What happens when the bank you have your auto loan through gets bought out?
Nothing.


The bank just has a new set of bosses, a lot of layoffs and maybe a name change.


Your loan was legalized before the takeover so you will continue to pay, you MAY get a letter from the new company with instructions to perhaps change your payment date or account number, but in all probability nothing will change at all.





They also can't change the terms of your loan, can't increase the percentage of interest charged or demand increased payment per month, that's what the contract you signed is for, it protects you as well as the bank.
Reply:You keep paying the bill, just like normal.





In a few months, you will be contacted to send your payment to somewhere else.





Citibank will have to continue your loan, as is. Nothing really will change for you. Except maybe the name on the check you send.
Reply:Keep paying your bill - eventually you might be notified of a new address to send the payment to.

ginkgo

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