Article 8: Costs Excluded from APR Calculations

The total cost of finance shall not include: a. Any amount charged in lieu of early repayment or settlement and changes in the terms and conditions of the financing agreement. b. Fees and charges incurred as a result of failure to comply with the terms of the agreement i.e., late payment charges in the form of penalties, charges for collection, etc. c. Other costs not paid in connection with the financing agreement (e.g. vehicle registration fees).