What is the specific name of the auto finance liability at GMC for Best Brains?
Best_Brains Franchise · 2025 FDDAnswer from 2025 FDD Document
| DISTRIBUTION ACCOUNT | TOTAL |
|---|---|
| Rent Deposit | 6,926.00 |
| Software Development | $96,000.00 |
| Accumulated Amortization | -59,400.00 |
| Total for Software Development | $36,600.00 |
| Total for Other Assets | $829,502.94 |
| Total for Assets | $5,800,353.06 |
| Liabilities and Equity | |
| Liabilities | |
| Current Liabilities | |
| Accounts Payable | |
| Accounts Payable | 4,359,868.59 |
| Total for Accounts Payable | $4,359,868.59 |
| Credit Cards | |
| Chase United | 58,323.60 |
| Citibank AAdvantage | 32,104.94 |
| Credit Card at BOA4100 | 21,147.88 |
| Credit Card at Chase - 0669 | -25,054.83 |
| Credit Card at Chase - 4855 | 56,277.45 |
| Total for Credit Cards | $142,799.04 |
| Other Current Liabilities | |
| Accrued Real Estate Tax | |
| Credit BCBS | |
| Deferred Franchise Revenue - Current | 111,920.00 |
| Deposit Made in Error | |
| Direct Deposit Payable | |
| Franchise Advance | |
| Franchise fees Advance | 162,500.00 |
| Loan | $30,129.49 |
| Fora Financial | 38,484.27 |
| Total for Loan | $68,613.76 |
| Loan from the shareholders | |
| Payroll Liabilities | 0 |
| 401K | -4,467.75 |
| Federal Taxes (941/944) | |
| Federal Unemployment (940) | |
| Garnishments | -5,599.12 |
| Health Insurance (pre-tax) | -$24,207.06 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the specific name for the auto finance liability at GMC is not explicitly provided. However, the document does list 'Auto Finance GMC' under the 'Long-term Liabilities' section of the balance sheet.
While the exact name is not specified, the FDD does provide the broader category in which this liability falls, which is 'Long-term Liabilities'. This section also includes other auto finance liabilities such as 'Auto Finance HEV' with a balance of $82,568.98, 'Chase Auto Finance - REV' with a balance of $60,687.75, and 'Chase-CTruck' with a balance of $94,364.53. These entries suggest that Best Brains utilizes various auto financing options for different vehicles.
For a prospective franchisee, it's important to note that the FDD lists these liabilities to provide a comprehensive view of Best Brains' financial obligations. If a franchisee is particularly interested in the details of the 'Auto Finance GMC' liability, they should consider asking Best Brains for more specific information regarding the nature of this financing, the vehicle it pertains to, and the repayment terms.