Common use of Early Repayment Clause in Contracts

Early Repayment. The Borrower may repay the unpaid balance due under this agreement in full at any time (full prepayment) on the following terms: (a) Where this agreement is a consumer credit contract as defined by the Act, the Borrower shall pay a fee to compensate BMW for any loss resulting from full prepayment, together with BMW's administrative costs resulting from the full prepayment. The amount the Borrower will be required to pay BMW is set out in the formula prescribed in the Disclosure Statement (including daily interest charged on the unpaid balance until the prepayment amount is received by BMW); or (b) In every other case, the Borrower shall pay a fee to compensate BMW for any loss resulting from full prepayment using the rule of 78 together with BMW's administrative costs resulting from the full prepayment; and (c) the Borrower may not prepay only part of the unpaid balance.

Early Repayment. The Borrower may repay the unpaid balance due under this agreement in full at any time (full prepayment) on the following terms: (a) Where this agreement is a consumer credit contract as defined by the Act, the Borrower shall pay a fee to compensate BMW for any loss resulting from full prepayment, together with BMW's ’s administrative costs resulting from the full prepayment. The amount the Borrower will be required to pay BMW is set out in the formula prescribed in the Disclosure Statement (including daily interest charged on the unpaid balance until the prepayment amount is received by BMW); or (b) In every other case, the Borrower shall pay a fee to compensate BMW for any loss resulting from full prepayment using the rule of 78 together with BMW's ’s administrative costs resulting from the full prepayment; and (c) the Borrower may not prepay only part of the unpaid balance.