rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Jul 14, 2017 20:39:08 GMT
I have a small slice in one of these loans and am almost excited to see how the recovery goes. This is my very first default of a loan on any platform! Sure it won't be the last though... Having watched high court sheriff shows and similar I'd also be worried as to the asset security, forecourts full of cars tend to disappear overnight if they are stupid enough to not recover the debt or seize assets on the first visit, irrelevant of the fact that the cars belong to the high court, or in this case COL, on paper. Assuming no steps were physically taken to ensure asset security today, I'd hope to see positive action next week to get hold of the assets. seems like a wise decision for col to move out of car loans now does'nt it? With the recent PCP press news I can see a few car loans defaulting.
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
|
Post by stub8535 on Jul 14, 2017 20:58:04 GMT
In all seriousness, if any investor is interested in any of these cars, it may well be worthwhile making COL an offer. They're only going to get trade price for them, so trade price plus a bit and you may get yourself a bargain. Alternatively, COL could offer them to loan investors at a bargain price yet still sufficient to recoup investor capital. I think CO will be obliged to get the best price they can for these What LTVs were these? 70%? Will be interesting see what sort of price they do fetch Anyone comment on vehicle recoveries on FS and how they have faired? stevio you are funny! FS and recovery in the same posting😂
|
|
ben
Posts: 2,020
Likes: 589
|
Post by ben on Jul 14, 2017 21:19:55 GMT
I have a small slice in one of these loans and am almost excited to see how the recovery goes. This is my very first default of a loan on any platform! Sure it won't be the last though... Having watched high court sheriff shows and similar I'd also be worried as to the asset security, forecourts full of cars tend to disappear overnight if they are stupid enough to not recover the debt or seize assets on the first visit, irrelevant of the fact that the cars belong to the high court, or in this case COL, on paper. Assuming no steps were physically taken to ensure asset security today, I'd hope to see positive action next week to get hold of the assets. seems like a wise decision for col to move out of car loans now does'nt it? With the recent PCP press news I can see a few car loans defaulting. I do not think there is any need to move out of cars loans per say, loans will default it is the nature of the loan type, people are borrowing at this rate for a reason, what they need to do is to make sure they get sufficient security to cover the loss, i.e only lend at 50% LTV, which would give much more security.
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Jul 14, 2017 21:47:44 GMT
seems like a wise decision for col to move out of car loans now does'nt it? With the recent PCP press news I can see a few car loans defaulting. I do not think there is any need to move out of cars loans per say, loans will default it is the nature of the loan type, people are borrowing at this rate for a reason, what they need to do is to make sure they get sufficient security to cover the loss, i.e only lend at 50% LTV, which would give much more security. I would like to see this sort of LTV, but most I have seen are at 70%, probably because of competition for business
|
|
baldpate
Member of DD Central
Posts: 548
Likes: 406
|
Post by baldpate on Jul 14, 2017 22:20:09 GMT
In all seriousness, if any investor is interested in any of these cars, it may well be worthwhile making COL an offer. They're only going to get trade price for them, so trade price plus a bit and you may get yourself a bargain. Alternatively, COL could offer them to loan investors at a bargain price yet still sufficient to recoup investor capital. I think CO will be obliged to get the best price they can for these What LTVs were these? 70%? Will be interesting see what sort of price they do fetch Anyone comment on vehicle recoveries on FS and how they have faired? Vehicle recoveries on FS - at least those I have been involved in - have mostly gone OK, with full capital & interest recoveries. There was one case, where FS themselves made good the recovery because their DD had failed to detect some (unstated) defect in the vehicle. Most were 'classic'or high-end vehicles, however, so may not be comparable with the COL mix. In addition, FS have physical possession of the vehicles during the loan period, which is not the case here! I'm into these loans. My main concern is physically securing the assets. After that, the actual recovery is what it is - I'm sure COL will get the best retun they can, but they can only do so if the assets are properly secured - legally and physically. COL need to act as fast as possible, consistent with the law.
|
|
greatmarko
Member of DD Central
Posts: 343
Likes: 373
|
Post by greatmarko on Jul 14, 2017 22:45:05 GMT
My main concern is physically securing the assets. After that, the actual recovery is what it is - I'm sure COL will get the best retun they can, but they can only do so if the assets are properly secured - legally and physically. COL need to act as fast as possible, consistent with the law. Agreed! I can't be the only one who's more than a little concerned that COL are basically not going to do anything now until next week, leaving a whole weekend for these vehicles - which are not in COL's possession - to just magically vanish into thin air! Why can't COL take steps to secure possession of these vehicles before Monday?!
|
|
dermot
Member of DD Central
Posts: 862
Likes: 517
|
Post by dermot on Jul 14, 2017 22:56:40 GMT
Apart from this one string of grouped asset loans, many of the vehicle loans look to be for individuals and set against classic - or at least desirable - cars.
