Review your repair and payment options.

Before you decide

Evidence and the check fee

The eligibility check costs $50 CAD, paid before the check. It cannot be added to your financing. A completed check does not guarantee financing. The fee remains earned if financing is declined. Duplicate charges and checks not delivered must be refunded. Reusing the same completed check does not create another charge; a new paid check requires your explicit consent.

Keep email and SMS verification. Provide identity, ownership or registration evidence, valid matching insurance, requested vehicle photos, mileage, and a declaration of known damage. Confirm explicitly if there is no known damage. Confirm extracted facts yourself. Stripe Identity verifies identity separately from credit approval, ownership, insurance and bank authorization. Existing or uncertain secured claims require manual review of balances, priority and the permitted security position; missing evidence blocks approval.

Your repair debt and the vehicle reserve

Financing capacity is reduced by a CAD $1,500 recovery reserve. It is neither repair debt nor an automatic fee. A $0 invoice creates no repair debt.

Approval requires enough accepted vehicle value after existing secured claims, other BoomPay exposure and a $1,500 recovery reserve to cover the estimate including disclosed taxes plus a 10% allowance. The reserve is neither repair debt nor an automatic fee. Insufficient financing room means a decline for this launch product. There is no split-funding or automatic smaller offer.

The approved allowance is reserved, but your purchased principal is only the positive completed final invoice for approved work. A $0 invoice closes without a purchase or repair debt; the separately earned check fee stays distinct. Signing, security registration, invoice purchase and garage payout are separate steps. Scanning an invitation QR code does not approve work, borrowing, a debit or security registration.

Your repayment choice

Purchase dates use America/Toronto. Monthly dates keep the original purchase day, using month-end when needed. A full Stripe payoff started by the day-33 deadline stays payment pending until verified settlement. While pending, it holds monthly conversion and duplicate collection. A failed payment goes to review without automatic retroactive interest or a replacement debit.

Monthly principal is divided equally over the remaining monthly anniversaries, with final-cent rounding adjusted in the last installment. Simple interest uses the original purchased principal, the signed annual flat rate and actual elapsed days divided by 365. This differs from declining-balance pricing. Unpaid interest is not compounded or added to principal. Early payoff stops future interest accrual.

Before you accept, you must see the principal, reviewed rate, applicable APR and cost of borrowing, every payment, total interest and total repayment. Your agreement shows the rate that applies to your financing. Canadian bank repayments use verified accounts and a separate PAD/ACSS debit mandate. Missed payments, returns, disputes, reversals and mandate cancellation go to review; they do not create new fees, extend maturity or authorize duplicate debits.