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In QC, what should I know about late payment fees for car loans?
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Car Loan Glossary • province

In QC, what should I know about late payment fees for car loans?

In Quebec, understanding late payment fees for car loans is crucial. Lenders typically impose a fee if your payment is not received by the due date, often after a short grace period, usually ranging from 5 to 10 calendar days. These fees, which can vary from a flat charge (commonly $25-$50) to a percentage of the overdue installment, must be explicitly detailed and disclosed within your car loan contract, as required by Quebec's Consumer Protection Act. It is imperative to review these terms carefully before signing. Why this matters: beyond the immediate financial penalty, late payments are reported to national credit bureaus like Equifax and TransUnion, significantly harming your credit score and making future financing more expensive or difficult. Persistent late payments can escalate to default, potentially leading to vehicle repossession and further legal action. Therefore, always prioritize timely payments and communicate proactively with your lender if you foresee any challenges.

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