Auto lenders in Massachusetts can't charge GAP cancellation fees

Kenneth Rojc, managing partner of automotive finance group Nisen & Elliott, speaks at the Auto Finance Summit on Oct. 28, 2021. (JOHN HUETTER)

April 13, 2022 05:11 PM

Massachusetts lenders can't charge fees when a consumer cancels a guaranteed asset protection waiver financed as part of an indirect auto loan, the state's Division of Banks confirmed this year.

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