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Author: admin | Category: Lease Car Calculator | Date: 23.10.2014

While it may be true that ABS as a percentage of total auto loan origination has been range-bound between 15% and 30% for more than a decade, there’s almost no question that the ability to securitize certain loans is helping to fuel subprime auto. Of course, the real test will come when, amid jitters about the economy, demand for auto ABS (as well as marketplace ABS and any other paper that isn’t backed by something rock solid) dries up.
Since January we have grown at our fastest pace on record and things couldn’t be better. Later that day he came to my desk and told me that our director had told him to go back upstairs, because he wasn’t needed down there anymore. I had a meeting with my boss who told me my job is safe but due to us not being able to securitize we were freezing hiring going forward but we were hopefully done with layoffs. We are a very solid company with a low default rate and higher standards than somewhere like Skopos. A lot of customer’s who are subprime work in the energy industry and although they are living off of severance and savings right now you can see the wave that will be landing in a few months. Why is there a 2015 Jeep Cherokee Laredo with 25000 miles, spotless, clean CarFax, 4×4, and loaded sitting at the local gas station for sale for 18,500? When I was quite poor the first half of my life, I bought two 55 and one 57 Bel Air Chevys all with 6cyl Blue Streak engines and 3 speed transmissions for about $300 each and drove each about 5 years and then sold them for about $300 each. On Thursday night, we brought you a first-hand account of what’s really going on in subprime auto.
According to a reader who works in the industry, the securitization machine may be grinding to a halt for deals that are stuffed with loans to borrowers with low (or no) FICOs. There’s evidence from both Experian and the NY Fed (see here) to suggest that the market is getting riskier. While it does raise eyebrows to see delinquencies exceed levels seen during the financial crisis at a time when unemployment is below 5%, we think subprime auto ABS structures remain well protected due to robust levels of hard credit enhancement, and structural features that increase credit enhancement as the transactions pay down. Back before the peak in ’05, home decor businesses opened up in the place of big box stores left empty when they moved to new digs. So … I just need to find a banker who will write CDS on sub-prime auto ABS and I’ll get incredibly rich?
Enter your email address to subscribe to The Burning Platform and receive notifications of new posts by email. Those who are asking for more government interference are asking ultimately for more compulsion and less freedom.
I frequently visit the popular web site, Yahoo Answers, and answer questions about cars there.
Sometimes the asker has already narrowed down his or her choices to a few makes and models but, more often, they simply don’t know and want some advice or suggestions. It’s difficult to recommend a specific car to someone when you have no idea of their needs or preferences.
Young people typically have no credit  for an auto loan and have very little cash. They often have as little as $1000 or $2000 to spend on a car.
Thanks to the efficient market we're presented with a $200 bill laying on the ground that most investors claim doesn't exist. The company claimed that shareholders would continue to hold a consistent 'economic interest' in the company even with the reduced ownership percentage.
Last year everything looked like it was going according to plan for the going dark transaction until Carter Fortune's death in August of 2012. After Fortune's death the company entered into a merger agreement with Ide Management Group a nursing home operator.
The Ide deal was terminated this year for an unknown reason without consequence to the company. So the company did pulled out the going private agreement from last year, changed some dates and filed it with the SEC. If after reading this you think the deal is going to close, and the current odd-lot holders will be cashed out it's worth picking up 500 shares. One other point, in the proxy it states that shareholders are allowed to request the full copy of the fairness opinion on the original deal. Value investors come in two types, the ones who will look at financials, and the ones who won't.
My approach to bank investing is very similar to my approach to buying any other cheap stock.
Banks are very simple, they gather money in the form of deposits then they loan that money back to those same people and collect interest on the loans. The bank in this example is Atlantic Bancshares (ATBA), which is a tiny bank located in South Carolina. The structure of any company's balance sheet is important, small differences on the balance sheet can mean the difference between profit and loss. The next important number is "Loans Receivable", in this case the bank has $64m in loans, or 69% of their assets are loans. Different investors have different opinions on what the best loan makeup is, but there are a few things to keep in mind. The final lines under assets include bank owned real estate, and any assets related to branches they might own or lease. In Atlantic Bancshares' case only 27% of their funding comes from non-interest bearing deposits. The more interest the bank pays out to depositors the less money available for shareholders.
