Ford Credit Sets Minimum for Floorplans

Ford Credit put a 4 percent minimum interest rate on credit dealers for inventory financing, reported Automotive News.

A Ford Credit spokeswoman said the company will calculate dealer floorplan rates using 4 percent instead of prime whenever the prime rate falls below 4 percent.

The prime rate fell from 4 percent to 3.25 percent last week after the Federal Reserve cut lending rates. The move follows a similar one taken by GMAC.