Where America's Wealthy Turn Their Supercars Into Cash
Sometimes, bad things happen and you need a little cash. People selling their cars for extra money is a practice that has been going on almost as long as cars themselves have been in existence. On occasion it even happens to the one percent, who sometimes take to pawning their uber-expensive rides when in need.
They're not taking their cars to some seedy shop on the "other" side of the tracks, however. They are going to Borro, a nationwide service that specializes in personal asset loans. Borro stores these previous illiquid valuables in secure locations until the short term loan is paid.
Why would the wealthy elite pawn their cars to fatten up their wallets? The answers just might surprise you. Check out some of the fancy rides Borro has on its premises and how much they're going for.
2005 Lamborghini Murcielago
This exotic sports car, worth about $323,000, was put up for a loan of $161,000, used for funding a small business.
Research the 2005 Lamborghini Murcielago
2000 Ferrari Modena 360
After nearly 15 years on the road, this Ferrari is just worth about $59,000, but that was still plenty to obtain a $32,000 loan for the owner to travel overseas to handle a business matter.
Research the 2000 Ferrari 360 Modena
2001 Porsche 911 Carrera C2 Coupe
The Borro borrower actually did pawn his Porsche to get funds to pay the mortgage. This C2 Carrera, worth about $24,000, resulted in an $18,000 loan. Hopefully that was more than one month's mortgage!
Research the 2001 Porsche 911
2006 Aston Martin DB9 Volante
Cash flow was also the challenge for the small business owner who owns this James Bond worthy Aston Martin. Borro provided a loan of $48,400 for the car, which is valued at about $65,000.
Research the 2006 Aston Martin DB9
2006 Bentley Arnage T
Real estate prices are still rebounding after the 2008 economic crisis and that presents a challenge for some real estate investors. The owner of this Bentley, valued at about $59,000, received a $32,200 loan to use as a stop gap while numerous properties were on the market.
Research the 2006 Bentley Arnage
2007 Bentley Continental GTC
When you own two businesses, sometimes finances can get a little dicey. The owner of this Bentley got $32,250 against this $61,400 ultra-luxury car to provide much-needed capital for general business expenses.
Research the Bentley Continental
2005 Maserati Quattroporte
We're not really sure what kind of "family emergency" requires a $15,000 loan, but that's the reason this Borro borrower ponied up this Maserati. With an estimated value of $27,000 for the car, the loan was quickly approved.
Research the 2005 Maserati Quattroporte
2008 Aston Martin V8 Vantage Roadster
What do you do when the IRS comes calling? Figure out a way to pay up. This Aston Martin, worth about $35,000, provided just the outlet for a $16,000 loan to pay a tax bill.
Research the 2008 Aston Martin V8 Vantage
2012 Porsche 911 Carrera
Some businesses have fluctuations in work that can make it hard to get buy. This owner of this Porsche, valued at around $132,000, got a $72,000 loan to bridge the gap in a seasonal construction business.