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Cash for Cars: How to Sell a Damaged Car Without the Hassle
Every element has a life, and it is the same for your car. The cars will expire after a certain period or remain unused after a few years. Maybe your car gets damaged due to accidents and you cannot afford to get the vehicle fixed. It is possible that the cost of repairs exceeded the value of the vehicle. Whatever the cause, you’ve now got an ugly car in your garage. Nobody wants to purchase it.
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Cash For Cars Lawrence - Get Instant Cash for Your Vehicle
If you're in Lawrence and trying to get rid of an old or unwanted car, the process can feel overwhelming. From finding the right buyer to negotiating a fair price, selling a car can be stressful. But what if there was a faster, easier way to sell your car and get instant cash?
Welcome to Cash For Cars Lawrence—the premier service that pays you top dollar for your vehicle, no matter its condition. Whether you have a used car, a junk car, or a car that's seen better days, we provide a simple, hassle-free solution. In this post, we’ll discuss the advantages of choosing Cash For Cars Lawrence and how you can benefit from our quick and convenient service.
Why Choose Cash For Cars Lawrence?
Instant Cash Offers: We offer same-day cash for cars. You don’t have to wait for payments or worry about checks bouncing. Our team evaluates your vehicle on the spot and gives you a fair price based on its make, model, year, and condition.
Free Towing Service: One of the main reasons sellers choose us is the added convenience of free towing. We will come to your location in Lawrence and tow away your car at no additional cost to you.
We Buy Cars in Any Condition: Got a junk car sitting in your garage? A vehicle that no longer runs? We buy cars in any condition—whether they’re used, damaged, or just ready for the junkyard. Don’t worry about fixing it up before selling; we take it as is!
Eco-Friendly Car Disposal: We are committed to environmental responsibility. Old vehicles contain hazardous materials that must be disposed of properly. With Cash For Cars Lawrence, you can rest assured that your car will be recycled in a way that minimizes environmental harm.
How Does the Process Work?
Selling your car to Cash For Cars Lawrence is simple. Here’s a step-by-step guide to how it works:
Get a Quote: Reach out to us via phone or online to get an instant quote. Provide details about your vehicle, including its year, make, model, and condition.
Schedule Pickup: Once you accept the quote, we’ll schedule a convenient time for pickup. Our team will come to your location in Lawrence, whether it’s at your home, office, or elsewhere.
Receive Payment: After a quick inspection of your car, we’ll hand over the cash on the spot. There are no hidden fees or surprises.
Free Car Removal: We provide free towing as part of our service. We take care of all the logistics, so you don’t have to worry.
Frequently Asked Questions (FAQs)
1. How fast can I sell my car with Cash For Cars Lawrence?
We pride ourselves on fast service. Once you contact us, we can typically complete the transaction and pick up your car within 24 to 48 hours.
2. Do I need to have the car’s title to sell it?
Yes, in most cases, having the car’s title is required to sell your vehicle. However, if you’ve lost the title, we may be able to help you obtain a duplicate.
3. What types of cars do you buy?
We buy all types of vehicles—cars, trucks, SUVs, and vans—in any condition. Whether it’s running or not, we’ll make you an offer.
4. How do you determine the value of my car?
The value of your car is determined based on its make, model, year, mileage, and overall condition. We use fair market value to ensure you receive a competitive offer.
5. Is there a fee for towing?
No! Towing is completely free as part of our service. Once you accept our offer, we’ll take care of the vehicle pickup at no cost to you.
Conclusion
If you're looking for a fast, reliable, and profitable way to get rid of your car in Lawrence, Cash For Cars Lawrence is your solution. With instant cash offers, free towing, and no complicated paperwork, selling your car has never been easier. Whether you have a junk car or a used vehicle, we’re here to help you turn it into cash with minimal effort.
Contact us today for a no-obligation quote and see why we’re the top choice for car sellers in Lawrence. Turn your unwanted car into cash with Cash For Cars Lawrence!
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We are a reliable and local cash-for-cars company that offers hassle-free junk car removal service at your doorstep in Lawrence Kansas and nearby areas. We buy junk cars in Lawrence and offer instant cash in return for your junk cars. Connect with us to sell your junk cars.
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Best Junk Car Buyer Overland Park-cashforcars-junkcars
https://cashforcars-junkcars.com/cash-for-cars-overland-park-kansas/
Cash for Cars 1429 Legends Circle Lawrence Kansas 66049 785-260-6400
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You will find it for yourself that We buy Junk Cars Lawrence Kansas at the highest price. Along with that we also offer free towing facility from your residence and deliver cash on the spot making the entire process very convenient, easy and fast as well. No one has to run here and there saying. I want to Sell my Junk car Kansas City Missouri’. All you have to do is to make a call.
For more details...
☎ Call us: 785-260-6400
✔ Visit us: www.cashforcars-junkcars.com
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Market Watch: 1962-1964 Ferrari 250 GTO
By now you have probably heard the news: A 1962 Ferrari 250 GTO sold at RM Sotheby’s Monterey auction in August for $48,405,000—a world-record price for a car sold at any auction. Why would anyone spend the better part of $50 million on a car? The short answer is because they can. The long answer is more complicated.
The End of an Era
If you read Automobile, you are likely at least aware of the rarefied air the 250 GTO inhales through its six downdraft Weber carburetors. Across the last decade, the car, with its distinguished aluminum bodywork and a 3.0-liter Colombo V-12 engine, has continued to establish itself as perhaps the premier collectible postwar classic car. Ferrari built just 33 Series I 250 GTOs with the original and more traditional early bodywork, in addition to three more Series II cars with revised sheetmetal for total production of just 36 cars.
Superstar Car: All eyes (and cell phone cameras) were glued to the front of the room as this 1962 Ferrari 250 GTO became the most expensive car to ever sell at auction.
