Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: yard_man who wrote (155948)	3/16/2002 7:43:06 AM
From: orkrious	Read Replies (2) of 436258

people continuing to snap up trash on the theory that things really are going to improve and the idea that default rates have peaked Look at ACF. This is a true POS. They finance auto leases, without recourse I may add, so if the residual doesn't cover the value of the car, they eat it. Last week they announced February statistics and the stock took off. Cash flow was down, but delinquencies were greatly improved. Guess how they did it. Since Feb has only 28 days, people who miss their Feb payment, by definition, cannot be 30 days delinquent. Similarly Jan and Feb together are only 59 days so people 2 months late in this period aren't 60 day statistics. Of course the company didn't mention this. Unbelievable huh? The analysts were pumping the improved statistics for all they were worth and the stock took off. Fortunately, I wasn't short until Wednesday. As the consumer has bigger problems, their delinquencies rise, and the used car market sinks, this company is toast. I wonder how long it's going to take to get to the single digits. Ho Ho Ho ork

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