If anyone is trying to understand why this bank is a bad investment the capital structure coupled with the losses is the answer.
After the bank pays out its depositors, and provisions for losses they are left with their net interest income. Some investors like to look at what is considered core banking earning power using pre-tax, pre-provision earnings. Most of a bank's profitability hinges on two components, their expense management, and their interest margin.

Astute readers will note I left out two things, a discussion of loan losses, and any discussion of a cash flow statement.
The second point is much more important, the banks loan losses and trend of losses is vital in determining the safety of an investment. Most investors seem attracted to growing companies with large competitive advantages (a moat).
Many readers know that I don't seek out companies with moats or competitive advantages as the market sees them, but I pick through the market's dustbin.
This idea came to me recently as I was reading an article about the recent Carnival Cruise Lines incident. I wondered how badly Carnival's reputation would be harmed from the incident, some customers might shrug it off and say it wasn't the cruise line's fault, but for many others the name would be connected with a terrible experience. I thought about this in a broader context, the difference between investing in a cheap stock, and investing in a company with a moat.
There's a completely different mindset required for investing in value companies verses moat companies.
I'm convinced buying companies with a competitive advantage and concentrating a portfolio is the path to riches.
If one can't start a company themselves the second best thing they could do is to invest in a company that has those characteristics.
The problem is most investors really don't know what they're looking for when they're looking for a moat. What struck me about his comment was that he's correct, and that our view as investors isn't the same as the people who run the businesses we invest in. Investors without in depth industry experience, or a deep network of contacts can sometimes mistake a normal competitive advantage with a durable lasting one. To me a deep value investor is like a doctor who can walk into a room and identify quickly that the patient is going to live. If anyone was dying to see a long winded analysis of a really attractive company this post isn't it. The topic of this post stems from a conversation I had with someone recently with regards to the time value of research. When I look for a company I want to add to my portfolio I look for what I call silly cheap companies. The time value of research takes into account the amount of research required for a given return. The obvious conclusion from this is to look for simple investments with large return potentials.
I strongly believe the biggest efficiency gain possible in investing is understanding banking. My concluding thought on this post is when looking at a given opportunity consider the time value of your research. To some people who stumble across this blog the companies I write about are some of the strangest and most obscure things in the market.
I ran a screen for South Africa looking for net-nets on a whim, one came back, Workforce Holdings (WKF.South Africa).
Note: The company can be traded through Fidelity after enabling their International Trading platform. One question to ask when looking at a cheap company is "why are they trading so low?"  I find this is the question most investors fail to ask, and it's usually the answer to this question that leads to the fulcrum of the investment.
The issue for Workforce Holdings is the South African labor laws have changed in a way that could harm Workforce's business model.
After building up a preliminary thesis I set out to find reasons why I should never invest in this company. It actually took me a while before I found the fatal flaw with Workforce Holdings, I made it through their latest annual report, and all the notes before I had my lightbulb moment. The company reported 130m in earnings over the past six and a half years yet had operating cash flows of -117m over that same period of time.
If the company is having a lot of trouble converting their earnings into cash I started to wonder about the quality of the receivables.
I really wanted to like this investment, the initial thesis was tempting, plus the potential to be able to participate in the growing African labor market was compelling. It’s always good to share with friends- old and new, so why not start or join conversations with likeminded women.
But above all, join us as part of a community of women showing that life after 50 can be fabulous!
At Fab after Fifty we are passionate about women over fifty making the best of their lives.
It’s always good to share with friends- old and new, so why not make yourself a cup of coffee or pour a glass of wine and join in the conversation.
As the name suggests, payday loans are intended to be a short, sharp burst of money to tide people over until their next payday – plugging a short-term gap in their finances.
By contrast, you could also commit to finance over a longer period with an installment loan.
Why not become a fan on Facebook, follow us on Twitter, Youtube or Pinterest and enjoy our RSS feed. No lender in their right mind would make some of the loans that show up in the collateral pools behind their ABS deals if they had to hold them on their own books.
Below, find a first-hand account from a reader who says that when you’re in the subprime auto business and the securitization window slams shut, it’s all downhill from there.
