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Leaving a factor

What’s your Exit Tax?

See what it would cost to leave your factor, how much of your money is tied up, and your last day to give notice. Free. Your numbers stay on your phone.

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Question 1 of 10
Your factor

Start typing to pick from the list. Not listed? Type the name.

Contract end or renewal date

Usually in the Term section.

Renews for

How long it renews if you don’t give notice.

Notice required

Usually in the Term or Termination section, e.g. 30, 60 or 90 days.

How notice must be sent (optional)

Shown on your receipt as a step.

Termination fee

Look for “early termination”, “liquidated damages” or “exit fee”.

Other fees only charged when you leave (optional)

For example a buyout, payoff or release fee.

Minimum volume shortfall (optional)

An amount charged if you factor less than the minimum. Counted only if it applies to leaving early.

Reserve currently held

Money held back from your advances.

Reserve due back

Usually in the Reserve section.

Questions

What is a factoring Exit Tax?

The Exit Tax is only what you lose by leaving: termination and exit fees. Your reserve and normal fees aren’t part of it. A factor with a clean exit has a $0 Exit Tax.

Is my reserve part of it?

No. Your reserve is your own money, held back from your advances. It isn’t a cost of leaving, so the calculator shows it on its own, with when it’s due back.

What happens if I miss my notice deadline?

Many agreements renew on their own if notice isn’t given in time. Unless your factor agrees otherwise, leaving after that can mean a termination fee for the new term. Your contract decides.

Already factoring?

Already factoring? Tell other drivers how it went. Two minutes, checked before it goes live.

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