Vehicle Floor Plan Financing and Security Agreement
Description What Is Floor Plan Financing
How to fill out Vehicle Floor Plan Financing And Security Agreement?
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FAQ
(B) Floor plan financing indebtedness The term ?floor plan financing indebtedness? means indebtedness? (i) used to finance the acquisition of motor vehicles held for sale or lease, and (ii) secured by the inventory so acquired.
What is a Dealership Floor Plan? A dealership floor plan loan is essentially a revolving line of credit. Like a credit card, you can charge large purchases to the floor plan and pay them off at the end of the month. A floor plan lets dealerships finance vehicles without fronting the cash.
Floor plan financing interest expense is interest paid or accrued on floor plan financing indebtedness. 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 Debt means Debt in an aggregate principal amount at any time not to exceed the value of the Inventory of the Company and its Restricted Subsidiaries, which Debt is secured primarily by a Lien on Inventory of the Company and/or its Restricted Subsidiaries.
Under 163(j), a taxpayer is limited in the amount of business interest they can deduct. This limitation is set at 30 percent of the adjusted taxable income (ATI) plus any floor plan interest. Before January 1st, 2022, the calculation for adjusted taxable income was closely following EBITDA.
Floor Plan Interest Expense means that component of the Company and its Restricted Subsidiaries' aggregate Interest Expense, determined on a consolidated basis, attributable to Floor Plan Indebtedness.
Floor plan financing interest is interest paid on debt used to finance the acquisition of motor vehicles held for sale or lease where the debt is secured by the acquired automotive inventory.
Floor planning is defined as a form of financing for large ticket items displayed on showroom floors or lots. These short-term loans allow dealers to purchase items upfront and then repay as the items are sold.