3,000 cars 'dumped at the airport' in 2008

[Derek]

<span style="font-weight: bold"> Bank loan 'skips' double in 2008</span>

More than 3,000 cars were abandoned by owners in the UAE in 2008 to escape loan payments - more than double the 2007 figure - as the impact of the global economic crisis took its toll.

According to a senior police official, 3,241 cars were claimed by the banks in Dubai, compared to 1,450 cars the previous year - a 123 per cent increase.

Banks are now trying to claim some of their money back by selling them at auctions or through car dealerships.

“The person could be arrested on his way in or out of the country,” Mazrouei told the paper. “They will not be able to return to the country before paying off any impending debts.”

Police recently removed 22 cars dumped at Dubai International Airport after owners fled the country leaving a trail of debt behind. Cars have also been abandoned at Abu Dhabi International Airport.

“This isn’t unusual here,” he said. “A lot of times people just leave. You get a credit card and loans and then you lose your job. What to do? Go home. It’s something that all banks are facing.&quot;

http://www.arabianbusiness.com/543135-bank-loan-skips-double-in-2008

[Magician]

Re: 3,000 cars 'dumped at the airport' in 2008

That's what happens in a country with no bankruptcy law and no connection in any sort of credit rating for applicants. They give credit to anyone that applies, and then if they can't afford to pay it back they leave the country and the bank can't do anything about it. It's a very immature banking system and with time they will learn.

When I first got a bank account here, I got a car loan and they showered me with credit cards. At the time I didn't even have an address because I was still at a hotel waiting for my apartment. I told them I don't have an address. They said no problem. How do you give money to someone with no address and no phone number?

[Derek]

Re: 3,000 cars 'dumped at the airport' in 2008

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Magix_di_PM</div><div class="ubbcode-body">That's what happens in a country with no bankruptcy law and no connection in any sort of credit rating for applicants. They give credit to anyone that applies, and then if they can't afford to pay it back they leave the country and the bank can't do anything about it. It's a very immature banking system and with time they will learn.

When I first got a bank account here, I got a car loan and they showered me with credit cards. At the time I didn't even have an address because I was still at a hotel waiting for my apartment.<span style="font-weight: bold"> I told them I don't have an address. They said no problem. How do you give money to someone with no address and no phone number? </span> </div></div>

Himagine....



Actually...
There's a certain amount of money that if you borrow over, they will come looking for you. I don't know what the 'don't bother' limit is.

[Magician]

Re: 3,000 cars 'dumped at the airport' in 2008

Looking for me whichpawt?

Your employer at the time of application may hold the address that you have sent your application from. But are you going back there after you teefed millions outta bank? No sar.

I going to an undisclosed location.

[Dr.Dudd]

Re: 3,000 cars 'dumped at the airport' in 2008

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Magix_di_PM</div><div class="ubbcode-body">That's what happens in a country with no bankruptcy law and no connection in any sort of credit rating for applicants. They give credit to anyone that applies, and then if they can't afford to pay it back they leave the country and the bank can't do anything about it. It's a very immature banking system and with time they will learn.

When I first got a bank account here, I got a car loan and they showered me with credit cards. At the time I didn't even have an address because I was still at a hotel waiting for my apartment. I told them I don't have an address. They said no problem. How do you give money to someone with no address and no phone number? </div></div>you want to see the Jamaican laws.
You can still be sent to prison for a unpaid loan.

that is how it is today

[Tuff Gong]

Re: 3,000 cars 'dumped at the airport' in 2008


Well at least the bank has zee car, let them eat brake liners!