ABS FINANCE POLICIES & PROCEDURES
1.) Flooring Notification:
When a dealer chooses to floor a vehicle, the dealer must notify Flooring
department prior to removal of car from auction. Once the dealer has made the call to floor a vehicle, the flooring process is started, and said vehicle cannot be "unfloored."
Dealers must furnish a "Loss Payee" document in a timely manner. If not,
dealers' flooring line will be suspended until insurance information is provided. ABS would greatly appreciate your cooperation in this matter.
3.) Extension/Reflooring Fees:
Please be prompt letting us know if you want an extension, we cannot assume you want an extension and then bill you.
4) Flooring Limit:
ABS Finance reserves the right to reduce flooring line limits. Little or no use by
the dealer will result in a lowering of credit limit.
5.) NSF Checks:
If we receive a NSF check, you have 24 hours to replace it with a cashier's check.
After 24 hours you are subject to vehicle repossession and or freezing of your credit line. WE WILL HOLD ALL TITLES WHEN A NSF CHECK IS PRESENTED. A
second NSF check will result in cancellation of flooring line.
Involuntary repo will result in fees being charged to dealer, and an immediate filing on dealer's bond. Voluntary repo will result in a smaller fee charged to dealer. Dealer has 15 days from date of repossession to redeem vehicles.
7.) Outside Flooring:
You may use a maximum of 50% of your total flooring line for Outside Flooring.
The remaining 50% or more must be used for purchases at ABS Auto Auctions.
ABS Finance Company
Policies & Procedures
ABS Finance Company 341 Corporate Terrace Corona, CA 92879 (800) 378-0227
California loans are made pursuant to Department of Business Oversight California Financing Law license
DID YOU KNOW?
Most flooring companies application and approval process is cumbersome requiring extensive credit checks, financial statements and mounds of paperwork. ABS Finance Company makes the process easy requiring only a copy of your most recent three month's of bank statements and a short, easy-to-complete registration form.
To get started with YOUR OWN flooring line with ABS Finance Company, CLICK HERE.
"I can use my ABS Finance flooring line at every auction where I buy cars. THAT'S convenient!"
-Richard Cowan, Public Motors Orange County