Shamrock Finanace

About Us

WELCOME TO SHAMROCK FINANCE


Here at Shamrock Finance, we have worked over the past 11 years to build an innovative floor plan business that is entirely unique to the industry. We have always believed that by keeping it simple, we could offer our clients a new and easy way to manage their inventory and cash flow simultaneously. We do this by offering inventory financing options unlike anything offered by our competitors. The key is, NO CURTAILMENTS, NO PAYDOWNS, NO HIDDEN OR ADDED FEES**. Our plans are simple and easy to manage.
 


SHAMROCK FINANCE FLOOR PLAN OPTIONS

 

THE OG PLAN


The OG Plan is what we invented to meet the cash flow needs of dealers. Understanding how curtailments and unknown fees can hurt your cash flow during the different seasons, we created the following floor plan option for you.

A line of credit (LOC) will be issued to the dealer in the amount they qualify for. This will act as a revolving line of credit, so when you use it and pay it off, those funds will be available to use again.  An interest rate will be presented to you based on your application process the higher risk the higher the rate. With this fee there will be no additional fees** if you purchase a vehicle for $5000 when you pay this vehicle off you will owe $5000. There are no On Fees, Off Fees, Title Fees, Storage Fees, Curtailment Fees, Extension Fees ETC… You can buy and sell as many cars as your LOC allows and do not have to worry about the constant fees associated with every purchase.

THE FOLLOWING IS AN EXAMPLE ONLY AND THE FEES WILL DIFFER FOR EACH DEALER BASED UPON THEIR PROPRIETARY INDIVIDUAL RISK PROFILE:

♦ You have a LOC of $50,000
♦ You buy 10 vehicles each at $5000
♦ You pay $300 a week for the use of the funds
♦ You have NO curtailments or additional fees
♦ You keep buying and selling cars and you still only pay the $300 a week

** There are fees for Lot Checks, unverified units at lot checks, returned checks, FEDEX if necessary or apply, and Bank wires. Usage of funds and interest rate will change the example above
 


THE OG RESERVE PLAN


Everyone is always looking for cheaper interest, right?? And we as the floor plan company are always looking for less risk. In an effort for both parties to get what they want we have created The OG Reserve Plan.

This plan is structured the same as The OG Plan. To offset risk to us and to get you a cheaper interest rate, we would put a reserve on each vehicle put on floor. Together we would come up with an amount that the dealer is comfortable with and add it to the purchase price of the vehicle.
THE FOLLOWING IS AN EXAMPLE ONLY:

♦ You buy a car for $5000 with a $200 reserve on the unit purchased. It will go on floor for $5200.(The $200 would be considered “unrealized” reserve)
♦ You pay for the vehicle. (The $200 would then become “realized” reserve)
♦ You will be able to see these funds in your account.
♦ We hold the funds to offset our risk and in turn, give you a cheaper interest rate. (The more in reserve the cheaper the interest)

These funds are yours. You can ask for the funds anytime if your account is in good standing and there are no returned checks, no payments due, no inoperable vehicles and no missing vehicles (we ask that this is done 1 time a year unless there is an emergency, or we stop doing business)
If there were any of the for mentioned issues, we would apply the funds to them and give you the balance. If you were getting a reduced interest rate based on your reserve and you take the money, the interest rate may go up based on the amount you take from the reserve.
 


THE TRADITIONAL PLAN


This is the traditional fee-based floor plan.  You would be extended a line of credit that you qualify for. The interest rate would be based on the Prime Rate plus an additional amount.

♦ For every unit purchased there would be fees, and curtailments due.
♦ The unit would have a life cycle of 90 days on floor and then would have to be paid off in full, unless you, for a fee and curtailment, extend the term to 120 days (in which the unit will need to be paid off in full with any additional fees and interest)

Fees included but not limited to would be on fees, off fees, title fees, curtailment fees, non-auction purchase fee, late payment fees, refloor fees, extension fees, wire fees, I bet you did not know there were so many fees!
 


THE HYBRID


The hybrid option is very new and still in the development stage. We think of this as a hybrid of all the options combined. This option would be a pay for your risk option. The dealer would be charged an interest rate higher than The Traditional option 3 but much less than The OG Plan.

♦ Interest would be paid on a weekly basis
♦ There would be “risk fees” (we are trying to get the dealer a lower interest rate and at the same time getting paid for our risk)
♦ The interest rate would be paid (If certain risk factors arise, there will be fees associated with them)
♦ Risk factors will be a per vehicle basis (The Hybrid will be more tightly regulated than the other options)
♦ If no risk factors arise, there will be no additional fees

Risk factors would include but not be limited to, vehicle missing during lot check, vehicles being sold out of trust and not paid, borrowing more than 1 title at a time, not paying for a title at the time the title is requested, vehicle in poor condition, return check and weekly payments, Non-auction purchase advances. Other fees such as wire, FEDEX, lot audit, etc would also apply.

** There is a once a month $50 lot check fee as well as possible FedEx fees
 


IF YOU LIKE WHAT YOU SEE PLEASE CLICK THE REQUEST CREDIT LINK AT THE TOP RIGHT OF THE HOME PAGE, AND GET STARTED.


THE RULES WE LIVE BY:

♦ No more than 3 titles to be released on any floor plan at any time
♦ All weekly payments must be current for any business to be conducted
♦ In the event of a bounced check or returned payment, the account will remain on hold until the payment has been made and cleared our account.
♦ After 7 days any outstanding titles will be paid off.
♦ Under no circumstances will we floor plan any titles that have previously been floor planned with your other current floor plan companies.
♦ When picking up titles, please be sure to bring a check for that title. Or please be sure that we have file checks in the house.
♦ If vehicles are sold/titled/registered out of trust, that vehicle must be paid for before any other transactions are made.
♦ If upon a lot check it is found that a vehicle is not in the condition for which it was valued and put on floor plan, arrangements must be made that day to revalue the vehicle.