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FINANCIAL ARRESTS WORLDWIDE

Saturday, 19 February 2011

Luxury BMWs a debt trap

BMW Roundel Hood Emblem 82mmLuxury BMWs a debt trap | Herald Sun: "BMW is pursuing hundreds of Australians in bankruptcy proceedings over luxury vehicles collectively worth up to $18 million, as dreams of enjoying opulent lifestyles crash.

The social aspirants now face losing their luxury vehicles and possibly their homes to repay massive debts to car financing giant BMW Finance.

The company took 226 Australians to court last year, up almost 37 per cent on the previous year, while overall national bankruptcy figures remained stable. A further 21 actions have been launched this year.

BMW Finance offers loans for all makes of luxury cars under several schemes, including a fixed instalment scheme that ends with a big 'balloon', or final repayment.

One Victorian man owes the company $167,000, while a Queensland man owes $190,000 for a car loan he could not afford.

The popular BMW X53 diesel executive four-wheel drive sells for about $114,000, while the BMW 520d sedan is about $100,000, but the company lends money for other makes, including an entry-level Lamborghini Gallardo LP550-2 at $400,000."

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