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So, back on 2/15, I got an auto loan at my local Honda dealership through Fifth Third bank (post BK Discharge).
I received my "Welcome" call from them today and the representative advised me that my loan will actually be serviced through Santander - but financed/funded through Fifth Third.
Does that make any sense? Fifth Third bank checked my EQ CR, and only that one. Santander (Drive Financial) checked my EX CR, and only EX - which I find odd, but, what do I know.
Still waiting on my welcome matierial. I see online that Fifth Third actually sells alot of the auto loans to Santander, but not "serviced" by them.
Thoughts?
I'd roll with it.
Realistically it shouldn't matter whether Santander owns or is just servicing. There might be a little difference as far as fees to send payments via certain methods, but bill pay from your bank will always be free (assuming your bank doesn't charge).
I'd say you're good! I do agree though it's likely your loan was sold. I've read SC's 10K filing (or the equivalent when they IPO'ed, whatever it's called) and I didn't see them really mention servicing for others much expcept Chrysler Capital. I definitely read a lot about them buying portfolios and that's what I think is more likely to have happened here.
I'm voting it was sold, not just servicing rights, but the whole loan and the CSRs just don't know. Like I said though, keep up with the payments, and it won't matter!
On a side note, this auto loan selling/servicing deal brings back memories of pre-2008 mortgages haha. I swear people I know went through 3-4 different servicers/owners before it ended up at some big bank somewhere. Of course nobody could tell you who actually owned the loan at any given point in time, just an address for the payment. Those were the days lol.
Thanks - to be honest, I would rather have Santander than Fifth Third bank - at least they allow for online payments. Fifth Third does not...
5th 3rd uses Santander in a pass-thru agreement. When we submit to 5th 3rd, and it does not meet their normal criteria, then the applications automatically passes thru to their subprime portal via Santander.
We would record the lienholder as the approving lender, which in this particular discussion would be 5th 3rd.
If you could log in the Santander site, then you have it correct. 5th 3rd, immediately sells those portfolio loans to Santander. If you have autopay set up, you should be fine.
congrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrats!!!!!!!!!!!!!!!!!!!! on the vehicle.