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New cars at Dubai Airport


Dubai Knight I heard an interesting fact yesterday. Dubai Police are recovering an average of 35 new cars EVERY DAY that are abandoned in the car park at Dubai Airport. Expats who have come to Dubai to work, got a good job, rented an expensive apartment on a bank loan, bought a flash new car with finance, maxxed out their credit cards and then been made redundant. They just walk away. Its why we have a credit crunch. :shock: :shock: :shock: Knight
sharfraz what are they going to do with the cars anyways? and what about on the showrooms they have? are they going to cut down? lets see the effect of this credit crunch!!!!! :x Captain Australia That's really interesting. Where did you hear that from? Also, how good would be banks be in tracking you down if you left the country with a big debt? I would think the international banks like HSBC would be better as they have offices all around the world. I'm not talking about going on the run forever, just running back home and resuming your life hoping you'll never get a knock at the door. PS: Thank f*ck I'm not in huge debt. I've got friends here though who have come over on 450K a year salaries, grabbed a 240K villa, bought two nice cars, nice furniture etc planning to be here 5+ years to get back in the black. They'd be f*cked if they lost their job. sharfraz Ok.., I'll stick to my old car as that was bought new in 2005!!!! :? Dubai Knight
Info direct from the camel's mouth!
I have a friend who is a fund manager here. He was on a very good salary, bought a big villa in Arabian Ranches, Porsche 911, Audi W12, Big 4x4, 2 bikes... He is unlikely to get a salary this month.
He is not sure what will happen to him and his family.
Its a lesson well learned. If you do manage to hang onto a job or some money here...keep it!
:shock: :shock: :shock:
Knight K-Dog I've heard the same thing from several different sources. sharfraz I read!!!! I heard!!!! good heavens!!!! will do my homework always!!!! infiniti g37 !!!!!! :shock: Captain Australia It's really really terrible that so many are fleeing the country with debts and leaving their cars... ... but.. CHEAP CARS!!!
Where are the auctions? :iroc: spirophonix didn't mentioned the abandoned cars that was/wasn't wrecked due to crash in some desert roads. :lol: yorky500
Not sure about Auctions, sounds like it could be well worth a trip down to the Car Park at DXB Airport and having a look-see to see what cars have the keys in the ignition. :evil:

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spirophonix Why Auction? Why not make a raffle for Etisalat customers...or RTA gafoorgk
well, i don't think this is the major cause, but a very tiny part, which cannot be counted. credit crunch here is the direct result of following western type of financial market in different field, mainly real estate. gafoorgk
banks will cross countries tracking a person who left with debt if and only if the debt amount passes a certain limit. also there are some legal barriers, though i dunno exactly.
many people, who are well aware of these facts, take loan from different banks by forging docs and leave the country without fearing of any legal consequences. yorky500 I can be honest and say that I am very happy this is happening. Dubai needed to be brought back down to earth. It was expanding and growing at a pace it could not keep up and was getting way ahead of itself. I am sorry for the people that have lost jobs and have had to leave, I saw the very same thing happen in Hong Kong around 2000, where everybody came, everybody conquered and then everybody left when there was nothing left to conquer. Being in the Construction industry, I hear stories of Companies having to meet expats at the airport and say to them "sorry, the project you came for is no longer, please go home, here is your return ticket". So, wonder if there are any nice M5's in the Car park? :lol: Captain Australia
God that would suck. The investment people make coming here is not insignificant. Sell house, cars, furniture, quit job, cancel insurance, kids out of school. It would be heartbreaking.
But probably better financially for them than if they worked for a few months then got the chop. Then it's an 'Airport Run' like were talking about here. Chocoholic Well is what about time. Seriously how long did they expect the place to sustain the rate it was growing at. Hmmmm might wander over the the airport and have a look see. Dubai Knight Apparently the car pound in Al Awir is now bursting at the seams. It will be the banks who will need to sell off these assets as soon as possible. You might pick up a bargain, however I think they will try to be greedy and sell at market rate. Still might be worth having a look and see if there are any nice ones with the keys in the ignition... Nissan GTR, in silver please! 8) 8) 8) Knight quatroporte Can I go and drive one of those posh cars parked in Dubai Airport for the weekend?!?!?!?!?! I swear I will return it back... Chocoholic Just don't get into an accident!
