Misfortune never comes alone. A lot of businessmen had to sell their immovable properties to get money to pay workers. And now they have to sell the last valuable asset – cars – to get by.
The officers of a job company felt surprised when seeing Nam, the boss, taking taxi to work every day instead of driving a Lexus 470 as usual.
Nam is the Chair of the Board of Management of a company, which was listed in the top 10 of job supply companies, whose office is now located at one of the high end buildings in Hanoi.
The officers finally found out that the luxury car has been mortgaged by Nam to an automobile salon on Le Van Luong Road of Cau Giay district.
“Banks have repeatedly urged me to pay debts. The loans from relatives have also become due. I have mortgaged my house at banks for loan already. I have to mortgage the car as the last resort,” Nam said.
A friend of Nam’s said Nam bought the Lexus 470 at 180,000 dollars, and if counting on the car ownership registration tax and other additional expenses, he had to pay over 4 billion dong in total. Meanwhile, while mortgaging the car, he got 2 billion dong only and has to pay 120 million dong worth of interests for the loan every month, or 2000 dong for every one million dong every day.
“I feel so ashamed that I have to do that. However, 2 billion dong would be just enough to pay debts in the immediate time. In the long term, if I cannot borrow money from banks, I would have to declare bankruptcy,” Nam said.
Van Anh, Director of MH, a media firm, has applied for a job at an international group. Since potential partners have canceled contracts, MH has fallen into dilemma. Since Anh was always late in making payment, the staff left the office. Therefore, she has to mortgage her Bentley Continental for some money.
“My husband, a real estate developer, is also a big debtor in the context of the gloomy real estate market. My house has been mortgaged for bank loans already. Therefore, I have to arrange 1.5 billion dong right now to pay workers,” she said.
However, with 1.5 billion dong, Anh just can pay salaries to 10 workers, the office rent and bank loan interests. Meanwhile, she has to temporarily close the company, becoming an employee to earn money.
Luxurious cars have been available at many auto showrooms. The owner of a showroom in Cau Giay district said nearly 10 mortgaged luxury cars there have been taken on consignments by the businessmen, who need to sell cars to get money to get by.
The luxury cars on sale are all the ones with famous brands, including Lexus, Porsche Cayenne, or Acura.
The showroom’s owner advised a visitor to buy a Lexus 470, saying that it was owned by a businessman; therefore, the quality was good. This was a real estate developer, who mortgaged the car here some months ago. However, since he cannot arrange money to pay, he has to authorize the auto showroom to sell his car.
“It is a 2008 series car, which was first registered in early 2009. You can buy it at 2.250 billion dong, or 108,000 dollars,” he said.
A Porsche Cayenne who was also introduced as owned by a big businessman, was offered for sale at 94,000 dollars.
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