Banks call in car loans - Tribune

My wife meets this Russian man when she leaves the kids to school every day. She didn’t know what he works at but since he drives a new 4X4 BMW she assumed he had some fancy job. She even joked that he may be in the Russian Mafia.
Anyway, she was in Dundrum shopping center the other day and who did she see but this Russian man pushing broom. Turns out he is a janitor or cleaner in Dundrum shopping center. I’ve sent my CV to the managers at Dundrum shopping center. I’ve figured janitors are well paid there. :smiley:.
Anecdotal I know but if this guy is able to get credit for a car like this then I predict there will be a lot more firesales in the very near future.

Is this a trade auction? If you buy a second hand car, how do you know it hasn’t been reposessed? Last thing you want is an angry builder see you behind the wheel of his large automobile.

I remember talking to a banker involved in car loans and he said that these loans were pretty much the same as personal loans. His point being that the cost of reposessing pretty much ate up the recoveries. To get the maths to work, you probably need to go for relatively high value new cars. Wonder what they’re doing about the ones further down the done chain.

some car loans they don’t have to call in. bad debts are mounting daily for the banks.

independent.ie/national-news … 30012.html

Hold the auctions at dublin airport, turn the car park into an auction lot, people have one last chance to get some dosh before the feck off , john gormley will be happy too… BD

First of all you assume he needed credit.
Maybe he bought a reposessed car for €7000 cash.

Secondly you assume he’s a janitor.
Perhaps he owns the cleaning company. I know one or two people in that position and they have no qualms about picking up a broom should the need arise. I worked with a guy who coded by day and by night travelled around to various buildings that his cleaning company were responsible for.

It’s a big mistake to assume that everyone driving a flash car needed credit to buy it.

-Rd

€7K for an 08 Beamer or Audi is pretty good…

yeah daltonr is right again , maybe he didnt need credit, maybe he is one the Eastern europeans who filed a dodgy ‘no foal no fee’ claim using a spineless irish solicitor , for wrongful dismissal with an ex-employer who ended up being nearly sucidal with the prospect of losing his business that his wife went and made a one off cash payment to the guy to drop the claim (as happened a few weeks back …) and he used that cash to buy the 4x4…

its a big mistake to ssume that everyone driving a flash car didnt pull some stunt to get the dosh .

can we get a 'Waking up from a dream, and smell the roses ’ smiley on here .

There’s also the whole rich mammy/daddy/boyfriend/girlfriend angle.

Back on topic - Merlin car auctions now require a subscription before you can see the prices achieved at auction. Is there any other source for this information?

I would agree with PP, one of the richest guys from my cohort in college has a cleaning firm, employs around a 1,000 people, and he would not hestitate to push a broom.

Also drives very nice cars.

PV Doyle was famous for walking the floors like a lowly duty manger, when he was alive, and would polish the silver if was not happy.

Can we have a stickey on car repros?

Hear on grapevine that one of Irelands largest car finance providers is about to exit market

Given that the average EAT award was something like €7k (archives.tcm.ie/businesspost/2004/08/08/story501920198.asp) in 2004 (and that’s Unfair Dismissal, wrongful dismissal being even harder to prove) I smell a small rat nibbling away at your story.

Then again maybe it was a very small business.