arby
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Post by arby on Jun 2, 2019 9:13:51 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 ==== ==== 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 That's very difficult to assess because most valuations that are below the achieved price are almost never known- all we know is that the loan is successfully repaid. So any average such as you're requesting will be skewed by the loans that are overvalued and full recovery wasn't achieved.
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rs
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Post by rs on Jun 11, 2019 12:02:24 GMT
It'll be interesting to see how quickly MT recover the race car loan assets & sell them compared to FS.
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arby
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Post by arby on Jun 11, 2019 13:25:49 GMT
It'll be interesting to see how quickly MT recover the race car loan assets & sell them compared to FS. Might be the most exciting race these cars will ever be in...
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Post by dan1 on Aug 8, 2019 20:30:12 GMT
It'll be interesting to see how quickly MT recover the race car loan assets & sell them compared to FS. I suggest that FS lenders in the race car loans but not on MT register an account to read the significant update regarding this borrower's loans.
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arby
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Post by arby on Aug 8, 2019 20:33:03 GMT
It'll be interesting to see how quickly MT recover the race car loan assets & sell them compared to FS. I suggest that FS lenders in the race car loans but not on MT register an account to read the significant update regarding this borrower's loans. Health warning: Don't read if of a nervous disposition. (I'm not making light of anyone else's situation, I stand to lose quite a bit in the various car loans)
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Post by df on Aug 8, 2019 21:09:31 GMT
I suggest that FS lenders in the race car loans but not on MT register an account to read the significant update regarding this borrower's loans. Health warning: Don't read if of a nervous disposition. (I'm not making light of anyone else's situation, I stand to lose quite a bit in the various car loans) I wish my diversification strategy was more conservative. I'm overexposed to this borrower. Another lesson learned. Apart from this, it's a good and honest update from MT.
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arby
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Post by arby on Aug 8, 2019 21:23:34 GMT
Health warning: Don't read if of a nervous disposition. (I'm not making light of anyone else's situation, I stand to lose quite a bit in the various car loans) I wish my diversification strategy was more conservative. I'm overexposed to this borrower. Another lesson learned. Apart from this, it's a good and honest update from MT. Yep, I was overexposed compared to my usual appetite on some of the individual loans, nevermind to the aggregate borrower! 
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Post by spareapennyor2 on Aug 9, 2019 2:22:09 GMT
Full update on site FS
Love the smell of burning rubber
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adrian77
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Post by adrian77 on Aug 9, 2019 5:57:09 GMT
course it was - how considerate of them to service a car ready for the administrators!
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kielbasa
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Post by kielbasa on Aug 9, 2019 6:43:00 GMT
Full update on site FS Love the smell of burning rubber Surprisingly open and detailed update from FS, including giving the names of the directors and mentioning the word "fraud". I can't remember any previous update on any loan mentioning directors' names. Maybe things are changing at FS Towers. One of the directors is "unwell". Where have we heard that before? I'm sure we all wish him a speedy recovery.
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Post by spareapennyor2 on Aug 9, 2019 6:56:57 GMT
what surprised me FS
posted the report/ update so quick but than it`s not their administrators is it
it`s the other director that`s a problem
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r00lish67
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Post by r00lish67 on Aug 9, 2019 7:15:29 GMT
Full update on site FS Love the smell of burning rubber Surprisingly open and detailed update from FS, including giving the names of the directors and mentioning the word "fraud". I can't remember any previous update on any loan mentioning directors' names. Maybe things are changing at FS Towers. Would like to believe that, but just as with the initial default, FS only posted any information once effectively forced to by MT's corresponding update. Even they couldn't get away with "we continue to work on a daily basis with the borrower.." on this one.
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kielbasa
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Post by kielbasa on Aug 9, 2019 7:59:48 GMT
Hmmm... You are probably right.
I haven't seen the MT update.
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adrian77
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Post by adrian77 on Aug 9, 2019 8:36:09 GMT
Ref the Porsche - all FS had to do was ask which garage the car was at , visit and ask for the logbook which I appreciate may have been forged. Did FS ask which hospital this chap was at and offer to visit with some grapes or is he in intensive care - I wonder!
I know hindsight is a perfect science but a check of these 2 directors history should certainly have sent bells ringing - just checked at CH this company has 17 outstanding charges which to me does not indicate a cash rich company! One director has resigned 17 time and the company had a compulsory strike off notice in May 2017.
My poll results had a clear favourite for 0 cars recovered and under £53K - looks like the forum voters might just be right yet again...
I know nothing about vehicle fraud but if the logbooks are faked or the cars have fake plates then I wonder if recovery will be zero - welcome an opinion from somebody in the know
I thank you
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Post by peer2fear on Aug 11, 2019 20:53:53 GMT
New to this forum as a poster but been following it for several months. I have a healthy four figure sum 'invested' across the Porsche, BMW and Panoz and was bracing myself for a ~60-70% recovery but not sure where this latest revelation leaves us (probable c. 100% capital loss I fear). Also annoyed by the fact that MT seem to have clearly listed <borrower name redacted by mod> in each loan to clearly denote they were all to the same borrower. Alas, I foolishly believed FS would have done the same and so I was diversified given the fact that FS has at times mentioned that multiple loans are to the same borrower.
Agree with others here - FS never include this sort of detail in their updates and they also tend to be littered with typos which doesn't really inspire confidence. This seems to only be a copy/paste of the Moneything update and not something they would've posted themselves.
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