Rare cars sold for millions

RM Auctions carried out its first auction this last weekend in Cernobbio, Italy. The sale was held at the Villa d’Este concourse. The event boasted a catalog to make antique automobile lovers drool. There were a cadre of rare and historically essential automobiles on sale. Many of the automobiles earned millions of dollars apiece.

Event exciting for several people

Collectors and car aficionados were very looking forward to the auction. Automobile correspondent Paul Lienert, said before the event, “The first-ever Villa d’Este sale will feature the crème de la crème of classic European hardware.”

Rare Ford roadster prized

On May 21, a lot of people at the auction were anxious about one automobile. The rare 1965 Ford GT40 Works prototype roadster was on everyone’s mind. In the 1965 Targa Florio, the car was a works entrant. The vehicle had two pilots. This incorporated Bob Bondurant and Sir John Whitmore. Although it was among the top sellers, by the time the dust settled it had not topped the sales at the much-anticipated event.

Buying one of the top sellers would cost millions

Millions of dollars were paid for the top sellers. Among them were the 1955 Ferrari 375 MM, which sold for $4.8 million. A 1938 art-deco Talbot-Lago T150-C SS was sold for more than $4 million. There was a four-cylinder Ferrari 500 Testa Rossa for sale too. It cost about $4 million to purchase. The 1959 Ferrari 250 California sold too. It was at $3.6 million. The 1947 Bugatti Type 57sc Atlante earned just less than $3 million, as did the above-mentioned 1965 Ford GT40 roadster prototype.

The 1953 250 MM Ferrari was built specifically for Mexican collector Efrain Ruiz Echeverria and sold for $3 million. He drove it in the 1953 Carrera Panamericana.

These went over a million

About $2.1 million was paid for the 1967 Lamborghini Marzal and $1 million for the 1970 Lancia Stratos HF Zero.

Some go for under a million

Two Zagato-bodied Alfa Romeos from the 1960s sold for around $900,000 and $370,000 apiece. All totaled, the auction brought in about $32 million.

Information from

Autoblog

autoblog.com/2011/05/24/rare-classics-sell-for-millions-at-villa-deste-auction/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+weblogsinc%2Fautoblog+%28Autoblog%29

Top Gear

topgear.com/uk/photos/rm-auctions-villa-d-este-2011-05-17

Edmunds Inside Line

insideline.com/ford/gt/ford-gt40-prototype-headlines-villa-d-este-auction.html

Great Britain sees a rise in payday loans

The amount of installment loans taken out has had a significant boost in Great Britain over the last month. The increase continues to sharply escalate following the Financial institution Holiday at the beginning of the month. The demand has seen about a 58 percent increase from the same time in April.

Costs go up even more

Several think that Great Britain’s economy could be forecasted based on the boost in installment loans. Moneysupermarket.com explained that in just the last six months, the average amount spent by a great Britain family in one week has increase by 54 pounds, which is about $87.

No boost in wages

There has been a huge struggle for working people since wages have been stagnant. At the same time, prices have been increasing quite a bit. A report recently put out by Scottish Widows claims that about 8.5 million households would be in deep trouble financially should their primary source of income end. Only about 25 percent of individuals surveyed reported that they would be financially stable in the long term if their income was lost.

The Customer Protection Report from Scottish Widows also reported that almost half of the country’s families with children are reliant upon two salaries.

Payday loans an economic barometer

Tim Moss, who’s the head of loans and debt for the Moneysupermarket.com site, claims: “These goods act as a barometer, giving a unique insight into the state of the nation’s finances.” Moss continues, “It’s no surprise to see the demand for installment loans rise so sharply in the current climate.”

Cash advances often cheaper than overdrafts

Moss adds, however, that despite their critics, these types of loans are often a better value than the penalties faced when entering an authorized overdraft.

Make the right choice

Don’t just take out a payday advance. Make sure you consider what you are doing first. It will cost even more to pay back a cash advance loan if it isn’t paid in time. Typically only a few weeks are given to pay them back.

