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Non-Tech : Union Acceptance Corp. UACA
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To: Banjoman who wrote (10)7/30/1997 5:02:00 PM
From: Carey Thompson   of 39
 
Its great to see someone else following UACA. If you invest in it you will be rewarded in 3-5 yrs. Its a classic case of a profitable co. being tarred with the same brush as the other frauds/losers in its industry. The winnowing process in such a case can be tricky and winding, sometimes yielding companies are almost equal, such as UACA and WFSI in the non-prime auto lending industry.

Although both were seasoned by the 1990-91 recession, had backing by profitable parents/banks, had good mgmt, had sound lending practices, and had expanding service areas -- I picked UACA because it had the higher profit margin for the admittedly short period both have been independent. In the future I must give more weight to relationships with the dealers where WFSI was clearly the people's choice.
Another thing that may have had a large impact was UACA's CEO had a heart attack and was not at the co. during the Feb-Mar industry turmoil. When he got back on the job, one of his first decisions was the $16 mill write off. In doing this he transfered his heart condition to the UACA investors (ggg).

To conclude I am a long term holder based on the above reasons and am looking to grow my capital along with UACA's business growth.

P.S. Forgive the mispellings, I don't have time to proof read.

Good luck investing.
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