Auto Loan and SPL Loan Payment Deferral Request


Terms and Conditions

By submitting a request to defer your regular loan payments, you agree to the following terms and conditions:

  1. In these terms and conditions, “Scotiabank” means The Bank of Nova Scotia, and ‘you’ and ‘your’ refer to all those who are borrowers under an auto finance loan or plan loan with Scotiabank (the “Loan”).

  2. You have requested to i) defer your regular Loan payment and ii) extend the term of your Loan for the number of months you communicated to Scotiabank through the telephone, in person or through an online process. If your request is approved and your Loan is not in arrears, your regular Loan payment will be deferred starting with your next regular Loan payment and the deferral will continue for the number of months you requested (the “Deferral Period”), unless your next regular Loan payment is in the next two business days from this date, in which case your Deferral Period will start with the regular Loan payment scheduled after your next regular Loan payment. Your Loan payments will re-start on the first payment date scheduled after the end of the Deferral Period unless your have prepaid your Loan balance in full before then.

  3. If your Loan is 30 days or more in arrears when you submit your deferral request, the Deferral Period will start with the due date for your first overdue payment and will end from that date unless you repay your Loan in full before then.

  4. If your Loan is renewed during the Deferral Period, the remainder of the Deferral Period will apply to your renewal term.  Your Loan payments will re-start with the next scheduled payment following the end of the Deferral Period.  

  5. During the Deferral Period, each deferred Loan payment will be added to your outstanding Loan account balance as of its due date. This will result in an increase in the outstanding balance of your Loan. At the end of your Deferral Period, you must resume making regular Loan payments as they become due. Your final first Loan payment after your deferral period will be adjusted to reflect the additional interest accrued and will be higher in order to maintain your extended term. You will receive a notice from Scotiabank within 30 days of your deferral setting out the updated cost of borrowing information for your Loan.

  6.  If you have an auto loan, you acknowledge that creditor insurance premiums related to the Loan, if applicable, cannot be deferred and will continue to be charged and collected during the Deferral Period. Your creditor insurance coverage will continue with the same coverages and amounts as provided in your Distribution Guide/Certificate of Insurance and Schedule of Coverage during the Deferral Period. Please see your Distribution Guide/Certificate of Insurance for full details about your creditor insurance coverage. 

  7. By submitting your deferral request, you certify that: 
    (i)    if your Loan is secured, that the property subject to the Loan has no claims against it except by Scotiabank; and 
    (ii)    all borrowers under the Loan have consented to this Loan payment deferral.

  8. Except as set out in these terms and conditions, all provisions of your Loan agreement continue to apply. 

  9. Applicable in the province of Quebec only. The parties have requested that this Agreement, as well as all related documents, be drawn up in English.