Q: How do I access my auto loan online?
A: It’s easy: Just log in on the main page at 53.com. Select ‘first-time user’ and follow the prompts to register. Complete the online registration with your loan type, account number and Social Security number. Make sure to have your loan documents handy so you can answer a few questions that will help protect your personal information. If you have questions, just call us at 800-972-3030 Monday through Friday, 7 a.m. to 8 p.m.
Q: How is the interest calculated on my auto loan?
A: Your interest is called “daily simple interest” and works just like its name. It is calculated by multiplying the outstanding principal balance of your loan each day by the daily interest rate (the annual rate divided by the number of days in the year).
On a loan that uses daily simple interest, the date you make your payments will impact the amount of interest paid over the life of the loan, and the amount of the final payment. For example, if your payment of $500 was due on the 5th of every month for 48 months, there are several possible scenarios:
- If you pay the $500 on the 5th of every month, your last payment will be $500.
- If you pay later than the 5th of the month for any payment, the additional interest accrued will be collected first from your monthly payment, leaving less money to be applied to principal. Paying after the due date will lead to the principal balance staying higher than expected and thus additional interest being charged.
- If you pay more than the amount due each month, you will reduce the amount of interest you pay over the life of the loan because you’re reducing your principal loan balance and the interest is being calculated on this lower balance.
Q: When will I receive a new coupon book? And if my current coupon book has been lost or damaged, how can I order a new one?
A: Once you have closed and signed your loan documents, a mailing containing your coupon booklet will be sent to the address you provided. This coupon booklet will contain the details for each payment, except for the last payment, that will be due over the course of your loan. The last payment is excluded as it may be a different amount from your regular monthly payment and it is important that you call us at 800-972-3030 to receive the proper amount due. If your coupon book is lost or damaged, you can order a new one by calling 800-972-3030. You can either follow the prompts in the automated system or ask one of our customer service representatives for assistance.
Note: If you cancel automatic payments or change the due date for your loan, you will automatically receive a new coupon book.
Note: It is common for the last payment to differ from the amount of the previous monthly payments. The payment can be lowered if additional payments have been applied over the life of the loan, or increased if payments have been made after the due date.
Please contact 800-972-3030 to determine the amount necessary to pay off your loan.
Q: Will I receive monthly statements for my auto loan? Can I see these online?
A: The coupon book you receive shortly after your loan is originated provides all the same details that are included on monthly statements. So to avoid redundancy and confusion, you will not get statements if you use a coupon book.
If for any reason you move to a lender-placed insurance or CPI (collateral protection insurance) program, you will receive monthly statements for the remainder of your loan. This way you will continue to have current information on your payment amount.
Please note that you can easily access your account information, including the amount due and the amount you’ve paid previously, in your account summary at 53.com. You can also see how your payments are broken down by principal and interest and any fees that were applied.
Q: How can I make payments on my auto loan?
A: There are several options for making payments on an installment loan. You can choose any of the following methods that are convenient for you:
- Automatic payments through Auto BillPayer®. To enroll contact us at 800-991-7771.
- Make a one-time payment through 53.com from an external account.
- Deposit customers can make automatic recurring payments online through 53.com. For questions regarding online banking, contact us at 800-972-3030.
- Mail a check or money order to:
Fifth Third Bank
PO Box 630778
Cincinnati, OH 45263
Note: Third-party payoffs should be sent to:
Fifth Third Bank
Attn: Installment Loans
5050 Kingsley Drive
MD 1MOC2J Cincinnati, OH 45227
- Go to any of our banking centers.
- Pay by phone by calling 800-972-3030 (Fee may be applicable).
- Use other alternative services, including wire transfer, Western Union payments and others. For assistance with these services, contact us at 800-972-3030.
Q: How do I make payments online?
A: It’s quick and easy to make your payments at 53.com. In addition to making your regular payment, you also have the option to make additional payments to your principal loan balance. This amount will be applied directly to your loan balance.
Q: How do I dispute a late fee?
A: Contact us at 800-972-3030 for any and all questions, concerns or issues you may have.
Q: Can I sign up to make automatic payments to my auto loan?
A: Just call us at 800-972-3030. It only takes a minute to enroll in one of our bill pay services and to set up your automatic loan payments.
Q: Can I move my payment due date or make a one-time payment?
A: Yes, call us at-800-972-3030; we’re happy to help with any changes or updates.
Q: Can I make extra payments? If so, how are these applied to my account?
A: Yes, absolutely! Regular loan payments are applied to your account in this order: interest due first, then principal, then fees. If you want to make an extra payment to your loan principal or have additional funds applied to your principal, you will need to specify that. Otherwise, our system automatically applies extra funds to “pay ahead” on your regular loan payments.
Q: How long does it take for a payment to actually be applied to my account?
