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I was late making a payment on a vehicle that I am financing and the late fee was high. I decided to go over my documents for my car and noticed that it states after 10 days, which they applied the late fee after the third day; a 15 dollar charge or 8 percent whichever is less. They charged me a late fee of 67 dollars, I'm just curious if my contract states one thing could the financial company charge me differently?

Kenya Jones
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Without seeing the details, I'd speculate that they're charging you the extra interest during the overdue period.

For car loans, you pay off all the interest every month, so the extra days accrued more interest which you need to pay immediately.

user71659
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