USA Dealer Power Up Binder - Flipbook - Page 37
Dealer grants to Lender a security interest in all deposits, securities, accounts or moneys now or hereafter in the
possession or control of, or in transit to, Lender or any affiliate of Lender, or any agent or bailee for Lender or
any such affiliate. Lender may set off and apply same at any time, without notice, to any amounts Dealer owes
Lender under this Agreement. Any amounts owed by Dealer to Lender which cannot be paid by the aforesaid
means shall be due and payable by Dealer on demand.
7. Change in Terms. From time to time, Lender may change the Program Guidelines, without notice to
Dealer, in Lender’s sole and absolute discretion. Lender shall maintain the current version of the Program
Guidelines on Lender’s website. Dealer is responsible for keeping abreast of any changes or updates to the
Program Guidelines through monitoring the Lender’s website or such other means as Dealer deems
appropriate. Failure by Dealer to monitor shall not relieve Dealer of any revisions. Dealer shall be deemed to
have agreed to all such changes as of the effective date of such change in terms if Dealer thereafter submits
any credit application for financing or any Contract to Lender. The terms of the Program Guidelines are
incorporated into this Agreement by this reference.
8. Optional Insurance. Dealer may provide and, subject to Lender’s approval, Lender may agree to finance,
credit life, accident and health, or other insurance, and/or similar product as requested by Purchaser. To the
extent that any such product is financed, Dealer shall provide Lender with a copy of the terms and conditions
of the product. If any such financed insurance or product is cancelled, Dealer will remit to Lender promptly all
rebates or refunds for credit to Purchaser’s account.
9. Extended Warranty, Service Contracts, and Debt Cancellation. Any service contract, product
maintenance agreements, extended warranty protection, debt cancellation coverage and/or similar product
offered by or through Dealer which is financed in the Contract shall comply with Applicable Laws and Dealer
warrants such compliance. If any such product is subsequently cancelled, by reason of Purchaser request for
cancellation, Purchaser default including repossession or charge-off or otherwise or prepayments are received,
Dealer will remit to Lender promptly all unearned charges for credit to the Purchaser’s account, TIME BEING
OF THE ESSENCE. Dealer shall not include in the Contract, any non-cancellable or non-refundable products.
The amount of the unearned charges for any service contract, extended warranty protection, debt cancellation
coverage and/or similar product financed will be a pro rata calculation against the added Dealer margin above
cost for such items based upon the remaining term of the Contract or such other method as may be required by
Applicable Laws. (For example, if a Contract is written for 48 monthly installments which finances any of
these items not written through Lender, Purchaser has paid 12 installments and an event of Purchaser default
occurs, the unearned charges will be 36/48 of the amount above dealer cost that Lender financed for Purchaser
to purchase the items.) If requested by Lender, Dealer will assist in obtaining cancellation refunds of premiums
paid to issuers of all such coverage and/or similar product and directing such to Lender. Dealer shall cause any
and all unearned charges to be delivered to Lender, which amounts shall be applied by Lender toward the
unpaid balance of the Contract. Lender shall have a security interest in all unearned charges, which security
interest shall be prior and superior in all respects to the interest of Dealer or any other Person in the same. In
the event of early pay-off by Purchaser, Dealer shall comply with Applicable Laws regarding any requirements
for refunds. Dealer represents that it complies with all Applicable Laws and disclosures related to selling such
products. Dealer represents that all ancillary products sold are in compliance with Applicable Law. Sheffield
may review these products at any time and has sole discretion in determining their acceptability for financing
by Sheffield.
10. Collections. Lender shall have the sole right to make collections on all Contract accounts that Lender
finances. Dealer agrees not to solicit or make any collections with respect to any Contract submitted by
Lender, except pursuant to Lender’s prior written instructions. If Dealer receives any payment on any
Contract that has been financed by Lender, Dealer shall hold such amount in trust for Lender and
immediately remit any such amount to Lender without setoff, offset, deduction, recoupment or other claim or
Dealer Standards 12-04-22
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