When is the final payment expected for the Acura loan for Burneys Sweets More?
Burneys_Sweets_More Franchise · 2025 FDDAnswer from 2025 FDD Document
ES PAYABLE
Notes Payable - Acura loan in the amount of $37,300 is payable beginning August 2024 and payable in 60 monthly payments of $686 including interest of 3.9%. Collateral is vehicle purchased. Final payment expected A
Source: Item 23 — RECEIPT (FDD pages 50–199)
What This Means (2025 FDD)
According to Burneys Sweets More's 2025 Franchise Disclosure Document, the Acura loan, which is $37,300, is scheduled for its final payment in August 2029. The loan repayment began in August 2024 and requires 60 monthly payments of $686, which includes a 3.9% interest rate. The vehicle purchased with the loan serves as collateral.
This information is relevant for prospective franchisees as it provides insight into the financial obligations and debt management of Burneys Sweets More. Understanding the franchisor's financial commitments can help franchisees assess the financial stability of the company. Knowing the terms of the Acura loan, such as the interest rate and payment schedule, gives potential franchisees a clearer picture of the franchisor's financial practices.
The fact that the vehicle purchased with the loan is listed as collateral is a standard lending practice. However, it's important for franchisees to understand that such financial arrangements can impact the franchisor's overall financial health. If Burneys Sweets More were to face financial difficulties, assets pledged as collateral could be at risk.
While this information pertains to a specific loan, it is part of a broader picture of the franchisor's financial standing. Prospective franchisees should review the entire FDD, including all financial statements and notes, to gain a comprehensive understanding of Burneys Sweets More's financial health and stability before making any investment decisions.