Scion Financing???
 

Has anyone encountered this? I financed my FRS at the dealer through what I had thought was with Toyota Financial Services. However I just received my license plates in the mail and the paperwork says:

Lien holder: Bank of America

I also just got a letter from bank of America asking me to sign up for automatic payments. I don't bank with B of A and did not sign anything at the dealership that said B of A. Does anyone know whats going on? Thanks for any insight.

The dealership reaches out to other banks/financial institutions to receive your loan. Basically what you could have done on your own with your own bank of choice they did for you. Bank of America was the lucky winner who received your business. This is how i believe all dealerships operate. I think mine is through a credit union however i still make all my payments on Toyota Financial Services website.

Different credit profiles, different creditor able to shoulder the burden of the debt. The F&I manager should have printed the name of the bank on the paperwork you signed. Unlike a mortgage (where the note can be sold many times), that'll be your lien holder until the end of the loan, unless the bank mergers with another bank and the name changes.

mine's Chase. they just go to whoever gets you the best rate i believe.

Toyota and other automotive manufacturers are in the business of building and selling cars, not banking.

Mine is direct toyota, they are the lienholder, however I have very good credit, so they may only deal in low risk loans, so they do not need a bill collection branch.

Mine is direct from Toyota and they are the only one that would approve me since I had such a high down payment.....

My rate is TERRIBLE due to my 0 creidt score :( Waiting to Re-FI!

Not really true. I financed through Toyota. I dont deal with anyone else.

likewise, i'm through toyota as well. however, are they ok w/ refinancing? i'd rather have 2.99 than 3.85 and spend my tax return on lowering the monthly. sorry for the thread jack

I financed through honda 2 years ago and I was paying to honda and no one else..

From Performance Toyota in Lincoln financed with Toyota at 1.75%. Finance guy was the best I'd ever dealt with.

Look at your copy of the documents that you signed while in the dealer's finance managers office. It should be listed who was providing the financing, the interest rate, the monthly payment and length of the loan. All this is covered in the Truth in Lending laws. I would guess your dealer went with B of A because they paid the dealer some back door fees to steer you there.:thumbsup:

mine is through toyota financial services as well

Mines though Toyota. I was quoted 3.01 interste rate Then checked my rates thought the Toyota online payment and it was 2.79 interest rate. Which Was better than any back could do that I applied for.