New Edition Traveller Ship Mortgage

[Synther]

Hello Travellers!

Just a quick question! I noted that on page 142 of the New Edition Core Rule Book that calculating the monthly payments for a starship is done by taking the purchase price of the ship and dividing it by 240. This is the amount per month to pay for the next 40 years. However, 40 years would be 480 months, not 240. Is this an error? Thanks for any info!

 

[phavoc]

It was brought up and the response was 1/240th, with 20% down. The question remains on what HG will have in the final rules. It could get changed back to 480, or stay at 240. Since very few ship rules or explanations are in CRB, you'll just have to wait and see.

Check this thread for more info - http://forum.mongoosepublishing.com/viewtopic.php?f=131&t=112421&p=886631&hilit=mortgage#p886631

 

[CosmicGamer]

Dividing by 480 means you are only paying the principle. Dividing by 240 is a quick way to allows for interest of about 4%.

 

[Synther]

I'm not sure how an interest of 4% is accurate. Nor is the idea of 20% down. The bankers that are running these mortgages are thieves.

 

[phavoc]

Personally I think a 20yr payback for a ship that can easily last for 50yrs is, well, stupid. That rule reflects no reality, especially the already non-reality of the Imperial economy. Trade is supposed to be life-blood of holding everything together. People don't even buy houses today with a 20yrs payback. This certainly isn't a reflection of reality today, or what should be a reality in 5,000 years.

This is one of those rule changes I think is a mistake. And, like others have said, it's easy enough to toss out and replace with one of your own. That's what I plan on doing.

 

[Condottiere]

Try getting a mortgage from a Vargr bank.

 

[phavoc]

Try getting a mortgage from a Vargr bank.

A few shakes of my tail, an exchange of 'woofs!' and we haz loan!

 

[Condottiere]

You forgot the part where they smell each other.

But only the most secure Vargr planets have anything resembling banks; it would just make the Corsairs' work easier.

 

[CosmicGamer]

I'm not sure how an interest of 4% is accurate.

I'm not the greatest at math, but dividing the principle by 480 and making 480 payments over 40 years = zero interest.

Dividing the principle by 240 and making 480 payments over 40 years doubles the payments. Based on online calculators, this is real close to 4% interest.

 

[tolcreator]

I'm not sure how an interest of 4% is accurate. Nor is the idea of 20% down. The bankers that are running these mortgages are thieves.

Thieves? They're freakin Santa claus! Just think about it for a minute.
A group of four very disreputable looking people walk into a VERY SERIOUS bank. They check their arsenal at the door.
"So you want to borrow 40 million to buy a starship, eh?"
"Well actually 42. As you see on page 3, we also want to arm it"
"Arm it? Are you planning on fighting other starships?"
"Well hoping not to, but you know how it is out on the frontier"
"Frontier eh? This sounds like a perfectly safe and sound investment. Here have an interest rate that would make a 20th century home owner green with envy. No that's OK, you don't need to take out crippling insurance or file detailed and cast iron business plans or flight plans or anything".
I don't know *how* banks make money in the 3I

 

[dzanis]

I'm not sure how an interest of 4% is accurate. Nor is the idea of 20% down. The bankers that are running these mortgages are thieves.

Sure. May we interest you with our alternative offer of only 5% down; 1% interest rate and payable over fifty years?! This offer comes with extra safety conditions both for the bank and esteemed yourself: 95% insurance (payable by borrower); credit by guarantee by Imperial megacorporation; covenant to never visit any starport with quality below B class, nor gas giant; never shipping or equipping any weapons and then some small print.

We will remind that the previously quoted 20% down, 4% interest, no guarantoor offer "Extremely High Risk Loan Facility" still stands (as long as your Contact is in credit risk department).

 

[MongooseMatt]

The bankers that are running these mortgages are thieves.

That just makes them bankers, doesn't it?

 

[Condottiere]

The ship has a jump drive, and even if it didn't, some other ship has a jump drive.

And if you follow those bread crumbs, loans in general become iffy, if only on the collection side, because anyone taking them out, can disappear into the vastness of the universe.

 

[Subzero001]

Something of interest in "Mortgage's" in the new 2ed

for example:
"Free Trader: You receive a free trader with 25% of the mortgage paid off on it. This free trader is identical to the one on page 168 but you must roll 1D times on the Old Ships Table on page 165. If you roll this benefit again, an additional 25% of the mortgage has been paid off – if you roll this benefit four times, the free trader will have no mortgage and it will be all yours!"

So if you get four "free traders gamers" that have this 25% discount and you have no mortgage! or if you use the Agent 1ed book and make fake ID with free traders x3 and you own the ship outright if you have your original 25%.

I always wondered what happened if you bought your ship second hand like from a salvage company, bank reclaimed auction etc... like we do with the drug seased etc.. now a days. What happens to those poor souls that die on planet leaving their ship in dock or storage?

interesting questions thanks for the input