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Leasing companies have increasingly more repossessed items, but won't cut prices

Leasing companies have increasingly more repossessed items, but won't cut prices
01.06.2010, 21:16 13

Leasing companies have increasingly more repossessed goods, withtheir number rising significantly over the last half-year - but areunable to sell them because they will not even think about cuttingprices on a market where demand is lacking.
For instance, while in November last year VB Leasing, a mid-sizecompany, had almost 1,200 repossessed goods listed on its website,now they exceed 1,600. At BCR Leasing the number of repossessedgoods climbed from 429 in November last year to 770 at present.Another example is Marfin Leasing, which now has a twice as longlist of recovered goods than seven months ago, 370 to beexact.
Financers say whilst there is some demand for cars, no one isinterested in buying lorries and utility vehicles.
"Demand for cars is not very significant, but steady. The problemis with lorries and utility vehicles - their market is frozen,which is in fact understandable, considering the state of roadinfrastructure," says Cornel Coca Constantinescu, CEO of MKBRomexterra Leasing.
On the market there are thousands of cars, lorries, pieces ofequipment, and buildings put up for sale by leasing companies afterthey had repossessed them from clients no longer able to pay theirinstalments.

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