Pep Boys Fleet Credit Account Agreement
In this Agreement, the words “you” and “your” mean the person(s) who sign the Pep Boys commercial credit account agreement. The words “we,” “us” and “our” means Pep Boys.
1. Terms
All charges are due net 30 days following the date of the invoices. Once a month a statement will be forwarded to you to help you reconcile your account.
2. Promise to Pay
You promise to pay us for all charges made to your Account and for all finance charges and fees described in this Agreement. If there is more than one of you, you are jointly and severely liable for all required payments, regardless of who made or benefited from any particular charge. If you allow someone else to use your Account, you will be responsible for their charges whether or not they charge more than you intended. Unless you notify us of a billing error within 30 days after we sent the first statement on which it appears, you agree that your monthly statement is valid evidence of your obligation to pay the amount shown thereon.
3. Payment Requirements
Payments must be made to the address shown on your statement and be accompanied by the payment stub from your statement. Failure to make payments in accordance with these requirements may result in delay in crediting your Account. We may accept partial payments and payments marked with “paid in full” or similar language without waiving our rights. Payment checks should be made out to “Pep Boys.”
4. Finance Charges
A finance charge will be assessed at 1.5% per month, which is 18% per annum, on the balance that is past due.
5. Minimum Finance Charge
If a billed finance charge amount is computed for any billing cycle and if the amount of that finance charge as figured above would be less than $.50, the minimum billed finance charge will be $.50.
6. Fees
Our current fee for returned checks will be charged if any check you send us for payment on your Account is returned unpaid.
7. Your Credit Limit Authorization
We will establish your initial credit limit and may change that limit at any time, with or without notice. You agree not to exceed your credit limit (and if you do, immedi- ately pay any balance in excess of that limit). If there is more than one of you, any of you may request a change in your credit limit. Each charge that you make may be subject to our authorization. We may decline to grant such authorizations for any reason, and may impose various limits on those authorizations.
8. Default
If you default in making any required payment, we can declare the unpaid balance to be due and payable immediately, and may continue to assess a finance charge until full payment is received. If your Account is referred for collections to an attorney who is not a salaried employee of Pep Boys, you agree to pay, in a addition to your outstanding balance and finance charges thereon, all court or other collection costs actually incurred and reasonable attorney’s fees, subject to any applicable law.
9. Termination
We may, at any time, with or without cause and without notice, terminate this Agreement and your privilege to use your Account and to make further charges to your Account. You will continue to be responsible to pay all unpaid balances existing at termination, and all finance charges and fees accruing after termination.
10. Credit Investigation and Reporting
You agree that we may obtain a credit report and make inquiries to your bank and/or creditors for any lawful purpose related to your Account such as reviewing it, changing the credit limit and collecting. If you request, we will tell you whether or not a credit report was requested and the name and address of any credit reporting agency that furnished the report. You agree that we may release information to others, including but not limited to credit bureaus, about the status and history of your Account.
11. Transferability
Your Account, your rights and privileges under this Agreement cannot be transferred or assigned by you. We may transfer or assign your Account, your Account balance or any portion thereof, or any of our rights under this Agreement to a third party, with or without notice to you.
12. Waiver and Severability
We can delay in enforcing our rights or waive any of our rights on one or more occasions without losing those rights. If any part of this Agreement is determined to be invalid or unenforceable, the remaining parts shall continue to be effective.
13. Security Interest
You grant to us a purchase money security interest in all merchandise purchased on your Account until such merchandise is paid in full.
14. Authorized User(s)
We have the right to rely upon all reasonable representations of persons representing themselves to be agents of you with the authority to make purchases on behalf of you unless Pep Boys receives prior written notification limiting agents authorized to make purchases.
15. Commercial Credit Agreement
This Agreement embodies the entire commercial account agreement. There are no other promises, terms, conditions or obligations other than those contained herein.
16. Governing Law
You understand and agree that any credit extended to you is strictly commercial credit and does not arise out of a consumer transaction and is therefore not governed by applicable federal or state consumer credit regulations.
To find out changes in the information in this application, write to:
Credit Department
3111 West Allegheny Avenue • Philadelphia, PA 19132