The 250 GTO’s legacy is the stuff of legend. Essentially the last of the true dual-purpose road racers, able to compete on a track and drive home afterward, the 250 GTO (250cc of displacement per cylinder, and Gran Turismo Omologato designating its competition-homologated status) was the ultimate evolution of Ferrari’s front-engine 250 GT series. These 250 GT cars were sold in both road and race spec, but their basic engines and chassis were very similar, and the series really put Ferrari on the map as a credible production carmaker. Today Ferrari as a marque is often said to be the most recognized worldwide.
“You’ve got a roadgoing race car that won many of the big events in Europe and the United States in its day, and it was a romantic time in racing—we loved all the drivers,”
But make no mistake, the 250 GTO, in contrast to the brand’s 250 GT/L or Lusso road car, was made for a single purpose: to contest and win the 1962 FIA GT 3.0-liter international racing class. Which it accomplished. And then it did so again in 1963, besting competition from Jaguar’s new E-type Lightweight and Shelby’s AC-based and Ford-powered Cobra. Its successor, the mid-engine 250 LM, began a motorsports era in which serious race cars drifted ever further away from any premise of road use.
Our subject car was given new Series 2 sheetmetal in 1964.
“You’ve got a roadgoing race car that won many of the big events in Europe and the United States in its day, and it was a romantic time in racing—we loved all the drivers,” says Wayne Carini, owner of classic car dealership F40 Motorsports and host of Motor Trend Network’s “Chasing Classic Cars.” “Until recently, not many GTOs have been sold at auction; they’ve all been traded very privately.”
Like MacNeil’s GTO, this one still has its original engine and gearbox and it was never crashed severely.
Southern California-based classic Ferrari specialist and broker Michael Sheehan adds, “The most prestigious [collector car] club is, of course, the GTO club, which buys access to rub shoulders with Lawrence Stroll, the McCaw brothers, Rob Walton, Nick Mason, Anthony Bamford, Charles Nearburg, Chip Connor, and the [rest] of the international super-rich who have their [GTO] owners’ meetings and literally jet from very private collection to very private collection to show whose is indeed bigger.”
A Recent High-Water Mark
One of those private sales occurred several months ago when a 1963 Ferrari 250 GTO, chassis No. 4153 GT, entered the collection of American David MacNeil, founder of WeatherTech, a large automotive floormats business whose advertisements you’ll find in this very magazine. The sale price was widely reported as being upward of $70 million, a new world-record sales price for any automobile in any venue. As GTOs go, many experts deemed No. 4153 GT as one of the finest. It is believed to retain its original Series I bodywork and its original engine, rarities for cars that have raced extensively. Its history includes an overall win at the prestigious 1964 Tour de France road race and fourth overall at the 1963 24 Hours of Le Mans. Its sale price was instrumental in our subject car arriving at RM Sotheby’s Monterey auction.
“The GTO that sold for more than $70 million was a different body style but still the same thing: a GTO,” Carini says. “That prompted this owner [businessman and vintage racer Gregory Whitten] to come forward because of the price of the previous sale, and he thought, ‘Well, maybe it’s time to sell mine while the market’s hot.’ The gentleman certainly didn’t need the money, but it was a decision based on many things. He was at a point in his life when he thought he wasn’t using it properly and it was time to cash his chips in.”
And yes, we can verify MacNeil’s GTO wears WeatherTech floormats.
A New Auction Record
Our subject car, chassis No. 3413 GT, was originally a Series I car, built in 1962, then rebodied in 1964 with the more streamlined but less iconic Series II panels. Like MacNeil’s GTO, this one still has its original engine and gearbox, and it was never crashed severely. With its Series I bodywork, it was driven at the 1962 Targa Florio by Phil Hill, just after he became the first American Formula 1 World Champion in 1961 at the wheel of a Ferrari. It then changed hands and went on to win its class at the 1963 Targa Florio, and, with new bodywork, it did the same in ’64.
RM Sotheby’s estimated No. 3413 GT would sell for between $45 million and $50 million when it crossed the block in August; bidding opened at $35 million. Over the course of about 10 minutes, a handful of bidders, mainly on the phone, calmly raised the price by increments of $1 million, then $250,000, until the car was resolutely announced sold at $48,405,000 including RM Sotheby’s commission. The bid soundly beat the previous auction record of $38,115,000, also set by a 250 GTO, chassis No. 3851 GT at Bonhams’ Quail Lodge sale in 2014.
So did MacNeil overpay for his $70 million GTO?
“I think MacNeil’s car was probably one of the best ones,” Carini says, “and the difference between a good car and a superb car, as we’re seeing, is about $25 million.
“[This latest] car had been rebodied in the day; I really like the body, but a lot of guys have a vision of what a GTO should look like, and this wasn’t that vision,” Carini continues. “This is sort of a cross between a [mid-engine 250] LM and a front-engine Ferrari. I think that held it back slightly in value.”
It’s no surprise that at the values these cars command, GTO buyers are a picky bunch.
And the Crystal Ball Says …
Is a $100 million 250 GTO in the near future? The odds are favorable.
first $100 million car,” Carini says. “I remember when one sold [long ago] for $2.5 million, and that was like, ‘Oh my god, that’s crazy!’ And then $10 million, and it was, ‘Oh my god, these can never go any further!’ So we just keep going. There are a lot of wealthy people in the world, people who have been very successful, and they like to reward themselves with something nobody else can have. And with 36 GTOs having been made, your chances to buy one are slim.”
WeatherTech founder David MacNeil paid more than $70 million for this 250 GTO with its most desirable Series 1 bodywork.
Sheehan’s take is similarly bullish: “At the peak of the price-point pyramid, the rich just keep getting richer and so the minuscule market for the best-of-the-best eight-figure trophy car remains strong.”
The rich do indeed get richer, and so do their buying habits. Last year, a painting of Jesus holding a crystal orb, dubbed “Salvator Mundi” and believed to be painted by Leonardo da Vinci around 1505, brought in $450 million at a Christie’s auction in Manhattan. On such a scale, a 250 GTO that can be experienced through driving and racing versus being hung on a wall can seem to be a good value.
