Credit Suisse, as arranger, the four major banks and the Australian Treasury won't have too many precedents to draw on as to the structure, and price, of the $2 billion special purpose vehicle that will facilitate the refinancing by new and second-hand car dealers of their wholesale financing now provided by GE Money Motor Solutions and GMAC. The two financiers have announced plans to withdraw from the market by the end of this year.The Treasurer, Wayne Swan, on Friday announced the plan to establish the SPV in which ANZ, Commonwealth, National Australia Bank and Westpac appear likely to be the only investors.The plan appears to be to apply a government guarantee on the subordinated tranches of the SPV's debt.Wholesale floor plans haven't really featured in the securitisation of financial assets in Australia and even the securitisation of car leases was only ever a minor part of the market.Macquarie Bank did manage to push through a couple of transactions this year backed by motor vehicle leases, one for St George Bank sold to European investors and a second in its own right (also refinancing equipment leases sold to domestic and European investors). Macquarie subordinated around 21 per cent of the debt in that transaction in June.Swan said the SPV being set up in this instance would refinance dealerships over 12 months after which it will be wound down.There was no mention of allowing dealers to refinance loans from other lenders.