RE:Renegotiate delinquent leases to make them appear current?Abezguaz wrote: Their latest financials have a note disclosing renegotiating leases but no details? taking past due contracts and making them appear current, also taking repossessions and putting them into inventory to hide losses, and if thats not wild enough they buy another sub prime auto lender but dont publish the "Disclosure" mentioned in the purchase agreement. The more I looked the worse it got.
I have a question.
You said “also taking repossessions and putting them into inventory to hide losses”.
Would this not be the proper process? I would assume if I wasn’t paying my payments and my car is repossessed, the company would then add it to its inventory and try and resell it? Is that not how it works? Surely they don’t repossess cars so they can ship them to the wreckers right?
Just hoping you can clarify how they are “hiding losses” by putting cars back into inventory once it’s been repossessed. Also if that isn’t the proper practice, what is?
Genuine question.
thanks.