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Who do I make my car payment to if the dealership goes out of business?
"What happens to my loan if my dealer goes out of business? I bought my car from a local car dealership who handled all of the financing for me. Shortly after finalizing the loan, I set up autopay and have not missed a payment yet. The other day I noticed that the dealership had a closing sign up front."
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Dealerships usually use outside financing even if they set it up.
If you have autopay set up, you will likely not have to change anything at all. However, if you want to be sure, you should find your original contract and look for the name of the financing company.
The exception to this is of course if the dealership was a
Buy Here/Pay Here
dealer. If that’s the case, then your loan was likely sold to another finance company and you should contact the dealership to find out who you need to pay.”View full answer
- Gregory R.
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