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Capital One to Cease Floorplan Financing in NY, NJ

October 15, 2008

MCCLEAN, Va. — Capital One Auto Finance has announced that it will no longer offer floorplan financing to dealers in New York and New Jersey. The decision will affect fewer than 20 dealers, according to spokesman Steven Thorpe.

Thorpe told the Associated Press that the decision was made after a regular review of the bank's investments and isn't related to the current problems in the credit industry. He made it clear that the bank's direct and indirect lending programs, which are handled by a separate division, will not be directly affected by the move.

Thorpe described floorplanning in New York and New Jersey as "a very small part" of Capital One's total loan portfolio. The lender will continue to offer dealer financing in Louisiana and Texas.

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