How does Floorplan Finance Work?
Its simple, when you buy a car or after you buy a car submit the
bill of sale and any other required paperwork through our website. We will look at the documents,
contact you with any follow-up questions or simply approve the loan and wire funds directly to your
account or in some cases the seller of the vehicle. 99.9% of our loans are approved and funded
same-day.If the loan is approved, we will register our interest against the car under the Personal
Property Security Act(Ontario) or similar legislation in your province. The registration and your
obligations under the Loan Agreement do not allow you to sell the car without obtaining our
consent.
Your Loan Agreement is complicated what is a Trust?
Our documentation is intended to protect you and protect us from any disagreement over Your obligations to Us and Our obligations to You. In every case We hope You will sign the loan agreement and We will never have to read it again. Unlike other floorplan finance companies, you are holding title in Trust for QDFC pursuant to your loan obligations. You are not permitted to sell or transfer the vehicle to any person without Our consent. Breach of Trust is not the same as a Breach of Contract and the consequences of a Breach of Trust are more severe. You should consult with Your legal advisors if You have any questions about Your obligations under the Loan Agreement.
IF YOU INTEND TO BREACH YOUR OBLIGATIONS TO US OR ACT IN A DISHONEST MANNER, YOU MAY
BE A GREAT PERSON, BUT WE DON’T WANT YOU AS A CLIENT.
I am selling a car what do I do?
Call us first, so we that we know what you are up to. WE don’t like surprises. We will give you a discharge statement which will tell you what you owe us, once you get paid on the car pay us back, its that simple. In some cases, a buyer, or finance company may want to pay us directly, that is easy we simply process the pay-off and remit the different to you!
I am selling a car, but the finance company won’t pay me unless you release your lien, what do I do?
We understand the car business and we have relationships with finance companies and other
auctions, if you have to title the car to the customer before you get paid, we can work with you to
make the deal happen. We aren’t here to prevent you from making money.
Why is Floorplan Finance so expensive?
We are not a bank; your cost of funds are directly related to
your credit position and the risk we see in the loan and your collateral. As we get more comfortable
with you, or if we have more security, your costs will drop.
I am short of cash this month and I have a payment coming up what should I do?
Don’t commit fraud. Contact us, we can help you bridge short term cash flow issues and avoid escalating small
problems into big headaches. Selling a car with a lien on it is a breach of your obligations as
registered dealer and may be considered Fraud. Our agreements do not allow you to transfer cars
without our consent and you are specifically holding title in trust for US.
Why are your rates different than your competitors?
Simply, we are in different businesses. We like to think of ourselves as your partner, we offer flexible finance terms, allow you to hold your own titles, we don’t care where you buy the car from. We don’t own any auction or retail finance
companies that we are trying to prefer. Give us a try, Our dealers like our programs and so will you!
I bought a car with a QDFC lien on it, what do I do?
Your first call should be to the OMVIC registered dealer that sold you the car. Registered Dealers are not permitted to transfer or sell cars with liens. In addition, under our documentation Dealers are only holding title to the vehicles as trustee for QDFC+. If your dealer is not responsive feel free to call us, in many cases our systems have simply not processed the discharge. If the lien is an issue, we can provide paper work to you indicating that we have no interest in the car. If we cannot assist because the Dealer has committed fraud on you, we will direct you to OMVIC. Unfortunately, we cannot discharge or release any liens until a dispute with the Dealer is resolved.
