Buy to Let Cars ?

[IceBoy]

Hi Guys,

Does anyone have any experience or heard of the above?

http://www.buy2letcars.com/

Regards
IceBoy

[screwloose]

Forgive me if it is covered but what about depreciation on the vehicle you buy (invest in)?

[Mandat]

I wouldn't trust any business or website who can't get their own phone number right.

[fuzzymonkey]

Company is less than 6 months old and they want a minuim of 13k and they offer 33% return over 3 years....
Yeah...

[longshot]

Q. What has been the uptake so far?
A. Great question, we have exceeded our target of buy2letcars members by over 300%! And we have not even touched the potential of this market as yet. Come join us!


3 maybe?

[johnfm]

Looks like a bit of a scam to me.

[LooneyTunes]

Wouldn't touch it with a bargepole. At first glance:

1. No real detail other that seemingly risk and effort free high yields - unless you look at the pyramid sounding "Simply refer others and build a £250,000 per annum business income."
2. Totally focused on taking your investment. NO detail about how customers access the cars
3. Heavy emphasis of impressive sounding Buckingham Palace Road address (bet it's a serviced suite)
4. Unimpressive biogs and qualifications
5. No details of how they're backstopping the returns
6. Random range of logos implying, but not stating, extensive media coverage

And that's without being too picky!

[eliot]

LooneyTunes said:

## Heavy emphasis of impressive sounding Buckingham Palace Road address (bet it's a serviced suite)

Their 'Office' Picture on their website lifted directly from easyoffices website:
www.easyoffices.com/images/property/BuckinghamPala...


http://www.buy2letcars.com/meetings/files/stacks_i...


Also their domain name is cloaked behind a privacy provider.

[Steffan]

My experience in finance over 40 years suggests that, with any purchase, if it looks too good to be true then it is too good to be true.

I would avoid this I fear it is a scam.

It ticks all the scam boxes: false photos, scant detail, improbable earnings.

Its a scam.

[northandy]

“ If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck. ”

[crazy about cars]

I wonder how many people got fooled by this... anyone remember the land investment scam few years back? Aggressive phone sales tactics...

[SystemParanoia]

[Hilts]

33%...that's better than Bernie Madoff and Allen Stanford were offering.



Insert Seems Legit meme here.

[groak]

I buy cars that I let to private hire (minicab) drivers. About 10% of the gross income ends up as profit. Reasonably well maintained, the cars have a useful lifespan of 6-7 years. After 7 years of minicabbing and 250-300k on the clock they're worth about 5% of cost price.

[Maz_uk]

Going to sell my 40 retail cars and invest in this!

[AJS-]

Sounds a bit too good to be true.

Just doing the maths, to get the £17,955 return they would have to charge £600 a month before any admin fees etc, which seems quite a lot for a £13,500 car. But then I don't really know much about leasing, so I could be wrong. The actual return is 33% over 3 years, which is more like 10% pa. Better than a savings account for sure, but comparable to B2L houses.

I quite like the business model, but don't like the look of the company for some reason.

[Odie]

ponzi

[Paul Drawmer]

See also:
http://bizzy.co.uk/uk/07631460/rent-2-own-cars

[va1o]

Noticed this in Autocar today http://www.autocar.co.uk/blogs/anything-goes/want-...

Seems to still be going but agree website looks dodgy...

[Stewart330ci]

a little research reveals this is the other side of the business - http://www.wheels4sure.com/cars.php

So the cars are going out to customers who couldn't get credit elsewhere, very risky...