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The story of selling an FF by auction.....

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by ascotts1 » Thu Dec 12, 2019 8:34 pm

rolando38 wrote:Ascotts1: telle me the name of your bank ! because when I bought a car at a UK auction 2 weeks ago, paying with 2 different french banks, it took in both cases 3 week days (meaning 5 including week end) before the auctioneer said 'yes, I've got the money on my account'
and the banks took a fee for change between € and £
now if it's a UK buyer no object


Try any one of a number of the on-line banks...I use Transferwise, my account was opened within 2-3 days of applying, almost zero exchange rate charges and money transfers always within minutes ( 99.9% of the time). I've bought quite a few cars in the UK in the last 18 months and never an issue with virtually instant payment each time but in your case this on the assumption that French bureaucracy hasn't got in the way of this new efficient way of banking!
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by rolando38 » Fri Dec 13, 2019 9:13 pm

thanks
when it comes to banking, speed is not the only criteria, though, security is paramount...
Cannonball: hope your transaction has been finalized now
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by cannonball » Fri Dec 13, 2019 10:23 pm

rolando38 wrote:thanks
when it comes to banking, speed is not the only criteria, though, security is paramount...
Cannonball: hope your transaction has been finalized now



Yes its done, I am totally bewildered that someone would buy a car at auction and not have the funds in place, and to have some sort of finance anyway is beyond me, if you cant pay outright for it don't have it,
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by Martin R » Fri Dec 13, 2019 10:59 pm

cannonball wrote:Yes its done, I am totally bewildered that someone would buy a car at auction and not have the funds in place, and to have some sort of finance anyway is beyond me, if you cant pay outright for it don't have it,

I can understand that if I have money in a bank account attracting interest for a fixed term, I might not want to lose any interest by withdrawing it early, before the end of that fixed term.
A car might come up that I'm interested in the middle of that fixed term.
Should I not bid on the car?
Or should I bid and arrange finance to bridge me until I can withdraw without penalty from the fixed term deposit?
If that latter, if I am not the winning bidder, I'd be better off waiting to arrange finance, rather than arrange it and then discover I've been outbid.
There are lots of reasons for people doing all sorts of things with their money.
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by Richie » Sat Dec 14, 2019 8:31 am

As part of my work, i used to arrange mortgages.
If a property is bought at auction, contracts are deemed to have exchanged when the hammer falls ie, the purchaser is legally bound to proceed to complete the purchase, usually within 28 days. There can be many reasons why a house would be sold at auction. One of them being that they are unsuitable for a mortgage. There were several occasions I can recall where a would be client would start a meeting by saying something like "I need to arrange a mortgage to complete the purchase of a house I bought at auction two weeks ago...". One in particular that stands out is that he carried on that opening but saying "... And I need extra funds as the house doesn't have a roof at the moment..."
Oh dear.
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by johnw » Sat Dec 14, 2019 12:44 pm

Richie wrote:As part of my work, i used to arrange mortgages.
If a property is bought at auction, contracts are deemed to have exchanged when the hammer falls ie, the purchaser is legally bound to proceed to complete the purchase, usually within 28 days. There can be many reasons why a house would be sold at auction. One of them being that they are unsuitable for a mortgage. There were several occasions I can recall where a would be client would start a meeting by saying something like "I need to arrange a mortgage to complete the purchase of a house I bought at auction two weeks ago...". One in particular that stands out is that he carried on that opening but saying "... And I need extra funds as the house doesn't have a roof at the moment..."
Oh dear.


The market value of a mortgageable vs non-mortgageable asset used to differ sometimes by a factor of two at least, simply because finance was available.

The same happens with cars. If the cars are being bought in a company name, the purchaser's private company is often used to finance the purchase. So that would effectively be 40K of after tax money spent to acquire this beauty without finance, perhaps £5k with finance. The revenue were less likely to question cars bought with finance so it was much safer to do it this way. A private sale buyer of one of my FFs took this route. I imagine for auction purchases it is very easy to get finance and insurance.

Ferrari dealers locally offer a fully managed service finance, storage, maintenance, insurance for classic Ferraris.

I think you can see how the classic car market is leveraged up, just like derivatives, mortgage backed securities in days gone by.
Last edited by johnw on Wed Dec 18, 2019 6:44 pm, edited 1 time in total.
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by ChrisL » Sun Dec 15, 2019 5:36 am

In the mid 2000s I worked for a Turin based company doing an EC funded gig building poo farms and water tanks for remote communities in South Africa. We were paid once every three months and even then it took at least 10 working days to get through the central European banking system to our bank accounts.

It was all a bit of a rort I think as I could easily get cash from my tiny provincial bank here in remotest Oz to Africa in under 48 hours, even back then.

After 9 months we managed to convince head office to switch to monthly payment by using the time honoured method of threatening to walk away from the job. They had won a contract extension and were keen for us to continue but I got tired of having to advance money to staff for petrol, food etc to attend site meetings and pay their mortgages... And somewhat surprisingly I see that the bank they used to use went under in the last financial ruckus.

Anyway, that was then; these days I can get funds to anyone in Blighty in under 24 hours if their bank has an IBAN/ SWIFT code.
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by felixkk » Sun Dec 15, 2019 7:50 am

I was working in a day job for a Lambo driving client who's office was next to the main Ferrari dealer in Zurich. I wandered in one lunch time, and commented that I wouldn't buy one of those, too much depreciation and I preferred the classics and didn't have a huge wodge or space.

:D And after they kicked you out, you wandered over to the Tesla dealership and told them how much better V8s are... :D

We have an Aston Martin dealership next to us, the newish cars parked outside are customer cars waiting to be picked up after a service or a repair. Some of the cars are there for quite a while. To my surprise it takes quite a few of the owners quite a bit of time to come up with the money- so I was told.
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by Chris_R » Sun Dec 15, 2019 8:17 am

felixkk wrote:To my surprise it takes quite a few of the owners quite a bit of time to come up with the money- so I was told.
Quite possibly some people living beyond their means and trying to be part of that group of society when they can't quite afford to.
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by felixkk » Sun Dec 15, 2019 8:51 am

That, and maybe also they weren‘t quite aware of the maintenance costs...
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by johnw » Sun Dec 15, 2019 5:40 pm

felixkk wrote: :D And after they kicked you out, you wandered over to the Tesla dealership and told them how much better V8s are... :D
This was in Urdorf, 2012, the big out of town showroom. The Ferrari dealers in Switzerland are really approachable. They sponsor under 15 football clubs and allow kindergarten visits. So nowhere near the Tesla dealer. :D :shock: 8) A bit like the fire stations here. Those are big red and expensive too.
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