Frequently Asked Questions
How can I access my auto loan online?
As a new or current customer, simply enroll in Online Banking to access your auto loan account online. You'll either need your account number or Vehicle Identification Number (Vin) and the last 4 of your SSN or EIN number. You can find most of this information on your monthly statement.
What is a simple Interest Loan?
A simple interest loan accrues interest daily from the day it's signed until it is paid off. Interest is based on the remaining principal, interest rate, and number of days in the year. However, as the principal is paid down, monthly interest decreases as well. To learn more about simple interest loans contact us.
How can I update my personal information?
You can update some personal information online using your MyAccount Portal. If it is legal information that needs to be changed please reach out to a member of support that can assist with that.
Payment Questions
Can I make a payment online for more or less than my regular payment amount?
Yes, you can make a payment online for any amount in the amount of $10.00 or greater.
When will my payment post?
Your payment will post to your account on the scheduled payment date typically. Although you may not see the funds come out of your bank account for a day or two. Maybe longer due to holidays and weekends. The payment will still be for that effective date unless that payment gets returned or stopped for any reason.
How can I update my personal information?
You can update some personal information online using your MyAccount Portal. If it is legal information that needs to be changed please reach out to a member of support that can assist with that.
How do I make a payment?
You may make a payment to your Auto Finance account with the following methods.
MyAccount
QuickPay
MoneyGram
Western Union
Automated Phone System
Can I change my due date?
You may change your due date by as many as 15 calendar days. Just sign in to your MyAccount or contact us.
Are there any additional fees for making an online payment?
Yes, if you have the option to pay via check and you chose to pay via cedit card, you will have to pay a convenience fee of 3.0%. ACH is free.
Are there fees for other types of payments?
No, we do not charge fees for payments made via check, money order, or bill pay. However, third-party payment providers such as Moneygram or Western Union may charge their own fees.
How are payment applied to my loan?
We first apply your payment to the interest that has accrued since the last payment was received. We then apply the rest towards your loan balance or principal. Interest is based on the remaining principal, interest rate, and the number of days in the year. However, as the principal is paid down, monthly interest decreases as well. Extra funds first pay any outstanding fees and then are applied to the principal.
Can I pay ahead?
Yes, your account can be paid ahead up to 6 months. Please note that interest continues to accrue daily during this time.
Payoff Questions
Where can I find my auto loan payoff amount?
You may view your payoff balance by visiting MyAccount or by calling us at 855-231-8696. The quoted payoff amount is good for 10-days. Any overpayment will be refunded within 30 days.
Can I payoff my auto loan online?
Yes, you may do so online through the MyAccount portal if the payoff amount is under $5,000.00. If the amount is higher than 5,000.00 a certified check or money order is required.
What payment methods are available to pay off my loan?
MyAccount
RMG GROUP Auto Finance Mobile App
By calling us at 855-231-8696.
MoneyGram or Western Union
Mail a cashier's check, personal check, or money order along with a payment slip.
Does the way that I pay off my loan matter?
Yes, how you pay may affect lien or title release timing.
- Certified Funds Payoff: If you pay by dealer or cashier’s check, Money Gram, Western Union, debit card, or cash at an RMG GROUP Financial branch, RMG GROUP Auto Finance will begin the lien release process the next business day after receipt of the certified funds.
- Non-Certified Funds Payoff: If you pay by personal or business check, Mobile App, phone, or online, it may take up to ten (10) business days after the receipt of the uncertified funds before RMG GROUP GROUP Auto Finance begins the lien or title release process as we must allow time for the funds to clear.
How will I get my title after paying off my loan?
Our title release timelines vary by state and whether you have paid off with certified or uncertified funds (please see above). You may check the status of your title or lien release by accessing your auto loan account online or using our automated phone system.
We have outlined below what to expect in most cases based on where your vehicle is registered. If you have questions about your state’s process, please contact the Department of Motor Vehicles or applicable state titling agency (DMV). All title release documentation will be sent to the authorized party.
Title State - What should I expect?
- AZ, CA, GA, IA, ID, LA, MA, NC, NE, NV, PA, SC, SD, TX, VA, and WA
- RMG GROUP Auto Finance will notify the DMV to release the lien.
The DMV will mail the title once RMG GROUP Auto Finance sends its release. State timelines can vary, please contact the DMV for the status of the title.
There is no further action required by RMG GROUP Auto Finance.
- FL and OH
- RMG GROUP Auto Finance will notify the DMV to release the lien.
If you would like a physical copy of the title, please contact the DMV.
There is no further action required by Capital One.
- KS, KY, MD, MI, MN, MO, MT, and OK
- The registered owner should already have a title on hand and a lien release letter will be sent by RMG GROUP Auto Finance. Please allow time for it to arrive through regular mail.
If the registered owner does not have the title, please contact the DMV.
There is no further action required by Capital One.
- NY
- The registered owner should already have a title on hand and a lien release letter will be sent by RMG GROUP Auto Finance. RMG GROUP Auto Finance will also notify the DMV to release the lien.
If the registered owner does not have the title, please contact the DMV.
There is no further action required by RMG GROUP Auto Finance.
- AL, AK, AR, CO, CT, DC, DE, HI, IL, IN, ME, MS, NH, NJ, NM, ND, OR, RI, TN, UT, VT, WV, WI, and WY
- The title will be mailed. Please allow time for it to arrive through regular mail.
There is no further action required by RMG GROUP Auto Finance.
I want to sell my car but have a balance. How can I get the title to give it to the seller?
