Thoughts? Is This a First: "NGC-CFC Numismatic Loan Program"
RichR
Posts: 3,864 ✭✭✭✭✭
Email just received today...not sure this is a good idea...do they take physical possession of the "collateral"?
NGC is excited to partner with Collateral Finance Corporation (CFC) to offer NGC members the opportunity to apply for a commercial loan at a special rate using their NGC-graded coins as collateral. Effective now, NGC members can apply for a numismatic-backed loan, which offers cash liquidity without having to sell assets. To celebrate the partnership, CFC is offering a special introductory rate for new clients who apply at NGCloan.com.
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They have been offering this for several years now.
Does anyone here have any experience with this arrangement?
I'd be worried that when the music stops the Loan program's vault has like 10% of the silver/gold that it was supposed to be holding, and your collection is never recovered. It's happened in the past and nothing is stopping it from happening again.
The substantial truth doctrine is an important defense in defamation law that allows individuals to avoid liability if the gist of their statement was true.
Personally...and I use NGC often...but this has a kind of pawn shop-y/loan shark-y feel.
Does PCGS offer anything similar?
I needed some money about 10 years ago so I called them. The investment I needed the money for fell through so I never closed the loan with CFC, but the process was easy and the rates seemed fair.
CFC has been in business for a long time and is a subsidiary of AMARK. CFC is short for Collateral Finance Corp. It's easy to look them up on the internet.
Yes. Back with a bunch of modern clad pr69 nickels and dimes.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
My guess is yes. Otherwise, their loans could end up unprotected, and far too easily.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
What advance rate did they offer? Was it cheaper than an unsecured personal loan?
What prices do they use for the coins? The website prices or??
It was a long time ago. I don't remember the dance rate, the interest rate was a lot lower than I expected definitely a lot cheaper than a unsecured loan.
If you can, borrowing from your 401K is a much better idea because you paid interest to yourself. The only cost is the admin fee and the lost of opportunity for the money for investment.
Mike
My Indians
Danco Set
No, this is not a withdrawal, it is a loan. no tax to pay as long as you pay it back as schedule.
Yes I agree
BUT
I'm reired doesn't apply to me and those who are
Mike
My Indians
Danco Set