Citations

My Finances

myfinances.co.uk/loans-and-credit/2011/05/17/payday-loans-rise-in-popularity-after-bank-holiday-spending

Payday Bank

paydaybank.co.uk/news/

Yorkshire Post

yorkshirepost.co.uk/business/business-news/demand_for_payday_loans_on_the_rise_1_3403086

Trust in banks waning for consumers

Few U.S. customers trust their banks anymore, according to studies. This isn’t a difficult conclusion to come by, writes Bankrate. Polls like the biannual Index of Bank Sentiment by consulting firm BAI & Finacle asked consumers “Do you trust your bank?” and consumers replied with a resounding “No.” Bankers surveyed in the same poll seemed oblivious to the truth, as they trusted that consumers trust them.

Bankers and customers think differently

The Index of Bank Sentiment survey polled a large group of bankers and more than 2,500 U.S. banking customers. The results suggest that there is too huge of a gap between the 77 points of consumers that trust their banks and the 121 points of bankers that think consumers trust them. It was not just a difference of opinion that was taking place. A mark of 100 points for either side would have indicated reasonable confidence.

These findings in the BAI & Finacle survey are well supported. The rise in non-traditional customer credit products supports this, including payday loans increasing. It makes sense that a customer could be more interested in small loans at other financial institutions if they answer “Do you trust your bank” with no.

Perception does not involve trust

The Index of Bank Sentiment survey showed that 63 percent of respondents felt their banks were not trustworthy. Still, 64 percent said that a “good image and reputation” was still shown with their bank. Then another 40 percent said their banks were not interested in their best interest.

About 85 percent of respondents didn’t think bank fees should be required for a checking account at all. Banks were considered reasonable by 44 percent.

Banks considered Fortune 500 banks

While community banks and credit unions have become increasingly popular with customers, large commercial banks still reign supreme when it comes to capturing customer business. According to the recently released Fortune 500 list, 20 commercial banks cracked the list of top U.S. corporations, with seven in the top 100. Bank of American Corp. ranked first among commercial banks, and ninth overall on the Fortune 500. J.P. Morgan Chase & Co. (13th overall), Citigroup (14th), Wells Fargo (23rd) and Goldman Sachs Group (54th) rounded out the top five.

Many businesses with financial services and United States opinion

Investment brokers and cash advance businesses both are in the world of financial service corporations. This is outside of the banks. Expanding upon the BAI & Finacle survey, The Edelman Trust in United States Financial Services Survey found that almost half of consumers polled trusted their financial service business less in 2010 than the previous year. About 20 percent of respondents said that they thought this was because financial services industry was responsible for the recession while 46 percent thought that it was because of corporate greed.

Articles cited

Bankrate.com

bankrate.com/financing/banking/do-you-trust-your-bank/

Shared Financial Success

sharedfinancialsuccess.com/fortune-500-who-should-you-trust-with-your-money/

Author Ramit Sethi on ways banks nickel and dime you

youtube.com/watch?v=b1wQYXYbxDs

Payday cash advance lenders are not all scared off by consumer bureau

The Dodd Frank Act, among other things, put consumer financial products like charge cards and payday loans under the auspices of the Consumer Financial Protection Bureau, the government agency which is currently stalled in coming to life in Congress. Payday lending was one of the things that consumer advocates were keen on getting under greater government oversight. Some were hoping the CFPB would regulate payday loan lenders out of existence. That said, the bureau isn’t really operation yet and is embroiled in a Congressional brouhaha. Also, there is at least one major payday lending firm that actually welcomes the bureau.

Advance America exec states company has nothing to hide

Since the Consumers Financial Protection Bureau would protect consumers from opposed goods for instance payday loans, many consumer supports loved the idea of the bureau. It seemed like the CFPB could do a good job regulating the product since several are against its existence. There is one executive of a pay day loan company that is not scared of the Consumer Financial Protection Bureau. It actually welcomes the executive. The bureau has been completely welcomed by William Webster. According to the Wall Street Journal, Webster is the Chairman of Advance America Cash advance Centers Inc. He claims there’s nothing that the government will dig up the company doesn’t already disclose.