A: We follow prompt payment guidelines as defined by the Consumer Financial Protection Bureau (CFPB) and apply all payments to your account, effective on the date we receive them.
Q: How do I get a payoff amount for my auto loan? Then how do I pay off my loan?
A: You can get payoff information or begin the process of paying off your loan by contacting us at 800-972-3030. You can request the information from one of our representatives or by following the prompts in the automated portion of our service. You can also contact a banking center associate to initiate the payoff process.
Your loan payoff details are also available in your account summary when you log into your account at 53.com.
Q: Once I pay off my loan in full, how long will it take to receive documentation that the loan has been closed?
A: Once your loan is paid off, our system updates overnight and generates a "paid-off" letter that will be sent to you by U.S. mail the next business day.
Q: I overpaid my loan! When will I get a refund?
A: If your loan is paid off and your account shows a credit, we’ll send you a refund check by U.S. mail within 10 business days after the payoff date. (Remember to allow time for the mail).
Q: How can I get a letter showing the interest I paid on my loan this year?
A: Call us at 800-972-3030 to request the amount of interest you paid on any account over the course of the year.
You can also see this information by logging into your account at 53.com. Your account summary includes the total interest you paid for both the current and previous year.
Q: Why does Fifth Third require that I have insurance coverage on my vehicle? And, if I change my insurance company, do I need to notify Fifth Third?
A: As your lender, we obviously want to ensure that your vehicle is protected for its full value. That’s why, until the loan has been paid off, the bank requires and tracks insurance. This protects the financial investment in your vehicle—both yours and ours. That’s also why you need to notify us of any changes in your coverage, including if you renew or change carriers, as soon as these changes take effect. This will enable us to keep our records current.
Q: What is collateral protection insurance (CPI)? Can I remove CPI from my loan?
A: CPI is insurance that is applied to your loan if you do not carry the amount of coverage required in your loan origination documents. The insurance is intended to protect the bank’s interest in your vehicle. We make three attempts to contact customers (two letters, one call) to update the insurance information we have on file prior to placing a CPI policy. If customers can provide documentation of adequate coverage by fax or mail, we will cancel the CPI policy. If CPI has been placed on your loan, but you have adequate proof of insurance on your vehicle, call us first at 888-580-7858, and then forward your information to us by either:
- Faxing to 855-473-0204 (Attention: Auto Insurance) OR
- Mailing to
Fifth Third Bank
PO Box 1266
Minneapolis MN 55440-1266
Q: I was involved in an auto accident and my insurance company issued me a check to get my car repaired. The check is made payable to Fifth Third. How do I get it endorsed?
A. There are three steps to this process:
- Get the actual repair invoice (not the estimate) from the body shop that completed the repairs. Make sure the invoice includes the body shop name, along with the shop’s address and phone number.
- Endorse the check from the insurance company.
- Mail the check and invoice to us at
Fifth Third Bank
Attention: Insurance Claims Department
1830 E. Paris
Grand Rapids MI 49546
Upon receipt of your endorsed check, Fifth Third Bank will contact you with further instructions.
If your insurance repair check amount is less than $5,000 please contact 800-652-2202 prior to mailing the check, as you may be able to visit a Fifth Third Branch for assistance.
Q: Do I need to keep making payments if my vehicle is a total loss?
A: Even if you are in an accident, you will still owe the amount remaining on your loan. If you get a claim check from your insurance carrier after the accident, this can help pay down your outstanding loan balance. This check will likely be made payable both to you and to us (the bank). (See step 3 of the previous question for how to get your check endorsed by the bank.)
Also, if you have gap coverage on your vehicle, this protection may cover the difference between the value of your vehicle and the amount that you still owe on it.
Q: What is a grace period, and what’s its purpose?
A: A grace period is the period of time after your due date in which you can make your payment without incurring a late charge. Everybody needs some additional time now and again; this gives you plenty of time to make your payment and reduces your chances of incurring a late fee.
Q: I’m having a hard time making my monthly payments. Who should I contact?
A: If you are having difficulty making your payments, the first step is to let us know right away. Contact us at 866-601-6391 so that we can discuss options which may be available to assist in your circumstance.
Q: I am falling behind on my payments and am concerned about my vehicle getting repossessed. Who should I contact?
A: If you are falling behind, be sure to let us know by calling 866-601-6391. We want to learn more about your situation and look into possible options to assist you, which could include alternative payment arrangements, modification of your loan, or other solutions.
Q: Who do I contact if my car was repossessed?
A: Call us immediately at 800-457-0839 so that we can discuss your options with you.
Q: I’m still in my grace period. Why do I get collection calls during this time?