One of my assistants was actually part of the hiring blitz and told me they needed to hire 13 people that week so he was moving his office down to the floor HR was on. These people were fairly new and were in departments that the executive staff has now deemed unnecessary.
I worked in subprime auto during the Financial Crisis and it feels much worse right now than it did there in 2007 or 2008.

Then I bought me a used 1964 Chevy PU for $500 and a 1970 Toyota Corolla for my daughter in HS for about $300 and she drove it for about 5 years before selling it. Things for the last 3 years have been booming and it seemed like there would be no end to our growth.
Well presumably because someone, somewhere gets the feeling that demand for auto-backed ABS is going to dry up in the months ahead. More auto loan originations are going to borrowers with shoddy credit and loan terms are looking more and more stretched by the quarter. Then they began to close up shop and sold off the pretty furniture and fancy decorative baubles that sold for $40 – $100. He used to sell cars off an old AMC lot off the old Sierra highway that got replaced by the 14 freeway. Many of the questions are from teens and other young people who are buying their first car. But I usually suggest the popular Honda Civic as a good first car because it has a great combination of most of the things that buyers are looking for. Generally, people who select these cars have done enough research to know how good they are.
For example, we don’t recommend full-size SUVs because they are hard to handle in emergency situations. It’s not impossible to find good cars for so little money, but the odds are against it. No matter how much market history exists humans still want to make a quick buck and let emotions rule their investment decisions.
It can be difficult to know what to do to finance big ticket purchases – whether they be cars, holidays, emergencies or home improvements.
That might sound obvious but getting sucked into borrowing too much can put a real strain on your finances and leave you in a mess. While this can help with a relatively small amount over a short period, borrowers need to be careful. Avant Credit has a handy page that simply answers ‘what is an installment loan?’ and shows how they differ to other forms of finance. Credit cards allow you to make big payments up front and then chip away at them over a longer period. You might feel more comfortable in turning to them if you need some money and that’s fine, but you do still need to be careful.
And who are the role models for women over 50?15 ways to reclaim your waist: post holidayOlder Women Need Career ChallengesIs Adult Incontinence the last taboo in women's health? For example, 14% of the loans backing a $154 million Skopos deal last year were made to borrowers with no credit score at all. Investors may fear that the credit cycle is about to turn and when it does, you don’t want to be anywhere near the double B tranches in subprime auto – even if you can get 9%. We also don’t recommend sports cars or convertibles as first cars because the are too dangerous and insurance rates are very high.
Generally, cars in this price range are old cars with lots of miles, and possibly lots of problems. Don’t be tempted to, say, borrow ?10,000 for a ?7,000 car and pocket the rest for a few treats.
Put simply, these are likely to be ideal for bigger purchases that you want to pay off over a longer period.
You can also pop a purchase on the credit card and then pay it off at the end of the month, deferring it until a time when, hopefully, you’ll have been paid.
We were rated an A by S&P in January and were ready to start securitizing our portfolio. You can’t do that anymore because most cars now are expensive complicated computerized crap hard to work on and usually become garbage in about 15 years. This guy out-trumps Trump for hustle, I see a lot of his license plate frames on the road here. Although cute enough, these models are often noisy, rough riding, and don’t have great performance. Although many luxury cars, such as BMW and Mercedes, make fine first cars, buyers should realize that maintenance and repair costs are very high, as is auto insurance.
Smart buyers will always have a professional mechanic inspect such cars before the purchase.
Interest rates are lower and uses vary from buying homes to cars, holidays or consolidating debts. You need to watch out for the interest rate, minimum payment amount and charges but can get offers that allow you to benefit from an interest free period or free balance transfers, for example. It’s by no means certain that they will, but negotiating a bigger overdraft can give you the breathing space you need to be able to afford the essentials without borrowing more money elsewhere.
Show you’re serious about paying your money back by offering to sign a promissory note setting out the terms of your repayment.
If you’re going to take a payday loan, take it with your eyes open and in full knowledge of the terms.
They can also help to improve your credit rating as you build up a reputation for sound financial management.
Just be careful not to get sucked into making too many payments on this – by treating your limit as the amount you must spend, say – or you’ll soon rack up big debts. Depending on how well off your friends and family are, this might only be an option for small, short-term finance. Loans can be unsecured – based solely on your ability to repay – or secured, typically using the equity in your home.

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