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Dealers liability under this Section shall be limited to the amount Dealer collected and retained As between NFI and Dealer, Dealer agrees to pay to NFI, as appropriate, any refund due to Buyer under the terms of an APS Contract. Upon cancellation, Buyer shall be entitled to a refund of the unearned portion of the cash price of the APS as provided in the APS Contract or as may otherwise be required by law, whichever Immediately notify NFI that the Buyer has canceled the APS. If APS has been sold by the Dealer and financed in a Contract purchased by NFI, Dealer agrees that such APS shall be cancelable upon demand by Buyer. InĪddition, the term shall include other products and services acceptable to and approved in writing by NFI from time to time.Ĭancellation of APS. ∺dd-on Products and Services, or ∺PS, shall mean service contracts, mechanical breakdown contracts, GAP contracts, credit life and credit accident and health insurance. Timing of indemnification is within 7 days ofĭefined. (Collectively Claims) arising out of connected with or relating to the Contract or the goods or services sold there under.

(including reasonable attorneys fees), expenses, losses, and liabilities. Indemnity : As a separate and cumulative obligation, Dealer shall defend and hold NFI harmless from any and all claims, defenses, offsets, damages, suits, administrative or other proceedings, cost Valid and enforceable first priority security interest of NFI in the Vehicle (2) send NFI the filing receipts reflecting said perfection. A Contract shall be subject to Repurchase for the life of theĬontract if NFI suffers a loss due to the Dealerships failure to (1) file and record, within 20 days of the date of the Contract or within a lesser time period if required by applicable law, all documents required to properly perfect the

Perfection of Security Interest: For each Contract purchased by NFI, Dealer shall, within 20 days of the date of the Contract or within a lesser time period if required by applicable law, file and recordĪll documents necessary to properly perfect the valid and enforceable first priority security interest of NFI in the Vehicle and shall send NFI all security interest filing receipts. The amount is disclosed on each transaction and is set by Nicholas Financial, Inc. The acquisition fee and loan processing charge are taken from Dealer Proceeds andĪre Non-Refundable. This Agreement, and sums payable hereunder, may not be assigned by Dealer without written consent of NFI.ĭealer acknowledges that NFI charges an acquisition fee and a $75.00 loan processing charge on all contracts purchased and funded by NFI. Stipulated for such contracts purchased by NFI. Upon purchase by NFI of any contracts hereunder from dealer, dealer shall endorse and assign to NFI the obligations and all pertinent security, security instruments, along with such provisional endorsements as may be

All american finance and auto sales free#

Motor vehicles owned by the Dealer and are free and clear of all liens and encumbrances. It is understood that NFI shall have the sole discretion to determine which Contracts it will purchase from Dealer.ĭealer represents and warrants that Contracts submitted to NFI for purchase shall represent valid, bona fide sales for the respective amount therein set forth in such Contracts and that such Contracts represent sales of

Installment contracts, Conditional Sales Contracts, or other instruments hereinafter referred to as ∼ontracts, evidencing installment payment obligations owing Dealer arising from the time sale of motor vehicle(s) and secured by suchĬontracts. (NFI), from time to time, Promissory Notes, Security Agreements, Retail The undersigned Dealer proposes to sell to the undersigned Nicholas Financial, Inc.