sl75
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Post by sl75 on Oct 7, 2015 16:43:41 GMT
I don't think you CAN set it high enough to guarantee that a 20%-discounted loan part won't climb the parapet Well, no - but bigfoot12 only seemed to want to set it high enough to avoid buying loans that were being sold at a profit (e.g. 1.5% discount having just pocketed 2% cashback). [edit: ... or at "normal" discounts for other parts being shuffled off quite quickly] As I read that post, the "so high it won't buy anything" was a comment on the practical reality, rather than an intent at an absolute prohibition.
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bigfoot12
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Post by bigfoot12 on Oct 7, 2015 23:14:05 GMT
I don't think you CAN set it high enough to guarantee that a 20%-discounted loan part won't climb the parapet Well, no - but bigfoot12 only seemed to want to set it high enough to avoid buying loans that were being sold at a profit (e.g. 1.5% discount having just pocketed 2% cashback). [edit: ... or at "normal" discounts for other parts being shuffled off quite quickly] As I read that post, the "so high it won't buy anything" was a comment on the practical reality, rather than an intent at an absolute prohibition. sorry sl75 is correct I should be more precise with my language. I, too, wish that there was a switch to turn off secondary market purchases. What I am trying to avoid is people passing on loans, with a slow repayment history, at or close to par. (Although I must confess I hadn't spotted that discounts as large as 20% are allowed.) And similarly if a loan required a cashback to sell it originally, then without the cashback I don't want the loan. I am currently not buying D loans as I can't set the rate high enough.
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Post by GSV3MIaC on Oct 8, 2015 8:10:14 GMT
While we are back on topic, has anyone (else) checked the default rates FC have picked for autobuy on the SM .. Eg 10% for A+!! Makes the auction rates look a bit sick, and sticks it to flip-at-par property loans. I guess people already autobodging will have lower rates set, in general.
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SteveT
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Post by SteveT on Oct 8, 2015 8:21:16 GMT
While we are back on topic, has anyone (else) checked the default rates FC have picked for autobuy on the SM .. Eg 10% for A+!! Makes the auction rates look a bit sick, and sticks it to flip-at-par property loans. I guess people already autobodging will have lower rates set, in general. Curiously, when I click on Autobid / Advanced Settings, the "Secondary Offer Rate" suggested in each drop-down is A+ 6% (hahaha), A 9%, B 10%, C 11.3%, D 13.5%, E 17.4%. If I accepted those I'd be broke in no time (the "Secondary Est Return" figure for A+ is 4.4%!!). Wonder why mine are different from yours.
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arbster
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Post by arbster on Oct 8, 2015 8:27:52 GMT
While we are back on topic, has anyone (else) checked the default rates FC have picked for autobuy on the SM .. Eg 10% for A+!! Makes the auction rates look a bit sick, and sticks it to flip-at-par property loans. I guess people already autobodging will have lower rates set, in general. Curiously, when I click on Autobid / Advanced Settings, the "Secondary Offer Rate" suggested in each drop-down is A+ 6% (hahaha), A 9%, B 10%, C 11.3%, D 13.5%, E 17.4%. If I accepted those I'd be broke in no time (the "Secondary Est Return" figure for A+ is 4.4%!!). Wonder why mine are different from yours. I suspect yours are the default, SteveT. Mine are what I last set them to when I flirted with Autobid, but never switched it on. Maybe GSV3MIaC set his to non-default values at some point in the past.
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bigfoot12
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Post by bigfoot12 on Oct 8, 2015 8:40:44 GMT
Has anyone any experience (of the last 10 days) of having money being credited, when there were both primary loans and secondary loans available (within your target)? Which did autobid pick? Does it prefer PM or SM; higher rate or oldest; largest or largest remaining?
(Also how would I see that I had bought a loan on the SM?)
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blender
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Post by blender on Oct 8, 2015 8:48:35 GMT
Curiously, when I click on Autobid / Advanced Settings, the "Secondary Offer Rate" suggested in each drop-down is A+ 6% (hahaha), A 9%, B 10%, C 11.3%, D 13.5%, E 17.4%. If I accepted those I'd be broke in no time (the "Secondary Est Return" figure for A+ is 4.4%!!). Wonder why mine are different from yours. I suspect yours are the default, SteveT. Mine are what I last set them to when I flirted with Autobid, but never switched it on. Maybe GSV3MIaC set his to non-default values at some point in the past. That's interesting. The Autobid SM A+ rate for me is 8% and I assumed that was the FC default. On the other account it is 10.5%. So those must be what the lender last used. I wonder what the default settings are for new users.