A: Please don’t be alarmed if you get a call from us! Whenever possible, we want to help customers avoid missing the grace period. As a failsafe, the Bank begins making calls to customers when a payment is not received by the due date in an effort to help them avoid late charges and negative credit bureau reporting.
Q: Why do I receive collection calls in the evening and on the weekends when I’m past due?
A: We understand that people are busy on weekdays. By calling on the weekend and evenings, we are hoping to get in touch with you and work through any issues together.
Q: I think Fifth Third reported inaccurate information to my file with a consumer reporting agency (such as Equifax, Experian, TransUnion, or ChexSystems). How can I dispute this reporting?
A: If you would like to call Fifth Third to learn more about items that Fifth Third is reporting about you to the consumer reporting agencies, please call Fifth Third's Customer Service Center at 800-972-3030.
If you would like to dispute an item reported to the consumer reporting agencies by Fifth Third, please send a letter outlining the information that you are disputing. Please include your contact information (including name, address, and telephone number), account number, type of account, description of the information you are disputing, and a copy of your credit report or other supporting documentation that contains the information you are disputing.
It is important that you send your letter to the appropriate office:
Fifth Third Bank
5050 Kingsley Dr., MD# 1MOCOP
Cincinnati, OH 45263
TITLE / REGISRATION / LIEN RELEASE
Q: I need to update the title on my vehicle. Who should I contact?
A: It depends on the type of update you need to make. We’ve listed the most common ones below:
Title name change: You’ll need to update your name on your title if your name has been changed legally. Registration requirements vary by state, so you’ll need to find out about the specific requirements in your state of residence. If your state requires the physical title to be able to process the name change, visit www.mytitlesupport.com or call 855-498-5525. Please note that there may be a fee associated with this service; the amount will be disclosed when you place the order.
State-to-state title transfer: You’ll need to make this transfer if you have moved to a different state and your vehicle needs to be titled in your new state. Registration requirements vary by state, so you’ll need to find out about the specific requirements in your state of residence. If your new state requires the title to register your vehicle, visit www.mytitlesupport.com or call 855-498-5525. Please note that there may be a fee associated with this service; the amount will be disclosed when you place the order.
Q: I was thinking about trading or selling my vehicle. What do I do about the title?
A: You'll need to pay off your vehicle to receive the title or lien release documentation. The bank typically processes title releases within seven business days after the payoff is applied to your account. If you’ve had a change of address, or if the title needs to be mailed to a third party, you will need to provide the correct release information, including any updates to your address or name, to us at the time you pay off your loan.
Processing requirements vary by state and affect how quickly your title is issued. Some states process titles electronically; others do not. We suggest that you contact your local titling or registration agency for more information on how they issue paper titles and what you can expect.
Q: I recently paid off my vehicle. When can I expect my title?
A: The bank processes title releases within seven business days after the payoff is applied to your account. Processing requirements vary by state and affect how quickly your title is issued. Some states process titles electronically; others do not. We suggest that you contact your local titling or registration agency for more information on how they issue paper titles and what you can expect.
Q: I just learned that my title is electronic. What does that mean?
A: In states that no longer use a paper title process, everything is done electronically, from the initial filing of the lien to the bank’s final release of the lien when the loan is paid off. At payoff, once Fifth Third notifies the state that the lien has been released, some states will immediately mail a paper title. Other states such as Florida and Ohio may require the vehicle owner to contact the local DMV/BMV (department/bureau of motor vehicles) to obtain a paper title.
That’s why it’s important to review the documents we provide you at payoff: This is where you will find information about state requirements for electronic titling. You can also contact your local titling or registration agency directly for additional information and assistance.
Q: The state DMV (department of motor vehicles) sent me the title to my vehicle OR a previous lienholder sent me my title/lien release. Is there anything I need to do?
A: The action you need to take depends on two factors: (1) Whether Fifth Third’s lien is recorded on the title; and (2) the specific state in which you’re located. Please read the following options and select the one that describes your situation:
- If Fifth Third’s lien is NOT recorded on the title, please mail your title to:
Fifth Third Bank
5001 Kingsley Drive
Cincinnati OH 45227
- If Fifth Third’s lien IS recorded on the title and you are NOT in one of the following states (Kentucky, Maryland, Michigan, Minnesota, Missouri, Montana, New York and Oklahoma), please mail your title to:
Fifth Third Bank
5001 Kingsley Drive
Cincinnati OH 45227
- If Fifth Third’s lien IS recorded on the title and you ARE in one of the following states (Kentucky, Maryland, Michigan, Minnesota, Missouri, Montana, New York and Oklahoma): You reside in a state where the vehicle owner holds the title. Please place your title in a secure location.
Q: How do I get a duplicate title or lien release if I've paid off my vehicle?
A: To request a duplicate, please visit www.mytitlesupport.com or call 855-498-5525. There may be a fee associated that will be charged when you order.