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Post by zzr600 on Apr 30, 2015 10:15:35 GMT
Three questions.
Where will this be stored?
Is it fully insured against fire, damage or theft during the loan period?
How will it be disposed of in the event of default, sale or auction?
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Post by MoneyThing on Apr 30, 2015 10:58:38 GMT
Three questions. Where will this be stored? Is it fully insured against fire, damage or theft during the loan period? How will it be disposed of in the event of default, sale or auction? Morning, The borrower is a high-end car dealer on the Island that has been trading for 15 years. The car is being kept at their facility and is on the market for sale which could take a few days or a few months (minimum interest equivalent of 1 month). If the car sells within a month, investors will be repaid the capital immediately and the equivalent interest up to the 30th May (i.e. 1 month minimum loan term). The car is fully insured under the borrowers comprehensive dealer's policy. (Log book and the cars papers are held by us). In the unlikely event of default, we would sell this vehicle at auction or amongst the trade (depending on he most appropriate at the time to get the best price & in a timely manner). Kind regards, Ed
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star dust
Member of DD Central
Posts: 2,998
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Post by star dust on May 1, 2015 8:59:51 GMT
MoneyThing, do you have any known email issues? I sent an email yesterday morning with similar questions about this loan, and to date I have not had a response. Junk mail has been checked too.
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Post by MoneyThing on May 1, 2015 9:04:50 GMT
MoneyThing, do you have any known email issues? I sent an email yesterday morning with similar questions about this loan, and to date I have not had a response. Junk mail has been checked too. Morning star dust, No issues that I am aware of (until now). We did respond to a few emails regarding this loan yesterday and therefore may be an issue with our outgoing email server that we are unaware of. Please can you PM me with your MT username/email address so that I can investigate. Kind regards, Ed
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