Lol, considering what I saw in 2008 on notes doing real repos, this part would have been factual. I was continuously amazed by the stupid money loaned on aircraft no where close to the value loaned.
Buzz kill for Airplane Repo
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Lol, considering what I saw in 2008 on notes doing real repos, this part would have been factual. I was continuously amazed by the stupid money loaned on aircraft no where close to the value loaned.
silver-eagle
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Clark1961
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I have a 30 year old Warrior. Anyone want it? $180K!
$174,999 for the 'kota!
I have a 30 year old Warrior. Anyone want it? $180K!
According to Skynewbie the banks aren't doing this anymore and are adhering to 'book values' now. Basically what people were doing was financing 1200hrs of flying and training with the airplane purchase, and BofA was going along with it.
FormerHangie
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People think of subprime lending as being the lending bubble of the late 2000's, but there was all kinds of stupid lending going on. The company I'm working for has been flipped a couple of times by private equity partnerships, and on the last flip, took on so much debt that it took less than two months to get where it could not make the monthly payment on the bank loans. At the time banks were lending seven time EBITDA, and there weren't many companies that could both pay the loans off and make any sorts of investments towards the future when stuck with that kind of debt.
SixPapaCharlie
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Sixer
Exact same thing happened with my company
bought for 150m, sold 9 months later for 300m, sold 1 year later for 600m
Currently sitting on about 400m in debt.
The good news is our bonuses are based on losing less money than the prior year.
murphey
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I'm cheap....$65K for the cherokee.