Friday, February 15, 2008
A taste of things to come; the bailiff
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 (661 views)
2 thoughts on “A taste of things to come; the bailiff”
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handle_it says:
Destructive asset depreciation. What part is this ?
Montesquieu says:
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.