USA Dealer Power Up Binder - Flipbook - Page 33
Items sold by Dealer through a Program. Dealer shall ensure that all information provided by Dealer
related to an application or Contract is accurate and complete, including but not limited to providing the
correct make, model, serial or VIN of each piece of Collateral and the product(s) sold under the requested
financing plan will meet all financing plan requirements. The decision to finance any Items will be in
Lender’s sole and absolute discretion. In no event will Lender advance funds in excess of the Amount
Financed for any consumer Contracts and the principal for any commercial Contracts. If the Purchaser’s
application is approved and funds are advanced to pay for Items, amounts due to the Dealer as payment
for the Item will be remitted via automated clearing house credits to the account housed at a United States
banking institution designated by Dealer pursuant to a separate ACH authorization executed by Dealer
and delivered to Lender; or alternatively by check mailed through US Postal Service to Dealer’s business
address. Any payment made by Lender shall be subject to Dealer compliance with this Agreement, the
terms of the loan approval and the timely receipt of all documents required by Lender.
2.2 Dealer Incentives. Lender at its election may establish a dealer incentive feature, whereby Lender
will pay certain incentives to Dealer. If Lender establishes a dealer incentive feature, Lender will pay the
incentive amounts periodically, on terms and conditions established by Lender. In no event shall Dealer
have any right, title or interest in dealer incentive amounts except as expressly provided for in this
Agreement. If an Event of Dealer Default (as defined in Section 4 below) occurs, Lender shall be relieved
of the obligation to pay any such incentives to Dealer and may retain such sums for its own benefit. In the
event Dealer owes any sum of money to Lender, Lender may, in addition to its other remedies hereunder,
retain any incentives that would otherwise be due to Dealer in payment of such obligation of Dealer to
Lender.
2.3 Without Recourse. All financing provided by Lender through a Program will be without recourse
to Dealer, except as provided in this Agreement or as otherwise agreed to in writing by Dealer and
Lender or as required by Applicable Law.
3. Dealer’s Representations and Warranties. Dealer hereby covenants, warrants and represents to
Lender as to each Contract that:
3.1 Each Contract is financing the Items sold by Dealer to Purchaser in the ordinary course of Dealer’s
business which are subject to Lender’s first priority purchase-money security interest and each
Contract constitutes the legal, valid, and binding obligation of Purchaser enforceable against Purchaser
in accordance with its terms.
3.2 Each Purchaser is of legal age and, to the best of Dealer’s knowledge, has the capacity to execute
the Contract. Dealer is responsible to properly identify and has properly identified each Purchaser by
means of current and valid government-issued picture identification or other such documentation as
may be specified by Lender. Dealer will comply with any request made by the Lender to provide
additional identification to verify the identity of the Purchaser as may be specified by Lender or as
required by Applicable Law.
3.3 If Purchaser is not an individual, the Contract is executed by a duly authorized officer or agent of
Purchaser. Dealer is responsible for properly identifying and has properly identified any individual
signing for such Purchaser by means of current and valid government-issued picture identification or other
such documentation as may be specified by Lender, for obtaining (and has obtained) written evidence of
the existence and authority of any such individual executing for Purchaser. Dealer will comply with
Lender’s request to provide additional documentation or information to verify the identity of the
borrowing entity or individual signing as may be specified by Lender or as required by Applicable Law.
3.4 The Items described in the Contract have been delivered to and accepted by Purchaser before the
Dealer Standards 12-04-22
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