To All Fellow and Future Dealers, Please be very very careful with Nextgear Capital. We received a credit line for $250k and the documented Interest Rates and Fee's were written down.
After 30 days the fee's changed, Interest went through the roof and audits became $265 instead of $80-100 like promised. They gave us 6% interested per 30 days with a 760 Credit Score. That's 72% interest per year. After 3 en-curtailment payments on a unit you not only no profit profit but end up losing 1K plus.
Once you default Cox automotive will blacklist you from all Auctions in the US and Canada. Being banned from Manheim is Honestly a Blessing, every single car out of there has some serious irregularities ( missing Check Engine Lights Bulbs, Air Bag Bulbs, Airbags, Odometer tampering or just quick patch work so the engine or tranny explodes as soon as you make it back to your dealership. Unfortunate they are such a large company that they will continue to bury honest and ethical dealers whom take the time to repair the vehicles and make them safe for customers and their families. Once defaulted Nextgear will also DESTROY your credit so you cant lease a car, rent an apartment and so on.
In Short, Don't let these Loan Sharks near your dealership. I pray those at Nextgear answer for what they have done sooner or later. Currently working on a Class Action Large Enough to have those involved jailed.
Indiana is a state which doesn't tolerate fraud. Nextgears Corporate Attorneys are good, but there is Mercy for a Widows Son.
Product or Service Mentioned: Nextgear Capital Loan.
Reason of review: Poor Business Ethics .
Monetary Loss: $975000.
Preferred solution: Let the company propose a solution.
I liked: Promises made in order to sign with nextgear.
I didn't like: Fraudulent business practices.