Some analysts have taken the recent rise in subprime auto lending to mean that an impending bubble burst is forming similar to the mortgage bubble burst that kicked off the recent financial recession. The issue with their thinking is that they are comparing apples to apples when they should be....
It’s that time again; your customer just handed you a bag full of cash totaling more than $10,000 to pay for the automobile you just sold them, and now the IRS wants to know the details of the transaction. This is an all too common scenario for the automobile industry,....
A new rule passed recently that affects larger dealerships within the subprime industry. The Consumer Financial Protection Bureau (CFPB) will now be the oversight board for nonbank finance companies who make, buy or refinance more than 10,000 loans per year. These companies originate about 90% of the loans generated in....
A major part of being prepared for the upcoming tax season is filing IRS 1099 Forms to the right people, for the right amounts before the deadline. IRS Form 1099-A for Acquisition or Abandonment of Secured Property You must file this form for each borrower where you lend money....
The process of purchasing vehicles has changed dramatically. We are no longer in the era of posting huge ads in the phone book or posting signs on billboards to get consumers attention. For all we know, even word of mouth no longer plays a big role when it comes to....
When financing vehicles and loaning funds, it is important to properly disclose the APR and finance charges to your customers. These calculations can be highly debatable and when the situation arises where a customer or other software challenges those calculations, knowing the law and how to validate the calculations used....
Are you concerned about the way you’re doing business? Would you like to know exactly how profitable you are? Are you interested in learning your weaknesses and how to minimize your risk? Well, the subprime analytics reports will do just that. The subprime analytics reports were designed so that you....
Anyone who has purchased a car at a dealership or through a bank has been asked this question: “Would you like to add GAP coverage to your car?” Most of the time the only thing we are thinking is “this guy just wants to sell me something so he can....
Arbitration is referred to as an alternative dispute resolution. As suggested by the name, the idea is to provide an alternative to filing a lawsuit and going to court which is the traditional method for resolving legal disputes. Arbitration is primarily designed to provide for a streamlined and cost-conscious option....
It’s a common misconception that a line of credit is to be recorded as a liability, whether or not the line has been used. However, whether your business uses the cash or accrual method of accounting, the method of recording line of credit transactions is the same. If the line....
ABCoA is a Software-as-a-Service company dedicated to the subprime industry. Our cloud-native ecosystem handles every part of business operations - improving productivity, security and accuracy, while consolidating vendors and reducing costs.
Since 1983, ABCoA has helped buy here pay here used car dealerships and subprime finance companies eliminate duplication, remain compliant, and achieve success with complete, customer-driven software and dependable support. Customers properly using Deal Pack have never lost an IRS audit.
Recently awarded Top Online Accounting Software for Deal Pack, ABCoA continuously elevates the standard for software in the subprime industry and helps customers grow through our commitment to quality, innovation, and service. Headquartered in Jacksonville, Florida with employees across four states, we remain family-owned and operated.
To learn more about ABCoA, visit www.abcoa.com.
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