Administrative Fee:
$00.00 - $5,000 $ 95 per Unit
$5,001 - $10,000 $125 per Unit
10,001 - $15,000 $150 per Unit
Interest Rate:
- Wall Street Journal Prime Rate + 3.50%
- Interest rate set at time of purchase.
Interest will adjust to current rate at time
of partial payment or curtailment.
- Interest rounded to next even $5.00
increment.
- Interest calculated for a minimum of 28 days.
- Over 28 days, interest calculated weekly.
Cash Reserve:
- Deposit $75 per unit with America's Auto
Auction until 25% of approved credit line
amount has been reserved. America's Auto
Auction may require a lump sum cash
reserve deposit to activate credit line.
Maximum Unit Cost:
- $15,000 per Unit.
Location:
- Only at America's Auto Auction.
Time Limits:
- Maximum initial term is 56 days. A unit
may be curtailed once for an additional
28 days with a payment of 20% of the
principal plus all accrued fees to date of
curtailment.
- Units sold must be paid within 48 hours
of sale.
Lot Inspections:
- Periodic physical inspections of inventory
will be conducted by an America's Auto
Auction authorized representative.
Any vehicle not accounted for in the
inspection must be paid in full within 48
hours.
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For credit request up to $50,000 Limit:
- Completed Application.
- Bank Reference Authorization.
- Up to Date Registration at America's Auto Auction.
- Current year business & personal P&L statements
and current year business & personal tax return,
including Sch. C for proprietorships.
- Additional information may be required for new
customers.
- Signed Documents Evidencing Floor Plan Financing
in a Form Acceptable to America's Auto Auction;
i.e. FPF Agreement, Security Agreement, Power of
Attorney, UCC, and other Documents as AAA might
require.
For credit request over $50,000 Limit:
Last 2 years business & personal P&L statements
and 2 years business & personal tax return including
Sch. C for proprietorships.
Current business balance sheet.
Periodic Updates:
Periodic updates of all financial information and
licensing will be required to maintain active status
of Floor Plan Account
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