Abandoned Luxury Cars in Dubai —
Would you pay $30,000 for this $1.6 million Ferrari Enzo? Dubai has a problem on it’s hands that probably no other city has in the world. The owner of this Ferrari, one of only 200 made had racked up fines and speeding tickets that ended up being thirty thousand bucks. So, instead of paying, he fled the country. In Dubai, failure to pay fines is an offense and the owner would of ended up in prison. Luxury cars are huge in a country that has tons of money, or, once had tons of money. They got hit hard just like everyone else. Mostly British newly minted millionaires. The problem of abandoned luxury cars in Dubai reflects the legal structure regarding bankruptcies and debts and the antiquated payments system.
The mix means that the old-fashioned post-dated check system is the norm. People might pay for their year’s rent by a number of post-dated checks – but if they have insufficient funds later in the year, because they lost their job for example, it’s off to “The Slammer.” Non-payment of car loans gets the same result. In their home countries the owners who can’t meet the payments have their cars repossessed.
In Dubai if they lose their jobs, as many did when the economy collapsed, their best option is to take off back home, leaving their belongings and debts behind. If they stay and try to sort it out the problem is that they will almost certainly end up in jail for a good stretch apparently. The airport and parking garages around the Dubai airport are filled with cars. The owners leave keys and the loan papers inside usually with apology notes. The government should sell them, but apparently they are holding onto them as evidence in case they come back to the country.
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