We are committed to answering all your auto loan related questions.
At BCI, we're here to get your questions answered in order to best serve your needs. Below you'll find a list of frequently asked questions from financial institutions, auto dealerships and most importantly our consumers.
These are the questions most often asked about BCI Financial Corporation:
1) How is BCI licensed?
BCI Financial Corporation is licensed through the CT Department of Banking.
2) Where is BCI licensed?
BCI is licensed throughout all New England states in Connecticut, Massachusetts, Vermont, Rhode Island, New Hampshire and Maine.
3) What organizations does BCI belong to?
BCI is a member of the Better Business Bureau (BBB), Connecticut Community Bankers Association (CCBA), The Connecticut Auto Retailers Associations (CARS), The Connecticut Bankers Association (CBA) and the Cheshire Chamber of Commerce.
These are the questions most often asked by customers and dealers about our Auto Loan Programs and Services:
1) Does BCI take loan payments online?
Yes. One-time only online payments are accepted with a $5.00 convenience fee that will be added to your payment.
Online Payments made before 7:00 pm EST, Monday-Friday (except Federal holidays) will post to your account on the following business day. Payments after 7:00 pm EST, Monday-Friday (except Federal holidays) will post to your account two business days later.
Payments made over the weekend will post on the second business day of the following week.
2) Does BCI off FREE payments programs?
Yes. There are a number of ways to make payments at BCI that are free of charge:
a) Monthly Coupons – these are mailed to you when the loan is first booked on our system. Include one with your monthly payment sent via the US mail.
b) BCI’s automatic payment program – make your payment from an authorized checking account for no fee payments.
c) Pay directly from your banks on-line payment service.
3) Can I get information on my existing automobile loan by phone 24 hours a day?
Loan balances, payment amount, due date and pay-off amount is available through our interactive voice response system at (203) 439-9400, option 1.
4) Can I refinance my existing car loan through BCI?
BCI does not refinance loans at this time.
5) What dealerships does BCI work with?
We work with 200+ dealers throughout New England who sell new and used, foreign and domestic vehicles. Contact us to find out more on the dealerships in your neighborhood.
6) Can I get information on my existing automobile loan online?
You can access your loan information 24 hours a day by signing up through our website.
These are the questions most often asked by our potential Financial Institutions customers about our Auto Loan Pass - Through Programs:
1) Can we set a maximum amount of loans we would purchase each month?
Yes, we will work with you to determine the maximum dollar amount of loans that would be submitted to you for purchase each month.
2) May out of state institutions participate?
Yes, BCI is always looking for new clients.
3) Why shouldn't we provide indirect financing on our own?
This is a highly competitive business that requires a great deal of experience to be successful. That is true for both originating and servicing indirect auto loans. Without the expertise and the operational infrastructure necessary, the road to profitability is difficult. BCI Financial provides both the expertise and infrastructure so you don't have to, and that improves your efficiency ratio.
4) Does BCI always have an inventory of loans to sell?
BCI does an excellent job at meeting the demands of their clients. We always have loans available to sell. Many of our client institutions actually turn to BCI when other avenues for growth have been exhausted, such as Mortgages or Commercial loans.
5) Who regulates BCI?
BCI is regulated by the CT Department of Banking.
6) Can BCI provide reputable references who use the program?
Yes, BCI can supply a full list of references from Banks and Credit Unions that we do business with.
If you still have questions, or need additional information about our programs and services, contact us today.