No End in Sight
Known 250 GTO sales since 2010
2010: 4675 GT, $17 million *Private sale, reported price
2012: 4675 GT, $25 million *Private sale, reported price
2012: 3505 GT, $35 million *Private sale, reported price
2012: 5095 GT, $52 million *Private sale, reported world record
2014: 3851 GT, $38.1 million *Bonhams auction, world auction record
2017: 3387 GT, $56 million *Private sale, reported world record
2018: 4153 GT, $70+ million *Private sale, reported world record
2018: 3413 GT, $48.4 million *RM Sotheby’s auction, world auction record
The post Market Watch: 1962-1964 Ferrari 250 GTO appeared first on Automobile Magazine.
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Market Watch: 1962-1964 Ferrari 250 GTO
By now you have probably heard the news: A 1962 Ferrari 250 GTO sold at RM Sotheby’s Monterey auction in August for $48,405,000—a world-record price for a car sold at any auction. Why would anyone spend the better part of $50 million on a car? The short answer is because they can. The long answer is more complicated.
The End of an Era
If you read Automobile, you are likely at least aware of the rarefied air the 250 GTO inhales through its six downdraft Weber carburetors. Across the last decade, the car, with its distinguished aluminum bodywork and a 3.0-liter Colombo V-12 engine, has continued to establish itself as perhaps the premier collectible postwar classic car. Ferrari built just 33 Series I 250 GTOs with the original and more traditional early bodywork, in addition to three more Series II cars with revised sheetmetal for total production of just 36 cars.
Superstar Car: All eyes (and cell phone cameras) were glued to the front of the room as this 1962 Ferrari 250 GTO became the most expensive car to ever sell at auction.
The 250 GTO’s legacy is the stuff of legend. Essentially the last of the true dual-purpose road racers, able to compete on a track and drive home afterward, the 250 GTO (250cc of displacement per cylinder, and Gran Turismo Omologato designating its competition-homologated status) was the ultimate evolution of Ferrari’s front-engine 250 GT series. These 250 GT cars were sold in both road and race spec, but their basic engines and chassis were very similar, and the series really put Ferrari on the map as a credible production carmaker. Today Ferrari as a marque is often said to be the most recognized worldwide.
“You’ve got a roadgoing race car that won many of the big events in Europe and the United States in its day, and it was a romantic time in racing—we loved all the drivers,”
But make no mistake, the 250 GTO, in contrast to the brand’s 250 GT/L or Lusso road car, was made for a single purpose: to contest and win the 1962 FIA GT 3.0-liter international racing class. Which it accomplished. And then it did so again in 1963, besting competition from Jaguar’s new E-type Lightweight and Shelby’s AC-based and Ford-powered Cobra. Its successor, the mid-engine 250 LM, began a motorsports era in which serious race cars drifted ever further away from any premise of road use.
Our subject car was given new Series 2 sheetmetal in 1964.
“You’ve got a roadgoing race car that won many of the big events in Europe and the United States in its day, and it was a romantic time in racing—we loved all the drivers,” says Wayne Carini, owner of classic car dealership F40 Motorsports and host of Motor Trend Network’s “Chasing Classic Cars.” “Until recently, not many GTOs have been sold at auction; they’ve all been traded very privately.”
Like MacNeil’s GTO, this one still has its original engine and gearbox and it was never crashed severely.
Southern California-based classic Ferrari specialist and broker Michael Sheehan adds, “The most prestigious [collector car] club is, of course, the GTO club, which buys access to rub shoulders with Lawrence Stroll, the McCaw brothers, Rob Walton, Nick Mason, Anthony Bamford, Charles Nearburg, Chip Connor, and the [rest] of the international super-rich who have their [GTO] owners’ meetings and literally jet from very private collection to very private collection to show whose is indeed bigger.”
A Recent High-Water Mark
One of those private sales occurred several months ago when a 1963 Ferrari 250 GTO, chassis No. 4153 GT, entered the collection of American David MacNeil, founder of WeatherTech, a large automotive floormats business whose advertisements you’ll find in this very magazine. The sale price was widely reported as being upward of $70 million, a new world-record sales price for any automobile in any venue. As GTOs go, many experts deemed No. 4153 GT as one of the finest. It is believed to retain its original Series I bodywork and its original engine, rarities for cars that have raced extensively. Its history includes an overall win at the prestigious 1964 Tour de France road race and fourth overall at the 1963 24 Hours of Le Mans. Its sale price was instrumental in our subject car arriving at RM Sotheby’s Monterey auction.
“The GTO that sold for more than $70 million was a different body style but still the same thing: a GTO,” Carini says. “That prompted this owner [businessman and vintage racer Gregory Whitten] to come forward because of the price of the previous sale, and he thought, ‘Well, maybe it’s time to sell mine while the market’s hot.’ The gentleman certainly didn’t need the money, but it was a decision based on many things. He was at a point in his life when he thought he wasn’t using it properly and it was time to cash his chips in.”
And yes, we can verify MacNeil’s GTO wears WeatherTech floormats.
A New Auction Record
Our subject car, chassis No. 3413 GT, was originally a Series I car, built in 1962, then rebodied in 1964 with the more streamlined but less iconic Series II panels. Like MacNeil’s GTO, this one still has its original engine and gearbox, and it was never crashed severely. With its Series I bodywork, it was driven at the 1962 Targa Florio by Phil Hill, just after he became the first American Formula 1 World Champion in 1961 at the wheel of a Ferrari. It then changed hands and went on to win its class at the 1963 Targa Florio, and, with new bodywork, it did the same in ’64.
RM Sotheby’s estimated No. 3413 GT would sell for between $45 million and $50 million when it crossed the block in August; bidding opened at $35 million. Over the course of about 10 minutes, a handful of bidders, mainly on the phone, calmly raised the price by increments of $1 million, then $250,000, until the car was resolutely announced sold at $48,405,000 including RM Sotheby’s commission. The bid soundly beat the previous auction record of $38,115,000, also set by a 250 GTO, chassis No. 3851 GT at Bonhams’ Quail Lodge sale in 2014.
So did MacNeil overpay for his $70 million GTO?
“I think MacNeil’s car was probably one of the best ones,” Carini says, “and the difference between a good car and a superb car, as we’re seeing, is about $25 million.
“[This latest] car had been rebodied in the day; I really like the body, but a lot of guys have a vision of what a GTO should look like, and this wasn’t that vision,” Carini continues. “This is sort of a cross between a [mid-engine 250] LM and a front-engine Ferrari. I think that held it back slightly in value.”
It’s no surprise that at the values these cars command, GTO buyers are a picky bunch.
And the Crystal Ball Says …
Is a $100 million 250 GTO in the near future? The odds are favorable.
first $100 million car,” Carini says. “I remember when one sold [long ago] for $2.5 million, and that was like, ‘Oh my god, that’s crazy!’ And then $10 million, and it was, ‘Oh my god, these can never go any further!’ So we just keep going. There are a lot of wealthy people in the world, people who have been very successful, and they like to reward themselves with something nobody else can have. And with 36 GTOs having been made, your chances to buy one are slim.”
WeatherTech founder David MacNeil paid more than $70 million for this 250 GTO with its most desirable Series 1 bodywork.
Sheehan’s take is similarly bullish: “At the peak of the price-point pyramid, the rich just keep getting richer and so the minuscule market for the best-of-the-best eight-figure trophy car remains strong.”
The rich do indeed get richer, and so do their buying habits. Last year, a painting of Jesus holding a crystal orb, dubbed “Salvator Mundi” and believed to be painted by Leonardo da Vinci around 1505, brought in $450 million at a Christie’s auction in Manhattan. On such a scale, a 250 GTO that can be experienced through driving and racing versus being hung on a wall can seem to be a good value.
No End in Sight
Known 250 GTO sales since 2010
2010: 4675 GT, $17 million *Private sale, reported price
2012: 4675 GT, $25 million *Private sale, reported price
2012: 3505 GT, $35 million *Private sale, reported price
2012: 5095 GT, $52 million *Private sale, reported world record
2014: 3851 GT, $38.1 million *Bonhams auction, world auction record
2017: 3387 GT, $56 million *Private sale, reported world record
2018: 4153 GT, $70+ million *Private sale, reported world record
2018: 3413 GT, $48.4 million *RM Sotheby’s auction, world auction record
The post Market Watch: 1962-1964 Ferrari 250 GTO appeared first on Automobile Magazine.
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Investors in Tesla bonds, options show skepticism on buyout
New Post has been published on http://newsintoday.info/2018/08/22/investors-in-tesla-bonds-options-show-skepticism-on-buyout/
Investors in Tesla bonds, options show skepticism on buyout
NEW YORK (Reuters) – Investors in the debt and in the equity options of electric carmaker Tesla (TSLA.O) are betting the take-private deal described by Chief Executive Elon Musk will not materialize.
FILE PHOTO: A Tesla electric car supercharger station is seen in Los Angeles, California, U.S. August 2, 2018. REUTERS/Lucy Nicholson/FIle Photo
Like its stock price, Tesla bonds have given up all of the gains they made after Musk shocked investors with a tweet on Aug. 7, saying he had “funding secured” for a possible buyout deal at $420 per share.
This suggests the credit market has scaled back the chances of a deal, and data showed activity on the equities options market also indicates those investors also are skeptical.
Tesla’s high-yield debt trades at around 87.5 cents on the dollar, down from 93.0 cents on Aug. 7, according to Thomson Reuters data. Tesla’s convertible bonds due in 2021 88160RAC5=RRPS are trading around 107.20 cents on the dollar, down from 120.46 cents on the dollar on Aug. 7.
Convertible bonds give bondholders the right to trade their debt for equity after shares rise over a certain price.
Bondholders are paid back in full in the event of a buyout – at 101 cents on the dollar for the junk bond coming due in 2025 88160RAE1=RRPS if certain conditions are met. The company’s longer-dated convertible debt would earn an additional premium above par if Tesla were taken private.
“The smart trade at the moment is to short the converts and go long the high-yield bonds, because that spread will collapse” in the event Tesla files for bankruptcy, said Lawrence McDonald, founder of the Bear Traps Report.
McDonald believes bankruptcy is the path for Tesla if it does not find a buyer because of its high leverage compared to earnings before interest, taxes, depreciation and amortization.
A Tesla spokesperson declined to comment. Musk said in his second-quarter shareholder letter that the company can be sustainably profitable from the third quarter onward.
Tesla investors have raised their bets against the convertible bonds. Short positions in the three converts have risen, from $38.14 million on August 6 to $49.47 million on Aug. 16, according to IHS Markit.
Tesla’s convertible bonds due in 2021 are trading around 107.20 cents on the dollar – roughly 20.8 cents shy of where they should trade if a deal at $420 was fully priced, said Geoffrey Dancey, managing partner and portfolio manager at Cutler Capital Management.
“If these bonds were priced for a takeover, they would trade at a serious premium to the conversion value compared to when the deal was announced,” said Dancey. “The convertibles are certainly not trading as if this company is going to be taken private at $420 and they never did.”
Longer-dated convertible bonds benefit from take-private deals, which give bondholders additional shares. In a $420 per share deal, the 2021 convertible bond would receive an additional 11 percent above face value, or 11 percent more stock.
On the day of Musk’s buyout tweet, the share price hit an 11-month high of $387.46, more than $27 above the 2021 conversion rate. The highest the 2021 note traded that day was 120.46 cents on the dollar.
Now, the debt is trading below the price prior to the deal tweet, as well as below its price before its solid second-quarter earnings call on Aug. 1.
OPTIONS TRADERS UNIMPRESSED
Traders in the U.S. equity options market also appeared to doubt whether Musk can make good on his proposal, options data showed.
Data from Chicago-based volatility and options data firm ORATS showed that while traders had initially displayed some confidence Musk might be able to pull off a deal, conviction has dropped.
“Initially options traders reacted with a little bit of belief, now there is disbelief,” said Matt Amberson, founder at ORATS.
Stripped of the impact of earnings on one-year implied volatility of Tesla options, this gauge of how much traders expect the shares to move in the future is roughly back to where it was before the Musk tweet, ORATS data showed.
Had there been significant expectation for the Tesla to be taken private in the near future the volatility embedded in these contracts would have dropped, Amberson said.
Tesla shares closed about flat at $321.64 on Wednesday.
Reporting by Kate Duguid and Saqib Iqbal Ahmed; Editing by Jennifer Ablan, Nick Zieminski and David Gregorio
Our Standards:The Thomson Reuters Trust Principles.
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NEW YORK (Reuters) – Investors in the debt and in the equity options of electric carmaker Tesla (TSLA.O) are betting the take-private deal described by Chief Executive Elon Musk will not materialize.
FILE PHOTO: A Tesla electric car supercharger station is seen in Los Angeles, California, U.S. August 2, 2018. REUTERS/Lucy Nicholson/FIle Photo
Like its stock price, Tesla bonds have given up all of the gains they made after Musk shocked investors with a tweet on Aug. 7, saying he had “funding secured” for a possible buyout deal at $420 per share.
This suggests the credit market has scaled back the chances of a deal, and data showed activity on the equities options market also indicates those investors also are skeptical.
Tesla’s high-yield debt trades at around 87.5 cents on the dollar, down from 93.0 cents on Aug. 7, according to Thomson Reuters data. Tesla’s convertible bonds due in 2021 88160RAC5=RRPS are trading around 107.20 cents on the dollar, down from 120.46 cents on the dollar on Aug. 7.
Convertible bonds give bondholders the right to trade their debt for equity after shares rise over a certain price.
Bondholders are paid back in full in the event of a buyout – at 101 cents on the dollar for the junk bond coming due in 2025 88160RAE1=RRPS if certain conditions are met. The company’s longer-dated convertible debt would earn an additional premium above par if Tesla were taken private.
“The smart trade at the moment is to short the converts and go long the high-yield bonds, because that spread will collapse” in the event Tesla files for bankruptcy, said Lawrence McDonald, founder of the Bear Traps Report.
McDonald believes bankruptcy is the path for Tesla if it does not find a buyer because of its high leverage compared to earnings before interest, taxes, depreciation and amortization.
A Tesla spokesperson declined to comment. Musk said in his second-quarter shareholder letter that the company can be sustainably profitable from the third quarter onward.
Tesla investors have raised their bets against the convertible bonds. Short positions in the three converts have risen, from $38.14 million on August 6 to $49.47 million on Aug. 16, according to IHS Markit.
Tesla’s convertible bonds due in 2021 are trading around 107.20 cents on the dollar – roughly 20.8 cents shy of where they should trade if a deal at $420 was fully priced, said Geoffrey Dancey, managing partner and portfolio manager at Cutler Capital Management.
“If these bonds were priced for a takeover, they would trade at a serious premium to the conversion value compared to when the deal was announced,” said Dancey. “The convertibles are certainly not trading as if this company is going to be taken private at $420 and they never did.”
Longer-dated convertible bonds benefit from take-private deals, which give bondholders additional shares. In a $420 per share deal, the 2021 convertible bond would receive an additional 11 percent above face value, or 11 percent more stock.
On the day of Musk’s buyout tweet, the share price hit an 11-month high of $387.46, more than $27 above the 2021 conversion rate. The highest the 2021 note traded that day was 120.46 cents on the dollar.
Now, the debt is trading below the price prior to the deal tweet, as well as below its price before its solid second-quarter earnings call on Aug. 1.
OPTIONS TRADERS UNIMPRESSED
Traders in the U.S. equity options market also appeared to doubt whether Musk can make good on his proposal, options data showed.
Data from Chicago-based volatility and options data firm ORATS showed that while traders had initially displayed some confidence Musk might be able to pull off a deal, conviction has dropped.
“Initially options traders reacted with a little bit of belief, now there is disbelief,” said Matt Amberson, founder at ORATS.
Stripped of the impact of earnings on one-year implied volatility of Tesla options, this gauge of how much traders expect the shares to move in the future is roughly back to where it was before the Musk tweet, ORATS data showed.
Had there been significant expectation for the Tesla to be taken private in the near future the volatility embedded in these contracts would have dropped, Amberson said.
Tesla shares closed about flat at $321.64 on Wednesday.
Reporting by Kate Duguid and Saqib Iqbal Ahmed; Editing by Jennifer Ablan, Nick Zieminski and David Gregorio
Our Standards:The Thomson Reuters Trust Principles.
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The post Investors in Tesla bonds, options show skepticism on buyout appeared first on MySourceSpot.
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Investors in Tesla bonds show skepticism on buyout
New Post has been published on http://greatresponder.com/2018/08/22/investors-in-tesla-bonds-show-skepticism-on-buyout/
Investors in Tesla bonds show skepticism on buyout
NEW YORK (Reuters) – Investors in the debt of electric carmaker Tesla (TSLA.O) are betting the take-private deal described by Chief Executive Elon Musk will not materialize.
FILE PHOTO: A Tesla electric car supercharger station is seen in Los Angeles, California, U.S. August 2, 2018. REUTERS/Lucy Nicholson/FIle Photo
Like its stock price, Tesla bonds have given up all of the gains they made after Musk tweeted he had “secured” funding to take the company private, suggesting the credit market has scaled back the chances of a deal.
Tesla’s high-yield debt now trades at around 87.5 cents on the dollar, down from 93.0 cents on the dollar on August 7, according to Thomson Reuters data. Tesla’s convertible bonds due in 2021 88160RAC5=RRPS are trading around 107.20 cents on the dollar, down from 120.46 cents on the dollar on August 7.
Convertible bonds give bondholders the right to trade their debt for equity after shares rise over a certain price.
Bondholders are paid back in full in the event of a buyout – at 101 cents on the dollar for the junk bond coming due in 2025 88160RAE1=RRPS if certain conditions are met. The company’s longer-dated convertible debt would earn an additional premium above par if Tesla were taken private.
“The smart trade at the moment is to short the converts and go long the high-yield bonds, because that spread will collapse” in the event Tesla files for bankruptcy, said Lawrence McDonald, founder of the Bear Traps Report. McDonald believes bankruptcy is the path for Tesla if it does not find a buyer because of the company’s high leverage compared to its earnings before interest, taxes, depreciation and amortization.
A Tesla spokesperson declined to comment. Musk said in his second-quarter shareholder letter that the company can be sustainably profitable from the third quarter onwards.
McDonald contends, there continues to be a spread between the convertible and junk bonds because, despite falling prices, convertible bonds still trade at a bit of a premium because of the volatility of the equity.
Tesla investors have raised their bets against the convertible bonds: short positions in the three converts have risen, from $38.14 million on August 6 to $49.47 million on August 16, according to IHS Markit.
Tesla’s convertible bonds coming due in 2021 are currently trading around 107.20 cents on the dollar – roughly 20.8 cents on the dollar away from where they should trade if a deal at $420 was fully priced, said Geoffrey Dancey, managing partner and portfolio manager at Cutler Capital Management. Musk shocked investors with a tweet on August 7, saying he had “funding secured” for a possible buyout deal at $420 per share.
“If these bonds were priced for a takeover, they would trade at a serious premium to the conversion value compared to when the deal was announced,” said Dancey. “The convertibles are certainly not trading as if this company is going to be taken private at $420 and they never did.”
Longer-dated convertible bonds benefit from take-private deals as bondholders receive additional shares per bond in the event of an acquisition. In a $420 per share deal, the 2021 convertible bond would receive an additional 11 percent above face value, or 11 percent more stock.
On the day of Musk’s buyout tweet, when the share price hit an 11-month high of $387.46, more than $27 dollars above the 2021 conversion rate, the highest the 2021 note traded was 120.46 cents on the dollar.
That the debt is trading below the price prior to the deal tweet suggests the deal was never priced in. That it trades below its price before its solid second-quarter earnings call on August 1, suggests the tweet’s damage was more widespread.
Reporting by Kate Duguid; Editing by Jennifer Ablan and Nick Zieminski
Our Standards:The Thomson Reuters Trust Principles.
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Investors in Tesla bonds show skepticism on buyout
New Post has been published on http://greatresponder.com/2018/08/22/investors-in-tesla-bonds-show-skepticism-on-buyout/
Investors in Tesla bonds show skepticism on buyout
NEW YORK (Reuters) – Investors in the debt of electric carmaker Tesla (TSLA.O) are betting the take-private deal described by Chief Executive Elon Musk will not materialize.
FILE PHOTO: A Tesla electric car supercharger station is seen in Los Angeles, California, U.S. August 2, 2018. REUTERS/Lucy Nicholson/FIle Photo
Like its stock price, Tesla bonds have given up all of the gains they made after Musk tweeted he had “secured” funding to take the company private, suggesting the credit market has scaled back the chances of a deal.
Tesla’s high-yield debt now trades at around 87.5 cents on the dollar, down from 93.0 cents on the dollar on August 7, according to Thomson Reuters data. Tesla’s convertible bonds due in 2021 88160RAC5=RRPS are trading around 107.20 cents on the dollar, down from 120.46 cents on the dollar on August 7.
Convertible bonds give bondholders the right to trade their debt for equity after shares rise over a certain price.
Bondholders are paid back in full in the event of a buyout – at 101 cents on the dollar for the junk bond coming due in 2025 88160RAE1=RRPS if certain conditions are met. The company’s longer-dated convertible debt would earn an additional premium above par if Tesla were taken private.
“The smart trade at the moment is to short the converts and go long the high-yield bonds, because that spread will collapse” in the event Tesla files for bankruptcy, said Lawrence McDonald, founder of the Bear Traps Report. McDonald believes bankruptcy is the path for Tesla if it does not find a buyer because of the company’s high leverage compared to its earnings before interest, taxes, depreciation and amortization.
A Tesla spokesperson declined to comment. Musk said in his second-quarter shareholder letter that the company can be sustainably profitable from the third quarter onwards.
McDonald contends, there continues to be a spread between the convertible and junk bonds because, despite falling prices, convertible bonds still trade at a bit of a premium because of the volatility of the equity.
Tesla investors have raised their bets against the convertible bonds: short positions in the three converts have risen, from $38.14 million on August 6 to $49.47 million on August 16, according to IHS Markit.
Tesla’s convertible bonds coming due in 2021 are currently trading around 107.20 cents on the dollar – roughly 20.8 cents on the dollar away from where they should trade if a deal at $420 was fully priced, said Geoffrey Dancey, managing partner and portfolio manager at Cutler Capital Management. Musk shocked investors with a tweet on August 7, saying he had “funding secured” for a possible buyout deal at $420 per share.
“If these bonds were priced for a takeover, they would trade at a serious premium to the conversion value compared to when the deal was announced,” said Dancey. “The convertibles are certainly not trading as if this company is going to be taken private at $420 and they never did.”
Longer-dated convertible bonds benefit from take-private deals as bondholders receive additional shares per bond in the event of an acquisition. In a $420 per share deal, the 2021 convertible bond would receive an additional 11 percent above face value, or 11 percent more stock.
