
ELGi Program with BOKF Commercial Finance
Frequently Asked Questions
Who is eligible for floorplan?
Any dealer or rental company that want to obtain inventory and have better cash flow management. They are subject to a credit application review.
What is the advantage of using BOK Floorplan versus an open account?
ELGi has agreed to terms with BOK that allows channel partners to pay in 180 days instead of net 30 terms. This provides a cash flow advantage where the channel partner can stock inventory and not make a payment for 180 days or until the unit is retailed. Rental fleet equipment can be put on this floorplan and a payment won’t have to be made for 180 days.
What do I need to get started?
You will need to complete the following documents and send them to your ELGi Portable Compressors Rep:
- Evidence of Intent to Apply for Joint Credit
- Credit Application
- Personal Financial Statement (PFS)
How do I place orders with ELGi on my BOKF account?
The process for placing orders remains the same. Your orders will go through ELGi and be placed on the BOKF floor plan account. Please note on your purchase order “To be financed by BOKF”.
Is there a minimum amount to participate in the floorplan?
Channel partners will need to place a minimum order of $50,000 to initially participate in the floorplan. There is no re-stocking minimum to participate.
When do I make payments to BOKF?
You pay BOKF when the unit is sold or at the end of 180-days.
What happens if the unit goes past the 180 days with BOKF?
Units can be rolled over to a competitive interest rate bearing facility for up to five years from date of invoice with a curtailment schedule. Please note there will be a one-time curtailment on programs greater than 270 days of 7.5%.
Can the units be rented?
Yes, You will be required to make your final payment in 180-days.
Can I include other equipment on this floorplan?
You can only apply ELGi Portable Compressors to this floorplan. You can contact John Connor at BOKF to discuss financial products for other products (contact information below) .
Will BOKF do an inventory inspection?
BOKF reserves the right to perform inventory audits at their discretion.
Is there an online system that I can logon to for a review of my account?
Yes.
Who do I call if I have a problem with my account or questions about establishing an account?
For any problems or questions regarding your account or setting up an account, please contact: