Finance Company Accounting

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Finance Company Accounting

Postby fulcher2994.6374 » Tue Nov 06, 2012 3:47 pm

Hi Everyone,

The Corporation who owns the Finance Company I work for recently hired an accountant to handle the accounting for our Company to give me more time to concentrate on Underwriting and Collections.

I am now receiving requests from the accountant for the VIN for EVERY vehicle that is collateral for the Notes we have purchased. She says they all have to be listed as assets and she will track the profit\loss by creating an account for every single customer whose note we have purchased.

Does this sound right to you? Our assets are the notes, not the vehicles, right? Can you think of any reason the accounting department would need the individual customer's names and VIN?

Thanks,

Tim
Century Credit NC
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Re: Finance Company Accounting

Postby combs.3602 » Fri Nov 09, 2012 11:24 pm

Hi Tim - Im sorry I dont have the answer for you,but I thought someone should atleast reply with an opinion.My experience with accountants has always left me wanting .ha! :D I cant seem to get my accounting department to gel with what we are doing down on the floor.I guess I can understand what she is trying to achieve though.Your cars are your security for the accounts;so when you are unable to collect money from your customer the car ofcourse will be repoed and then the legal action will take place.1st trying to coerce payment,then possible court proceedings,and on to garnishment or writing off the balance between the value of the car and the balance of the note.My company does not seek judgement from the customer.We always write off the loss and re-sale the car.Hopefully this will give you some thoughts on your dilemma. Dennis Combs Combs Car Corral Boise,Idaho
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