TRA - Turners Automotive Group [previously TNR - Turners Limited]

**Beagle** · 04-06-2018, 08:51 PM

Originally Posted by winner69

Is only short haul but don't forgey to check pitch and seat width ....... could be worse than one of those Jetstar sardine tins

Bet ya the seats, steering wheel and cup holders aren't heated either...hmmm...

Like anything you get what you pay for...why travel economy when you don't need too ?

**Snoopy** · 04-06-2018, 08:56 PM

Originally Posted by winner69

Snoops ......how much do Turners have to ‘discount’ the loans by when they are packaged up, ie what is BNZ’s cut ....before funding the SPV to buy them

Near the end of note 14 in AR2017, Turners have this to say:

"The group retains substantially all of the risks and rewards relating to the finance receivables sold and therefore the finance receivables do not qualify for derecognition and remain on the groups consolidated statement of financial position."

If Turners ultimately retain all the risk, then there is no reason to offer a discount to those buying the repackaged loans. So my guess is the amount of discount offered to the BNZ who are securitizing the loans for "on sale" is - none!

SNOOPY

**winner69** · 05-06-2018, 11:06 AM

Originally Posted by Snoopy

Near the end of note 14 in AR2017, Turners have this to say:

"The group retains substantially all of the risks and rewards relating to the finance receivables sold and therefore the finance receivables do not qualify for derecognition and remain on the groups consolidated statement of financial position."

If Turners ultimately retain all the risk, then there is no reason to offer a discount to those buying the repackaged loans. So my guess is the amount of discount offered to the BNZ who are securitizing the loans for "on sale" is - none!

SNOOPY

snoops, it’s pretty clever how that Trust has a bond issue (which Turners take up) to pay for 8% of the debt securitised. (Bank funds the other 92%)

**winner69** · 05-06-2018, 11:08 AM

Boomer of a day on the NZX

Most things seem to be up except TRA (and PEB)

Maybe the market is laughing at me for buying TRA

**Beagle** · 05-06-2018, 11:28 AM

Originally Posted by winner69

Boomer of a day on the NZX

Most things seem to be up except TRA (and PEB)

Maybe the market is laughing at me for buying TRA

I got my snout into some more this morning @ $2.96....why look a gift horse in the mouth ? The other thing that I really like about this one is I think about all the fat margins I've paid to car dealers over the years with vehicle deals I've done. Its so remarkably refreshing to be on the other side of the ledger !! Steadily working my way up towards Percy's end of the tent

**percy** · 05-06-2018, 11:33 AM

Originally Posted by winner69

Boomer of a day on the NZX

Most things seem to be up except TRA (and PEB)

Maybe the market is laughing at me for buying TRA

Sell and move on.
Win win situation for everyone.

**couta1** · 05-06-2018, 11:34 AM

Originally Posted by percy

Sell and move on.
Win win situation for everyone.

I want them at $2.96.

**Beagle** · 05-06-2018, 11:37 AM

Originally Posted by couta1

I want them at $2.96.

Me too, I have a healthy appetite for more at that level, (only really $2.91 taking into account the pending 5 cent divvy, but sssshhh, let's keep the real price to ourselves)