Quote:
Originally Posted by Joe in T.O.
What exactly are floorplan rates?
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What GMAC charges dealers for holding thier product.
Most dealers do not buy the vehicles in stock, they just pay interest on them.
I rember GMAC's call to our dealership once. "Hello this is so and so, with GMAC" "Do you realize that you have 75 units in stock?"
My boss say's "Yes I do" Theyy say "Do you realize that you have a limit of 55 units?"
My boss say's "I guess I have a new limit huh?"
GM dealers have stuck with GMAC much more than Ford dealers, so I have noticed. But that has changed recently, with Mortages at prime + 6%, and now higher floor plans, I see more and more dealers, jumping ship to banks like Scoitia.