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M26_MISH1438_06_IM_C26 - Chapter 26 On the Web Finance...

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Chapter 26 On the Web : Finance Companies History of Finance Companies Purpose of Finance Companies Risk in Finance Companies Types of Finance Companies Business (Commercial) Finance Companies Consumer Finance Companies Sales Finance Companies Box 1: The Expansion of Ford Motor Credit Regulation of Finance Companies Finance Company Balance Sheet Assets Liabilities Income Finance Company Growth Overview and Teaching Tips Finance companies are discussed as an important element in the growing economy. Finance companies allow individuals with smaller pocketbooks to borrow money to purchase items they would not otherwise be able to buy. They are usually called a financial intermediary because they borrow large amounts, but lend small amounts to individuals and businesses. High-risk customers are often more accepted at finance companies for loans offered at higher interest rates. Finance companies are divided into three types: business, sales, and consumer. Factoring is a type of provision of credit where the factors buy accounts receivables. Also, they provide leases and floor plan
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