Wednesday, February 23, 2011
BMW Bankruptcy Bust Up in the Bush: The Price of Luxury Car Loans Down Under
0 comments Posted by car 2011 at 1:41 PM
AU$18 million or about US$18.1 million at the current exchange rates. That’s how many Australian dollars some 226 plus Aussies owe BMW’s unimaginatively named financial arm "BMW Finance". The Bavarian automotive giant is now perusing bankruptcy proceedings against these persons in Australia’s Federal Magistrates’ Court in an effort to recoup the debt from hundreds of unpaid car loans.
It’s all rather depressing, really, especially in the aftermath of the Global Financial Crisis. Take one man who bought an AU$80,000 Lexus on credit shortly before he lost his AU$110,000 job. Or the woman who signed her name on a car loan for her and her husband, only to have him leave her and get stuck with the debt. "They repossessed the car, but they still want [AU]$25,000. I don't know what to do,” said the 34 year-old.
That the woman earns just AU$36,000 a year is of no concern to BMW Finance. Peter Malone, a bankruptcy expert at CRS Warner Kuegel told the Sunday Herald Sun newspaper that creditors could, through a bankruptcy trustee, seize many of a debtor’s assets including their home, cash and shares.
Even if the car is repossessed or sold on, debtors still owe on the shortfall which can sometimes be big money. In Australia, one can be made bankrupt over as little as AU$5,000. Most of the claims the Herald Sun inspected fell into the AU$30,000 plus category, with one debtor owing a whopping AU$190,000.
It just goes to show that that old saying still stands up today, “They that dance must pay the fiddler.” Though in retrospect, why anyone would want to dance to a AU$190,000 tune is beyond my comprehension...
By Tristan Hankins
Source: Herald Sun
BMW Bankruptcy Bust Up in the Bush: The Price of Luxury Car Loans Down Under
0 comments Posted by car 2011 at 1:41 PM
AU$18 million or about US$18.1 million at the current exchange rates. That’s how many Australian dollars some 226 plus Aussies owe BMW’s unimaginatively named financial arm "BMW Finance". The Bavarian automotive giant is now perusing bankruptcy proceedings against these persons in Australia’s Federal Magistrates’ Court in an effort to recoup the debt from hundreds of unpaid car loans.
It’s all rather depressing, really, especially in the aftermath of the Global Financial Crisis. Take one man who bought an AU$80,000 Lexus on credit shortly before he lost his AU$110,000 job. Or the woman who signed her name on a car loan for her and her husband, only to have him leave her and get stuck with the debt. "They repossessed the car, but they still want [AU]$25,000. I don't know what to do,” said the 34 year-old.
That the woman earns just AU$36,000 a year is of no concern to BMW Finance. Peter Malone, a bankruptcy expert at CRS Warner Kuegel told the Sunday Herald Sun newspaper that creditors could, through a bankruptcy trustee, seize many of a debtor’s assets including their home, cash and shares.
Even if the car is repossessed or sold on, debtors still owe on the shortfall which can sometimes be big money. In Australia, one can be made bankrupt over as little as AU$5,000. Most of the claims the Herald Sun inspected fell into the AU$30,000 plus category, with one debtor owing a whopping AU$190,000.
It just goes to show that that old saying still stands up today, “They that dance must pay the fiddler.” Though in retrospect, why anyone would want to dance to a AU$190,000 tune is beyond my comprehension...
By Tristan Hankins
Source: Herald Sun
Tuesday, February 22, 2011
Two Germans Travel Across Australia in a Wind Turbine Car [with Video]
0 comments Posted by car 2011 at 12:56 PM
When it comes to crazy-cool engineering, nobody can top ze Germans. If it’s even vaguely plausible, you can bet that some German crackpot inventor has done it. Well, now two Germans – Stefan Simmerer and Dirk Gion – have broken three Guinness World Records in a ... wait for it ... wind turbine powered electric car.
That’s right, an EV that’s powered by a wind turbine, those big robotic looking windmills you may have seen in farms atop hilltops in Scotland or Pennsylvania. Here’s how it works:
At night, Simmerer and Gion park the Wind Explorer – that’s what it’s called – and erect a nifty looking collapsible wind turbine. While they sleep, the lightweight turbine generates enough energy to recharger the Wind Explorer’s batteries. If they’re running low on energy during the day, they can whip out a kite that helps powered the vehicle forward.
Simmerer, Gion and the Wind Explorer have recently completed a 4,800 kilometer (2,983 mile), 18 day trek across Australia where they either broke or established three Guinness World Records: the first to cross the Great Southern Land in a wind powered car, the longest distance travelled in a 36 hour period and the most distance travelled overall in a wind powered car.
You can check out some sweet videos of the Wind Explorer’s journey below.
By Tristan Hankins
Source: Wind-Explorer
_______________________________VIDEOS_______________________________
Two Germans Travel Across Australia in a Wind Turbine Car [with Video]
0 comments Posted by car 2011 at 12:56 PM
When it comes to crazy-cool engineering, nobody can top ze Germans. If it’s even vaguely plausible, you can bet that some German crackpot inventor has done it. Well, now two Germans – Stefan Simmerer and Dirk Gion – have broken three Guinness World Records in a ... wait for it ... wind turbine powered electric car.
That’s right, an EV that’s powered by a wind turbine, those big robotic looking windmills you may have seen in farms atop hilltops in Scotland or Pennsylvania. Here’s how it works:
At night, Simmerer and Gion park the Wind Explorer – that’s what it’s called – and erect a nifty looking collapsible wind turbine. While they sleep, the lightweight turbine generates enough energy to recharger the Wind Explorer’s batteries. If they’re running low on energy during the day, they can whip out a kite that helps powered the vehicle forward.
Simmerer, Gion and the Wind Explorer have recently completed a 4,800 kilometer (2,983 mile), 18 day trek across Australia where they either broke or established three Guinness World Records: the first to cross the Great Southern Land in a wind powered car, the longest distance travelled in a 36 hour period and the most distance travelled overall in a wind powered car.
You can check out some sweet videos of the Wind Explorer’s journey below.
By Tristan Hankins
Source: Wind-Explorer
_______________________________VIDEOS_______________________________
Two Germans Travel Across Australia in a Wind Turbine Car [with Video]
0 comments Posted by car 2011 at 12:56 PM
When it comes to crazy-cool engineering, nobody can top ze Germans. If it’s even vaguely plausible, you can bet that some German crackpot inventor has done it. Well, now two Germans – Stefan Simmerer and Dirk Gion – have broken three Guinness World Records in a ... wait for it ... wind turbine powered electric car.
That’s right, an EV that’s powered by a wind turbine, those big robotic looking windmills you may have seen in farms atop hilltops in Scotland or Pennsylvania. Here’s how it works:
At night, Simmerer and Gion park the Wind Explorer – that’s what it’s called – and erect a nifty looking collapsible wind turbine. While they sleep, the lightweight turbine generates enough energy to recharger the Wind Explorer’s batteries. If they’re running low on energy during the day, they can whip out a kite that helps powered the vehicle forward.
Simmerer, Gion and the Wind Explorer have recently completed a 4,800 kilometer (2,983 mile), 18 day trek across Australia where they either broke or established three Guinness World Records: the first to cross the Great Southern Land in a wind powered car, the longest distance travelled in a 36 hour period and the most distance travelled overall in a wind powered car.
You can check out some sweet videos of the Wind Explorer’s journey below.
By Tristan Hankins
Source: Wind-Explorer
_______________________________VIDEOS_______________________________
