Welcome! Let us guide you through Reliable Auto’s integration.
Q&A: Answers to Your Top Questions:
1. When did Reliable Auto officially become a division of Popular Auto?
On August 1, 2018 Popular Auto acquired part of the auto loan portfolio formerly owned by Reliable Financial Services, Inc.
2. When does the transition process come to an end?
The transition process and systems consolidation will take place from
August 30 to September 1, 2019. Your auto loan’s balance will be automatically transferred to Popular Auto, effective on
September 2, 2019.
3. Will I keep the same Reliable Auto account number?
Until the conversion takes place on
September 2, 2019, you can continue using the current account number. It will change after the systems have been consolidated. By now you must have received a letter stating the new account number.
4. If I didn’t receive the letter with my account number, where can I get this information?
You can call Popular Auto Customer Service at
787.792.9282787.792.9282 or 1.800.981.92821.800.981.9282, Monday to Friday from 8:00 a.m. to 6:00 p.m. and Saturdays from 9:00 a.m. to 2:00 p.m. One of our representatives will gladly assist you.
5. Were there any changes in the terms and conditions?
No. The loan’s terms and conditions will not be affected by this change, as stipulated on the original contract with Reliable Auto.
6. Will the Annual Percentage Rate (APR) change?
The annual percentage rate (APR) will remain the same, as stipulated on the original contract with Reliable Auto.
7. Important details about your loan’s interest rate.
Your car loan interest rate is calculated based on the simple interest method. That is, the financing charge (the interest) is calculated daily on the principal balance owed. The payment terms are detailed in your loan’s contract. Both the monthly payment amount and the payment date are fixed. If you comply with the stipulated terms you can pay off the loan for the stated amount in the agreed period.
8. How is the interest on the car loan calculated?
The interest included in the loan contract is calculated based on the daily interest, which is determined by the total amount of the principal owed. Therefore, for each additional payment you make, the daily interest will be lower since the principal balance will be lower.
The daily interest is calculated by multiplying the unpaid principal balance by the annual interest rate, divided by 365 days. No interest is charged for the portion of the principal that is paid in advance.
9. Why is it important to pay on time?
A late payment will entail late fees, as well as a charge for financing the principal owed beyond the original estimated timeframe, based on the number of days in arrears, and an increase in the cost of the loan.
To avoid paying more than what was agreed, make all your payments on time. You can sign up for our Direct Payment service to schedule your monthly car loan payments, so they’ll be deducted from your account and disbursed on the appropriate date.
10. How can I lower the finance charges on my car loan?
You have options to lower the finance charges on your loan. Make additional payments or pay a little more every month to lower the balance faster and reduce the daily interest.
11. Will the payment date change?
No. The payment date does not change; it remains the same.
12. What do I do with the Reliable Auto payment booklet?
You will not receive a new payment booklet. As of
September, 2, 2019, you can continue using the Reliable Auto payment book and make your payments.
13. What to do if you don’t have the Reliable Auto payment booklet?
If you want to request a new one, it will be replaced with a Popular Auto payment booklet. As of
September 2, you can request it through:
14. If I signed up for Direct Payment with Reliable Auto, do I have to sign up with Banco Popular?
If you have Direct Payment (also known as Direct Debit), you don’t have to make any changes to make payments. The system has been programmed so that your loan is updated automatically, without altering the set payment date. Payments will be processed as usual.
15. Will I be able to make payments using Mi Banco Online?
September 2, 2019:
If you are enrolled at Mi Banco Online, make payments from your smartphone, using the Mi Banco Mobile , or from the computer, login to your account in Mi Banco Online. The systems have been programmed to update the loan automatically.
If you are not enrolled at Mi Banco Online, sign up here with your loan number to have immediate access and enjoy the convenience of making your payments easily, quickly, and securely, from the computer. A deposit account with Popular is not required. For signing up assistance, please call Online Banking at 787.724.3655787.724.3655 or 1.888.724.36551.888.724.3655.
16. Will I be able to see the payment transactions made to my car loan at Mi Banco Online?
You can access payment receipts through Mi Banco. However, the transactions section will not show details on payments that have been made.
17. What more can I do for my car loan at Mi Banco Online?
You can program email and SMS alerts for your payments, edit or cancel future payments and make changes to your personal information in Mi Banco. You can also check the car loan’s original balance, pay-off balance, origination date, due date, terms and interest rate.
18. Will I be able to make payments using TelePago Popular®?
September 2, 2019:
If you are registered at TelePago Popular® and have scheduled payments with a predetermined frequency, you will not have to make any changes. Make payments as usual, by calling 787.724.3652787.724.3652 or 1.888.724.36521.888.724.3652 toll-free. The service is available 24 hours a day.
If you are not registered at TelePago Popular®, sign up and make payments via TeleBanco Popular®. Just call 787.724.3650787.724.3650 or 1.888.724.36501.888.724.3650 toll-free. A checking or savings account with Banco Popular is required in order to sign up for the service.
19. What other payment methods can I use with Banco Popular?
You can make payments at any of the more than 160 branches of Banco Popular or you can mail them to:
PO Box 70370
San Juan, PR 00936-8370
20. What must I do to get auto collision check endorsements?
September 2, 2019, you can go to a Banco Popular branch to handle collision check endorsements. Here is the list of authorized branches, divided by region: