Is there a state law on the maximum amount of days you can go before the first payment is due on a auto loan?

I haven't seen one more than 30-45 days from the loan date. Don't forget the monthly payment would have to cover the accrued interest from the date of the loan to the 1st due date, otherwise you'll end up with a negative amortization.

I know this is an older thread, but are there any requirements for minimum days until the first payment? Someone at the bank said they thought it was 30-45 days from the loan date. I think I am on a wild goose chase here.

We use 45 days and I was told (without citation, though) that that's the longest allowed because of the negative amortization factor. Although, 45 days of interest isn't more than the first payment that I've seen...

What about a minimum day requirement? They are saying we have to wait 30 days to accept payment. That just seems outrageous to me, and I have never heard of it before.

I had heard the 30-45 days as well. I believe it's a state issue.

Most of these rules are something that someone made up long ago. I see nothing in the Ohio statutes. Call your State Banking Association or your Department of Banking and confirm. Not familiar with Ohio, but you can't tell me that there are not ads/promotions that run in your State that says, no payments for the first 90 days on a auto-loan. If there was such a law, it would apply to everyone.

Randy, thank you for the suggestion. I had looked in the ORC, and found nothing as well. I will give the state baning association a call.