Aid granted during the crisis
SME owners are using the transitional aid released by the Federal Council to repay their debts and recover the luxury cars they had deposited as loan guarantees.
Among the brands concerned: Aston Martin, Ferrari, Mercedes, Porsche, or even Rolls Royce (Illustration photo).
–Keystone
–
Unlocked by the Swiss government in March, the 40 billion francs in transitional aid for SMEs affected by the coronavirus crisis are not always put to good use. Business owners use the money they get to pay off their pawn loans and recover the luxury cars they had deposited as collateral, reveals the “Sonntagszeitung“
–
“We note that a large number of luxury cars have been recovered by entrepreneurs since the vote on emergency aid in the face of the pandemic,” notes a German pawnbroker. The latter grants loans of up to 100,000 francs.
–
Ferrari, Aston Martin and Rolls Royce
Debtors do not have to give any reason to recover their pledged cars. They are mainly managers of companies active in the construction, real estate and finance sectors. “We know that many customers use emergency loans to pay off debts and get their cars back,” says the pawnbroker. Among the brands concerned: Aston Martin, Ferrari, Mercedes, Porsche, or even Rolls Royce.
–
The only purpose of the transition credits is to cover operating costs, as stipulated in the Federal Council ordinance. And not to repay previous debts. But this rule can easily be circumvented, explains the “Sonntagszeitung”.
–
Car loans on pawnbrokers are not included in any national register. And creditors are under no obligation to report loans they make to an information center, as is the case with consumer credit, for example. Finally, transactions are often settled in cash, which limits the traceability of exchanges.
—