Giving Elizabeth Warren the praise he feels she deserves

The Huffington Post reports that Elizabeth Warren has been praised by Webster on record for getting the bureau set up and stopping overdraft fees from taking place. Granted, overdraft loans and payday loans are competing products. Loan businesses such as Webster will not have an issue with the CFPB looking into abuses in their businesses. This is because they do not abuse anything and actually disclose fees as they’re supposed to. Most payday loan companies are for legislation as long as it is responsible and helps consumers and lenders. Webster believes that online lenders and overdraft loan programs should be getting more regulation than any since they typically stay away from laws more than stores.

Cloudy future for Consumer Financial Protection Bureau

The future of the CFPB is unclear. There were three bills introduced recently to change the agency structure or to stop operations from starting for a while, which shows how tricky Congress is making it for the agency to begin. It may be awhile before the bureau actually gets started though with the July 21 deadline coming up fast without a director. Not to mention, Congress hasn’t even been able to choose if one director of five will work better yet.

Articles cited

Wall Street Journal

online.wsj.com/article/BT-CO-20110513-712677.html

Huffington Post

huffingtonpost.com/2011/05/10/payday-loan-kingpin-praises-elizabeth-warren_n_859753.html?ir=Business

CNN

money.cnn.com/2011/05/06/news/economy/cfpb_director/?section=money_latest

New business gives credit ratings to small businesses

In the world of tech startups, getting funding is pretty standard. Discover an angel investor or big-name investment firm to dump millions of dollars into your idea. Then there are the small businesses that all of us use that are not the “big idea.” A new startup called OnDeck is trying to help these 5 million businesses qualify for loans more easily.

Small Businesses having difficulty getting loans

Getting a small business loan isn’t easy. Some companies have trouble with this. Many financial institutions are wary of lending to companies without a credit history or business history. Companies typically don’t like to do loans less than $100,000. The work involved in a 14-item business loan package just is not worth it. Faced with these two realities, several owners of companies with fewer than 25 employees end up using their personal credit to secure financing. This could be dangerous since all the risk is there for the business owner and is tied to personal accounts.

How OnDeck can help

Cloud-based and interconnected, OnDeck aims to streamline the creation of financial reports and information for lenders. Any business using it will link it to a business profile with their online banking, accounting and charge card accounts. The full financial profile, business credit report and prospectus is created with the information also as industry data, regional information and tax data. Big companies like reports to help them decide on loans while this system was created in 5 years. For loans between $5,000 and $150,000, the report hopes it can streamline information for banks.

Other resources for smaller businesses

It can be a good idea to get OnDeck. There are other small business credit resources though. A new government partnership called StartUp The United States aims to provide discounts, resources and information to help small company owners get their business going or growing. The SBA also provides loan guarantees, counseling and information for small company owners. More resources are accessible for any entrepreneur that wants one.

Articles cited

Tech Crunch

techcrunch.com/2011/05/19/smart-lending-on-deck-gives-your-startup-a-credit-score-so-you-can-secure-a-loan/

Startup America Partnership

startupamericapartnership.org/

Auto title loans may be re-legalized in Wisconsin

Last year, Wisconsin State became the last state in the United States to regulate the payday lending and title lending industries. Auto title lending was only banned when the governor line-item-vetoed a bill meant to regulate the industry. One committee in Wisconsin is now doing its best to get title lending put back on the ballot. The Wisconsin State legislature will consider the question very soon.