RMG GROUP Auto Finance will release the title or its equivalent only after the loan is paid in full. To view your loan payoff balance, sign in to your online account or through Mobile App. You can also obtain your payoff balance by calling us.
Does RMG GROUP Auto Finance refinance its own loans?
At this time we do not refinance our own loans finance by RMG GROUP Auto Fiance. However, if you are interested in refinancing a loan that you have with another lender please visit us at https://rmgautofiance.com/refinance to learn more about the process and submit an application.
Total Loss/Physical Damage Questions
I was in an accident and now my vehicle is a total loss. What should I do?
If a Total Loss has occurred, please have your insurance company call RMG GROUP Auto Finance Customer Service at 1-855-231-8696 and provide us with complete insurance information. Then, we can begin working with your carrier to receive insurance proceeds. After your insurance pays the settlement, you will be responsible for any remaining balance. If you have GAP or other debt protection coverage, we encourage you to reach out to the provider as soon as possible to determine what documentation will be needed to process the claim.
Do I have to continue making payments if my insurance company says its a total loss?
Yes, you are responsible for making monthly payments and satisfying the total loan balance. Any missed or partial payments may be reported to the credit bureaus. If you have to pay and then the insurance company overpays this will give you a credit balance which will be sent as a refund after payoff.
I purchased GAP insurance. How do I file a claim?
Please refer to your GAP policy documents for specific information on coverage and how to file a claim. If you cannot locate the GAP policy you purchased from the dealer, please contact the dealer directly to obtain a copy.
My insurance company issued me a check to get my car repaired. The check is to RMG GROUP AF.
Send the unendorsed check along with the invoice from the auto repair shop to us.
Our customer support team will endorse the check and overnight it to the shop performing the repairs. If you have any questions, please call RMG GROUP Auto Finance at 855-231-8696.
What happens if my insurance company pays me more than what is needed for the repairs?
As with all insurance checks, send the check along with the invoice to RMG GROUP Auto Finance.
Once the final invoice from the repair shop and the check is received, we will send the endorsed check back to the repair shop. It is between you and the repair shop to determine how you will be reimbursed. We suggest you discuss al reimbursement details before endorsing the check.
What happens if I do not use the insurance money from accident to fix my car?
The check your insurance company issues must be either used to repair the vehicle or applied to your loan balance. If you elect not to repair your vehicle the money is required to be applied to your loan balance.
Loan Questions and Information
What is a principal balance vs. the payoff amount?
The Payoff Amount includes the full principal balance, accrued interest, and any applicable fees. It is the amount needed to pay off your account in full if the payment is received that day.
I moved to a different state. How do I register my vehicle?
Refer to your new state of residence for its registration requirements. If your new state requires the title in order to register your car, please fax a request for the title on Department of Motor Vehicles letterhead to RMG GROUP Auto Finance.
My legal name changed. How do I update it on my title?
Refer to your state of residence for its registration requirements. If your state requires the title in order to change the name on the title, please fax a request for the title on Department of Motor Vehicles letterhead to RMG GROUP Auto Finance along with legal proof of name change.
How does my loan work?
You have a simple interest loan. It accrues interest daily from the day it’s signed until it’s paid off. Interest is based on the remaining principal, interest rate, and the number of days in the year. However, as the principal is paid down, monthly interest decreases as well.
How does interest work on my loan?
You have a simple Interest loan. This means interest is accrued daily from the day the loan is signed until the day it’s paid off. Interest is based on your loan balance, interest rate, and the number of days in the year. We collect the interest from payment to payment. Please keep in mind that principal payments do not move your due date forward or stop the interest from accruing daily. They will help you pay down your loan balance which, in turn, helps you save on interest.
How do late payments affect my loan?
Please try to avoid late payments. You may be assessed fees for paying late. Also, you’ll have to pay more interest because, by putting more days between payments, more interest accrues at a higher daily rate. Plus, since your balance is not decreasing like it should, neither is your interest payment. Your contract and regular monthly payments are calculated to safeguard you from this. By making on-time payments, you’ll satisfy your loan balance and the interest due by the loan’s maturity date.
Why does my loan still have a balance at maturity?
Any number of things may cause an additional payment after your loan matures. These include, but are not limited to:
• Account maintenance, like a due date change or extension
• Late payments
• Late payment fees
• A repossession
How does changing my due date affect my loan?
Changing your due date will cause additional interest to accrue. Your contract is based on if you make your regular monthly payment amount on time and changing your due date will alter that information.
General Questions
How do I dispute information on my credit report?
Please send a written statement and reason for dispute along with supporting documentation to
RMG GROUP Auto Finance
ATTN: Credit Bureau Dispute
PO BOX 2576
Los Angeles, CA 90078
Where can I submit feedback to RMG GROUP Auto Finance?
You can submit Auto Finance Feedback here.
I haven't received my welcome letter. What should I do?
Don’t worry, simply MyAccount to access all your account information, 24 hours a day. You’ll also be able to make payments, update personal information, view account history, and more. Your welcome letter should be along within 10 business days.
How is information reported to the credit bureaus?
We report the status of your account to the National Credit Reporting Agencies as it reflects on the last day of the month. If the account is 30 or more days past due at the end of the month, your account may be reported as delinquent. For specific information on impacts to your credit score, please reach out to each Credit Reporting Agency directly.
What are the features of MyAccount?
An online account offers a whole lot of flexibility and convenience so you can:
• make payments
• view loan details
• update personal information
• change due dates (if eligible)
• view monthly statements
• set up recurring payments
• view transactions
• and much more