Title: Getting Shafted Buying Notes?
Post by: JohnnyP on February 25, 2017, 11:00:00 PM
Post by: JohnnyP on February 25, 2017, 11:00:00 PM
I have been buying pretty conservative notes on folio. Usually grade 'C' with level or rising FICO and never late. Usually around one year old. These usually have roughly 2% discount.
It seems like lately a lot of these have been going late right after I buy them. Is there any way that the seller may know more information than I might? Is there something I should be looking for to make sure I am not getting shafted?
Thanks for any help.
It seems like lately a lot of these have been going late right after I buy them. Is there any way that the seller may know more information than I might? Is there something I should be looking for to make sure I am not getting shafted?
Thanks for any help.
Title: Getting Shafted Buying Notes?
Post by: yojoakak on February 25, 2017, 11:00:00 PM
Post by: yojoakak on February 25, 2017, 11:00:00 PM
Title: Getting Shafted Buying Notes?
Post by: fliphusker on February 25, 2017, 11:00:00 PM
Post by: fliphusker on February 25, 2017, 11:00:00 PM
Title: Getting Shafted Buying Notes?
Post by: dr.everett on February 25, 2017, 11:00:00 PM
Post by: dr.everett on February 25, 2017, 11:00:00 PM
The suggestion I would make as someone who buys on FOLIO extensively would be to look at notes with at least 6-12 payments made, 6 for 36 month loans, and 12 or more for 60 month loans. While not eliminating all possibility of charge offs, it seems to help significantly.
Title: Getting Shafted Buying Notes?
Post by: trixh0 on April 27, 2017, 11:00:00 PM
Post by: trixh0 on April 27, 2017, 11:00:00 PM
Title: Getting Shafted Buying Notes?
Post by: rubicon on April 27, 2017, 11:00:00 PM
Post by: rubicon on April 27, 2017, 11:00:00 PM
this doesn't work since notes get cancelled if the status changes.
Title: Getting Shafted Buying Notes?
Post by: TravelingPennies on April 27, 2017, 11:00:00 PM
Post by: TravelingPennies on April 27, 2017, 11:00:00 PM
Hello and,
Exactly, but you can do so the day before. If the payment comes you keep the note. If the payment is late you have sold it.
Best regards
Jens
Exactly, but you can do so the day before. If the payment comes you keep the note. If the payment is late you have sold it.
Best regards
Jens
Title: Getting Shafted Buying Notes?
Post by: TravelingPennies on April 27, 2017, 11:00:00 PM
Post by: TravelingPennies on April 27, 2017, 11:00:00 PM
your timeline doesn't make sense.
If you sell the note on the day before, they will get cancelled the next day if the payment comes through or the status changes.
If you sell the note on the day before, they will get cancelled the next day if the payment comes through or the status changes.
Title: Getting Shafted Buying Notes?
Post by: TravelingPennies on April 28, 2017, 11:00:00 PM
Post by: TravelingPennies on April 28, 2017, 11:00:00 PM
My observations:
Note changes status and payment arrives.
OR
I buy the note and the note becomes late.
What I have not yet seen:
Notes changes status, I'm denied the buy and the note becomes late.
Note changes status and payment arrives.
OR
I buy the note and the note becomes late.
What I have not yet seen:
Notes changes status, I'm denied the buy and the note becomes late.
Title: Getting Shafted Buying Notes?
Post by: Lovinglifestyle on April 28, 2017, 11:00:00 PM
Post by: Lovinglifestyle on April 28, 2017, 11:00:00 PM
My observations as a seller have been that if the note goes payment pending the sale is canceled, regardless of whether the payment gets paid or not. To sell it again I have to re-list it if/when that becomes possible.
Title: Getting Shafted Buying Notes?
Post by: Rob L on April 28, 2017, 11:00:00 PM
Post by: Rob L on April 28, 2017, 11:00:00 PM
Title: Getting Shafted Buying Notes?
Post by: TravelingPennies on April 28, 2017, 11:00:00 PM
Post by: TravelingPennies on April 28, 2017, 11:00:00 PM
When do charge off's occur?
Here is a daily chart of mine from late January 2017 to date. I've had 1275 total charge offs over the life of my account.
Here is a daily chart of mine from late January 2017 to date. I've had 1275 total charge offs over the life of my account.
Title: Getting Shafted Buying Notes?
Post by: Fred93 on April 28, 2017, 11:00:00 PM
Post by: Fred93 on April 28, 2017, 11:00:00 PM
Title: Getting Shafted Buying Notes?
Post by: Rhonda9080 on September 24, 2017, 11:00:00 PM
Post by: Rhonda9080 on September 24, 2017, 11:00:00 PM
I have now been noting when the last payment was posted so I don't get into the cancelled, payment processing thing like I did before. Not rocket science, but I didn't understand at first why some sales or buys were cancelled. Dumb me.