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Old 05-23-2013, 08:55 AM   #1
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Pawning The Porsche

I thought this was an interesting yahoo autos article

Pawning your Porsche, the latest trend for hard-up elites | Motoramic - Yahoo! Autos

Compared to a bank or even a credit card, Aitken's loans don't come cheap: Interest rates run 2.99 percent to 3.99 percent per month, along with a set-up fee of 5 to 7 percent for appraising whatever item will back the loan, although frequent customers can get a discount.

Oh, goody! Only 36% percent interest!

I thought this was interesting:

because it operates under New York state lending laws, it has to return any extra proceeds to the original owner if its forced to sell one of its goods.

But he obviously keeps the car as long as possible, so that there are no "extra proceeds".

Most of the 150 or so vehicles Borro stores at any given time run to the upscale modern exotic — "quite a lot of Ferraris," along with Bentleys and Porsches — but Aitken says the company often lends against rare classic cars if it feels certain about a vehicle's true value, like the Formula 1 car it once took in Britain.

Re the bolded part: You know you always suspected that about the Ferrari guys, didn't you?

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Old 05-23-2013, 08:23 PM   #2
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The author of the the article in "Yahoo Auto's" is using the worn out term " high end" over and over to describe luxury auto's.Hope someday that the phrase is eliminated."upscale" is another one! IMO

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