Union Acceptance Corp. UACA Message Board

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Non-Tech : Union Acceptance Corp. UACA

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To: Chartgod who wrote (34)	7/28/2000 6:12:39 AM
From: Carey Thompson	Read Replies (1) of 39

The business of making car loans to sub-prime borrowers and charging higher rates is promising. Also, UACA makes car loans to prime borrowers. The problem is with UACA stubborn insistence on using gain-on-sale accounting; UACA believes its accountants are smarter than the market, and the economy and can predict loan deliquencies, pre-payoffs, late payments, etc. I do not think anyone is smarter than the market and the economy furthermore I flexibility is the key. After what happened to many of the lending companies using gain-on-sale accounting in 1997-98, and recently with the Money Store failing it is clear to Wall Street and everyone watching that gain-on-sale accounting is unreliable and can lead to a overconfident and ignorant management and failure. I have sold and would stay away there are better financial companies. Carey

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