RE: Abandoned Enzo part of Dubai supercar sale
Tuesday 24th April 2012
A Ferrari Enzo seized by police in Dubai is due to be auctioned off tomorrow in Dubai as part of a sale of seized cars that could become the most expensive in history.
Abandoned Enzo part of Dubai supercar sale
Dubai police to auction 129 abandoned cars, with a dusty Enzo as star of the show
The UAE, and Dubai in particular, have a serious problem with abandoned vehicles - across the Emirate there were 3,040 vehicles abandoned in the first quarter of 2012 alone. The problem started a few years ago, when recession-hit ex-pats abandoned cars as they headed for the airport - partly a result of debt being a criminal offence in the UAE.
The Enzo, one of 129 cars to be auctioned on Wednesday 24th April, was left by its British owner 20 months ago, who had apparently fled the country after racking a few too many traffic fines on the car.
The sale of 129 cars also includes 23 other examples of what the Dubai authorities term 'elite' cars, which include three more Ferraris and seven Porsches.
Discussion
It was probably bought on tic... then when the big crash happened, he suddenly realised he couldn't afford the repayments..... add on a few hefty fines and it's easier to do a runner than face jail time...
As I don't think we have a reciprocal arrangement with the UAE for deporting 'suspects', he's kinda got off...
As I don't think we have a reciprocal arrangement with the UAE for deporting 'suspects', he's kinda got off...
OddJoe said:
OT, how does the debt being illegal part work? No credit from banks?
Sharia law prohibits "interest" on a loan. It doesn't make debt in itself illegal.It's perfectly possible to get say, a mortgage for a house for £100,000; then live in the house and pay back the £100,000 over the term of the mortgage, plus say another £75,000 in what we would in the west call "interest" but what an islamic loan might call "rent".
The reason? Muslims abide by Sharia law. If they don't then they really aren't Muslims, in one train of thought.
Within Sharia-compatible banking, it's permissible to borrow money and subsequently pay it all back, plus something else for a "provided service" in order to make the lender want to loan you something. It's *not* permissible to call that interest, or for it to have the exact same features (APRs, compounding, etc)
That's fundamentally the difference.
C
That looks familiarly like the Police impound to me.
The fines over there are around £100 a go for reasonable speeding offences but depending on how much over the limit you go and how many fines you have they can impound the car for a period of time.
It doesn't take long to collect dust and if the car isn't collected within 6 months the police auction them off along with the number plates which often fetch big money.
As a car loan is essentially a mortgage over there they just seize the asset and auction it off. The owner probably lost his job or something and fled leaving the banks to pick up the mess (although these days its a dangerous as international banks can track you).
It's correct though that to not pay your debts there is a criminal offence. I think the law has changed but to bounce a cheque is jailable. When you take out a car loan you often have to sign a blank cheque as security to the bank. When you default they try and cash the cheque (knowing you can't pay it and it will bounce) and the next thing you know you have a warrant out for your arrest.
The fines over there are around £100 a go for reasonable speeding offences but depending on how much over the limit you go and how many fines you have they can impound the car for a period of time.
It doesn't take long to collect dust and if the car isn't collected within 6 months the police auction them off along with the number plates which often fetch big money.
As a car loan is essentially a mortgage over there they just seize the asset and auction it off. The owner probably lost his job or something and fled leaving the banks to pick up the mess (although these days its a dangerous as international banks can track you).
It's correct though that to not pay your debts there is a criminal offence. I think the law has changed but to bounce a cheque is jailable. When you take out a car loan you often have to sign a blank cheque as security to the bank. When you default they try and cash the cheque (knowing you can't pay it and it will bounce) and the next thing you know you have a warrant out for your arrest.
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