Its for a few reasons, and you must remember, the loan amount starts at a much higher LVR than the value of the security.
Example say a 2008 holden commodore with 150,000 kms
Glass's Guide Retail valuation $8,000
Client buys from dealer at say $8000 and wants rego on top, stamp duty, and a nice new paint job, total say $9250
MNY will lend up to 150% LVR on the $8000 (valuation)
So loan "could" be up to $12,000
** Some of the "lender" fees I'll keep out for now as they are not a loss but just not received by lender unless loan is paid.
Purchase price $9250 (inc all extras)
Warranty $1600 (MNY needs to pay)
Brokerage (if broker induced loan) say $990 (MNY pay)
Say $11,840 net loan (not inc fees or interest for now)
Say client pays first 6 months repayments at $80week = $1920
$9920 still in the red.
Cost to repossess/legals blah blah say $1000
Now out of pocket $10,920.
Car now goes to auction.
car buyers (dealers) pay "trade in" value, not retail, so on that car trade in is $3500 - $5000
Sells for say $4000 less 10% auction fee = $3600
Funds out $11,840
Less
Funds back $1920
Sale of security $3600
11840 - 5520
Total loss = $6320 (not inc interest loss, fee loss, time loss etc)
- Forums
- ASX - By Stock
- SVR
- Ann: Half Yearly Report and Accounts
Ann: Half Yearly Report and Accounts, page-47
Featured News
Add SVR (ASX) to my watchlist
(20min delay)
|
|||||
Last
$1.12 |
Change
0.030(2.75%) |
Mkt cap ! $233.3M |
Open | High | Low | Value | Volume |
$1.08 | $1.12 | $1.08 | $510.0K | 460.7K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 17084 | $1.08 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.12 | 18119 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 17084 | 1.080 |
1 | 14600 | 1.075 |
3 | 5092 | 1.070 |
1 | 8500 | 1.065 |
2 | 14268 | 1.060 |
Price($) | Vol. | No. |
---|---|---|
1.120 | 18119 | 3 |
1.125 | 1626 | 1 |
1.140 | 2010 | 1 |
1.150 | 36127 | 4 |
1.160 | 40714 | 3 |
Last trade - 16.10pm 25/07/2024 (20 minute delay) ? |
Featured News
SVR (ASX) Chart |