Buy to Let Cars ?

Buy to Let Cars ?

Author
Discussion

The Moose

21,220 posts

181 months

Thursday 10th July 2014
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Having only briefly looked into it, I thought the lease charges were all ex VAT...

isleofthorns

324 posts

142 months

Thursday 10th July 2014
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Looking at the wheels4sure site, their main example shows a rental of 224+vat giving a total cost of 9500+vat over the rental period (including the initial deposit etc)

S10GTA

11,429 posts

139 months

Wednesday 15th July 2015
quotequote all
Heard an advert for this today, thought it was a bonkers business model. Buy to let on a depreciating asset. wobble

Search PH and sure enough there is a thread.


fellatthefirst

554 posts

127 months

Friday 17th July 2015
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The thing that put me off the most is that they are not FCA registered. So if they go bust you can kiss sweet goodbye to your money.

HONEYMON57ER

562 posts

182 months

Wednesday 25th January 2017
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well, they are still in business and have now made lots of final payments to investors (according to their website)

anyone taken the plunge?

thatsprettyshady

1,530 posts

137 months

Saturday 4th August 2018
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Bump for any info, given the company seems to have been going a while now.

LooneyTunes

4,850 posts

130 months

Sunday 5th August 2018
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It would make sense to read the annual reports of both company and parent if thinking of investing. There’s some interesting stuff in there about how their model has worked out.

Still isn’t one that would get my money.

K12beano

20,846 posts

247 months

untakenname

3,901 posts

164 months

Tuesday 16th March
quotequote all
Some some irate person trying to get into the shop a while back, wonder if they were a disgruntled customer?

It's odd that their reviews seemed quite good (even the recent ones) though for any poor reviews they say that the reviewer hasn't used them.

https://g.page/Buy2LetCars?share

thatsprettyshady

1,530 posts

137 months

Tuesday 16th March
quotequote all
I was considering parking some cash in Buy2let a couple of years ago, got as far as investing but getting cold feet and withdrawing with no penalty. They used to bombard me with marketing emails afterwards but these suddenly stopped in October last year. Dodged a bullet it seems.

ETA it wasn’t this lot actually, it was fundingcircle.

Edited by thatsprettyshady on Tuesday 16th March 16:54

Dr Interceptor

6,402 posts

168 months

Tuesday 16th March
quotequote all
K12beano said:
Nope... The latest news now is that the whole group is in administration.

https://wheels4sure.com/

Trustpilot reviews from people who have lost all their investment.

https://uk.trustpilot.com/review/buy2letcars.com


K12beano

20,846 posts

247 months

Tuesday 16th March
quotequote all
I was actually busy researching for something else quite different but fell into that rabbit-hole of being fascinated by finding out what's gone wrong with something......


I've just alighted on the following, which I think probably sums the situation up quite well (in the absence of having a nice factual and fact-full Final Decision from Freddie FCA) from 2019: https://bondreview.co.uk/2019/10/24/buy2letcars-in...

Dr Interceptor

6,402 posts

168 months

Tuesday 16th March
quotequote all
Statement here on the FCA website...

https://www.fca.org.uk/news/news-stories/raedex-co...

thatsprettyshady

1,530 posts

137 months

Tuesday 16th March
quotequote all
thatsprettyshady said:
I was considering parking some cash in Buy2let a couple of years ago, got as far as investing but getting cold feet and withdrawing with no penalty. They used to bombard me with marketing emails afterwards but these suddenly stopped in October last year. Dodged a bullet it seems.
Final email they sent me, cheeky buggers


Buy2Let mail shot said:
"Good afternoon!
I hope you’re staying safe and well.
I wanted to send you a personal message thanking you for your support throughout this very strange and testing year.
As you know, we have been one of very few businesses that have actually been able to flourish during this pandemic with the help of yourself and our many other investors.
Buy2Let Cars are going through one of the busiest periods we have experienced since inception in 2012. We are going from strength to strength and there is no sign of things slowing down for us. Since March we have had over 3500 qualified applications from Public Sector Key and Essential workers; the demand for our vehicles is astronomical!
In order to meet that demand we are offering additional percentages to existing investors for any units funded this side of Christmas. Please do let me know should you wish to take advantage and add to your current portfolio.
Once again, thank you for your continued business and support.
Season’s greetings to you and your family,


Richard Greenland."

untakenname

3,901 posts

164 months

Tuesday 16th March
quotequote all
Some of the recent reviews on Trustpilot are from people who have £60k or more outstanding!

K12beano said:
I was actually busy researching for something else quite different but fell into that rabbit-hole of being fascinated by finding out what's gone wrong with something......


I've just alighted on the following, which I think probably sums the situation up quite well (in the absence of having a nice factual and fact-full Final Decision from Freddie FCA) from 2019: https://bondreview.co.uk/2019/10/24/buy2letcars-in...
Not sure how papers can get away with stuff like this, should have stated it was an advert and also have a financial warning can see how some people may have been enticed by the promise of high returns.

https://www.leeds-live.co.uk/special-features/open...

dazmanultra

340 posts

64 months

Tuesday 16th March
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Every time I heard these adverts on the radio I would cringe. It is/was really surprising that they were allowed to operate and advertise in the way they were doing; in my mind there were a lot of misleading claims made. It's the kind of thing my mum would probably "invest" in if she had some spare cash unfortunately. "Oh it's on the radio, it must be legit"

996driver

15 posts

80 months

Thursday 27th May
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Latest update from administrators, unsurprisingly there are less cars than agreements from investors, substantially so.

Total outstanding from investors £40 million, 596 cars listed so value per car is just over £65k. Not exactly the amount that credit strapped leases would be for so looks like far more money outstanding than had ever gone into cars.

Hope no-one here handed over money to them. I had the invitation to invest a few years ago but declined.

https://damn-lies-and-statistics.blogspot.com/2021...