RE: Abandoned Enzo part of Dubai supercar sale

RE: Abandoned Enzo part of Dubai supercar sale

Tuesday 24th April 2012

Abandoned Enzo part of Dubai supercar sale

Dubai police to auction 129 abandoned cars, with a dusty Enzo as star of the show



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.


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.

Author
Discussion

Mystic Slippers

Original Poster:

406 posts

202 months

Monday 23rd April 2012
quotequote all
I always thought it a myth when i heard they abandoned such supercars,someone once said if they broke down they would simply buy another car and abandon the old car.
I will open the bidding with a big £10 smile

cqueen

2,620 posts

219 months

Monday 23rd April 2012
quotequote all
I raise you £11

..this could go on some time.

chazwozza

724 posts

185 months

Monday 23rd April 2012
quotequote all
Ok, I just got paid so i'll put a massive £15 down. Beat that laugh

CBR JGWRR

6,518 posts

148 months

Monday 23rd April 2012
quotequote all
doogz said:
The guy could afford an Enzo, but racked up too many traffic fines, so he just abandoned the car and went home.

Can someone do a better job of explaining that for me, that makes no sense!
The fines probably aren't 60 quid a pop...

g40steve

922 posts

161 months

Monday 23rd April 2012
quotequote all
I believe going into debt is the reason.
If you cannot pay, jail awaits.

Mr-B

3,765 posts

193 months

Monday 23rd April 2012
quotequote all
Wonder if you can watch/join the auction online? scratchchin If not I think they may be missing a trick to getting the very highest bids possible.

Tyrewrecker

6,419 posts

153 months

Monday 23rd April 2012
quotequote all
doogz said:
But surely selling the car is going to raise enough cash to pay the fines? Or are we suggesting he'd racked up fines to the tune of more than an Enzo is worth?
You are not allowed to be in debt, it is very serious.

OddJoe

1,548 posts

185 months

Monday 23rd April 2012
quotequote all
They would have to be considerable to abandon a fking Enzo for Petes sake!

What are we talking here, £250k in fines?? What can they all be for...?

OT, how does the debt being illegal part work? No credit from banks?

confused

Mr-B

3,765 posts

193 months

Monday 23rd April 2012
quotequote all
Tyrewrecker said:
You are not allowed to be in debt, it is very serious.
Maybe us Brits and the government could learn from that.

Cheeky Jim

1,274 posts

279 months

Monday 23rd April 2012
quotequote all
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...


Rude-boy

22,227 posts

232 months

Monday 23rd April 2012
quotequote all
doogz said:
I just don't see how skipping the country, and abandoning your Enzo, was financially the best way out of the situation.
Agreed, althoguh I'll wager his ringpiece thought it a good move wink

Davel

8,982 posts

257 months

Monday 23rd April 2012
quotequote all
Can you bid on line from the UK and would it be an horrendous task to ship here?

BBS-LM

3,972 posts

223 months

Monday 23rd April 2012
quotequote all
Would you really leave this just sitting there, fk!



Edited by BBS-LM on Monday 23 April 17:57

Sesto

236 posts

153 months

Monday 23rd April 2012
quotequote all
BBS-LM said:
Would you really leave this just sitting there, fk!

Yes , if it's not paid for !!!

chevronb37

6,471 posts

185 months

Monday 23rd April 2012
quotequote all
BBS-LM said:
Would you really leave this just sitting there, fk!



Edited by BBS-LM on Monday 23 April 17:57
That's not a real F40 though, is it?

fatboy69

9,371 posts

186 months

Monday 23rd April 2012
quotequote all
BBS-LM said:
Would you really leave this just sitting there, fk!



Edited by BBS-LM on Monday 23 April 17:57
This one has, if I recall, been discussed on other forums. Apparently it isn't an F40. It's a replica possibly based on an MR2 although I stand to be corrected.

UK952

763 posts

258 months

Monday 23rd April 2012
quotequote all
Maybe the traffic violations were bad enough to send him to jail?

CraigyMc

16,313 posts

235 months

Monday 23rd April 2012
quotequote all
OddJoe said:
OT, how does the debt being illegal part work? No credit from banks?

confused
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


craigb84

1,493 posts

151 months

Monday 23rd April 2012
quotequote all
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.

craigb84

1,493 posts

151 months

Monday 23rd April 2012
quotequote all
CraigyMc said:
Sharia law prohibits "interest" on a loan. It doesn't make debt in itself illegal.
Only if you're muslim. I paid interest on my loan in Dubai.