|
|
Post by nomnom on Nov 4, 2016 14:33:18 GMT
Collateral RepIn the loan details you say "We have registered a legal charge against the vehicle" and nothing about the security being kept in storage, does this imply the owner has full use of the vehicle during the loan term? If this is the case, what would be the implications of the security "disappearing" or becoming damaged? Thanks
|
|
|
|
Post by Collateral Rep on Nov 4, 2016 15:35:36 GMT
Hi,
The vehicle is fully insured at full value and not just the loan amount.
Many thanks,
Gordon
|
|
fp
Posts: 1,008 
Likes: 853
|
Post by fp on Nov 5, 2016 21:02:34 GMT
Collateral RepDoes this mean that the "security" is in storage, or cruising the streets? Also, who is the borrower?
|
|
|
|
Post by jonboy73 on Nov 6, 2016 2:11:54 GMT
Hi, The vehicle is fully insured at full value and not just the loan amount. Many thanks, Gordon Seriously, that is your answer? did you actually read the question?
I've seen politicians give straighter answers than that...
|
|
kaya
Member of DD Central
Posts: 1,150
Likes: 718
|
Post by kaya on Nov 6, 2016 8:41:18 GMT
The reply by collateral Rep would tend to suggest that the car is on the streets. If so, the main risk is the car being smashed up and the insurance being invalid for some reason. There are many reasons why an insurer might not pay out... |
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Nov 6, 2016 10:56:06 GMT
It really is strange that collateral doesn't give any further details about these loans. It's what stops me investing. Anyway - car is for sale on Autotrader (for exactly £299,950)  |
|
|
|
Post by polonius on Nov 6, 2016 11:57:16 GMT
The reply by collateral Rep would tend to suggest that the car is on the streets. If so, the main risk is the car being smashed up and the insurance being invalid for some reason. There are many reasons why an insurer might not pay out... ...you mean like if the vehicle just 'disappears' or is not kept in secure storage?
|
|
|
|
Post by polonius on Nov 6, 2016 11:58:57 GMT
Anyway - car is for sale on Autotrader (for exactly £299,950) Well it's not there any more. Must have been sold 
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Nov 6, 2016 12:14:38 GMT
Anyway - car is for sale on Autotrader (for exactly £299,950) Well it's not there any more. Must have been sold It's definitely still there (and on the sellers website that @dclxvi notes)
|
|
|
|
Post by polonius on Nov 6, 2016 12:37:19 GMT
Thanks, that is clearly the same car. Strangely, Autotrader shows me half a dozen other Aventados but not this one. Perhaps it knows I can't afford it!
As CD points out, the dealer's list price is £299,950. Should Collateral really present that as the asset's value?
|
|
cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
|
Post by cooling_dude on Nov 6, 2016 13:00:09 GMT
Thanks, that is clearly the same car. Strangely, Autotrader shows me half a dozen other Aventados but not this one. Perhaps it knows I can't afford it! As CD points out, the dealer's list price is £299,950. Should Collateral really present that as the asset's value?x It would be nice to have an independent valuation opposed to simply (apparently) using the dealer price. Worst case scernorio, if this went to auction, it's unlikely to sell at £299,950. However, at 45.01%, there is plenty of room for error.
|
|
jamesc
Member of DD Central
Posts: 447
Likes: 253
|
Post by jamesc on Nov 6, 2016 13:36:12 GMT
Thanks, that is clearly the same car. Strangely, Autotrader shows me half a dozen other Aventados but not this one. Perhaps it knows I can't afford it! As CD points out, the dealer's list price is £299,950. Should Collateral really present that as the asset's value?x It would be nice to have an independent valuation opposed to simply (apparently) using the dealer price. Worst case scernorio, if this went to auction, it's unlikely to sell at £299,950. However, at 45.01%, there is plenty of room for error. I don't think it matters whether you using a dealer price or not as CD points out at 45% LTV you have masses of room and if you look at Autotrader not a single one of 49 cars below £200k and some over £300k and most of the 49 are worse spec than this car, I would have said one of the safer investments at 12%. I have never invested in Collateral so this was my first investment and am thinking of going in for more, my only slight concern unlike FS cars it is not in secure storage but I guess if its inside in a dealer's window its like some of the supercars that MT loan on.
|
|
fp
Posts: 1,008
Likes: 853
|
Post by fp on Nov 6, 2016 13:36:50 GMT
It is very doubtful that the aforementioned prestige car dealer would A) need to use the facilities of Collateral, and B) need to sell some diamonds to settle the loan.
The fact that the photo's being used are from the dealers website, and that the dealer in question is unlikely to be the borrower, This "assumption" is based on the very little information provided by the platform, I wonder if they have actually had sight of the security, let alone have possession of the security for which money is being lent against.... I would treat this as an unsecured loan until offered anything else to support this loan.
|
|
fp
Posts: 1,008
Likes: 853
|
Post by fp on Nov 6, 2016 17:11:04 GMT
It would be nice to have an independent valuation opposed to simply (apparently) using the dealer price. Worst case scernorio, if this went to auction, it's unlikely to sell at £299,950. However, at 45.01%, there is plenty of room for error. I don't think it matters whether you using a dealer price or not as CD points out at 45% LTV you have masses of room and if you look at Autotrader not a single one of 49 cars below £200k and some over £300k and most of the 49 are worse spec than this car, I would have said one of the safer investments at 12%. I have never invested in Collateral so this was my first investment and am thinking of going in for more, my only slight concern unlike FS cars it is not in secure storage but I guess if its inside in a dealer's window its like some of the supercars that MT loan on.And if it is someones personal toy, which has possibly been sat in the car park of a country pub for 2 or 3 hours this afternoon while the driver has lunch and quaffs on a glass or two of claret, still happy with the security?
|
|
madpierre
Member of DD Central
Posts: 303
Likes: 374
|
Post by madpierre on Nov 6, 2016 18:52:32 GMT
There are other P2P lenders which offer cars in everyday use with less information and at a lower interest rate for a higher LTV. I agree collateral could be more comprehensive with their details and if they had been I, and I'm sure many others, would have made a much higher investment in this Lambo and it would have filled rather more quickly. But I still felt this was worth a punt where many others at 70% LTV for retail value are tooooooo risky |
|