Dubai Knight
Well the last owner won't care...mind you, you might get arrested and have to pay his 3 million dirham rent debt!
:shock: :shock: :shock:
Knight Red Chief
ASAP and market price are a little bit opposite direction... It's not the main activity for any bank to sell junks... So it's really interesting for me know when they are going to sell them.... Probably you have some confidencial inf., don't you? 8) gafoorgk
:) true.
it's trying to grow by compromising stability. solutions being found here are temporary which are only to place the country in news. public demand is always ignored and the law which are made to protect public and bring order are being used to disturb public. gafoorgk
lol. lemme know if u could. gtmash
It's funny when I hear stories like this. I am still comfortable on my four-figure-per-month self-employed earnings during this crisis, as I took care of the accomodation problem long before I bought my 3-car collection (all used) for cash. I have yet to take a bank loan or pay interest on the credit card. Am I cheap and not enjoy life? Hardly - I just ate at Chilis last night. I just don't make it a point to have all my meals at expensive (to me) places.
Granted I am single, but how can I honestly feel bad for rich people who put themselves in this situation? FTD While not putting myself forward as any expert, the bulk of the credit crunch seems to be caused by people spending above their means, regardless of their position on the financial food chain. Dubai Knight
And also the greedy financial institutions who were fool enough to give these people credit when it was obvious they were living outside their means.
The credit business was high pressure sell. The credit card companies here used agencies to get people to sign up. The sales people didn't care who they got, or if they could afford it, or if they had any chance of meeting the committments...they were on a commission basis based on headcount, not collateral count.
They are getting their just desserts, but its screwing up the world for the rest of us.
:( :( :(
Knight gafoorgk yesterday alone police got 80 cars from dubai airport. heard it in the news. saeedz28 well, its true there lots of cars left at the door of DXB airport. i have a friend is working there
police will fine them and toll them thats not a problem,
but the cars left at the parking short/long term is a pain in the **S. Dubai airport cant' move them as it's a property of others and they might sue them.
Dubai police cant toll them because no body report them.
banks need to wait for 3 months due payments to report the cars
so dxb airport should toll them to an empty lot near the airport if they could and make free space for new ones
interesting story :roll: :shock: :wink: quatroporte
so true Steffy Hi there - I've been reading your posts about cars being abandoned at Dubai airport because people can't afford to pay off car loans. I was wondering if anyone would be able to talk to me about this (I'm a journalist here in Dubai and I'm keen to write a story about this) Don't be afraid though! I can use any comments on of off the record with or without names. It would just be good to get some more details on this problem. Thanks so much. If you do have any info post a reply and then i can send you my contact details. waelsalem I'd love to know. These cars that are just abandoned there. How can you get one of them from the banks??? I'm looking to change my car, and maybe i could put my hands on a good bargain on one of these cars... xdude heard they going to auction them after 3 months mandatory waiting period!!. waelsalem
GREAT!!! Cant wait!! ArchitectRoel
So that would be aprox. 280 cars as of today? OMG! uaekid LOL
I don't know which more amusing to me :
My dream coming true in seeing you leave or
You laughing at your own friends who are now jobless back home.
Is it true foreigners back home drives taxies hanging their diplomas in the windshield as a 24/h CV ? no sarcasm intended here.
Does subway makes the best tuna sandwich or what. god it is good (just sharing a good moment here) smoggie Welcome back UAEKID :cheers: puppypup
Yuck. Subway is a disgrace to American subs, heroes, or hoagies.
BTW My favorite sandwich is a reuben. Reubens are so heavenly and halal for you my friend. Pastrami (basterma) sandwiches are a close second. 8)
sage & onion
You would really use this place as a source of information? Slayer666
What for??? you can use it there's a key attached to it!!!
hehehehehehe!!! sharfraz
This is an informative forum. in'e?
thought so!!!!
:shock: Slayer666
That sandwich is from SUBWAY!!!
Ay'm shure!!!! desert surfer
that was exactly my question......... ppl like puppy pup change topic desert surfer
that was exactly my question......... ppl like puppy pup change topic sage & onion
I was supposedly asking a "Newspaper Reporter" sharfraz
yep!!!
I would help the reporter too!!!!
