Payoff Protector® with a loan originated by State Farm Bank®
Payoff Protector1, included with every vehicle loan originated with State Farm Bank, may provide you with financial protection if your car is ever totaled or stolen and the insurance settlement amount does not cover the outstanding principal balance due on your loan.
How does it work?
With Payoff Protector, the difference between the amount your auto insurance pays on a total loss claim and the outstanding principal balance due on your loan is canceled, subject to certain restrictions.1
Payoff Protector covers all insured vehicles that are financed by and collateral for a vehicle loan originated with State Farm Bank.
What happens if I have a total loss?
Step 2: The Payoff Protector Calculation
Upon receipt of the insurance settlement check, Loan Servicing requests from you a copy of the Claim Settlement Report in order to complete the Payoff Protector calculation. Please contact 866-207-9079 866-207-9079 for details.
Step 3: The Settlement
After we receive the Claim Settlement Report, Loan Servicing then responds with a letter detailing the covered amount. Without Payoff Protector, you would have owed the remaining unpaid principal balance.
1 Payoff Protector is not an insurance product. Subject to the terms, conditions, and restrictions of the Payoff Protector provision in your State Farm Bank originated 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, we will cancel the difference between the insurance payout and the unpaid principal balance due on the loan. Please contact 866-207-9079 for additional details. If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services.
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.
Your loan originated by State Farm Bank is owned by one of the following State Farm companies: EMVLP, LLC, EMVLP II, LLC, or EMVLP II LLC d/b/a EMVLP II PLLC. For questions regarding your loan, please contact Loan Servicing at 866-207-9079866-207-9079. If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services.