When it comes to keeping your dealership stocked with the right inventory at the right time, flexible financing is key. Whether you need automotive, salvage, specialty, or fleet financing, AFC offers an array of financial services that are here to support the unique needs of your business. Let’s take a look at a few of the automotive financial services that AFC offers.
>> New to floorplan financing? Learn more here.
Automotive
Standard
- When you use AFC’s Standard program, you can apply your floorplan line of credit right at the time of purchase. If the vehicle isn’t sold after the number of days outlined in your terms, you pay a curtailment fee, any interest accrued over that month, and a percentage of the principal. If the vehicle remains unsold, another payment–covering the same components–is made. The specific plan you choose will determine the length of the term and payment amounts. Once the vehicle sells, you will need to pay the remaining principal balance, along with any accrued interest and fees.
Daily Tab
- AFC also offers a floorplan with a flat daily fee called the Daily Tab. With this plan, you pay a flat fee for each day that the unit is on the floorplan. That fee includes most everything, even interest. Similar to a standard floorplan, you settle all remaining charges after the vehicle sells or at the time specified in your agreement. However, with a flat daily fee, you have a clear understanding of your expenses for the duration the vehicle is floored.
In addition to our flexible floorplan solutions that are customized to meet your unique business needs, we also offer a variety of product enhancements to help ensure your success. Let’s take a look at some of those now:
Non-Auction Purchase Program
- Not every vehicle you need is going to come from an in-person or online auction. Whether you’re sourcing your inventory through a trade-in, wholesale, or another dealer, it’s important to have a financing plan that fits. That’s why AFC has a plan built specifically for non-auction purchases that is offered with standard floorplan programs.
7/14/21®
- With this plan, you pay a flat fee after day 7, day 14 and day 21 that the vehicle is floored. If the vehicle stays on your floorplan beyond three weeks, it automatically shifts over to a standard floorplan, but if the vehicle is sold before then, you’re responsible for the fees and principal, with no interest.
Principal Pass
- Our Principal Pass solution acts as an enhancement to your existing AFC floorplan. This enhancement allows you the option to defer on your principal payments on eligible units at the time of curtailment for a small fee. You will remain responsible for accrued interest and fees. However, the principal payment will be deferred until either the unit is sold or the next curtailment or payment occurs, whichever happens first. The small fee will be assessed at the time of the decision, but it won’t be due until the next curtailment or payoff.
Floats and Promos
- Along with our other product enhancements, AFC also offers a host of float and promo opportunities for our dealers to help you stock your lot. Here’s the difference:
- Float vs. Promo:
- Floats: Extends the time before a dealer’s first curtailment is due
- Promos: Discounts the dealer’s initial contracted floorplan fee
- Float vs. Promo:
AFC Has Got You Covered Wherever You Buy!
Whether it’s a standard dealer floorplan or a product enhancement, AFC has got you covered. Hear what our dealers are saying about AFC!
Ready to get started? Apply Now!
Have Questions?
If you have any questions about the application process or how to get started, feel free to visit our Contact Us page. Simply fill out the brief form, and a member of our team will reach out to you shortly.
Prefer to speak with someone directly? Contact us at bdccorporate@autofinance.com or 1-888-335-6675, and we’ll be happy to assist you.
* Disclaimer: Descriptions of AFC floorplans, floats and promotions are for illustrative purposes only. All applications are subject to approval by AFC and the terms of AFC floorplan financing are subject to a final written agreement acceptable with AFC. AFC does not guarantee any results for floorplan financing and examples are for illustrative purposes only. Not all dealers will be eligible for all floats or promotions. Dealers should consult their own advisors to make independent business decisions regarding floorplan financing. “AFC” refers to Automotive Finance Corporation, Automotive Finance Canada Inc., and AFC Cal, LLC in their respective jurisdictions. All California transactions are through AFC Cal, LLC. California loans will be made pursuant to Department of Business Oversight California Finance Lenders License. Canadian transactions are through Automotive Finance Canada Inc.
