SteveT
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Post by SteveT on Dec 22, 2015 20:30:22 GMT
Yeah that 2k in that E was me. I thought Autobid capped how much of a loan it would enter. I've switched the Autobid off now! Not sure whether I'm more astonished at the idea of owning 20% of an E loan as a single part or that Autobodge managed to respond fast enough to bag it for you before the loan filled!
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metoo
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Post by metoo on Dec 22, 2015 21:11:52 GMT
astonished at the idea ... Autobodge managed to respond fast enough to bag it for you before the loan filled! The second bid looks like an Autobodge too... Looks like a fluke Autobodge was alive and pointing at that loan when bidding opened, though it is meant to target the least filled loan... As soon as keen bidders and bots get going, it's then no longer the least filled loan and Autobodge turns its attention elsewhere.
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am
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Post by am on Dec 22, 2015 21:23:12 GMT
Yeah that 2k in that E was me. I thought Autobid capped how much of a loan it would enter. It does, but the cap is one of 0.25%, 0.5% or 1% of your account, depending on what setting you've selected. The advanced settings on Autobid do (IIRC) allow you to turn off individual rating bands.
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Post by beckmatt on Dec 22, 2015 22:20:24 GMT
I think the maximum Autobid does is 2000, so mine bids 2000 every loan, but it doesn't matter whether that loan is 10k or a million, it will still bid the same amount.
No chance of selling on the SM I guess so let's hope it pays up!!!
No idea why I beat bots on this one
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blender
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Post by blender on Dec 22, 2015 22:55:40 GMT
I think the maximum Autobid does is 2000, so mine bids 2000 every loan, but it doesn't matter whether that loan is 10k or a million, it will still bid the same amount. No chance of selling on the SM I guess so let's hope it pays up!!! No idea why I beat bots on this one Given that the loss rate of E loans is advertised at 8% of principal per annum after recoveries, and loans are mostly 60 months amortising (to minimise the monthly repayments), you should expect about a third of E loans to default at some point. But with a minimum of £200k in the account it should not hurt too much each time.
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am
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Post by am on Dec 23, 2015 9:12:13 GMT
I think the maximum Autobid does is 2000, so mine bids 2000 every loan, but it doesn't matter whether that loan is 10k or a million, it will still bid the same amount. No chance of selling on the SM I guess so let's hope it pays up!!! No idea why I beat bots on this one Once you've earned enough interest to cover the costs (which doesn't take long on an E), you can put it on the secondary market at par, or at discount. Given the demand shown for E's there's a fair chance that someone will take it, even if a badly programmed bot doesn't.
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Post by GSV3MIaC on Dec 23, 2015 9:32:46 GMT
Probably some other unwary autoboger would take it, assuming a HNWI and/or recent capital repayment.
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sl75
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Post by sl75 on Dec 23, 2015 10:19:13 GMT
I think the maximum Autobid does is 2000, so mine bids 2000 every loan, but it doesn't matter whether that loan is 10k or a million, it will still bid the same amount. No chance of selling on the SM I guess so let's hope it pays up!!! No idea why I beat bots on this one Your own potential losses would be the same whether a £10k loan or a £1M loan defaults - not sure why you'd want to bear a greater loss personally just because the whole loan happens to be larger? If you've got a portfolio value of £800k or more, it's not possible to make autobid bid any amount smaller than £2k per loan. Otherwise, as mentioned in earlier posts, you can choose a smaller percentage. You'll need to ask FC why you're not allowed to select a limit in pounds rather than as a % of entire portfolio value...
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Post by nightmare on Dec 23, 2015 10:28:56 GMT
I don't use autobid myself but the recent posts have made me wonder what would happen if a loan was listed for say £8k and the autobidder wanted to take £2k of it as happened in the case of the 10k E loan. Would autobid restrict itself to taking £1.6k or would it take the full £2k and contravene FC's own 20% rule, I strongly suspect it would be the latter.
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Post by GSV3MIaC on Dec 23, 2015 11:03:41 GMT
I suspect the same, given the known stupidity of the autobodge system, and the fact that when it was coded I am not sure the 20% limit (or £10k loans?) were even around. It'd take some really freak circumstances - a loan <£12k, an autobidder with >=£200k in funds, with >=£2k of free capital when the loan appeared, and a case where autobodge was 'on the ball' instead of 'stood behind the door when the goodies were handed out'. Plus there WAS a coded limit of x% (varied over time) for autobodge totals per loan, so the £2k would have to come up at the head of the queue, or be blocked on the basis of too much already autobid on this loan.
I think you've a better chance of rolling double-6 three times ina row than of getting £2k autobid into a £<£12k loan!!
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wysiati
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Post by wysiati on Dec 24, 2015 14:35:13 GMT
Some users (most recently G**dS*****e) still not abiding by the 20% maximum bid restriction.
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fasty
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Post by fasty on Dec 24, 2015 14:58:24 GMT
Some users (most recently G**dS*****e) still not abiding by the 20% maximum bid restriction. While strictly correct, I suspect that is probably not deliberate (due to bids in transit etc) as the largest bidder is only slightly over 20%. Thankfully we're not seeing the kind of flagrant abuse witnessed before. Several of those bidders could have filled the loan at a click if they felt so inclined, but they didn't.
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Post by GSV3MIaC on Dec 24, 2015 15:44:10 GMT
I admit to overbidding by £4 on 18629 .. rounding error. I got as close as I could. Mind you, that is vs my (personal) 10% target, rather than 20%. 8>.
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fasty
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Post by fasty on Dec 24, 2015 15:51:00 GMT
If I had fully read the notes on 18629, I'm not sure that I would have bid at all  . GSV : Did you notice that they have only very recently taken out a similar loan?
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Post by GSV3MIaC on Dec 24, 2015 17:44:40 GMT
Yes, but I don't expect to be holding it very long .. I hope ..
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