Does Deck Medic have plans to sell or assign any Note from franchisees to a third party?
Deck_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
Except as disclosed above, we do not offer financing that requires you to waive notice, confess judgment or waive a defense against us or the lender, although you may lose your defenses against us and others in a collection action on a Note that is sold or discounted. We have no plans to sell or assign any Note from you or any other franchisee to a third party; however, we have the right to do so in the future. Upon any sales or assignment, we will not remain primarily obligated to provide the financial goods or services.
Source: Item 10 — FINANCING (FDD pages 23–24)
What This Means (2024 FDD)
According to Deck Medic's 2024 Franchise Disclosure Document, Deck Medic does not currently have plans to sell or assign any promissory notes from franchisees to a third party. However, Deck Medic retains the right to do so in the future. If Deck Medic does sell or assign a note, they will no longer be obligated to provide the financial goods or services associated with that note.
Deck Medic may offer direct financing to franchisees, but they are not obligated to do so. Currently, Deck Medic is the only potential lender under the direct financing agreement, but they reserve the right to designate additional affiliates as potential lenders in the future. Deck Medic may also provide indirect financing through third parties and receive referral fees from these third-party providers. The terms of financing with third parties will vary.
If Deck Medic offers direct financing for the initial franchise fee, the franchisee (and their spouse, if applicable) must sign a promissory note. Deck Medic has the right to assign this note to a third party. If a franchisee enters into a note for a new Deck Medic business, they are required to open the business within six months of receiving the funding.