Repayments and fees
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View common questions and answers regarding repayments and fees.
How are repayments calculated across multiple invoices?
Each invoice paid represents a separate Chattel Mortgage. For more than one invoice, a ‘common due date’ is assigned to the repayment. This means all repayments will be made on one day.
When are repayments due and how are they collected?
Repayments are made monthly in advance by direct debit and are typically drawn on the same date each month. Your customer completes a direct debit form along with the loan contracts for this to occur.
What early repayment fees apply?
Early Repayment Fee means in respect of a Loan Agreement, the following amounts:
- 3x the monthly Scheduled Repayment Amount where the Loan is not greater than 12 months from the first Scheduled Repayment.
- 2x the monthly Scheduled Repayment Amount where the Loan is greater than 12 months from the first Scheduled Repayment and not greater than 24 months from the first Scheduled Repayment.
- 1x the monthly Scheduled Repayment Amount where the Loan is greater than 24 months from the first Scheduled Repayment.
If your customer overpays, it will reduce the balance, but the repayments will remain the same. This means they will reach $0 quicker than the intended term and the early payout will trigger.