Yesterday, by a bipartisan vote of 51-47, the Senate approved S.J.Res. 57, which rescinds the Consumer Financial Protection Bureau’s (CFPB’s) flawed auto finance guidance.
Early Saturday morning, the Senate passed the “Tax Cuts and Jobs Act,” (H.R. 1) which included a NADA-supported amendment to preserve 100 percent deductibility of interest on floor plan loans (a specialized loan that funds vehicle inventory).
Senators need to hear directly from YOU about the importance of floor plan financing to your business. Call your Republican Senators and ask them to cosponsor Senator Rand Paul’s amendment to ensure floor plan interest remains fully deductible.