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blender
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Post by blender on Oct 8, 2015 8:49:31 GMT
Has anyone any experience (of the last 10 days) of having money being credited, when there were both primary loans and secondary loans available (within your target)? Which did autobid pick? Does it prefer PM or SM; higher rate or oldest; largest or largest remaining? (Also how would I see that I had bought a loan on the SM?)I think only in the transactions.
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bigfoot12
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Post by bigfoot12 on Oct 8, 2015 8:53:38 GMT
Has anyone any experience (of the last 10 days) of having money being credited, when there were both primary loans and secondary loans available (within your target)? Which did autobid pick? Does it prefer PM or SM; higher rate or oldest; largest or largest remaining? (Also how would I see that I had bought a loan on the SM?)I think only in the transactions. Thanks. So I see Loan Part ID rather than Loan offer on?
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SteveT
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Post by SteveT on Oct 8, 2015 8:55:28 GMT
Has anyone any experience (of the last 10 days) of having money being credited, when there were both primary loans and secondary loans available (within your target)? Which did autobid pick? Does it prefer PM or SM; higher rate or oldest; largest or largest remaining? (Also how would I see that I had bought a loan on the SM?)I think only in the transactions. Presumably if the rate on your loan part differed from the published fixed rate for that risk band / term then it must have come from the SM
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SteveT
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Post by SteveT on Oct 8, 2015 8:58:50 GMT
Curiously, when I click on Autobid / Advanced Settings, the "Secondary Offer Rate" suggested in each drop-down is A+ 6% (hahaha), A 9%, B 10%, C 11.3%, D 13.5%, E 17.4%. If I accepted those I'd be broke in no time (the "Secondary Est Return" figure for A+ is 4.4%!!). Wonder why mine are different from yours. I suspect yours are the default, SteveT. Mine are what I last set them to when I flirted with Autobid, but never switched it on. Maybe GSV3MIaC set his to non-default values at some point in the past. I think you must be right. I have never gone near Autobid on this account so these presumably are the default settings for new suckers users. I checked my personal account (which is rather older and where, to my shame, I switched on Autobid for the first 12 hours or so before realising my mistake) and the suggested settings on there are much higher.
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blender
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Post by blender on Oct 8, 2015 9:03:07 GMT
I think only in the transactions. Thanks. So I see Loan Part ID rather than Loan offer on? Yes, a record of the purchase of a loan part. You will have to translate to loan through 'my loans'. The account info is not at all strong on history.
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Post by nickthefool on Oct 8, 2015 10:03:29 GMT
Has anyone any experience (of the last 10 days) of having money being credited, when there were both primary loans and secondary loans available (within your target)? Which did autobid pick? Does it prefer PM or SM; higher rate or oldest; largest or largest remaining? (Also how would I see that I had bought a loan on the SM?) I *think* Autobid will bid on all the qualifying PM loans before looking at SM loans, but I'm not sure. Certainly for the brief period I had it on, it only bid on PM loans, though there may not have been many SM loans that met my criteria (and were for sale at par).
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sl75
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Post by sl75 on Oct 8, 2015 12:09:47 GMT
While we are back on topic, has anyone (else) checked the default rates FC have picked for autobuy on the SM .. Eg 10% for A+!! Makes the auction rates look a bit sick, and sticks it to flip-at-par property loans. I guess people already autobodging will have lower rates set, in general. I'm pretty certain that would be the rate that YOU selected the last time you experimented with autobid... not sure whether it'd be the rates calculated from the slider, or the rates you last selected in "advanced" mode, or whether it'd depend on exactly what the last experiment with autobid you tried had been... For the rates that FC pick, you'd need a brand new customer account. [Edit: oops, should catch up before posting - arbster said something similar 3 hours ago!]
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Post by GSV3MIaC on Oct 8, 2015 17:39:14 GMT
It's possible - I have certainly played with the sliders in the past, but never (since about week3) actually turn autobodge on (having experienced some of the duffers it bought me in the first week or two .. good rates, but lousy payment history, and many of them now smelling of rotten egg storage etc.). It would make sense if the 'clean defaults' started from the baseline rates for the risk bands on the PM (although 6% for A+ seems like asking for trouble).
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