Nelson Financial Group Ltd. now offers our valued dealer/partners an opportunity to access our latest financial product, floor plan credit financing. As your financing partner, we appreciate and understand the benefits floor plan credit financing can provide, affording dealers the opportunity to efficiently manage cash flows, maintaining inventory unit levels, increase inventory roll over and sales volumes while offering customers a wider selection of vehicles to choose from.
Our program is outlined below:
Our maximum advance per vehicle is based on current date black book valuations.
All dealer credit approvals and floor plan advances will be subject to a (GSA) general security agreement on the dealership, the personal guarantee of the dealer principal and receipt of insurance binder on dealership insurance policy naming Nelson Financial Group Ltd. as loss payee on vehicles financed through the floor plan credit facility.
Our direct security for each vehicle floor planned will be a 1st priority PPSA lien and a signed promissory note. When the retail sale is financed by Nelson, we will set off amounts due under the floor plan and remit to you the net difference on the deal. If the sale is not financed by Nelson, dealers can provide cheques to us so as to facilitate the floor plan repayment once the sale has closed. After funds have cleared, we will release our lien.
To apply, we will require relevant financial data on the dealership operation (financial, operating and/or banking statements), a personal credit application from dealer principal and a current vehicle inventory list.