One issue that has not, yet, emerged to test the Australian government backed funding vehicle for car and truck dealers is the fate of those dealers that the "participating" financiers consider as not creditworthy.The government's nominated financiers are supposed to, and are, undertaking their own credit assessment of GE and GMAC funded dealers.The intention of the special purpose trust is to provide an additional source of wholesale finance only for creditworthy dealers.The participating financiers may provide transitional finance for some weeks or even months before the loans are taken over by the SPV (when they don't wish to take the business on a longer term basis).The financiers working with the government say they are mindful of the credit risks and so some of the roughly $1 billion in floor plan financings still looking may yet find the nominated lenders knock them back, leaving GE and GMAC with a rump of customers, a number of whom may be forced out of business.Many car dealers have experienced at least reasonable (and some say very good) trading in December as dealers cut prices in order to move stock. While dealer experience varies, some say dealers (or perhaps only dealers funded by GE and GMAC) have cut stock levels by 30 per cent over recent months.The SPV also has a narrow mandate. It will not finance any retail operations, capital loans or real property loans, all of which are reasonably common parts of the funding packages for a dealer's business.There may also be some issues around the extent to which second hand car yards can draw on funding from the special purpose vehicle. Treasury's information document published before Christmas does not suggest any limitations on used vehicles in the funding pool, though finance companies working with Treasury say that tight limits will apply in practice.Credit Suisse is finalising the arrangements for the trust that will operate as a conventional securitisation vehicle, and which in part will rely on management systems provided by Liberty Financial.In theory the trust may itself find finance from private investors should the capital market open up again, and indeed Macquarie Bank found investors for several pools of leases last year, including one only last month.The SPV may prove an attractive investment, with the subordinated tranche planned to be equal to 25 per cent of floorplan financings and with the subordinated loans carrying an Australian government guarantee.