dermot
Member of DD Central
Posts: 862 
Likes: 517
|
Post by dermot on Sept 19, 2017 14:23:00 GMT
Waiting with bated breath to see what happens in 38 minutes ....
|
|
ptr120
Member of DD Central
Posts: 1,197
Likes: 1,346
|
Post by ptr120 on Sept 19, 2017 14:33:08 GMT
Hopefully the Things will be busy arranging a tow truck / distributing payments before posting an update
|
|
|
|
Post by MrHappyGoLucky on Sept 19, 2017 15:00:52 GMT
OK it's bad news.
I think it's bad luck for MT recently, I now have few loans defaulted (or partially-defaulted) in MT but none in other platforms.
|
|
dermot
Member of DD Central
Posts: 862
Likes: 517
|
Post by dermot on Sept 19, 2017 15:08:34 GMT
Hmm, does this mean the borrower's entire business has problems?
I note that the borrower has repaid previous loans to MT OK.
|
|
stokeloans
Member of DD Central
Posts: 400
Likes: 484
|
Post by stokeloans on Sept 19, 2017 15:25:27 GMT
Hmm, does this mean the borrower's entire business has problems? I note that the borrower has repaid previous loans to MT OK. His website is still up and running and showing the Lambo for sale
|
|
fp
Posts: 1,008
Likes: 853
|
Post by fp on Sept 19, 2017 15:33:16 GMT
cash flow problems I expect, he was on the TV at some point and they had a pretty decent selection of high value motors, and a very nice house I might add, hopefully the cars are secured correctly, in which case we shouldn't have to worry too much all being well.
|
|
johnfleet
Member of DD Central
Posts: 170
Likes: 85
|
Post by johnfleet on Sept 19, 2017 15:44:02 GMT
Now defaulted...
|
|
DeafEater
Member of DD Central
Extremely Moderate
Posts: 218
Likes: 292
|
Post by DeafEater on Sept 19, 2017 15:46:35 GMT
Assuming I've found the right company (the dates and the mileages tie up), MTAF785 was valued on MT as 400k but is on sale for 350k (so LTV looks flaky) whereas MTAF784 was valued on MT as 330k but is on sale for 355k. I have money in MTAF784 so at first sight it looks safer than MTAF785. Mind you when you're talking these sorts of silly numbers for a means of conveyance it's anyone's guess.
|
|
robski
Member of DD Central
Posts: 772
Likes: 462
|
Post by robski on Sept 19, 2017 15:49:27 GMT
I suspected this was coming, the long delay after they were supposed to repay The lack of comments from MT right up until the end date So looks like the sale fell through that was supposed to happen I do wonder why MT didn't offer to extend, maybe they want out of the car business, what with AE going, other car loans repaying (eg 786 supposedly today) and now this as these were the last supercars
|
|
jonbvn
Member of DD Central
Posts: 326
Likes: 95
|
Post by jonbvn on Sept 19, 2017 16:10:54 GMT
I have quite a bit in this loan. Overall, I am quite optimistic that all funds will be recovered, given that people who buy such cars are rarely constrained by the usual economic issues that most of us face.
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Sept 19, 2017 16:18:17 GMT
I was mildly alarmed by MT taking advice on enforcement options - I had expected the cars to be quite easy to locate, take possession of and sell at, say, 75% of the valuation to aforementioned economically-insulated HNW individuals.
|
|
guff
Posts: 730
Likes: 707
|
Post by guff on Sept 19, 2017 16:27:58 GMT
I've offered £200k for the red one...
|
|
oik
Member of DD Central
Posts: 254
Likes: 349
|
Post by oik on Sept 19, 2017 16:30:17 GMT
cash flow problems I expect, he was on the TV at some point and they had a pretty decent selection of high value motors, and a very nice house I might add, hopefully the cars are secured correctly, in which case we shouldn't have to worry too much all being well. The rest of the cars may be owned by him or he may be selling them on a brokerage basis. It might be the big loan on the nice house he aspired to that put him in difficulty along with the other blingy stuff. As well as the Ch4 film there's a lot of allegations on various petrolhead forums going back years, some of them fairly scary if true. That said, the cars should be quicker, cheaper and easier to dispose of than property. Let's hope MT are as efficient as Collateral were in a similar situation.
|
|
|
|
Post by bracknellboy on Sept 19, 2017 16:35:56 GMT
...That said, the cars should be quicker... than most things..... That also rates as a concern ....... :-) I have surprising amount of money in these. And I don't normally do "renewals" on this sort of stuff on FS. So not really sure why I have on MT.
|
|
fogey
Posts: 171
Likes: 104
|
Post by fogey on Sept 19, 2017 16:56:45 GMT
I sold all my supercar loans just a few days ago, ironically this was because the MH sales queues had become too long and I wanted to buy some other loans on the SM. My supercar loans just flew out and were no problem selling at all, so I was able to buy the loans I had in mind before they went. So although I now have no personal interest in these defaulted loans the problem will be that the SM sentiment will become even more negative and other loans such as MH will become even harder to sell. Everyone will be wondering what will be next so they will be rather unwilling to increase their holdings in anything else for the time being.
|
|
