|
|
Qualified Facility 2/10 Plan
[ Download Qualified Facility 2/10 Plan information sheet (PDF Format) ]
Basic Plan Information
- This plan follows the Qualified Facility 2/10 Plan rates (see info sheet)
- Terms: 2 payments up front and 10 monthly payments to follow
- Due date of first installment cannot exceed 30 days from date of policy
- Minimum of a $20.00 service charge
- Pre-Authorized Payment is Required
- Due to special rates IFS payment to broker will be made 30 days after policy date
Important Notes
- 12 Month Facility Auto Policies Only
- No more than one cancellation for non-payment in past 36 months
- PAP must be drawn from a chequing account (saving or line of credit unacceptable)
- Changes in banking require a new void cheque, no later than 20 days prior to withdrawal date
- Cancellation for non-payment will be prevented provided the amount outstanding (including NSF fees) is received at least one day prior to cancellation date in guaranteed funds
- Will not qualify is more than 2 missed payments occurred in prior term
Instructions to Agent or Broker
- Total Premium includes Tax
- Down Payment must be greater than Minimum Retained
- Service Charge (finance charge) is calculated as a percentage of the Premium
- Total Obligation is Total Premium + Service Charge
- Payment Amount is Total Obligation ÷ 12
- Down Payment is Payment Amount x 2
- Principal Balance is Total Premium less Down Payment
- Balance Due is Total Obligation less Down Payment
For more information on this plan, download the information sheet (PDF Format).
|
|
|
