9 years ago
3
The dark side of a super rich city
IT’S not your usual city problem. Forget unemployment, crime and housing issues, Dubai is suffering from a case of abandoned expensive cars.
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http://www.news.com.au
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What I don't understand is why ditching their cars absolves them of their debt. How does that make sense?
They ditch cars because in Dubai any foreign national that is bankrupt goes to jail. If you default on a payment you can be arrested. Some people get to a point where they have defaulted on their loans and rather than stay they get the hell outta there quickly. The cars are then auctioned to recover some of the debt. A bounced check or missed payment can result in being arrested.
This hurts the car-lover in me. Wow.