benaj
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Post by benaj on Mar 27, 2019 15:45:43 GMT
www.racedandrallied.com/race-cars-for-sale/kia-pro-ceed-silhouette-with-sparesOne of these was advertised on the net for £60k 4 years ago, I am not an expert in this field but I wonder what the current market price is. I am surprised all the "race" / "power" / "endurance" asset loans are STILL active on this platform and have been renewed numerous times. Anyway, it's good news loans being renewed.
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arby
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Post by arby on Mar 27, 2019 15:51:13 GMT
With the imminent (and timely) renewal of the two race car loans (green and red), can fundingsecure confirm the situation regarding insurance? If insurance is in place, a car such as this would typically have an agreed insurance value which is also essential to know. If the car isn't being used, then stolen seems to be the primary cause for a total loss... Looking at the pictures, it would be very difficult to steal. The trimmings are too low for a conventional road... It would be good to know more details. I just keep renewing both, green and red, the borrower keeps paying interest, which is lovely, but it's a gamble - I thought the same about Italian books, now the loan got stuck. You may be underestimating the will of a criminal, but I take your point. The police could follow the trail of parts knocked off by potholes... I was also generally picturing all forms of insurance loss; fire, water damage, roof collapse(??) etc. House fires don't happen regularly, but I'm sure we'd all be very concerned if a property loan didn't have insurance.
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arby
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Post by arby on Mar 27, 2019 18:44:18 GMT
Have to say I'm not quite sure what to make of the bid limits on the red & green cars (£1000 each) vs yesterday's Porsche (£500) which is a much larger loan. I say this because when I listed the red & green cars at 4.5 months old six weeks or so ago they were snapped up at a 0.4% (IIRC) discount, and yet I was left holding a small amount of the porsche which didn't shift at 1% discount in the final couple of days of SM trading.
My impression is the SM in these cars remains as bouyant as when I made an earlier post in this thread two years ago, not withstanding I failed to clear the last few hundred of the £3000 I had in the Porsche last time round.
You called it. There wasn't much availability on the loan, and with the high bid limit both loans were gone pretty much instantly.
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benaj
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Post by benaj on Mar 27, 2019 20:03:44 GMT
There wasn't much availability on the loan, and with the high bid limit both loans were gone pretty much instantly. There are a few solid fans supporting this loan with £1000 bids. Mr a******l comes top with 36 bids. Don't think the £250 was a big concern as long as the loan sells like hotcakes.
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Post by df on Mar 27, 2019 21:01:04 GMT
Have to say I'm not quite sure what to make of the bid limits on the red & green cars (£1000 each) vs yesterday's Porsche (£500) which is a much larger loan. I say this because when I listed the red & green cars at 4.5 months old six weeks or so ago they were snapped up at a 0.4% (IIRC) discount, and yet I was left holding a small amount of the porsche which didn't shift at 1% discount in the final couple of days of SM trading.
My impression is the SM in these cars remains as bouyant as when I made an earlier post in this thread two years ago, not withstanding I failed to clear the last few hundred of the £3000 I had in the Porsche last time round.
You called it. There wasn't much availability on the loan, and with the high bid limit both loans were gone pretty much instantly. Less than a minute? No surprise, these type of loans are popular and usually held/renewed by existing investors so the availability is scarce.
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arby
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Post by arby on Mar 27, 2019 21:19:52 GMT
You called it. There wasn't much availability on the loan, and with the high bid limit both loans were gone pretty much instantly. Less than a minute? No surprise, these type of loans are popular and usually held/renewed by existing investors so the availability is scarce. Yes, I'm typically fast enough to get a small slice of any rolex etc, and I got some of this too, but this was quite unusual in that only 13 investors were able to get any of the green car. As was pointed out earlier, it was an unusually high bid limit. FS have previously stated they put on bid limits to ensure a wide number of people get a slice. I guess this tallies with the minimum bids on some of the other loans; that FS really are trying to reduce the number of individual investors per loan...
