ben
Posts: 2,020
Likes: 589
|
Post by ben on Jul 14, 2017 16:17:04 GMT
As there quite a few car loans around on here and other sites be interesting to see how this one ends up. See if they get anywhere near the value or not.
|
|
n
Member of DD Central
Yet another Nick
Posts: 879
Likes: 461
|
Post by n on Jul 14, 2017 16:31:06 GMT
Agreed, it will be interesting. However it's not property. Since property is the way Collateral is going I would be more interested in seeing how a default in that area goes. (Not that anybody wants to see any defaults really.) I hope that Collateral will not abandon the other areas as I am not that much interested in property. I need diversity mainly. Proof of the pudding etc. I too live for bling. There's plenty of car at Ablrate at the moment.
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Jul 14, 2017 16:35:04 GMT
I hope that Collateral will not abandon the other areas as I am not that much interested in property. I need diversity mainly. Proof of the pudding etc. I too live for bling. There's plenty of car at Ablrate at the moment. + huddle.
|
|
pom
Member of DD Central
Posts: 1,922
Likes: 1,244
|
Post by pom on Jul 14, 2017 17:52:28 GMT
As there quite a few car loans around on here and other sites be interesting to see how this one ends up. See if they get anywhere near the value or not. Yeah... my uneasiness around these has been that even tho they've been "GAL"s it's been based on very low numbers of cars. I do hope I'm not going to regret the amount I still have tied up (even if it is insignificant related to my whole pot)
|
|
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 18:05:00 GMT
Afternoon, We have been in direct contact with all investors in the loans. Unfortunately we are unable to discuss this on a public forum but will regularly update all investors who have parts in these loans. As the email said, if any investor with loan parts has any questions, please contact us at info@collateraluk.com. Thanks for your understanding in this matter, Gordon Collateral Rep it may be worth letting lenders know about contractual underwritung on these loans to stop to much speculation about yield at auction?
|
|
ben
Posts: 2,020
Likes: 589
|
Post by ben on Jul 14, 2017 18:50:15 GMT
... it may be worth letting lenders know about contractual underwritung on these loans to stop to much speculation about yield at auction? Contractual underwriting? There is none on this loan, the borrower borrowed against the vehicles and was going to replace security over time as vehicles sold but obviously this will not happen as the company is being liquidated, obviously there expansion plans failed. Looks like collateral were the last role of the dice for them and it failed, hopefully the vehicles will not have disappeared.
|
|
|
Post by geraldine1210 on Jul 14, 2017 19:05:40 GMT
Afternoon, We have been in direct contact with all investors in the loans. Unfortunately we are unable to discuss this on a public forum but will regularly update all investors who have parts in these loans. As the email said, if any investor with loan parts has any questions, please contact us at info@collateraluk.com. Thanks for your understanding in this matter, Gordon Collateral Rep it may be worth letting lenders know about contractual underwritung on these loans to stop to much speculation about yield at auction? As ben says, there is no underwriting/guarantee of purchase by a third party on this loan.
|
|
|
Post by Mr Baggy on Jul 14, 2017 19:07:32 GMT
what about any other outstanding depts. surely they have to be recovered and funded through the sale of the cars....
|
|
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 19:20:00 GMT
Vehicles named in the schedule belong to col by contract. They will likely be on recall now for all this borrowers loans. Legal meeting next week to start enforcement and/or seek advice. Hope the recoveries go well and everyone comes out ok.
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Jul 14, 2017 19:28:18 GMT
fair enough Gordon. If you can't get any cash I quite fancy the blue mini with the go faster stripes 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?
|
|
dermot
Member of DD Central
Posts: 862
Likes: 517
|
Post by dermot on Jul 14, 2017 19:32:48 GMT
The questions of most immediate interest to me are where are the vehicles stored and who has the keys? ie, has anyone done a runner with "our" security? Perhaps collateral can answer this one, as I hope it isn't a specific question that might interfere with a resolution.
|
|
dermot
Member of DD Central
Posts: 862
Likes: 517
|
Post by dermot on Jul 14, 2017 19:48:13 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? As these are on a buyback agreement, is the person liquidating the assets under the same restraints as an LPA receiver or licensed insolvency practitioner? In those cases, the receiver has to act in the best interests of both lender and borrower, but since lenders effectively own the assets under a BB (if I understand it correctly), does that still apply? Obviously the priority is to recover lenders capital and interest (plus any incurred fees) from the sale, but I'm not sure what happens to any remainder under a BB agreement, does the borrower get any? Anyway, here's hoping for a speedy and successful solution.
|
|
|
Post by Mr Baggy on Jul 14, 2017 19:49:10 GMT
Yep that's what I'm concerned about, so over the weekend all the cars are stolen which in this world is most likely. Then what's the situation.
|
|
dermot
Member of DD Central
Posts: 862
Likes: 517
|
Post by dermot on Jul 14, 2017 19:53:21 GMT
Yep that's what I'm concerned about, so over the weekend all the cars are stolen which in this world is most likely. Then what's the situation.
If they are comprehensively insured, that might make recovery a lot simpler and faster ...
|
|
|
Post by angrykittens on Jul 14, 2017 20:16:16 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.
|
|