:lol: sage & onion
Good for you :!: K-Dog Information on Car Auction TheChoosen Not working K-Dog [color=red]OK here you go. The full article.[/color]
Park and fly takes on a new meaning
Last Updated: January 10. 2009 9:30AM UAE / GMT
Police recently removed 22 cars dumped at Dubai International Airport after owners fled the country. Ryan Carter / The National
More than 3,000 cars have been abandoned by owners to escape loan payments, just over double the figure in 2007, a senior police official has revealed.
Banks are now being forced to try and claw back some of their money by selling them at auctions or through car dealerships. One bank official said it was becoming a concern to banks, many of whom have tightened up criteria for issuing loans. Customers with credit cards have also seen their limits reduced.
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.
“Under the current financial situation, people who do not have the means may decide this is their only way out,” said Col Saif Muhair Al Mazrouei, deputy director of traffic department at Dubai Police.
In Dubai last year 3,241 cars were claimed by the banks, he said. Of these 466 had been impounded by police. “The percentage of such incidences rose last year. In 2007, 1,450 cars were claimed by banks. In 2008, the number increased by 123 per cent,” he said.
Police issue warrants against owners of abandoned vehicles and banks said they actively pursued anyone defaulting on payments.
“The person could be arrested on his way in or out of the country,” said Mr Mazrouei. “They will not be able to return to the country before paying off any impending debts.”
A UAE bank official, who requested anonymity, said people who dumped their cars and fled the country were known as “skips”.
“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.
“There are certain terms and conditions agreed to. Of course, the bank would go all out to get the guy, like using collection agents. I can tell you that collection agents at all banks are really busy right now.”
Around 65 cars were seized at the end of last year from Dubai International Airport. But Brig Ahmed Bin Thani, director of airport security at Dubai Police, said not all were claimed by banks. “Some travel under emergency circumstances, some decide to rent a car, others may just be careless. There are some individuals who come a year or two later to inquire about their vehicles.”
A spokesman for Abu Dhabi Airport said it occasionally saw abandoned cars, but security checks were carried out in the car parks three times a day.
Vehicles are only released to banks after they pay all traffic fines incurred.
“The banks have to pay all the traffic fines on the car before it is released to them to sell. They issued the car loan and it is their responsibility,” Mr al Mazrouei said.
Once released to the bank, the seized cars will end up as lots in an auction or on the floor of car showrooms. Golden Belt, an auction house based in Al Aweer, Dubai, holds car auctions every week where many cars taken back by banks are sold off. Among them are expensive sports cars such as Porsches and BMWs.
Imran Sarfaz, the managing director for Romeo Car Showroom, is a regular visitor and is always on the lookout for a bargain to buy for his used car business. “Most of the cars auctioned off by the banks are hi-tech cars priced over Dh150,000,” he said. “The prices are all right.”
Andrea Jaishankar, an HSBC spokeswoman, said the bank had “always adopted a prudent approach when lending”. “Our credit policies ensure that risk is minimised by only lending to customers who we believe have the willingness and ability to repay,” she said.
She added that should customers leave without paying off the loan, the bank runs debt recovery procedures “as per prevailing laws in each country that it operates in. If required, we will work with relevant law enforcement authorities to take action based on the merits of each case.”
Ibrahim al Sukhi, the general manager of Credit Rating and Collection, a subsidiary of Al Qudra Holdings, a collection agency employed to recover debts, said his services were much in demand with the number of clients on the increase.
He said the rising numbers of cars being abandoned at airports was “symptomatic” of the number of people “living beyond their means” and getting heavily into debt.
“We are doing a lot of marketing on this now, trying to educate people on managing their finances. Many people are leaving the country and, in turn, leaving their debts and cars behind. Unless we have the power to be involved, this will just get worse.” sage & onion If these are the numbers that they are admitting to you can be sure that the real figures are far higher. DubaiInformationSite fantastic way to raise cash in tough times. i mean why not? just lay people off and cancel their visas. they run to the airport, so they dont get deported and leave their cars. government sells them and collects cash. but who would they sell them to is the main question? The Dubai Information Sit zzzane
I wouldn't mind buying a couple of 911s at a deeply discounted price. There is no dearth of eager buyers. It's just that no one really knows how to go about buying these cars. sage & onion
Again this is a nonsensical statement that clearly displays the writers lack of knowledge. uaekid you guys have to stop making fun of your follow ex freinds who ran away from the country. it is unhuman LOOOOOL NOT. rudeboy
:S lol



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