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Siggi Bucher
![Car pawnshop Cedric Domeniconi stands in front of mortgaged luxury coaches. Usually the cars are on the premises longer.]()
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Car pawnshop Cedric Domeniconi stands in front of mortgaged luxury coaches. Usually the cars are on the premises longer.
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Keystone
![This is exactly what should not happen: repaying other loans with the Corona loans is not allowed, Federal Councilor Ueli Maurer said in March 2020.]()
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This is exactly what should not happen: repaying other loans with the Corona loans is not allowed, Federal Councilor Ueli Maurer said in March 2020.
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Siggi Bucher
![Nevertheless, Swiss entrepreneurs skilfully circumvent the federal regulations. Because loans from car pawnshops do not appear anywhere.]()
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Nevertheless, Swiss entrepreneurs skilfully circumvent the federal regulations. Because loans from car pawnshops do not appear anywhere.
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Siggi Bucher
![Usually, business is going well for the car pawnshop, especially in times of crisis. But not now. The reason: the corona loans. Applications can still be submitted until July 31, 2020. After that, Cedric Domeniconi's warehouses are likely to fill up with luxury coaches again.]()
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Usually, business is going well for the car pawnshop, especially in times of crisis. But not now. The reason: the corona loans. Applications can still be submitted until July 31, 2020. After that, Cedric Domeniconi’s warehouses are likely to fill up with luxury coaches again.
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The lockdown brought particularly small and medium-sized enterprises (SMEs) into trouble. To save the companies, the Federal Council adopted a rescue program in March 2020. Specifically, CHF 40 billion. A good thing, actually. However, some entrepreneurs misuse the corona loans. Instead of paying their employees, they buy back their pledged luxury sledges.
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“Since the emergency aid for the Covid 19 pandemic started, we have conspicuously picked up many luxury cars from entrepreneurs,” says Cedric Domeniconi, head of Auto-Pfandhaus.ch, about the «Sunday newspaper». Ferrari, Aston Martin, Porsche. At the beginning of the Corona crisis, numerous luxury coaches were delivered to the pawnshop. Now the expensive cars roll off the yard again. The customers would primarily come from the construction, real estate and financial sectors, explains Domeniconi.
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From where the entrepreneurs suddenly have the money to bring back their luxury sledges, they do not have to state. “But we know that many customers use the emergency loans to buy back the pawn loan they originally covered with their car,” said the pawnshop boss to the “Sonntagszeitung”.
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German car dealership in the Swiss customs territory
This is exactly what shouldn’t happen: Repay other loans with the Corona loans. Nevertheless, the bosses skilfully circumvent the federal regulations. Because loans from car pawnshops do not appear anywhere.
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The Domeniconi business in Büsingen (D) plays a special role in this. Although this is in Germany, it is so close to the Swiss border that it falls within the Swiss customs territory. Because it is entirely surrounded by Swiss territory on all sides, the wagons do not have to be cleared or taxed on export. And more importantly, the luxury coaches cannot be confiscated.
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Usually, business is going well for the car pawnshop, especially in times of crisis. But not now. The reason: the corona loans. Applications can still be submitted until July 31, 2020. After that, Cedric Domeniconi’s warehouses are likely to fill up with luxury coaches again. (ymh)
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