sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 16, 2015 10:12:16 GMT
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Post by tybalt on May 16, 2015 10:23:11 GMT
Except it is Left hand Drive which will make it a real problem in a forced sale.
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mikes1531
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Post by mikes1531 on May 16, 2015 11:11:35 GMT
sqh: Thanks for the link to the chart. I may be misinterpreting it, but ISTM that the £70k valuation for this vehicle looks rather optimistic for a two year old model. Not to mention the left-hand drive issue and the fact that it would be seven months older by the time the vehicle has to be sold if the borrower fails to repay the loan.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 16, 2015 11:39:44 GMT
sqh: Thanks for the link to the chart. I may be misinterpreting it, but ISTM that the £70k valuation for this vehicle looks rather optimistic for a two year old model. Not to mention the left-hand drive issue and the fact that it would be seven months older by the time the vehicle has to be sold if the borrower fails to repay the loan. Quick look on autotrader, would suggest its not an unrealistic valuation, but could also be half that when it had to be sold. Too many variables for us to make an accurate valuation on info currently available. Even in this instance a full specs would be needed, so not actually that much chance of valuing ourselves IMHO
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bugs4me
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Post by bugs4me on May 16, 2015 13:40:43 GMT
sqh: Thanks for the link to the chart. I may be misinterpreting it, but ISTM that the £70k valuation for this vehicle looks rather optimistic for a two year old model. Not to mention the left-hand drive issue and the fact that it would be seven months older by the time the vehicle has to be sold if the borrower fails to repay the loan. Quick look on autotrader, would suggest its not an unrealistic valuation, but could also be half that when it had to be sold. Too many variables for us to make an accurate valuation on info currently available. Even in this instance a full specs would be needed, so not actually that much chance of valuing ourselves IMHO Looks as though franchised dealer retail prices for these are in the low 60K's. The Vogue edition has everything on it as standard. Certainly auction price would be far lower plus you need to factor in the LHD. So not sure who valued this for FS but it does look a bit optimistic.
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oldgrumpy
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Post by oldgrumpy on May 16, 2015 15:00:12 GMT
It looks like the kind of item which might not make quite enough on sale, but the owner wouldn't want to lose it, so I'm inclined to have a small punt, but not renew if asked later; rollover might suggest the owner is struggling (and the value after 12 months would be substantially less).
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Neil
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Post by Neil on May 16, 2015 15:41:00 GMT
I'm not an FS user but saw a thread about a car and thought I'd barge in. I made a comment about cars on MT yesterday. Based on the specs given by sqh in the first post, the Glass valuation for a right-hand drive car would be - Trade in - £38.5k to £47.5k Private Sale - £48.3k to £53.2k Dealer Sale - £50.2k to £55.3k Maybe add a little bit for the sunroof but also take some off for the LHD factor. Unless FS listed it for sale privately or had a nice friendly dealer then I'd guess the trade-in price is the one to look at. £48k loan and a car worth less than £47.5k? But what do I know! Like I say, I'm not a FS user, carry on ... |
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on May 16, 2015 16:42:51 GMT
When this showed up my first thought was that FS were taking the Michael. My second thought having looked at Ebay, and a couple of other motoring mags for close comparisons was definitely not for me. Neil's numbers further confirm that.
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mikes1531
Member of DD Central
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Post by mikes1531 on May 16, 2015 18:01:27 GMT
When this showed up my first thought was that FS were taking the Michael. My second thought having looked at Ebay, and a couple of other motoring mags for close comparisons was definitely not for me. Neil's numbers further confirm that. I agree. I'm going to let this one go. (Perhaps I'll use my available cash to increase my small bid on the Somerset property.) It will be interesting to see how long it takes for the Range Rover loan to be fully funded. Will investors be so tempted by the 12% that they'll rush in anyway? Or will uptake be slow and there'll still be a bit left after 24 hours? I'll vote for the latter. PS. Having just realised that the interest offered is not 13% but 12%, I'm now even more convinced that uptake will be slow. But what do I know? We'll find out on Monday.
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Post by bracknellboy on May 16, 2015 18:03:51 GMT
<snip> So not sure who valued this for FS but it does look a bit optimistic. Possibly an expert in Aboriginal paintings ?
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madpierre
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Post by madpierre on May 16, 2015 18:19:07 GMT
I'm not an FS user but saw a thread about a car and thought I'd barge in. I made a comment about cars on MT yesterday. Based on the specs given by sqh in the first post, the Glass valuation for a right-hand drive car would be - Trade in - £38.5k to £47.5k Private Sale - £48.3k to £53.2k Dealer Sale - £50.2k to £55.3k Maybe add a little bit for the sunroof but also take some off for the LHD factor. Unless FS listed it for sale privately or had a nice friendly dealer then I'd guess the trade-in price is the one to look at. £48k loan and a car worth less than £47.5k? But what do I know! Like I say, I'm not a FS user, carry on ... I have some knowledge in this field and it concurs with Neil's suggested values. Funding Stream's valuations are very much concerning me at the moment as I reckon I could buy a brand new one of these for under 80K (with a hard bargain), so a two year old one at an auction will be lucky to reach 50K. Sadly I'll give this one a miss 
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bugs4me
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Post by bugs4me on May 16, 2015 21:20:36 GMT
It will be interesting to see how long it takes for the Range Rover loan to be fully funded. Will investors be so tempted by the 12% that they'll rush in anyway? Or will uptake be slow and there'll still be a bit left after 24 hours? I'll vote for the latter. Indeed it will and it appears as though a tiny minority of FS lenders have done a quick bit of very relaxed DD and all come to the same conclusion. I'm not in on this one but it will be interesting to see how long it takes to fill. I'll vote that many do just jump in and there won't be much left (if any) after 24 hours - but that's not even an educated guess on my part.
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Post by mrclondon on May 18, 2015 11:06:49 GMT
Loan listing has a bit more detail on the valuation:
I'm still pondering ... only 22% filled after 5 mins gives valuable thinking time.
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madpierre
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Post by madpierre on May 18, 2015 11:28:56 GMT
Loan listing has a bit more detail on the valuation: I'm still pondering ... only 22% filled after 5 mins gives valuable thinking time. Yes that slightly changes things...
This Motor Trader perhaps has a ready market abroad where prices for left hand drive models are higher. We can only hope they do not go out of business before the loan defaults 
In view of this 'guarantee' and because I haven't had my 'loan fix' for today, I have placed a small wager against my better judgement 
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Post by mrclondon on May 18, 2015 13:05:36 GMT
2 hours in, and just 46% funded. Hmm.
If it was a £35k loan (50% LTV), I would invest
If there was a secondary market, I would invest
If there was a valuation document from the motor dealer, I might invest
If the rate was 15%, I might invest
I can't think of a reason to invest in this loan as is. I have far more faith in the crowd DD than I do FS's valuations from unknown sources, so this is a pass for me.
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