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LATE FEE INFORMATION
** LATE FEE PENALTIES: Is 5% of payment or $18, whichever is greater of the two.
IMPORTANT: A late fee will hit every time an account is NOT brought to a ZERO balance and is more than 3 days past due. If a payment is ever missed, the payment AND late fee, BOTH, must also be paid with or before the next payment or another late fee will hit after 3 days.
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- IF you make a partial payment on or before the grace period, you will still be charged a late fee.
EXAMPLE 1
- A $400 XYZ car payment is past due, a Late fee would be $20 for a total of $520 due before next payment.
($400+$20 {5% of 400])
EXAMPLE 2
- A $70 XYZ car payment is past due, a Late fee would be $18 for a total of $88 due before next payment.
($70+$18)
EXAMPLE 3
- Two $70 XYZ car payments are past due, A Late Fee of $18 hit last week and now ANOTHER $18 fee Hit for a total of: $176 Due ($70 + $70 + $18 + $18).
EXAMPLE 4
- $500 payment, 11 days late = $25 late fee, so a total of $525 MUST be paid