Floor Plan Financing Interest
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The dealer then receives payment hopefully including a profit and remits the balance to the lender who in turn releases the title to the car to the new purchaser.
Floor plan financing interest. For example automobile dealerships utilize floor plan financing to run their businesses. However not all inventory finance companies offer retail and dealership wholesale financing options. But it came at a cost. Much like a credit card a floor plan financing company extends a line of credit to a car dealer.
Floor plan financing interest expense is interest paid or accrued on floor plan financing indebtedness. While some lenders are unable to properly serve independent dealers nextgear capital has proudly served the independent dealer market for over ten years our floor plan financing options allow dealers to finance nearly any. So how does floor plan financing work. Floor plan finance options are popular within the automotive industry.
The money borrowed from the bank collects interest and one has the choice to either make a minimum payment or pay off the balance in full when the bill is due. Floor plan financing indebtedness is indebtedness that is used to finance the acquisition of motor vehicles held for sale or lease and that is secured by the acquired inventory. Floor plan financing is also done for large appliances mobile homes and boats among other items and these products are usually sold to consumers with a financing contract. Floor plan financing interest expense remained fully deductible under tax reform.
Based on a literal reading of the tax law some dealerships had been concerned.
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