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In QC, what should I know about early payout process for car loans?
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Car Loan Glossary • province

In QC, what should I know about early payout process for car loans?

To initiate an early payout for your car loan in Quebec, you must formally request a comprehensive payout statement from your lender. This statement will detail the outstanding principal balance, any accrued interest calculated up to a specific date, and confirm any applicable fees. Crucially, under Quebec's Consumer Protection Act (CPA), consumers generally benefit from the right to prepay a loan in full or in part without incurring penalties or additional charges, a significant protection compared to some other jurisdictions. While you won't face a penalty, the payout amount will reflect interest accrued daily until the payment is processed. Upon full payment, ensure the lender promptly discharges their lien from the Register of Personal and Movable Real Rights (RDPRM), which is Quebec's equivalent to a PPSA registry, to formally transfer clear title to you. This meticulous process is vital to ensure you maximize interest savings, especially in fluctuating market conditions expected in 2025, and gain unencumbered ownership of your vehicle without any unexpected costs or lingering legal obligations.

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