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expenditures included any postacquisition or servicing
expenses. * * *
6We use the term “credit analysis activities” to
refer to ACC’s credit review services and its funding
services (i.e., ACC’s issuance of the checks to dealers
in consideration for the installment contracts).
[Majority op. p. 10; emphasis added.]
From the majority’s findings of fact I conclude: (1) ACC’s
business operation consisted of the acquisition of installment
contracts and the postacquisition servicing of those contracts;
and (2) of the total expenses for salaries and overhead for 1993
and 1994, $267,832 for 1993 and $339,211 for 1994 were related to
credit analysis activities and were not related to any other
business operations of ACC.3 To me, the logical conclusion is
that both salaries and overhead expenses, totaling $267,832 for
1993 and $339,211 for 1994, were exclusively for ACC’s
acquisition of installment contracts and thus were “directly”
related to the acquisition of installment contracts.
The percentage of ACC’s salaries and “overhead” expenses
that related exclusively to ACC’s credit analysis activities
indicates that most of ACC’s business activity concerned the
acquisition of installment contracts. For example, 76 percent of
salaries and 68 percent of “overhead” expenses for 1993 were
related to ACC’s credit analysis activities. For 1994, the
3The majority finds that “None of these expenditures
included any postacquisition or servicing expenses.” Majority
op. p. 10. ACC’s only business operation was the acquiring of
installment contracts and the postacquisition servicing of those
installment contracts.
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