Finance Questions

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Question: has anyone had a car financed through acc consumer finance?

THEY ARE A Finance Company FOR CARS, WITH PEOPLE WHO's CREDIT MIGHT NOT BE SO GREAT. THEIS CUSTOMER SERVICE SUCKS. THE PEOPLE TALK TO YOU LIKE YOU ARE NOTHING. IT'S CRAZY. SO, IF YOU ARE NEED TO GET A CAR DON'T GO THROUGH THEM. THEY ALSO, PUT IN A BOX IN YOUR CAR SO WHEN YOU START IT IT MAKES THREE BEEPS. IF YOU ARE LATE WITH YOUR PAYMENT THEY CAN TURN YOUR CAR OFF. THEY ARE LOCATED IN SAN DIEGO CALIFORNIA

Answer: ACC Consumer Finance clearly deals in the subprime market, and lenders in that market often tend not to be very gentle, so I don't want to sound like I am endorsing them.

But to give the Devil his due, I have checked several complaint boards dealing with auto financing, and ACC's name doesn't come up. But some other lenders, like Washington Mutual, are poster children for abusive practices.

As to the reminder box that they put on your car, that's not a totally bad idea. Those devices go by a number of different names. PassTime is the one I am familiar with. First, subprime lenders don't put these reminder boxes on everyone's car, only on those of borrowers who have a long history of missing payments.

So if you look at it as a device used to give reminders to people who need reminders, then they are not horrible things. In fact, when you consider the alternative - - repossession of the car in the middle of the night - - they might actually be a very good thing. They save the borrower from a repossession that could be nasty, very inconvenient and very expensive.

So I would suggest thinking differently about the reminder box than about the fact that the clerk was nasty. There really is no reason for the latter, even in subprime lending. But the reminder box strikes me as the better of two possible outcomes for people who need them.

Healthcare, Consumer Finance and Immigration Reform....NOT!

Question: Secured inventory loan sources?

I'm looking to get a secured inventory loan. I own a small furniture store (in business 4 years, 9 months of that owned by me) that always has about 65K in inventory and I'm currently use my personal savings as working capital. I'd like to find a funding source of about 50K that is secured by my inventory to remove my personal assets/financing from the equation. All my searches for small business secured loans seem to end up leading to unsecured loans, which I do NOT want -- I don't want to personally guarantee the capital since I have all the inventory that should do that. Nor do I want a credit card advance deals. Any ideas?

Answer: At 9 months you will not get a loan that is not secured by your personal credit information. You can't secure a loan with INVENTORY that you can't sell for revenues. Go see an Atty about seperating your business from your personal assets. But forget the loan if your personal credit is shot.

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