59 BMWs go under the hammer

The Guardamangia car park next to PBS's TV studios has been transformed into a luxury car paradise as 59 BMWs used by the Commonwealth heads of state go under the hammer in a charity auction from 9.30 this morning.

A car viewing session was held all day yesterday at the car park in Bordin Street. The BMWs include 54 BMW 5 Series, from the 525d to the 530d and 535d models, four BMW X5 models and a BMW 730d. Fifty of the cars are fitted with high specifications.

The hardly used cars will be sold free of registration tax and the money raised will go towards l-Istrina.

Registration tax on the vehicles was waived and the waiver will continue to apply if the car is sold after seven years, Anna Vella, manager of the l-Istrina team said.

No VAT will be charged on the difference between the auction starting price and the final selling price.

Both major commercial banks, HSBC Bank Malta plc and Bank of Valletta plc are offering special loans to assist those interested in acquiring one of these vehicles. BoV gave details of their offer last month, with HSBC releasing details last week.

The special loan being offered by HSBC includes a one per cent discount on the bank's normal applicable interest rate for the first two years. The loan is repayable over six years and can amount to as much as 90 per cent of the total costs involved in buying one of the vehicles.

"HSBC has always been a strong supporter of l-Istrina," HSBC's head of Personal Financial Services, John B. Hackett, said in a statement. "This year, an opportunity exists to raise even more money for worthwhile causes through the auction of the exclusive vehicles used by the heads of government who recently visited us for the CHOGM meeting.

"Through this special offer HSBC is helping customers who would like to buy one of these cars and more importantly, helping l-Istrina to raise as much money as possible from this auction."

In addition to this special offer, customers may also apply for an HSBC Maxicredit Loan to participate in the auction. The normal conditions will apply on these loans, which can be repaid over a maximum of ten years.

More information can be obtained by calling HSBC on 2380-2380 or by visiting the Website www.hsbc.com.mt.