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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.



Knight

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!!!!!

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.

Ok..,

I'll stick to my old car as that was bought new in 2005!!!!

Captain Australia wrote: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.

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!



Knight

I've heard the same thing from several different sources.

I read!!!!

I heard!!!!

good heavens!!!!

will do my homework always!!!!

infiniti g37 !!!!!!

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?

didn't mentioned the abandoned cars that was/wasn't wrecked due to crash in some desert roads.

Captain Australia wrote: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?

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.

Why Auction? Why not make a raffle for Etisalat customers...or RTA

Dubai Knight wrote: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.



Knight

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.

Captain Australia wrote: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.

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.

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?

yorky500 wrote: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".

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.

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.

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!



Knight

Can I go and drive one of those posh cars parked in Dubai Airport for the weekend?!?!?!?!?!

I swear I will return it back...

Just don't get into an accident!

quatroporte wrote:Can I go and drive one of those posh cars parked in Dubai Airport for the weekend?!?!?!?!?!

I swear I will return it back...

Well the last owner won't care...mind you, you might get arrested and have to pay his 3 million dirham rent debt!



Knight

Dubai Knight wrote: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.

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?

yorky500 wrote: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.

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.

quatroporte wrote:Can I go and drive one of those posh cars parked in Dubai Airport for the weekend?!?!?!?!?!

I swear I will return it back...

lol. lemme know if u could.

Dubai Knight wrote:

Captain Australia wrote: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.

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!



Knight

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?

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.

FTD wrote: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.

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

yesterday alone police got 80 cars from dubai airport. heard it in the news.

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

saeedz28 wrote: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

so true

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.