Finance, Investments Citi financal sold my loan

[icelya90]

Citi financial was the company whom i signed my auto loan. Two years santander usa contacted me about my auto loan. My question is can my contract still be valid with santander with who i have never signed an agreement with?

 

[army judge]

Citi financial was the company whom i signed my auto loan. Two years santander usa contacted me about my auto loan. My question is can my contract still be valid with santander with who i have never signed an agreement with?

Yes, a lender can sell the paper (your loan contract).
It's done for cars, trucks, homes, all manner of loans.
If Big Bank sells your loan contract to Blue Bank, you magically owe Blue Bank.
It's done because a lender no longer wants to lend in certain markets, or because the lender needs cash now, not monthly.

 

[Betty3]

Yep - legal. It's done all the time for various types of loans.