Corporation Credit Application Form - Free Download | Page 4
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SPECIAL PROMOTIONS. From time to time special promotional nancing terms, such
as extended free periods, incentive interest rates on certain purchases for limited
time periods, or other promotions may be available at the discretion of JDF. These
special terms will be disclosed by the merchant at the time of purchase. Purchases you
make during these special promotions will be separately identied on your monthly
statement and will become part of the balance on which your FINANCE CHARGE and
Minimum Required Payment are calculated at the time provided in the special
promotion terms disclosure. These transactions include:
NO-PAYMENTS/NO-INTEREST TRANSACTIONS. Unless otherwise disclosed,
minimum monthly payments will be deferred and Finance Charge will not accrue
during any disclosed No-Payments/No-Interest period described. Finance Charges
will accrue at the APR applicable to your Account after the due date of your
No-Payment/No-Interest transaction, unless otherwise disclosed.
SAME AS CASH TRANSACTIONS. Unless otherwise disclosed, minimum monthly
payments will be deferred and Finance Charge will accrue during any Same As Cash
period described on your monthly statement. No Finance Charge will be due until the
end of this Same As Cash period and any accrued Finance Charge will be waived if the
entire Same As Cash balance is paid in full by the end of the Same As Cash period.
OTHER FEES & CHARGES. JDF will add to your Account: (1) A Late Payment Fee of $50
if JDF has not received a payment of at least the current portion of the Minimum
Required Payment (Minimum Required Payment plus unpaid late payment fees and
past due amounts) within 10 days after the Payment Due Date; (2) A Returned
Payment Fee of $45, for any check or electronic payment authorization that is
dishonored upon rst presentment; (3) expenses incurred in connection with the
enforcement of our remedies upon default, including without limitation,
(a) repossession, repair and collection costs, (b) attorney fees plus court costs and
related fees, including any bankruptcy fees and costs to the extent permitted by
applicable law, if JDF refers your Account for collection to an attorney; (4) any ling
fee paid by JDF required for any Uniform Commercial Code (“UCC”) nancing,
continuation or termination statement related to the perfection the security interest
granted to JDF; and (5) a $20 processing fee for the processing of those UCC lings.
Any credit balance in excess of $5 on your account will be refunded within 30 business
days from JDF’s receipt of your written request. Otherwise, JDF will refund to you any
credit balance remaining on your account after six months. You agree that JDF may
retain any credit balance if it is less than $5 or if JDF does not know your address and it
cannot be traced through the last address or telephone number provided to JDF.
ACCEPTING PAYMENT. You agree that JDF can accept late or partial payments, as
well as payments marked “paid in full” or with other restrictive endorsements,
without losing any of its rights under this Agreement.
DISCLOSURE OF FINANCIAL INFORMATION. You agree that JDF may report your
performance under this Agreement to credit reporting agencies and others who
request a credit reference from JDF. You agree that JDF may ask credit reporting
agencies or others you list as a credit reference for consumer reports or information
regarding your credit history at any time for all legitimate purposes, including credit
decisions and the review and collection of your account. You authorize JDF to share
information regarding your Account with its corporate afliates and other companies
that offer products and services JDF believes may be of interest to you. JDF’s
afliates may use certain consumer report information as a factor in establishing
your eligibility for consumer credit. If you object to this, you must notify JDF by
calling PowerPlan Customer Service at 1-800-634-9661, and providing your name,
Social Security number, address and Account number, and certain information will
not be provided to those afliates.
CLOSING YOUR ACCOUNT. You may close your Account at any time by notifying JDF in
writing. You agree that JDF may close or suspend your Account to future purchases at
any time without prior notice. You agree that JDF may close or suspend your Account to
future purchases if your Account has no activity for 6 or more months. You agree that
regardless of the closing or suspension of your Account, you remain responsible for
paying the amount you owe JDF according to the terms of this Agreement.