No need to panic if that is the case, surely?
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Jul 14, 2017 22:57:46 GMT
Sheer Common Sense would dictate that COLL friends & family should be bedding down at each & every location now to secure the assets. OK, only joking, but certainly Security Staff should be dispatched immediately, tonight, and remain on-site.
It will be very interesting to see what % goes walkies (drivies?).
I got out of *Grouped Car Loans on all Platforms quite a while ago but I wish you all a positive outcome with this, as indeed I wish COLL - Good Luck.
( * I still invest in single Classic and/or Quality Vehicles )
|
|
ben
Posts: 2,020
Likes: 589
|
Post by ben on Jul 14, 2017 23:15:13 GMT
I doubt collateral can just turn up on the door and take them or just send somebody to get them like some people appear to be suggesting that they should be doing. Not to mention the legal issues around the cars that have not yet defaulted. Will just have to wait and see how it goes.
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Jul 15, 2017 7:30:45 GMT
My main concern is physically securing the assets. After that, the actual recovery is what it is - I'm sure COL will get the best retun they can, but they can only do so if the assets are properly secured - legally and physically. COL need to act as fast as possible, consistent with the law. Agreed! I can't be the only one who's more than a little concerned that COL are basically not going to do anything now until next week, leaving a whole weekend for these vehicles - which are not in COL's possession - to just magically vanish into thin air! Why can't COL take steps to secure possession of these vehicles before Monday?! If the cars disappear, I understand it to be the equivalent to being stolen. At that point I expect insurance to kick in.
|
|
stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,442
Likes: 945
|
Post by stub8535 on Jul 15, 2017 8:26:53 GMT
I doubt collateral can just turn up on the door and take them or just send somebody to get them like some people appear to be suggesting that they should be doing. Not to mention the legal issues around the cars that have not yet defaulted. Will just have to wait and see how it goes. No reason an owner shouldn't take their cars ben afaiks. As posted elsewhere the cars belong to Col not the liquidator. The point I have a question about is , where cars on the list have been sold but not replaced in the list then can col recover them from the buyer? Further issues arise if the purchase has been completed on credit contracts.
|
|
m203
Member of DD Central
Posts: 54
Likes: 6
|
Post by m203 on Jul 15, 2017 8:27:55 GMT
This is my first default on Collateral. How do you think this will play out? Should one be prepared for loss or do you think some or all of the invested capital will be recovered for the investors. Myself I really like the pawned coins and gold but that seems to have dried up completely.
Well, anyway this will be interesting.
|
|
rs
Member of DD Central
Posts: 467
Likes: 254
|
Post by rs on Jul 15, 2017 9:12:04 GMT
This is my first default on Collateral. How do you think this will play out? Should one be prepared for loss or do you think some or all of the invested capital will be recovered for the investors. Myself I really like the pawned coins and gold but that seems to have dried up completely. Well, anyway this will be interesting.
|
|
TitoPuente
Member of DD Central
Posts: 623
Likes: 655
|
Post by TitoPuente on Jul 15, 2017 9:56:38 GMT
Agreed! I can't be the only one who's more than a little concerned that COL are basically not going to do anything now until next week, leaving a whole weekend for these vehicles - which are not in COL's possession - to just magically vanish into thin air! Why can't COL take steps to secure possession of these vehicles before Monday?! If the cars disappear, I understand it to be the equivalent to being stolen. At that point I expect insurance to kick in. I agree. It would be theft which is a crime. Stolen cars can disappear but this normally requires some organised crime assistance. Police investigation would be involved. This then becomes a different ball game. There is a big step between a defaulting borrower trying to avoid consequences and a criminal action. I think it is improbable that the cars will vanish. Having said that, I may be wrong (Think containers).
|
|
|
Post by Mr Baggy on Jul 15, 2017 11:08:38 GMT
That's not very reassuring..
|
|