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mjc
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Post by mjc on Mar 30, 2019 8:20:49 GMT
I must confess to concerns over these two race car loans. This car hasn't been raced since 2012, and won't be raced while the loan is outstanding making the time it is not racing even longer and the likelihood of it ever being raced again even less which surely must impact on its value. In the four or five years since it was last raced, large parts have been 'rebuilt' but to what purpose? If it's not being raced, how much more work will be needed to make it capable of racing by a new buyer? Who is the natural buyer of this car in the event of a default? It is now being refinanced from another platform which has taken a strategic decision to no longer make loans on race cars. that other platform's listing cited the dealer which owns the car as the source of the valuation. Clearly they haven't been able to sell it. It's not a classic car, it's not a street car, and nobody has seen fit to race it for five years so where is the value? And it's a Kia Pro_cee'd. Maybe there will be a new class of Kia Pro_cee'd racing and these two cars can race each other - choose your favourite colour. Too many questions, too many negatives. I may be being extra dim, but don’t understand the logic of the borrower. Why not put it on EBay? 7 years at about £4000 interest (on each car) is circa £28k for a loan of £30k. Perhaps in 500 years they won’t be making post medieval cars and it’s valuation (again according to the borrower) will have gone up? But to be fair, it has been renewed promptly.
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rs
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Post by rs on May 30, 2019 16:39:07 GMT
All race car loans defaulted. Company in admin. See latest FS updates.
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adrian77
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Post by adrian77 on May 30, 2019 18:31:50 GMT
bother! Glad I did not renew in them - I just hope the valuations are better than the Landrover etc Not sure what these things are worth and how quickly they deteriorate esp when raced - to me the Porsche whilst a German engineering classic seems to have an optimistic £78K valuation...
below is from a fellow poster and this seems prophetic words?
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trium
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Post by trium on May 31, 2019 1:41:34 GMT
From the BMW loan description:
Don't like the sound of that ...
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paulb
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Post by paulb on May 31, 2019 9:27:15 GMT
I'm in rather more of these than I would be if I'd known they were all to the same borrower.... A couple were noted as being to the same borrower, and I split my exposure between them. Another was described as being linked to an existing borrower, but not which one. Looking now, I can't see any clues they were related - one set were locked up, the other insured, and to be used for, racing. Another had no indication it was linked to any others. I wonder if there is any kind of cross-security here, so excess recovery on one car can cover a shortfall on another? I doubt it though.
Even more annoyingly, I'd dumped the whole lot (along with anything else I could) onto the SM a couple of hours earlier. I've been staying away from development/property loans and sticking with "safer" pawn loans - but with the latest batch of "recoveries", I don't want those either. I've turned off all renewals, and I'll be taking money out as (if?) loans repay and I'll keep doing so until things improve. The only question now is where to put it....
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rogerthat
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Post by rogerthat on May 31, 2019 10:03:53 GMT
My bank account ?..it'll be as safe as erm...houses...oh wait !  |
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adrian77
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Post by adrian77 on May 31, 2019 12:18:51 GMT
Very good point - bit like my exposure to 8 art loans...likewise there is no way I would have invested in them if I had known it was the same borrower. do I think FS should have given one borrower several loans - answers on a digital postcard
So this is another chap who can't be contacted - has he a mobile, has he a home phone number/address or has he been abducted by aliens? Maybe he is hiding where nobody will see him but fleeing to ITV2 is a bit drastic....
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arby
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Post by arby on May 31, 2019 12:22:06 GMT
Very good point - bit like my exposure to 8 art loans...likewise there is no way I would have invested in them if I had known it was the same borrower. do I think FS should have given one borrower several loans - answers on a digital postcard So this is another chap who can't be contacted - has he a mobile, has he a home phone number/address or has he been abducted by aliens? Maybe he is hiding where nobody will see him but fleeing to ITV2 is a bit drastic.... What are you referring to with respect to these car loans? Who can't be contacted?
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adrian77
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Post by adrian77 on Jun 2, 2019 7:54:52 GMT
I feel a poll coming on as interested to know what these will go for - I slightly overestimated the Landrover but was much closer than FS. Clearly the Landrover was a classic in very good condition whilst these cars seem very advanced but some, at least, have been raced and are knocking on a bit so I guess only of interest to a Sunday afternoon racer who hasn't squillions of smackers to throw at it. Hopefully none of these cars has been pranged
However does anybody disagree the linked cars are as follows
CAR LOAN VALUATION
BMW8 17k 34K
Panoz 52.5k 105k
Porsche 78k 130k
Green Kia 32k 60k
Red Kia 32k 60k
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211.5K 389K
I know that vastly over-estimations e.g. Knaresborough, Wind Turbine etc get more press than more realsitic ones but it strikes me that on average the FS valuation are way over the final realised price - has anybody actually recorded the actual figures?
I thank you
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