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#115480 - 09/18/03 01:27 PM Late fees on indirect auto loans

Is there a rate cap on late fees for indirect motor vehicle loans? If so, where will I find it?

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#115481 - 09/18/03 04:09 PM Re: Late fees on indirect auto loans
PatrickG Offline
100 Club
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
Try Article 9 of the Motor Vehicle Retail Installment Sales Law at

Section 7: "The holder of a retail instalment contract may, if the contract so provides, collect a delinquency and collection charge on each instalment in default for a period not less than ten days in an amount not in excess of the rate or rates agreed to in the contract."

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