State Farm Bank® vehicle and agent lending loan sale FAQs
Is State Farm Bank selling my loan to an outside company?
No. State Farm Bank is transferring your loan from one State Farm affiliate to a different State Farm entity. It’s related to the changes State Farm is making to better serve banking customers—you can read about them here.
Are any terms or conditions of my loan changing?
No, all of the terms and conditions of your loan will remain the same.
Is Payoff Protector impacted?
No, Payoff Protector1 still applies to your vehicle loan.
Can I still make vehicle loan payments through statefarm.com® and the State Farm Mobile Application?
Yes, Vehicle Loan customers can still pay online at statefarm.com or use the State Farm Mobile Application. This functionality is not available for business loan customers.
Will I get a new vehicle loan coupon book?
You may continue to use the coupons in your current book. You’ll receive a new one with the new affiliate company name once you’ve used all your current ones.
Do I need to make my checks payable to the new State Farm entity?
Yes. Please make your check payable to the new State Farm company identified in your letter. If you’ve misplaced your letter and need to know who to make your check payable to, please contact us at 877-734-2265 877-734-2265.
Do I need to mail payments or correspondence to a new address?
No, you can continue to mail to the same payment address you do today.
If I’m mailing a principal-only payment, do I need to send it to a different address?
Yes, please mail principal-only payments to:
State Farm Bank
Loan Servicing
P.O. Box 5961
Madison, WI 53705-0961
Will my account number change?
No, your account number will remain the same.
How will the loan appear on my credit report?
The loan will appear under the name of the new State Farm entity on your credit report.
Who will future communications regarding my vehicle loan come from?
Future communications will come from the new State Farm entity.
Who do I contact if I have additional questions?
You may contact your State Farm Agent or State Farm Bank at 877-734-2265 877-734-2265.
Disclaimers
1 State Farm Bank Payoff Protector is automatically included as a provision of all newly issued vehicle loan promissory notes. Payoff Protector is not an insurance product. Subject to the terms, conditions, and restrictions of the Payoff Protector provision in your State Farm Bank Promissory Note and Security Agreement. Your loan must be in good standing in order for Payoff Protector to apply. If your vehicle is determined to be a total loss before the loan is paid off, State Farm Bank will cancel the difference between the insurance payout and the unpaid principal balance due on the loan. Please contact State Farm Bank for additional details.
Payoff Protector does not waive past due payment amounts; interest, fees and charges incurred prior to the total loss; or any refundable portion of the credit insurance premium. Certain exclusions apply to Payoff Protector, including but not limited to, if your account is 30 days or more past due, pre-existing vehicle damage, or other amounts excluded from your vehicle insurance coverage.
Deposit products offered by U.S. Bank National Association. Member FDIC.
Mortgage loans offered by Quicken Loans, LLC; NMLS #3030; www.NMLSConsumerAccess.org. Equal Housing Lender. Licensed in 50 states.
State Farm Bank®, F.S.B., Bloomington, Illinois ("Bank") is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and may be subject to investment risk, including possible loss of principal invested.
