Friday, Feb 15, 2008
A taste of things to come; the bailiff
USA Today: Repo lots overflow with reclaimed cars
Good job Tony had all those new bailiff laws passed just before he left. Wonder why eh ?
"The rise of bad loans, however, has meant busy times for "repo men," whose work
can involve seizing cars from driveways in the dead of the night."
Posted by doomwatch @ 04:39 PM (299 views) Add Comment
13 Comments
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1. handle_it said...
Destructive asset depreciation. What part is this ?
2. Montesquieu said...
Fascinating. Actually when I first read of the shenanigans of new-build BTL my first thought was of car salesman and their oversized calculators, talking about 'price to change' and 'balloon' payments when they want to shovel you into a car with a deal no sane person would go for, not to make a profit on the car per se but to collect an incentive payment from the car company.
Buy any new car (other than something like Morgan with a 2 year waiting list) and you are into negative equity before you even start. Add in dealer incentives, 0% finance, balloon payments, competition from car fleets who bought at heavy discounts and sell on at 5,000 miles to car supermarkets, and buying new is a total mug's game in fact mostpeople in the UK know this just fine - 70% of UK new car sales are company cars, mostly business leases).
Of course in America they don't do things by halves ... Detroit is essentially bankrupt (Hence Daimler Benz's abrupt exit) so it's no surprise a whole lot of mugs .. sorry, innocent car buyers ... have been caught in its death-throes.
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