Blog

Understanding Finance Placement Fees in Oliver

Do you have difficulty understanding the terms and phrases used in the auto financing industry, or are you a first-time buyer? Either way, Bannister Ford Penticton’s Easy Deal program is here to simplify the jargon.

What is Finance Placement Fee?

A finance placement fee is a negotiable fee that some dealers charge to cover the cost of arranging financing with a bank or lender. Disclosure of these fees before signing a vehicle purchase agreement is necessary. The Annual Percentage Rate calculations must also include the charge.

Failure to disclose these brokerage fees may breach the Business Practices and Consumer Protection Act in BC and the Disclosure of the Cost of Consumer Credit Regulation.

When taking out a loan to pay for a vehicle, always review the finance agreement in detail. Be sure to pay attention to the amount financed and your down payment, along with the interest rate, term and any additional fees.

With Bannister Ford Penticton’s Easy Deal in BC, you’re in the driver’s seat. Our online-shopping program allows you to select your vehicle and financing options to suit your needs and budget. It’s an entirely transparent auto buying experience – one you should check out today! Contact us for details.