Personal Finance Application – Terms and Conditions
(a) “Applicant” means the business entity applying for a line of credit with 19 Auto Parts LLC.
(b) “Company” means 19 Auto Parts LLC, its successors, assigns, subsidiaries, and affiliates.
(c) “Goods” means all automotive parts, accessories, supplies, and related items provided by the Company to the Applicant.
(d) “Credit Limit” means the maximum amount of credit approved by the Company for the Applicant.
(e) “Account” refers to the credit facility established by the Company in favor of the Applicant.
2. Credit Facility
The Company agrees to extend a loan to the Applicant up to the approved Credit Limit, subject to these Terms and Conditions.
The Credit Limit may be reviewed, increased, reduced, or withdrawn at any time at the Company’s sole discretion.
The granting of credit does not obligate the Company to supply Goods; all orders remain subject to acceptance and availability.
The Applicant shall not exceed the approved Credit Limit without prior written consent from the Company.
3. Payment Terms
Unless otherwise agreed in writing, all amounts due shall have a minimum payment within thirty (30) days from the date of invoice and a loan end date of 5 years. Payments shall be made in lawful currency of the United States, free of any deduction , withholding, or set-off.
Any amount not paid when due shall accrue interest at 1.5% per month (18% per annum) or the maximum rate permitted by law.
The Applicant agrees to pay all collection, legal, and administrative costs incurred by the Company in the enforcement of this Agreement.
4. Security and Guarantee
The Company may require a personal guarantee as a condition of credit approval. The Applicant grants the Company a security interest in any Goods supplied until payment in full has been received.
The Applicant agrees that title to all Goods shall remain with the Company until full payment of all outstanding amounts under the Account.
5. Account Management
The Applicant shall notify the Company immediately of any change in ownership, structure, business address, or financial condition.
The Company may periodically review the Applicant’s credit standing and may request updated financial information.
Failure to provide requested information may result in the suspension or termination of credit privileges.
6. Default
The Applicant shall be deemed in default if it:
(a) Fails to make payment when due;
(b) Breaches any term of this Agreement;
(c) Becomes insolvent, bankrupt, or subject to liquidation or receivership; or (d) Provides false or misleading information.
Upon default, all outstanding balances shall become immediately due and payable.
The Company may, without prior notice, suspend credit privileges, refuse further deliveries, or terminate this Agreement.
7. Returns and Adjustments
Goods may not be returned without prior written approval from the Company.
Approved returns must be in original packaging, in resalable condition, and accompanied by proof of purchase within fifteen (15) days of delivery.
The Company reserves the right to apply a restocking fee and to issue account credits instead of refunds.
8. Limitation of Liability
The Company shall not be liable for indirect, incidental, or consequential damages, including loss of profits or interruption of business.
The Company’s total liability shall not exceed the amount invoiced for the specific Goods giving rise to the claim.
The Applicant acknowledges that it is acquiring Goods for commercial purposes and not as a consumer.
9. Credit Information and Privacy
The Applicant authorizes the Company to:
(a) Obtain and exchange credit information from credit bureaus, trade references, and financial institutions;
(b) Retain such information for the duration of the Account; and
(c) Disclose the Applicant’s credit performance to credit reporting agencies.
The Company agrees to handle all information in accordance with applicable privacy and data protection laws.
10. Termination
Either party may terminate this Agreement by giving thirty (30) days written notice. Termination shall not affect the Applicant’s obligation to pay all amounts then due and owing. The Company may terminate immediately without notice upon default.
11. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of [California], and the parties submit to the exclusive jurisdiction of the courts located in that jurisdiction.
12. Entire Agreement
These Terms and Conditions, together with the credit application and any related documentation, constitute the entire understanding between the parties and supersede any prior representations, agreements, or negotiations.
13. Acceptance
By signing the Personal Finance Application, the Applicant acknowledges that it has read, understood, and agrees to be bound by these Terms and Conditions.