BMW Bankruptcy Bust Up in the Bush: The Price of Luxury Car Loans Down Under

AU$18 million or about US$18.1 million at the current exchange rates. That’s how many Australian dollars some 226 plus Aussies owe BMW’s unimaginatively named financial arm "BMW Finance". The Bavarian automotive giant is now perusing bankruptcy proceedings against these persons in Australia’s Federal Magistrates’ Court in an effort to recoup the debt from hundreds of unpaid car loans.

It’s all rather depressing, really, especially in the aftermath of the Global Financial Crisis. Take one man who bought an AU$80,000 Lexus on credit shortly before he lost his AU$110,000 job. Or the woman who signed her name on a car loan for her and her husband, only to have him leave her and get stuck with the debt. "They repossessed the car, but they still want [AU]$25,000. I don't know what to do,” said the 34 year-old.

That the woman earns just AU$36,000 a year is of no concern to BMW Finance. Peter Malone, a bankruptcy expert at CRS Warner Kuegel told the Sunday Herald Sun newspaper that creditors could, through a bankruptcy trustee, seize many of a debtor’s assets including their home, cash and shares.

Even if the car is repossessed or sold on, debtors still owe on the shortfall which can sometimes be big money. In Australia, one can be made bankrupt over as little as AU$5,000. Most of the claims the Herald Sun inspected fell into the AU$30,000 plus category, with one debtor owing a whopping AU$190,000.

It just goes to show that that old saying still stands up today, “They that dance must pay the fiddler.” Though in retrospect, why anyone would want to dance to a AU$190,000 tune is beyond my comprehension...

By Tristan Hankins

Source: Herald Sun

1:41 PM | 0 comments | Read More

Two Germans Travel Across Australia in a Wind Turbine Car [with Video]

When it comes to crazy-cool engineering, nobody can top ze Germans. If it’s even vaguely plausible, you can bet that some German crackpot inventor has done it. Well, now two Germans – Stefan Simmerer and Dirk Gion – have broken three Guinness World Records in a ... wait for it ... wind turbine powered electric car.

That’s right, an EV that’s powered by a wind turbine, those big robotic looking windmills you may have seen in farms atop hilltops in Scotland or Pennsylvania. Here’s how it works:

At night, Simmerer and Gion park the Wind Explorer – that’s what it’s called – and erect a nifty looking collapsible wind turbine. While they sleep, the lightweight turbine generates enough energy to recharger the Wind Explorer’s batteries. If they’re running low on energy during the day, they can whip out a kite that helps powered the vehicle forward.

Simmerer, Gion and the Wind Explorer have recently completed a 4,800 kilometer (2,983 mile), 18 day trek across Australia where they either broke or established three Guinness World Records: the first to cross the Great Southern Land in a wind powered car, the longest distance travelled in a 36 hour period and the most distance travelled overall in a wind powered car.

You can check out some sweet videos of the Wind Explorer’s journey below.

By Tristan Hankins

Source: Wind-Explorer

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12:56 PM | 0 comments | Read More

Two Germans Travel Across Australia in a Wind Turbine Car [with Video]

When it comes to crazy-cool engineering, nobody can top ze Germans. If it’s even vaguely plausible, you can bet that some German crackpot inventor has done it. Well, now two Germans – Stefan Simmerer and Dirk Gion – have broken three Guinness World Records in a ... wait for it ... wind turbine powered electric car.

That’s right, an EV that’s powered by a wind turbine, those big robotic looking windmills you may have seen in farms atop hilltops in Scotland or Pennsylvania. Here’s how it works:

At night, Simmerer and Gion park the Wind Explorer – that’s what it’s called – and erect a nifty looking collapsible wind turbine. While they sleep, the lightweight turbine generates enough energy to recharger the Wind Explorer’s batteries. If they’re running low on energy during the day, they can whip out a kite that helps powered the vehicle forward.

Simmerer, Gion and the Wind Explorer have recently completed a 4,800 kilometer (2,983 mile), 18 day trek across Australia where they either broke or established three Guinness World Records: the first to cross the Great Southern Land in a wind powered car, the longest distance travelled in a 36 hour period and the most distance travelled overall in a wind powered car.

You can check out some sweet videos of the Wind Explorer’s journey below.

By Tristan Hankins

Source: Wind-Explorer

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12:56 PM | 0 comments | Read More

Holden Updates Captiva 5 SUV in Australia with Series II Model

General Motor's Holden division has the unique distinction of having two Captiva models in its range: the Captiva 7, which is none other than the European market Chevrolet Captiva, and the Captiva 5, that's a re-badged Opel Antara. Given Opel's confirmed descent to the land of Down Under in 2012, there's a very strong possibility that Holden may be forced to drop the Captiva 5 from its Australian lineup at some point.

But until a decision is made, Holden will keep the Captiva 5 going with a modest refresh, incorporating the same changes found on its 2011MY Opel Antara twin. The Captiva 5 Series II is distinguished on the outside by the new grille treatment with mesh detailing and the fresh alloy wheel designs, while interior changes include a single-touch electric park brake.

The new Series II model gains a new generation 2.2 litre four-cylinder diesel engine delivering 135kW (181HP) and 400Nm of peak torque, teamed with a six-speed automatic transmission for a combined fuel consumption of 8.5 lt/100km.

There’s also an updated 2.4 litre four-cylinder powerplant with 123 kW (165HP) and 230 Nm, which is 19 per cent more powerful than its predecessor. It returns an average fuel economy of 9.1 liters/100km.

The new turbo diesel model is equipped with an electronically controlled active all-wheel drive (AWD) system, while the 2.4 litre gasoline-powered version offers buyers two-wheel drive and a six-speed automatic or manual transmission.

Holden added that the Series II Captiva also benefits from a smoother, quieter ride and improved handling characteristics.

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Holden Captiva 7 Series II Facelift with More Powerful Engines and Reduced Pricing

Making its Australian debut today is the refreshed Holden Captiva 7 Series II. To avoid any confusions, the Captiva 5 Series II that we told you about in our previous post is based on the Opel Antara, while the Captiva 7 is Holden's version of the Chevrolet model of the same name that's sold in Europe.

The latest Series II version of the seven-seater Captiva enters the new model year with some styling and performance upgrades as well as reduced pricing as Holden sliced $2000 off the recommended retail tags of all equivalent Series I Captiva 7 models.

The Series II gets a completely new front-end styling with different headlamps, a re-sculpted hood, and new grille and bumper designs, plus clear lens tail lamps, restyled alloy wheels and turn signals integrated into the external mirrors.

Inside, the most significant change is the replacement of the conventional hand brake lever with a push-button electric park brake, which also creates additional space for a multi-purpose storage compartment.

Holden updated the Captiva 7's engine lineup with a 2.2-liter four-cylinder turbo diesel that puts out 23 per cent more power and 25 per cent more torque than its predecessor at 135 kW (181 HP), and a 3.0-liter SIDI V6 delivering 12 per cent more power at 190 kW (255 HP). A 2.4-liter four-cylinder gasoline unit producing 123kW (165HP) is also available.

Refinements to suspension and steering systems, and improved sound insulation complete the changes for the Series II update.

3:06 AM | 0 comments | Read More