On the day of Musk’s buyout tweet, when the share price hit an 11-month high of $387.46, more than $27 dollars above the 2021 conversion rate, the highest the 2021 note traded was 120.46 cents on the dollar.
That the debt is trading below the price prior to the deal tweet suggests the deal was never priced in. That it trades below its price before its solid second-quarter earnings call on August 1, suggests the tweet’s damage was more widespread.
Reporting by Kate Duguid; Editing by Jennifer Ablan and Nick Zieminski
Our Standards:The Thomson Reuters Trust Principles.
Related Posts:
No Related Posts
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Why Ottawa Residents Prefer Cash for Cars Lawrence for Quick Car Sales
Do you have a junk car in your garage and you want to dispose of it to make space free? Cash for Cars Lawrence provides a junk car buying service in Ottawa and will pick up your car from your home or business at no extra charge. They will release the agreed value right after the removal. They always offer the fast and convenient old car removal option while paying cash regardless of the state of your vehicle. The cash for cars comes to you anywhere in Ottawa, and all surrounding areas. Cash for Cars Lawrence pays higher than other junk car removal companies in Ottawa, Kansas. They'll pay top dollar for your junk car.
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Are you living in or around the Ottawa area? Do you have an old, junk, or unwanted car, truck, 4×4, SUV, or UTE that you want to get rid of from your property? Then call Cash for Cars Lawrence at +1 785-764-2689 or contact them online. As a reliable and honest Cash for Cars Ottawa, Cash for Cars Lawrence will offer you instant cash for junk car service. They accept vehicles of any make, model, age, and condition. We will come to you, pay cash on the spot, and remove your junk car within a few hours.
At Cash for Cars Lawrence, we are leading car buyers and recyclers, specializing in unwanted, old, damaged, junk, or scrap vehicles. If you have a rusted car that's been sitting in your backyard for years or need to clear space in your garage or driveway for a new purchase, we're here to assist. We offer free, same-day car removal services in Albion and pay cash for your unwanted vehicles. Most importantly, we ensure you receive the highest possible cash offer, no matter the make, model, age, or condition of your car.
Top Reasons To Sell Your Car To Cash for Cars Lawrence
They offer free quotes & collections throughout Kansas.
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They do all the required paperwork.
Professional and experienced auto removal technicians with certifications and knowledge of safe practices. It will prevent any injury or accidents during the pickup and transportation of your vehicle.
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Are you ready to get started and discover how much cash you can get for your old unused & unsalable car in Ottawa? Do you have a more specific question about our Cash for Cars Ottawa? Contact Cash for Cars Lawrence today! Their professional and friendly team of Cash for Cars is always happy to assist you.
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Cash for Junk Cars in Lawrence: Turn Your Old Vehicle into Money
Do you have an old, unused car taking up space in your driveway or garage? Instead of letting it rust away, why not turn it into quick cash? In Lawrence, numerous services offer cash for junk cars, providing a convenient and profitable way to dispose of your old vehicle. Today we will guide you through the process and benefits of selling your junk car for cash.
Selling a junk car might seem like a daunting task, especially if you’ve never done it before. However, in Lawrence, the process is straightforward and hassle-free. By selling your junk car, you can clear up space, earn extra money, and contribute to environmental sustainability. This guide will walk you through the steps to get cash for junk cars in Lawrence, ensuring a smooth and beneficial experience.
Benefits of Selling Your Junk Car
Instant Cash
One of the primary benefits of selling your junk car is the immediate financial return. Junk car buyers in Lawrence offer cash payments on the spot, providing you with quick and easy money. This cash can be used for other expenses, savings, or investments.
Free Up Space
Old, unused cars can take up valuable space in your home. By selling your junk car, you can reclaim your driveway or garage, making room for a new vehicle, storage, or other purposes. Freeing up this space can improve the aesthetics and functionality of your property.
Environmentally Friendly
Selling your junk car to a reputable buyer promotes recycling and environmental responsibility. Junk car buyers often recycle usable parts and materials, reducing the need for new resources and minimizing environmental impact. This helps in conserving energy and reducing pollution.
Steps to Sell Your Junk Car
Gather Information
Before contacting buyers, gather all necessary information about your vehicle, including its make, model, year, mileage, and condition. Having this information ready will help you get accurate quotes and speed up the process.
Get Multiple Quotes
Contact several junk car buyers in Lawrence to get quotes for your vehicle. Compare the offers to ensure you get the best price. Keep in mind that the highest offer isn’t always the best; consider the buyer’s reputation and services as well.
Check Credentials
Choose a reputable junk car buyer with positive reviews and proper licensing. Reliable buyers will handle all the paperwork and provide clear terms for the sale. Avoid buyers who seem unprofessional or unwilling to provide necessary information.
Schedule a Pickup
Most junk car buyers in Lawrence offer free towing services. Arrange a convenient time for the buyer to pick up your vehicle. This makes the process easy and cost-effective, as you won’t have to worry about transporting the car.
Receive Payment
On the day of pickup, you will receive your payment instantly. Most buyers offer cash or check payments, allowing you to benefit from the sale of your junk car immediately. Selling your junk car in Lawrence is a simple and profitable process. By choosing a reputable buyer, like Cash For Cars in Lawrence you can enjoy instant cash, free up valuable space, and contribute to environmental sustainability. Follow the steps outlined in this guide to ensure a smooth and beneficial transaction, turning your old vehicle into money quickly and easily. Call 785 260 6400 to sell your junk car.
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Investors in Tesla bonds show skepticism on buyout
New Post has been published on http://brummy80.com/investors-in-tesla-bonds-show-skepticism-on-buyout/
Investors in Tesla bonds show skepticism on buyout
NEW YORK (Reuters) – Investors in the debt of electric carmaker Tesla (TSLA.O) are betting the take-private deal described by Chief Executive Elon Musk will not materialize.
