|North Mill Announces New, Simple Early Payoff Policy
Make 18 consecutive on-time payments and enjoy a zero premium
North Mill Equipment Finance is pleased to announce its revised and simplified payoff policy for customers: all new loan contracts include a straightforward and crystal-clear payoff policy that we call "5-3-1".
Here's how it works. Customers are subject to the following payoff premiums depending on the status of their loan - that is, at what point during the term of the loan they decide to pay it off:
- In the customer's first year of the loan (less than 12 monthly payments), there's a 5% premium on the outstanding principal balance
- In the customer's second year of the loan (less than 24 monthly payments), there's a 3% premium on the outstanding principal balance
- In the customer's third year of the loan (less than 36 monthly payments), there's a 1% premium on the outstanding principal balance
- If the customer has made over 36 payments, there is no premium
To help encourage our customers to make prompt monthly payments, we're offering an extra incentive. They can choose to pay off their loan at a zero premium if they maintain 18 consecutive months of on-time payments. All payments must be deducted automatically via ACH, on time and in full.
If you have a customer that might be thinking of an early payoff on an existing North Mill loan, please contact your NMEF account manager to discuss potential options. What's more, we can help secure new financing for your customer's additional needs.
Disclaimer: Unpaid fees, termination fee, toll violations, property tax (if applicable), and any other outstanding unpaid charges are still due upon the termination of the loan.
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