Wisconsin State regulation on lending payday loans

Right now, short-term loans for an auto title are not legal. Wisconsin State has not allowed them to be. There was 2010 legislation that was vetoed selectively. It banned all of these kinds of loans. Payday loans in Wisconsin are also limited to 35 percent of a borrower’s monthly income. No extra interest can be charged when the loan is due, even with late payments. In 2009, Wisconsin’s 527 short-term lender locations lent out $600.5 million.

Republicans in Wisconsin State response

Senate President Mike Ellis, a Republican, has been pushing this year for tighter regulations on payday loans. Regardless of his surprise at the recommendation of the Joint Finance Committee, Ellis agrees that the recommendations should be debated on the merits, instead of as a knee-jerk reaction. Rep. Robin Vos said, as the committees co-chairman, “You can make a case that it was done wrongly the first time. We’re correcting his error and actually adding some better provisions in,” while talking about the belief that the governor’s vetoes changed the bill last year.

The difference between payday lending and title lending

Title lending and payday lending are often lumped in with check cashing and other short-term financial solutions. The under banked community is typically catered to with these products, even though they’re all very different. Payday loans are short-term loans meant to be paid back in two to four weeks. Individuals are able to get higher loan amounts with title lending. Still, collateral such as an automobile is needed due to the risk. Check-cashing services charge a fee for cashing checks for consumers. Each of these services is different and should be regulated and discussed differently.

Citations

WTAQ

wtaq.com/news/articles/2011/may/13/jfc-approves-measures-including-auto-title-loans/

JS Online

jsonline.com/news/statepolitics/121731299.html

Memphis breathing easier as Mississippi river crests

The American south has been under siege by the Mississippi river, which has been flooding. Memphis, Tenn., experienced heavy flooding, however residents of the Music City can start breathing easier, as the river has crested. Though Memphis is past the most severe of it, many other areas are still in danger of flooding.

TN landmarks just fine

Some of Tennessee’s amazing landmarks are just fine, although finished 1,000 individuals are considered homeless now. BBC states that Music City’s Beale Street district was not hurt by floodwaters at all. Elvis Presley’s home in his life until he died in 1977, Graceland, was not touched once by the Mississippi. Even if individuals had to “charge hell with a water pistol,” they would keep Graceland safe. This is what a Shelby County Emergency Management Agency official explained. Some 1,300 homes have been evacuated, and there is concern, according to CBS, that pending late spring storms could bring further flash floods in the Memphis area. Normal water will take a while to get. It may be a while before every little thing goes back to normal.

Springtime means flooding

After the snowfall near record on the East Coast of the U.S., the Mississippi river has gotten very high. There was a 48 feet flood near Memphis though. That is just 10 inches lower than the 1937 record was. Memphis’ most severe danger is nearing an end. Still, other Mississippi river cities have to be cautious. Floodwaters are already coursing through the rest of the Mississippi river system and in the Mississippi river delta, and precautions are being undertaken in order to ensure that the area is safe. MSNBC reports the Army Corps of Engineers opened the Bonnet Carre Spillway recently to help relieve New Orleans’ levees pressure. Measures are being taken to prepare for the water going in that direction, although floodwaters are going through the delta already.

Not as bad as 1927 floods

Though the current flood levels are bad, they are not as bad as the 1927 floods that killed hundreds of people and brought on hundreds of millions of dollars in damage, according to the Christian Science Monitor. Due to the 1927 floods, there were finished 2,000 miles of levees made by the U.S. Army Corps of Engineers. The problem is that when the spillways are opened with the flooding, the Mississippi water just floods someplace else. It is anticipated that 900,000 acres of Arkansas farmland will become flooded as the water moves toward the Gulf of Mexico and spillways are opened along the way.

Articles cited

BBC

bbc.co.uk/news/world-us-canada-13337548

MSNBC

msnbc.msn.com/id/42973616/ns/us_news-environment/

CBS

cbsnews.com/stories/2011/05/09/travel/main20061138.shtml

Christian Science Monitor

csmonitor.com/USA/2011/0509/Mississippi-River-nears-crest-in-Memphis-but-concern-shifts-south