Next Gear Capital are crooks

ComplaintsAutomotiveNext Gear capital Class action suit

Complaint

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Robert Di Giorgio
Country: United States
I need to hear from as many dealers affected by Next Gear Capital's illegal practices. WE are trying to convince a lawyer to sue Next Gear for fraud and dishonest dealing. Several of us have had a business ruined by the crooks and now its time they pay up.

Please contact Robert, my email is 2radsr@gmail.com

Comments

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  • 0
    allen
    | 1 reply
    filed counter lawsuit Against Nextgear Aug-19-19.
    • 0
      Scott Lollar replies to allen
      I also have a counter suit filed against Nextgear .Would be glad to compare notes with you if you are interested. Scott Lollar 334-398-2097
  • 0
    Kill Nextgear
    NextGear is blatantly extorting money from my business, they seem very desperate, are they going down in flames yet? I see a class action rico case moving forward out of 7th district appeals, red barn motors vs Nextgear. Are there any attorneys looking for a good extortion case vs Nextgear?
  • 0
    Ron Moore
    Hello anyone interested in talking to an attorney about there nextgear cox automotive issues please email me ronmoore1@gmail.com
  • 0
    Almost signed but glad I read first
    Hey fellow dealers. I was approved for a 50k floorplan loan from NextGear recently. I'm glad I didn't rush to click on ACCEPT and read EVERY word. NextGear seems to have covered ALL of their tracks in that contract. I'm not sure how much of a leg you will have to stand on in court if you signed/accepted the contract. I'm NOT a lawyer but there is a signed contract that you agreed to ALL of these outrageous terms: fees whenever they want to take them out, surprise audits you have to pay for, can repossess ALL of your inventory (not just cars you bought with their money), Security interest in assets/property and last but not least NO CLASS ACTION lawsuits. Don't take my word for it. Go re-read your contract word for word. This is VERY bad but I don't see how a judge would overturn any of their actions for just enforcing the terms that were agreed to in the contract. This is B2B and not B2C. Consumers may have some additional protections against predatory lenders but as a business they will probably ask if you signed the contract and agreed to the terms. Nextgear held up their end of the deal by giving you access to the $$. I know you folks got the short end of the stick because they took all of your inventory, froze accounts, etc. I'm definitely NOT pro-Nextgear. I'm NOT going to sign up for their floorplan loan and probably NOT any others. It seems like you have to sell your soul to gain access to the $$. I will just have to build my inventory slow with some saved up $$ or if I can get some friends/family to invest.

    Just in case you don't have your contract handy. I've listed 2 of the major terms I read and realized this was NOT for me.

    2A and 2B
    GRANT OF SECURITY INTEREST. In order to secure full and prompt payment of all Liabilities and performance of all obligations of Borrower
    to Lender, its Affiliates, and/or their respective successors or assigns:
    (a)
    Borrower grants to Lender a continuing security interest in all of Borrower’s assets and properties, wherever located, including, without limitation, all equipment of any kind or nature; all vehicles and vehicle parts; all Inventory now owned or hereafter acquired, including, without limitation, all Lender Financed Inventory now owned or hereafter acquired; all amounts in Borrower’s Reserve held by or on behalf of Lender, if any; all documents, documents of title, deposit accounts, accounts receivable, manufacturer rebates and incentive payments,
    chattel paper, including, without limitation, all Receivables and general intangibles now owned or hereafter acquired by Borrower; all cash reserves; all of Borrower’s books and records (including any books and records contained on computer hardware or software or otherwise stored by or on behalf of Borrower in electronic or digital form); and all additions, accessions, accessories, replacements, substitutions, and proceeds of any of the foregoing (collectively, the “Collateral”).
    (b) The security interest given to Lender in Section 2(a) is given to Lender to secure payment of all Liabilities and the performance of all obligations of Borrower to Lender, and its Affiliates, including all obligations of Borrower under this Note, under any other Loan Document, or otherwise, all without relief from valuation or appraisement Laws.

    22A - CLASS ARBITRATIONS
    AND CLASS ACTIONS OF ANY KIND (WHETHER PURSUED THROUGH ARBITRATION OR THROUGH THE COURTS) ARE NOT PERMITTED. BORROWER AGREES THAT IT MAY BRING CLAIMS AGAINST LENDER ONLY IN ITS INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING. BORROWER AGREES THAT, BY ENTERING INTO THIS NOTE, BORROWER IS WAIVING ITS RIGHT TO PARTICIPATE IN ANY CLASS ACTION OR OTHER SIMILAR REPRESENTATIVE PROCEEDING. UNLESS CONSENTED TO IN WRITING BY LENDER, THE ARBITRATOR MAY NOT CONSOLIDATE MORE THAN ONE PERSON’S CLAIMS, AND MAY NOT OTHERWISE PRESIDE OVER ANY FORM OF A REPRESENTATIVE OR CLASS PROCEEDING. BORROWER ACKNOWLEDGES
    AND AGREES THAT THE SIZE OF BORROWER’S CREDIT LINE, THE INTEREST RATE TO WHICH ADVANCES ARE SUBJECT AND CERTAIN FEES CHARGED TO BORROWER, AS WELL AS THE SIZE AND DATES OF SPECIFIC ADVANCES, ARE UNIQUE TO AND NEGOTIATED BY BORROWER, AND THAT SUCH FACTORS WILL AND DO VARY AMONG BORROWERS.
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