Dealer Services Corporation - DSC Floor Planning company bait and switch
I recently had the misfortune of using DSC - Dealer Services Corporation - as floor planning financing for my car lot.They sold us on a plan using 200000 dollar line of credit so we could get enough cars out there on lease to make the business solvent.
Two weeks later we had 21 cars and 10 out on lease when they inexplicably backed us down to 75000 dollars. We called them. No response. Finally a week or so later we were told we bought too many cars!
Why would they provide us with financing and then pull the rug out from under us? Again we called and called. No response. Finally they said they would send out an auditor.
After the audit and the auditor said we had the best documentation she had ever seen they said they would get back to us. They never did. We made our first installment payment on the financing and still no response only a weak "we have a new manager who will not be until Aug 4th. We had to pay rent and had spent most of our money getting up and running and were depending on down payments to keep us going until the monthly payments started coming in.
We had not enough inventory to provide for our customers and we had to fold. It was THAT fast. They sold us on a business plan then backed out of that plan. They are either A: incompetent or B: had this plan all along to drive us out of business and take over the accounts we had created and seize the remaining inventory, sell it for nothing, and then try to hold us responsible for the difference.
DO NOT USE DSC they are not people of their word!