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Post by stuartc on Oct 11, 2015 9:42:29 GMT
Hi
I turned on autobid yesterday trying to distribute a small amount of £s on some E loans. Nothing seems to have happenned though. I set the threshold to 15% so thought it would pick em up.
Any clues? Not used autobid since i first set up on fc tho so probably missing something easy...
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blender
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Post by blender on Oct 11, 2015 9:51:39 GMT
Patience Stuart. You just need to wait ... and wait ...and wait ...and wait ... and grow old ...
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Post by GSV3MIaC on Oct 11, 2015 9:52:30 GMT
There are no new E loans for it to bid on, and it won't buy anything on the SM at a premium (which 15% would imply). If you want to buy at a premium you have to do it manually.
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SteveT
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Post by SteveT on Oct 11, 2015 9:57:40 GMT
Also any new E loans are tending to fill very quickly indeed, much faster than Autobid is likely to react to (although you may occasionally hit lucky if a new E lists just as its your turn in the Autobid chair).
If you want to buy into a range of E loans then you can do so immediately via Loan Parts (on the secondary market) at rates much better than 15%. There are currently 53 different E loans available at buyer rates >17%.
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blender
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Post by blender on Oct 11, 2015 10:00:11 GMT
Sorry FC I was being unfair. There are two E loan parts for sale at par. The smaller at £932. So, Stuart, you just need to deposit £100,000 in your account, set Autobid 1% and hope that it is still there. I am not recommending this course of action.
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Post by stuartc on Oct 11, 2015 12:53:39 GMT
Thanks folks..
I didnt realise ab wont buy them with a premium from secondary market., ill have to do it manually.Dont fancy that £932 part though much blender, and have already grown old!
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blender
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Post by blender on Oct 11, 2015 15:40:35 GMT
A shame. I will just have to de-list it. It's made three repayments so it must be good.
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Steerpike
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Post by Steerpike on Oct 11, 2015 16:00:34 GMT
Thanks folks.. I didnt realise ab wont buy them with a premium from secondary market., ill have to do it manually.Dont fancy that £932 part though much blender, and have already grown old! Nor did I, I thought that the autobid rules changed when the fixed rate change came in and that now it took no notice of premium or discount. I don't understand why autobid allows rates to be set below the fixed rate if it did not buy loans with a premium?
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Post by GSV3MIaC on Oct 11, 2015 16:09:19 GMT
For most risk bands, excluding E, There's plenty of old parts around under the new Fixed rates, even at par. Autobodge will buy at par, or discount, indiscriminately, but not at a premium.
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adrianc
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Post by adrianc on Oct 11, 2015 17:25:12 GMT
I don't understand why autobid allows rates to be set below the fixed rate if it did not buy loans with a premium? Because there may well be pre-fixed-rate loan parts (remember them?) floating around on the SM for, oooh, about 57 more months.
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arbster
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Post by arbster on Oct 11, 2015 19:39:08 GMT
And the main reason they won't let autobid buy parts at a premium is the risk of early repayment leading to an autobidder ending up losing money on a transaction, so I don't expect that will ever change.
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treeman
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Post by treeman on Oct 11, 2015 22:06:17 GMT
Slight change of direction - is there any way to know if parts you've sold were bought by Autobid or manually?
I put a couple of parts up on Friday - same loan, original value, consecutive part nos, one at par and one at -0.5%. The par has just gone, the discount still there....
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SteveT
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Post by SteveT on Oct 12, 2015 6:14:02 GMT
Slight change of direction - is there any way to know if parts you've sold were bought by Autobid or manually? I put a couple of parts up on Friday - same loan, original value, consecutive part nos, one at par and one at -0.5%. The par has just gone, the discount still there.... Likely Autobid then, which chooses at random from all "eligible" parts rather than buying at "best available"
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blender
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Post by blender on Oct 12, 2015 8:02:24 GMT
Slight change of direction - is there any way to know if parts you've sold were bought by Autobid or manually? I put a couple of parts up on Friday - same loan, original value, consecutive part nos, one at par and one at -0.5%. The par has just gone, the discount still there.... I agree with Stevet. Additionally Autobid will buy only one part per loan and so if you sell different loans to the same person that could be autobid, but if you sell more than one part in the same loan to the same person that is definitely manual. It is much harder to tell now.
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