How The Program Works

How do I put a car on the floor plan?

1. Dealer buys a car at an auction or from another dealer.
   No private party purchases or trade-ins without prior approval.
   
   
2. Dealer will write a check from their "Purchasing Account" checkbook.
   
   
3. Dealer will call Floor Plans, Inc. the same day, prior to 4:30 pm, with the check number, check amount, auction or dealer name and brief description of vehicle.
   
   
4. Floor Plans, Inc. will deposit an amount equal to dealer's check amount into the dealer's purchasing account the same day the information is received from the dealer.
   
   
5. The dealer faxes the auction slip or dealer invoice and a copy of the check to Floor Plans, Inc. by the end of the day, and mails them the next day.
   
   
6. The title for the vehicle purchased with Floor Plans, Inc. lien noted must be mailed to Floor Plans, Inc. as soon as it has been received.
   
   
7. Floor Plans, Inc. must be notified within 24 hours of any car "in process" that cannot be physically verified on the lot.

How do I get a car off the plan?

Give Floor Plans, Inc. a check for the original purchase price plus the following fee:
If paid off days 1 - 30 a $55.00 fee
If paid off days 31 - 60 a $60.00 fee
If paid off days 61 - 90 a $65.00 fee
and the title will be released immediately to the dealer.

What else do I need to know?

1. You must have a fax and a separate phone line for your fax.
   
   
2. Interest will be computed at 18% per year (1½% per *month on a daily basis plus the Prime Factor) and billed to the dealer monthly.
   
   
3. Any cars on the floor plan for more than 90 days will have to be redeemed, unless an extension is granted.
   
   
4. If 30 day extensions are granted, they will be charged at $100.00 for the first 30 days, $200.00 for the second 30 days and $300.00 for the third 30 days.
   
   
5. Dealers will be required to carry physical damage insurance in an amount equal to the floor plan line.

The Prime Factor is excess over 5 ½% Prime Rate.