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Simple English definitions for legal terms

acceptance company

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A quick definition of acceptance company:

An acceptance company is a type of finance company that purchases consumer installment paper from other companies that directly make loans to borrowers. They do not deal directly with consumers but instead focus on buying consumer durables sold on installment plans. Other types of finance companies include commercial finance companies that make loans to manufacturers and wholesalers, and consumer finance companies that extend credit directly to consumers.

A more thorough explanation:

An acceptance company is a type of finance company that is also known as a sales finance company. It deals with loans by either making them or purchasing notes from another company that directly makes loans to borrowers.

  • Commercial finance company: A finance company that makes loans to manufacturers and wholesalers. It is also known as a commercial credit company.
  • Consumer finance company: A finance company that extends credit directly to consumers. It is also known as a small-loan company.
  • Sales finance company: A finance company that purchases consumer installment paper arising from the sale of consumer durables on time. It does not deal directly with consumers.

For example, if a person wants to buy a car on installment, the car dealer may sell the installment paper to a sales finance company. The sales finance company will then collect the payments from the person who bought the car. This way, the car dealer gets the money upfront, and the sales finance company earns interest on the loan.

Another example is a consumer finance company that offers personal loans to individuals. These loans may be used for various purposes, such as paying for medical bills or home repairs. The consumer finance company will charge interest on the loan, which the borrower will have to pay back over time.

Overall, acceptance companies play an important role in providing loans to individuals and businesses. They help to facilitate the purchase of goods and services by extending credit to those who may not have the funds to pay for them upfront.

acceptance by silence | acceptance credit

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18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
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