FILE PHOTO: A Tesla electric car supercharger station is seen in Los Angeles, California, U.S. August 2, 2018. REUTERS/Lucy Nicholson/FIle Photo
Like its stock price, Tesla bonds have given up all of the gains they made after Musk tweeted he had “secured” funding to take the company private, suggesting the credit market has scaled back the chances of a deal.
Tesla’s high-yield debt now trades at around 87.5 cents on the dollar, down from 93.0 cents on the dollar on August 7, according to Thomson Reuters data. Tesla’s convertible bonds due in 2021 88160RAC5=RRPS are trading around 107.20 cents on the dollar, down from 120.46 cents on the dollar on August 7.
Convertible bonds give bondholders the right to trade their debt for equity after shares rise over a certain price.
Bondholders are paid back in full in the event of a buyout – at 101 cents on the dollar for the junk bond coming due in 2025 88160RAE1=RRPS if certain conditions are met. The company’s longer-dated convertible debt would earn an additional premium above par if Tesla were taken private.
“The smart trade at the moment is to short the converts and go long the high-yield bonds, because that spread will collapse” in the event Tesla files for bankruptcy, said Lawrence McDonald, founder of the Bear Traps Report. McDonald believes bankruptcy is the path for Tesla if it does not find a buyer because of the company’s high leverage compared to its earnings before interest, taxes, depreciation and amortization.
A Tesla spokesperson declined to comment. Musk said in his second-quarter shareholder letter that the company can be sustainably profitable from the third quarter onwards.
McDonald contends, there continues to be a spread between the convertible and junk bonds because, despite falling prices, convertible bonds still trade at a bit of a premium because of the volatility of the equity.
Tesla investors have raised their bets against the convertible bonds: short positions in the three converts have risen, from $38.14 million on August 6 to $49.47 million on August 16, according to IHS Markit.
Tesla’s convertible bonds coming due in 2021 are currently trading around 107.20 cents on the dollar – roughly 20.8 cents on the dollar away from where they should trade if a deal at $420 was fully priced, said Geoffrey Dancey, managing partner and portfolio manager at Cutler Capital Management. Musk shocked investors with a tweet on August 7, saying he had “funding secured” for a possible buyout deal at $420 per share.
“If these bonds were priced for a takeover, they would trade at a serious premium to the conversion value compared to when the deal was announced,” said Dancey. “The convertibles are certainly not trading as if this company is going to be taken private at $420 and they never did.”
Longer-dated convertible bonds benefit from take-private deals as bondholders receive additional shares per bond in the event of an acquisition. In a $420 per share deal, the 2021 convertible bond would receive an additional 11 percent above face value, or 11 percent more stock.
On the day of Musk’s buyout tweet, when the share price hit an 11-month high of $387.46, more than $27 dollars above the 2021 conversion rate, the highest the 2021 note traded was 120.46 cents on the dollar.
That the debt is trading below the price prior to the deal tweet suggests the deal was never priced in. That it trades below its price before its solid second-quarter earnings call on August 1, suggests the tweet’s damage was more widespread.
Reporting by Kate Duguid; Editing by Jennifer Ablan and Nick Zieminski
Our Standards:The Thomson Reuters Trust Principles.
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The Ultimate Guide to Finding the Best Junk Car Buyer Overland Park
Are you on the hunt for the best junk car buyer Overland Park has to offer? Look no further than Cash for Cars! Selling your old, unused vehicle can be a daunting task, but with the right buyer, it can be a seamless experience. At Cash for Cars, we specialize in providing top-notch service and the best cash offers for your unwanted vehicles.
Why Choose Cash for Cars as Your Best Junk Car Buyer in Overland Park?
When it comes to selling your junk car, choosing the right buyer is crucial. Here at Cash for Cars, we understand the importance of a smooth and hassle-free selling process. Here's why we are the best junk car buyer Overland Park residents trust:
1. Highest Cash Offers
At Cash for Cars, we pride ourselves on offering the highest cash offers in Overland Park. We understand that getting the most value for your vehicle is essential, and our team works diligently to provide you with a fair and competitive quote.
2. Quick and Convenient Process
We know your time is valuable, which is why we've streamlined our process to be quick and convenient. Selling your junk car to Cash for Cars is as easy as 1-2-3. Simply contact us for a free quote, schedule a pickup at your convenience, and get paid on the spot when we pick up your vehicle.
3. Professional and Reliable Service
When you choose Cash for Cars, you can trust that you're working with a team of professionals who are dedicated to providing you with the best service possible. We take pride in our professionalism and reliability, ensuring that your selling experience is stress-free and straightforward.
How to Sell Your Junk Car to Cash for Cars
Selling your junk car to Cash for Cars is simple. Follow these steps to get started:
1. Get a Quote
Contact Cash for Cars either by phone or through our website to get a free quote for your junk car. Provide us with some basic information about your vehicle, including its make, model, year, and condition.
2. Schedule a Pickup
Once you accept our offer, we'll schedule a pickup at a time and location that works for you. Our team will come to your location with all the necessary equipment to tow away your car.
3. Get Paid
Once we've inspected your vehicle and verified its condition, we'll pay you on the spot. You'll receive cash or a check, whichever you prefer, before we tow away your car.
4. We Handle the Rest
Once you've been paid, Cash for Cars will take care of all the paperwork involved in transferring ownership of the vehicle. You can rest assured that everything will be handled legally and professionally.
Contact Cash for Cars Today
Ready to sell your junk car in Overland Park? Contact Cash for Cars today to get started. We're here to answer any questions you may have and to provide you with the best service possible. Don't settle for less when it comes to selling your car. Choose Cash for Cars for a hassle-free experience and the highest cash offers.
Cash for cars A+ Auto, 2150 Haskell Ave, Lawrence, KS 66046 785-260-6400
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With a click at www.cashforcars-junkcars.com one can make online requests to the company for selling their junk car at the most suitable price.
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☎ Call us: 785-260-6400 ✔ Visit us: www.cashforcars-junkcars.com
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