SECURITY INTEREST. You grant JDF a purchase money security interest in all
merchandise purchased through your Account, and its proceeds, including
insurance proceeds, but this provision does not apply if you reside in NC and the APR
on a purchase or transaction exceeds 15%. JDF’s security interest continues until such
merchandise is paid for in full by application of your payments in the manner
described in this Agreement. You agree that all funds owed to you, or received by you,
from anyone resulting from the labor and materials supplied by you which were
purchased through your Account will be held in trust for JDF’s benet (“Trust Funds”).
You agree to promptly pay to JDF those Trust Funds, you agree that you have no
interest in those Trust Funds and you irrevocably assign to JDF your accounts
receivable that comprise those Trust Funds. You authorize JDF, at its option, to direct
any such Trust Funds owed to you be made jointly payable to you and JDF.
Current effective rates are shown below:
Periodic Rate(s) PERCENTAGE RATE(S)
Regular Purchases Regular Purchases
The above rates are correct as of the date of printing, May 30, 2011, but are subject to
change after that date.
FINANCE CHARGE CALCULATION. Finance Charges will accrue on your Account
Balances as follows:
JDF will assess a FINANCE CHARGE, calculated as shown below, if your New Balance
is not paid in full on or before the Payment Due Date. To avoid additional Finance
Charges on purchases, you must pay the New Balance, in full on or before the
Payment Due Date.
The amount of your Finance Charges will be determined as follows:
JDF uses the daily periodic rates and corresponding APR shown in this Agreement.
The applicable periodic rate is applied to the “Average Daily Balance” of your
purchases, including current transactions, during the current billing cycle.
To get the “Average Daily Balance”, JDF takes the beginning balance of your
purchases each day, starting with any Previous Balance outstanding on the rst day
of the monthly billing cycle, add new purchases and debits and subtract payments
or credits. This determines the daily balance. Unless JDF elects to use a later date,
purchases are added to the daily balance as of the date of purchase.
JDF totals the daily balances for the billing cycle and divides the total by the number
of days in the billing cycle. This gives JDF the “Average Daily Balance” which is shown
on your monthly statement. Finance Charges may accrue on Special Promotions
Transactions at a different rate, as explained in the Special Promotions section of
DEFAULT FINANCE CHARGE RATE. If you are in default, you may no longer qualify for
any reduced interest rate Special Promotions and you agree that, at JDF’s option, the
APR applicable to any outstanding reduced interest rate Special Promotion(s), may be
increased to the APR described in this agreement.
A MINIMUM FINANCE CHARGE of One Dollar will be made when the result of the
application of the periodic rate(s) to the “Average Daily Balance” is less than One Dollar.
MINIMUM REQUIRED PAYMENT. Except as provided below, you agree to pay each
month a combined Minimum Required Payment equal to:
1. Any late payment fee due; plus
2. Any additional fees due; plus
3. Any amount past due; plus
4. For Purchases:
(a) Either the greater of: $50, or 20% of your New Balance (less any Conversion
Balance (balances transferred to PowerPlan from a merchant’s accounts
receivable) and less any Special Promotions Transactions(s) balances on which
no payment is due) if it exceeds $50;
(b) Or your entire New Balance (less any Conversion Balance and Special
Promotions Transaction(s) balances on which no payment is due), if it is less
5. The amount of any Special Promotions Transaction that is due;
6. For Conversion Balances:
(a) Either the greater of: $50, or 20% of your Conversion Balance, if that balance
(b) Or your entire Conversion Balance, if it is less than $50;
7. Any Due in Full Balances.
DUE-IN-FULL PROVISION FOR GOVERNMENTAL ACCOUNTS.
If you are a local, state or federal government agency or department, you agree to
pay the entire balance of your account on the date shown on your monthly
DUE-IN-FULL PROVISION FOR OPEN ITEM BILLING/PAYMENT BY INVOICE
ACCOUNTS: If your Account has been set up for our invoice specic payment
application option, the entire balance will be due on the date shown on your
RENTAL TRANSACTIONS: Any transaction that includes the nancing of an
equipment rental charge will be due in full at the end of the next billing cycle,
and that amount must be paid in addition to any Minimum Required payment