Late payment fees are automatically charged for certain vehicles and no longer need to be manually posted. Late payment fees are currently charged for buyers who are dealers and public buyers whose vehicles meet the following requirements:
The vehicle is sold, and current ownership is with the buyer.
The vehicle is not in arbitration.
The vehicle has no open PSIs or V-TRACE repair orders.
The vehicle is not out on a work pass.
The vehicle is not excluded from late payment fees (based on customer or vehicle configuration in AMS.
The most recent of the following dates are included in the late payment fee calculation:
The vehicle’s most recent sold date
The vehicle’s most recent PSI/V-TRACE RO completion date
The vehicle’s most recent Work Pass return date
The vehicle’s most recent Arbitration Resolution date
A payment for a vehicle is considered late if it has not been paid by noon local auction time on the day after the grace period expires. Late payment fees are calculated daily per vehicle according to the parameters surrounding that vehicle and account. The late payment fee is posted daily at noon local auction time on business days only (Saturday and Sundays are not considered). If the grace period has ended, the fee amount will be posted and will continue to be posted on a weekly basis until the outstanding balance of the vehicle’s purchase price has been paid in full. Once the vehicle purchase price has been paid, the vehicle will not continue to be charged a late payment fee, even if it has an outstanding balance for a different reason.
When determining which grace period to use, the customer grace period will be looked at first, followed by the auction grace period. The sale date of the vehicle is day 1. There is no day 0. For example, if a grace period is four days and the vehicle sold on a Friday, the grace period ends Wednesday, and the late payment fee charge will be applied on Thursday at noon local auction time.
If a vehicle for a specific customer account meets the inclusion criteria for automated late payment fees and you do not want the customer to be charged when the grace period ends, you will need to manually change those settings. The following documents, in the ADESA Help Center explain how to manage late payment fees:
“View the Late Payment Fee Configuration”
“Manage the Late Payment Fee Configuration for an Entire Customer Account”
“Manage the Late Payment Fee for a Specific Vehicle”
“Change the Amount of the Late Payment Fee”
“Adjust the Auction’s Default Grace Period for Late Payment Fees”
