To allow for dealers to control their business and future by keeping customers and collections in house.
How much is my Line of Credit?
The total gross balance (principal + interest) of your contractually current account receivables is your Line of credit. As your gross balance receivable grows – your line of credit grows.
How do I draw funds from my Line?
Asset Funding Inc will advance funds weekly on "blocks" of gross balance receivables. Fax a copy of current gross balance and payment history to your account representative at our office in Spartanburg, SC. Funds will be deposited to your account or a check issued.
What is my advance rate?
The advance rate is determined by the average term left owing on your receivables.
Asset Funding Inc will fax a specific offer on each "block". Maximum funding on a block will be up to 80% of gross balance. A % of the gross will be advanced and a % of the monthly income stream will be paid monthly to dealership as you collect.
How do I repay my line of credit?
All collections of payments are to be deposited into Asset Funding Inc local bank.
As your customers repay their loan to you – you are repaying your line of credit.
Delinquent Accounts?
When an account becomes 30 days delinquent it must be removed from your line of credit. (No exceptions)
It is your choice to keep this account on your own books with out utilizing Asset Funding line of credit.
How is charge back calculated?
What ever the advance rate % of the gross balance is the charge back % of the then gross balance.
Are there any other fees or cost?
Yes – we charge $ 150.00 per contract acquisition fee.
How do I get started?
All principals of the business must complete a credit application and fax or e-mail to Johnny Walker.
Contact:
johnnywalker@assetfundinginc.com