FAQ
What’s Next for your Floor Plan Finance Account.
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What is happening? MAFS and DSC have merged to become NextGear Capital, Inc. (“NextGear Capital”).
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How does this affect me? Very soon you will receive a notice from NextGear Capital advising that as of a certain date (“Effective Date”), you will no longer have available credit under your existing MAFS and/or DSC line(s) of credit, and, more importantly, what steps must be taken in order to ensure your continued and uninterrupted ability to borrow from NextGear Capital.
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Can I still use my MAFS and/or DSC line(s) of credit? Yes. You may continue to use your MAFS and/or DSC line(s) of credit until your Effective Date. After that date, assuming you have executed and returned your new NextGear Capital loan documents, you will be able to use your new NextGear Capital line of credit, which replaces your MAFS and/or DSC Line(s) of credit. You should experience no interruption in your credit availability as a result of this transition.
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Will I lose any credit with NextGear Capital as a result of the transition? We do not expect any decrease in your credit availability as a result of the transition. After executing your new NextGear Capital loan documents, we expect that, barring any special considerations, you will have the same credit line amount with NextGear Capital that you had with MAFS and DSC combined.
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Will units on my MAFS and/or DSC line(s) of credit automatically be moved over to NextGear Capital? No. You will be responsible for the payoff of any outstanding balance on your MAFS and/or DSC line(s) of credit, pursuant to your existing loan documents with MAFS and/or DSC, as applicable, in the ordinary time frame currently allowed under those loan documents.
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How will I make payments on MAFS and/or DSC units between now and my Effective Date? You will make payments on MAFS and/or DSC floor planned units the same way you are doing it today.
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After I execute and return my new NextGear Capital loan documents, how will I make payments on units that I finance on my NextGear Capital line of credit after the Effective Date? NextGear Capital runs on the DSC technology platform known as “Discover,” which allows for electronic floor plan management and ACH payments. If you are not familiar with “Discover” and DSC’s online account management tools or smartphone app, a NextGear Capital representative will be happy to help you.
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Are there any changes to where I can use my current MAFS and/or DSC line(s) of credit? No, you may continue to use your MAFS and/or DSC line(s) of credit as you currently do until your Effective Date.
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Where will my titles be held? Until payoff, titles that are still on your MAFS line of credit will continue to be held at your “Bank Auction.” Titles for units on your NextGear Capital line of credit will be held at NextGear Capital’s facility in Carmel, IN.