WebOffice of the Comptroller of the Currency (OCC) WebOct 12, 2024 · What you don't realize is that, like most new car dealers, a floor plan was used to finance the cars. Simply, it is a way for an auto dealer to use a lender's funds to finance the cars, and until each of them is sold, the lender holds title to the cars. The dealer then receives payment, hopefully including a profit, and remits the balance to ...
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WebApr 12, 2024 · Plus, floor plan financing doesn’t seem to be a huge part of Capital One’s business. From the news site: In a follow up phone call, a Capital One spokesperson said floorplan lending comprised about 1 percent of its commercial bank business and was “not core to the long-term priorities of our commercial bank.” ... WebA floor plan is a type of financing which acts as a revolving line of credit or short-term loan given to a business to purchase inventory. If a dealer wants to purchase inventory they can use their floor plan line of credit whether … WebAug 22, 2024 · Floor plan financing is a revolving line of credit that allows the borrower – for example, car dealerships – to obtain financing for the goods they sell. These loans are made against a specific piece of collateral (i.e. motor vehicles, motorbikes, earthmoving machinery, etc.). When the dealer sells each item of stock, the loan advance ... sharing notes between ios devices