You agree that upon selecting the “YES” button to acknowledge acceptance of these terms, “You” or “Customer,” and ACV Capital LLC (“ACV Capital”), together with its affiliates, including ACV Auctions Inc. (collectively, “ACV”), are entering into a binding legal contract.
As a customer of ACV Auctions Inc. (“ACV Auctions”) and ACV Capital, You continue to be bound by and hereby confirm Your agreement to ACV Auctions’ Terms of Service, available at https://www.acvauctions.com/legal (the “Platform TOS”) and Your signed Loan and Security Agreement with ACV Capital (the “Loan Agreement”). Capitalized terms that are not defined herein shall have the meanings ascribed to them in either the Platform TOS or Loan Agreement, as the context below shall determine.
These terms (“Terms”) supplement the Platform TOS and Your Loan Agreement by providing the additional terms and conditions applicable to Your participation in ACV Capital’s float to floor service (the “Float to Floor Service”). Specifically, by utilizing the Float to Floor Service for the vehicle identified at checkout at the time of acceptance of these Terms (the “Purchased Vehicle”), Period 1 as set forth in the Floorplan Terms Schedule to the Loan Agreement is extended to seventy (70) days and the Payment Due Date otherwise applicable under the Platform TOS will be extended to ten (10) days from the date of checkout (“Extended Payment Period”). The Float to Floor Service is only available for Purchased Vehicles if the purchase price (exclusive of Fees) for such vehicle is less than $40,000.00. By selecting the Float to Floor Service, You agree to pay a fee associated with the provision of such service (“Float to Floor Fee”) which will be presented to you at checkout; the Float to Floor Fee will be included in the Fees due for the Purchased Vehicle. If You do not agree to the Float to Floor Fee, You may choose not to proceed with the Float to Floor Service and can instead check out using other available means.
You can pay the Total Payment Amount for the Purchased Vehicle at any time during the Extended Payment Period using ACH. The Total Payment Amount will automatically be applied against Your Credit Facility, and if you do not pay the Total Payment Amount for the Purchased Vehicle by expiration of the Extended Payment Period, all fees and costs set forth in the Loan Agreement, including but not limited to interest, will apply to the Total Payment Amount starting on the day immediately following the end of the Extended Payment Period. In any event, the Total Payment Amount shall be considered a Floorplan Advance under the Loan Agreement, the terms of which shall apply to and govern such Floorplan Advance.
In the event a Customer payment subsequently is returned for insufficient funds, ACV may charge NSF/reprocessing fee(s) to Customer’s account, in addition to any charge or fee imposed by Customer’s and/or ACV’s depository institution.You hereby authorize ACV to use any power of attorney previously granted by Customer to any ACV entity to implement and enforce these Terms.
The individual accepting these Terms warrants to ACV that he/she has been given and has received and accepted authority to agree to these Terms on behalf of Customer, and further has authority to bind Customer to these Terms.
Except as expressly supplemented by these Terms, the Platform TOS and Your Loan Agreement remain unchanged and shall continue to apply in all respects.
