Cashback

Yup.

By "successfully lent" does that include the several I've got sat as bids right now (as live bids) but made before today, and those that are accepted but not drawn down yet ? Assuming some of them are going to draw down this month, that is

Or does it only count if the bid is made during April?

I would argue that a bid made in Feb/March that turns into an actual loan this month should count. But then again, some of the bids made this month could be waiting until into May for drawdown, how would they fare?

As always, the devil's in the detail!

Too late: I already have.

You may just fall foul of:

5. Assetz Capital’s decision on the calculation of amount owed to investors is final.

But on the other hand, if we set in motion a group chain whereby we sell bits of different auctions to each other but round robin it enough that we all end up back where we started that may be a touch more difficult for AC to work out. A 'cunning plan' I feel.

However:

"Lenders will receive cashback of the following amounts according to how much they lend in the period commencing 1st April 2014 - 30th April 2014." I therefore suspect it is intended to be the net of aggregated purchases minus sales.

I think AC will want to make this bit clear (not for the more obvious attempts to capitalise but rather to confirm whether its the increase in net lending that is intended).

I don't think term 5 is the key one. I was kind of joshing about that.

Its the earlier part ref. the amount lent which I think they intended to have a specific meaning. In fact the whole thing is constructed around amount lent, not on transactions made. Bids/transactions only come into it in order to define eligible time period. IMO

Nonetheless, an early clarification  by AC might help to avoid any battles. If the intent - as I assume it was - to mean net new lent where new included purchases on the AM up to the deadline, and bids on new loans made in the timeframe on loans which are subsequently drawdown, then I would not have worded "This incentive includes the total amount of units that are purchased on the Aftermarket as well as current auctions." quite like this. Without some statement as to how sales in general are handled. So some ambiguity.

It may be that in general sales onto the AM weren't meant to be netted out at all, but they simply haven't considered 'churning'. But I would have thought they had.

  details here www.assetzcapital.co.uk/lenders/loyalty-offer/

So, Northampton Equestrian auction filled and ended today, 1 April though my (shadow) bid commitment went in six days ago, so I am assuming the auction succeeded today; therefore my cash was accepted today; therefore qualifies for the cashback offer.

I am presuming all the auctions which finished in March (or earlier) and haven't drawn down yet (and I haven't even paid up for yet), do not count as April loans and do not qualify.

As I read it, all loan (shadow) bids made during April do qualify, even if the drawdown is May/June.

What happens to auctions which may run from 25 April to 7 May and drawdown later. Does a bid made in April, and subsequently successfully drawn down qualify, but not one made in May for the same auction?

How much of that have I got right?

Hence more precise clarification of various scenarios needed from AC

Apr 1, 2014 20:13:29 GMT 1 oldgrumpy said:
So, Northampton Equestrian auction filled and ended today, 1 April though my (shadow) bid commitment went in six days ago, so I am assuming the auction succeeded today; therefore my cash was accepted today; therefore qualifies for the cashback offer.

No idea. But I suspect you can't have it both ways: the wording is based on when the bid is made, not when the auction closed or drew down. If you want shadow bids in april to count, regardless of it being converted to a real bid post end of April, then wanting the opposite to apply for pre-april shadow bids smacks of cakes.

I am presuming all the auctions which finished in March (or earlier) and haven't drawn down yet (and I haven't even paid up for yet), do not count as April loans and do not qualify.

corrrrect. Qualification is not based on the loan listing or drawdown but when the bid is made.

As I read it, all loan (shadow) bids made during April do qualify, even if the drawdown is May/June.

There is no distinction made between shadow bids and any other bids in the wording, therefore I would expect the same rules apply (probably with the caveat that the shadow bid must of course be backed up with money when it is required). Unless they want to encourage you to make non-shadow bids.  And its bids made in April: when the loan draws down is immaterial, providing it is drawndown.

Does a bid made in April, and subsequently successfully drawn down qualify, but not one made in May for the same auction?

Correct.