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Identify the type of finance company described in each of the following scenarios
Identify the type of finance company described in each of the following scenarios. Consumer Finance Company Business Finance Company Captive Finance Subsidiary Scenario Paolo wants to purchase a truck, so he works with this type of company to finance the purchase. O Orange, a local microprocessor production company, takes out a loan from this type of finance company in order to finance the purchase of materials used to make microprocessors. Mila's Music, a distributor of grand pianos, receives wholesale financing from this type of finance company so that it can purchase Steinway pianos for the store's showroom. The financing company lends the money to facilitate the sale of the product because it is an entity that benefits from higher sales by Mila's Music. True or False: Finance companies do not need to comply with federal statues governing equal credit opportunity. O True O False
Expert Solution
Paola wants to purchase a truck, so he works with this type of company to finance the purchase, so this company is Consumer Finance Company.
Orange, a local microprocessor production company, takes out a loan from this type of finance company in order to finance the purchase of materials used to make microprocessors,so this company is Business Finance Company.
Mila's Music, a distributor of grand pianos, receives wholesale financing from this type of finance company so that it can purchase steinway pianos from the store's showroom. The financing company lends the money to facilitate the sale of the product because it is an entity that benefits from higher sales by Mila's Music is a type of Captive Finance Subsidiary.
Finance companies do not need to comply with federal statues governing equal credit opportunity is False.
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