Capital One to Cease Floor Planning in Two States
McLEAN, Va. — Capital One notified dealers in New York and New Jersey in August that it made a business decision to discontinue dealer floor plan financing, effective Nov. 15, 2008, a company spokesperson explained to SubPrime Auto Finance News this morning.
"We continue to provide dealer floor plan financing in Louisiana and Texas," said Stephen Schooff, of Capital One.
"Our dealer floor plan financing program in New York and New Jersey was small and disconnected to our national auto lending business — Capital One Auto Finance. This impacts less than 20 dealer customers in New York and New Jersey," he pointed out.