Author Topic: Clickchoice.com - secured auto loans  (Read 6157 times)

dontvote

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Clickchoice.com - secured auto loans
« on: May 23, 2013, 09:30:26 PM »
so what happened to this?

http://www.lendacademy.com/secured-loans-are-coming-to-p2p-lending/

anybody know?

dontremember
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mitgib

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Re: Clickchoice.com - secured auto loans
« Reply #1 on: May 23, 2013, 10:16:06 PM »
Parked domain seems clear the idea never took off, maybe they've partnered with someone else.

Fred

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Re: Clickchoice.com - secured auto loans
« Reply #2 on: May 23, 2013, 11:27:15 PM »
This is their latest SEC filing: http://www.sec.gov/Archives/edgar/data/1518565/000151856512000001/xslFormDX01/primary_doc.xml

The "First Sale Yet to Occur" box is checked.

Also, the name has been changed from "ClickChoice Automotive Financial Services, Inc." to "Beze Ventures, Ltd".

Their new website seems to change as well to: http://www.beze.net/


Peter

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Re: Clickchoice.com - secured auto loans
« Reply #3 on: May 24, 2013, 08:12:20 AM »
They were unsuccessful in obtaining funding. They were just a little early. I think if they were getting going now they would have had more success. But secured car loans are coming to p2p lending one day, it just looks like these guys won't be doing it.
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dontvote

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Re: Clickchoice.com - secured auto loans
« Reply #4 on: July 22, 2013, 05:43:11 PM »
I wonder how soon. My local credit union  has rates of close to 2% so I'm not sure there's a lot of juice left for p2b2b2p lending.

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New Jersey Guy

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Re: Clickchoice.com - secured auto loans
« Reply #5 on: July 22, 2013, 11:24:11 PM »
Rawraw and I had this discussion a few weeks ago.  There is no money in it.

Prime (Bank) rates right now are at a low of 1.49%
Most people are done at 1.99% to 2.39%

Subprime is 5.9% to 7.9%

The banks are buying deep.

No thanks!
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rawraw

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Re: Clickchoice.com - secured auto loans
« Reply #6 on: July 23, 2013, 06:43:08 AM »
Only market is the subprime auto market.  And you have to have amazing collections.

Zach

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Re: Clickchoice.com - secured auto loans
« Reply #7 on: July 23, 2013, 10:13:20 AM »
Only market is the subprime auto market.  And you have to have amazing collections.

Definitely - repossessing cars from sub-prime borrowers can be very difficult and costly. 

p2p2p2p2p

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Re: Clickchoice.com - secured auto loans
« Reply #8 on: July 23, 2013, 10:35:08 AM »
I have a friend who did subprime auto loans and the business grew to the point that it was taken over by the Pritzker family. He says they now do subprime used car loans and they are also making a mint doing it. In terms of collections, at least you have an asset that can be recovered and the cost of recovery is just another cost of doing business

New Jersey Guy

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Re: Clickchoice.com - secured auto loans
« Reply #9 on: July 23, 2013, 12:34:49 PM »
"In terms of collections, at least you have an asset that can be recovered"

Unfortuantely, though, you don't know exactly what you'll be recovering!
Some people, knowing that the repo guy is coming, will go out their way to insure the car isn't worth the rubber it's sitting on.

After repoing, you need to contact local law enforcement to inform them.  This way if the car is reported stolen, they will know it wasn't.

Plus, you have to store the car and give the borrower the opportunity to make good on the loan.

You have to clean out personal effects, and make a detailed list of what you recovered.  The borrower has to recover those effects and sign off on the list.  ("What happened to my IPad?")

It's a legal nightmare.  Plus, if they totally default, you have the costs of repairs and reconditioning to make the car saleable again. 

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