City Autobahn Floor Plan Financing Program
OVERVIEW:
City Autobahn offers a franchisee floor plan financing program to help franchisees purchase and manage their vehicle inventory. The program provides franchisees with a line of credit that they can use to purchase vehicles from manufacturers or wholesalers. The line of credit is based on the franchisee’s inventory needs and financial situation, and the vehicles purchased serve as collateral for the loan.
Franchisees will be responsible for repaying the loan as per the terms outlined in the loan agreement, including paying interest on the amount borrowed and any other applicable fees. Repayment will be made through the sale of the vehicles, and City Autobahn will use the proceeds from the sale to pay back the loan and cover the interest.
The loan agreement can be terminated by either party with written notice, and City Autobahn reserves the right to inspect the vehicles in the franchisee’s inventory at any time to ensure that they are in good condition and meet the terms of the loan agreement.
To be eligible for City Autobahn’s franchisee floor plan financing, franchisees must meet certain criteria, including but not limited to having a good credit history, demonstrating financial stability, and providing evidence of their ability to repay the loan. In addition, franchisees must be in good standing with City Autobahn and must comply with all applicable franchise agreements.
This program is subject to change at the discretion of City Autobahn and should be read in conjunction with applicable laws, including but not limited to the British Columbia Motor Dealer Act and the Vehicle Sales Authority of British Columbia (VSA) regulations.
Purpose:
City Autobahn offers a floor plan financing program to help dealers purchase and manage their vehicle inventory. The program provides dealers with a line of credit that they can use to purchase vehicles from manufacturers or wholesalers.
Eligibility:
To be eligible for City Autobahn’s floor plan financing, dealers must meet certain criteria, including but not limited to: having a good credit history, demonstrating financial stability, and providing evidence of their ability to repay the loan.
Line of Credit:
City Autobahn will provide dealers with a line of credit based on their inventory needs and financial situation. The line of credit can be used to purchase vehicles, and the vehicles will serve as collateral for the loan.
Interest and Fees:
Dealers will be charged interest on the amount they have borrowed, and may also be required to pay other fees, such as processing fees and annual fees. The terms and conditions of the loan, including interest rates and fees, will be clearly outlined in the loan agreement.
Repayment:
Dealers will be responsible for repaying the loan as per the terms outlined in the loan agreement. Repayment will be made through the sale of the vehicles, and City Autobahn will use the proceeds from the sale to pay back the loan and cover the interest.
Inspections:
City Autobahn reserves the right to inspect the vehicles in the dealer’s inventory at any time to ensure that they are in good condition and meet the terms of the loan agreement.
Note: This floor plan is subject to change at the discretion of City Autobahn and is not a legally binding document. It is intended to provide guidance to dealers and should be read in conjunction with applicable laws, including but not limited to the British Columbia Motor Dealer Act and the Vehicle Sales Authority of British Columbia (VSA) regulations.