Go Back   986 Forum - The Community for Porsche Boxster & Cayman Owners > Porsche Boxster & Cayman Forums > Boxster General Discussions

Post Reply
 
LinkBack Thread Tools Display Modes
Old 05-23-2013, 07:55 AM   #1
Registered User
 
Porsche Chick's Avatar
 
Join Date: Jan 2013
Posts: 560
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?

__________________
2009 Porsche Boxster - Guards Red/Tan
Speed has never killed anyone, suddenly becoming stationary… that’s what gets you. – Jeremy Clarkson
Porsche Chick is offline   Reply With Quote
Old 05-23-2013, 07:23 PM   #2
Registered User
 
Join Date: May 2011
Location: Little Rock,Ar
Posts: 357
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

litespeedp is offline   Reply With Quote
Post Reply


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On




All times are GMT -8. The time now is 05:07 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
Content Relevant URLs by vBSEO 3.6.0
Copyright 2024 Pelican Parts, LLC - Posts may be archived for display on the Pelican Parts Website -    DMCA Registered Agent Contact Page