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Buy 2 let cars scam?
martinbiz
post Thu, 3 Apr 2014 - 21:34
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Does anyone understand their business model, they seem to be spending an awful lot of money on advertising, but I can't see how it works.

You buy a car for 13k they rent it for you and pay you £250 per month for 3 years, backed up by your 'asset' and at the end of the term they give you 8k for a car that's worth probably 4 at best, maybe I've missed something dontknow.gif
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Chris Hughes
post Thu, 31 Jul 2014 - 15:25
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Hi,
I’m actually an investor with Buy2Letcars.com and thought I would share the benefit of my experience.
1. Firstly, it is not a scam – I’ve been there (and it’s not a flash hired office – it’s a proper business centre in West Wickham, Kent), they have over 200 investors and more than 500 cars on the road. Go there and see for yourself – I was sceptical at first, but I rang up and met them and was reassured.
2. Insurance & damage/ loss of vehicles: all vehicles are password restricted and have the ability to be remotely disabled preventing theft or default on the payments. All this is provided by Buy2LetCars.com, who, along with the DVLA and the police, can track the whereabouts of the cars 24 hours a day. Vehicle insurance is provided by the end user. Believe me, these investments are well protected.
3. Returns: to have questions is only natural, I would suggest ringing Buy2LetCars.com to clarify. You put in £13,500 to fund one car. You get a £250/month for 3 years (£9000 in total), then a lump sum of £8,955 for the car, a total of £17,955 or 33% over three years. There is also an option to part fund a car on £7,000.
4. Depreciation: yes, cars do fall in value, however the key to this scheme is that even though the car falls in value, the repayments don’t decrease guaranteeing your return. Banks have been - and are still - making a killing from car finance for years – if it wasn’t profitable they wouldn’t do it.

I started off with one car in 2012 and have been so impressed, I have invested in more vehicles as I've gone along. My wife Alma and I live comfortably off our monthly ‘car wages’ and at the end of the three years have a lump sum to re-invest. I’ve been an investor for over 10 years and I can honestly say this is my best investment. I would really encourage anyone with any questions to contact Reg and Scott direct – they are really friendly and will happily answer any questions on 0800 014 9228 or visit the website.

cheers, Chris
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Rallyman72
post Thu, 31 Jul 2014 - 17:09
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Isn't this a bit strange:
QUOTE (Chris Hughes @ Thu, 31 Jul 2014 - 16:25) *
I started off with one car in 2012
QUOTE (Chris Hughes @ Thu, 31 Jul 2014 - 16:25) *
I've been an investor for over 10 years


Whole thing seems a bit dubious to me. And, if it is being sold as an investment scheme, what is their FCA registration number?

According to the testimonial from Chris Hughes on the website he started with 3 cars in 2012 and now has 12.

Reg and Scott only became directors in November of last year.

And the company has filed account for the years ended 30/6/12 and 30/6/13 showing their net worth of £0. Yup. nil, zilch, denada ...

Where's the salt ....

This post has been edited by Rallyman72: Thu, 31 Jul 2014 - 17:23


--------------------
The accident was caused by cockpit thrombosis - a dangerous clot between seatback and steering wheel ...

1. Read this first
2. Nip Wizard
Parking tickets - council - 0, Rallyman - 1
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Posts in this topic
- martinbiz   Buy 2 let cars scam?   Thu, 3 Apr 2014 - 21:34
- - enfield freddy   who pays for maintenance , new engines , insurance...   Thu, 3 Apr 2014 - 21:44
- - Gan   A brand name car rental company with vehicles less...   Fri, 4 Apr 2014 - 09:12
- - glasgow_bhoy   Very strange concept. I can't help thinking th...   Fri, 4 Apr 2014 - 20:51
- - psimmons200   QUOTE (martinbiz @ Thu, 3 Apr 2014 - 22...   Fri, 4 Apr 2014 - 23:42
- - Gan   That's my prediction It's the odd ownersh...   Sat, 5 Apr 2014 - 17:06
- - Gan   Spoke to a couple of finance specialists this even...   Mon, 7 Apr 2014 - 20:57
- - Chris Hughes   Hi, I’m actually an investor with Buy2Letcars.co...   Thu, 31 Jul 2014 - 15:25
|- - Rallyman72   Isn't this a bit strange: QUOTE (Chris Hughes ...   Thu, 31 Jul 2014 - 17:09
|- - Kieran_e1   QUOTE (Rallyman72 @ Thu, 31 Jul 2014 - 1...   Thu, 31 Jul 2014 - 17:34
- - andy_foster   Holy thread resurrection Batman! The biggest ...   Thu, 31 Jul 2014 - 17:01
- - Barry S   Mr Hughes is also one of the "voices" of...   Thu, 31 Jul 2014 - 17:05
- - Gan   So who's paying him if Buy 2 Let Cars Ltd and ...   Thu, 31 Jul 2014 - 17:22
- - andy_foster   QUOTE Q. Who owns the car – the asset? A. The ca...   Thu, 31 Jul 2014 - 17:28
- - Rallyman72   Consumer Credit Licence and ICO number come back t...   Thu, 31 Jul 2014 - 17:30
- - Rallyman72   But, Unregulated schemes cannot sell directly to t...   Thu, 31 Jul 2014 - 17:41
|- - Kieran_e1   QUOTE (Rallyman72 @ Thu, 31 Jul 2014 - 1...   Thu, 31 Jul 2014 - 17:58
- - Rallyman72   OK, we'll agree that FSMA, for many, means not...   Thu, 31 Jul 2014 - 18:20
|- - southpaw82   QUOTE (Rallyman72 @ Thu, 31 Jul 2014 - 1...   Thu, 31 Jul 2014 - 18:23
- - Peterandmike   A Ponzi scheme (eg Bernie Madoff) is a scam where ...   Sun, 17 Aug 2014 - 15:18
- - captain swoop   OK as long as you get in and out at the right time...   Sun, 17 Aug 2014 - 22:36
- - phoenix61   Hi everyone - this is my first (and possibly only)...   Wed, 20 Aug 2014 - 20:43


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