USA Dealer Power Up Binder - Flipbook - Page 31
SHEFFIELD FINANCIAL DEALER STANDARDS
THIS DEALER STANDARDS (the “Agreement”) is between the undersigned dealer (“Dealer”) and
Sheffield Financial, a division of Truist Bank, a North Carolina banking corporation, together with its
successors and assigns (“Lender”). Dealer has listed below all DBA (Doing Business As) names, if
applicable.
RECITALS:
R-1. Dealer is in the business of selling goods and services to purchasers of such items. Dealer is a
United States domiciled entity with its principal place of business at the address identified by Dealer
below with its information. Dealer is authorized to enter into this Agreement.
R-2. Lender is in the business of providing financing of goods and services under an installment loan
program and/or a Lender card program (“Programs”). Lender is neither an agent of any Purchaser or
of Dealer and there is not an agency agreement established between Lender and Dealer. Lender is
authorized to enter into this Agreement.
R-3. The parties desire to enter into this Agreement to formalize their mutual understanding regarding
Lender’s non-obligatory retail financing of goods and services offered by Dealer through Lender’s
Programs.
NOW, THEREFORE, in consideration of the above recitals and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows:
1. Definitions. The following capitalized terms shall have the following meanings in this Agreement:
1.1 “Agreement” means this Dealer Standards (including any Program Guidelines), as the same
may be amended from time to time.
1.2 “Amount Financed” means the actual amount financed for an Item which amount shall be duly
inserted in any Itemization of Amount Financed and Federal Truth-in Lending Disclosure portion(s), as
appropriate.
1.3 “Applicable Laws” means all local, state and federal laws which govern Dealer and Dealer’s
business, the sale of the Items to a Purchaser, the financing of the Items by Lender, and the perfection
of Lender’s security interest in the Items, including but not limited to all state and federal consumer
credit and consumer protection statutes and regulations, customer verification requirements and all state
titling statutes. Applicable provisions of the Gramm-Leach-Bliley Act, 15 U.S.C. §§ 6801-6809, and
the regulations promulgated thereunder; the Interagency Guidelines Establishing Information Security
Standards and the Interagency Guidelines Establishing Standards for Safeguarding Customer
Information published by the governmental authorities regulating U.S. financial institutions; and state
laws governing privacy and safeguarding of non-public information. Dealer is responsible for
determining such Applicable Laws.
1.4 “Collateral” means one or more Items pledged or intended to be pledged as security for a
Purchaser’s obligations under a Contract.
1.5 “Contract” means an installment loan contract, note and security agreement, conditional sales
contract, note, chattel mortgage, lease, security agreement, cardholder agreement and/or any other
document providing for the payment of purchase-money in connection with a retail sale of Items by
Dealer to a Purchaser and evidences the financing by Sheffield of the transaction under Programs defined
Dealer Standards 12-04-22
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