Did you receive a letter from us about a proposed amendment to the Early Termination Fee (ETF) section of Consumer Loan Contract for new and existing Motor Loan customers?
If you are an existing customer and settled your motor loan prior to April 1st, 2022, we won’t be making any changes to the ETF and your Consumer Loan Contract with LFS will remain unchanged.
What does this mean for Motor Loans settled on or from April 1st, 2022?
A flat Early Termination Fee of $750 will be applied if you pay out your loan before the final payment date outlined in the schedule Consumer Loan Contract
What does this mean for Motor Loans settled prior to April 1st, 2022?
For existing customers, the early termination fee has not changed and remains as outlined in your Consumer Loan Contract.
Why has Latitude made the change?
We’ve made this change to simplify the early termination process for new customers.
There are no other changes to the fees and the $750 EFT is only applicable if the loan is paid out before the final payment date outlined in the Consumer Loan Contract.