Buy to let cars
Discussion
http://www.buy2letcars.com/
Been advertised on the radio quite a bit. Average 8-11% return pa.
Seems a bit too good, what am I missing?
Been advertised on the radio quite a bit. Average 8-11% return pa.
Seems a bit too good, what am I missing?
steveT350C said:
http://www.buy2letcars.com/
Been advertised on the radio quite a bit. Average 8-11% return pa.
Seems a bit too good, what am I missing?
If memory serves me correctly this has been discussed on here a few times before.Been advertised on the radio quite a bit. Average 8-11% return pa.
Seems a bit too good, what am I missing?
A whois shows that it has all the signs of being scammier than a scammy thing. Run by a bloke called Identity protect services, which is an odd name with a similarly named company.
http://who.is/whois/www.buy2letcars.com
spikeyhead said:
steveT350C said:
http://www.buy2letcars.com/
Been advertised on the radio quite a bit. Average 8-11% return pa.
Seems a bit too good, what am I missing?
If memory serves me correctly this has been discussed on here a few times before.Been advertised on the radio quite a bit. Average 8-11% return pa.
Seems a bit too good, what am I missing?
A whois shows that it has all the signs of being scammier than a scammy thing. Run by a bloke called Identity protect services, which is an odd name with a similarly named company.
http://who.is/whois/www.buy2letcars.com
http://www.daily.co.uk/products/domain-names/domai...
JamieBeeston said:
That's just WHOIS Privacy, its an option you can enable to hide your real details and its quite legitimate.
http://www.daily.co.uk/products/domain-names/domai...
Not for a company it isn't. Nowhere on their website do they provide a physical address other than a registered office which is a small firm of accountants.http://www.daily.co.uk/products/domain-names/domai...
Accounts said:
Buy 2 Let Cars Ltd is an Active, non trading business incorporated in England & Wales on 12th May 2011. Their business activity is recorded as Renting And Leasing Of Cars And Light Motor Vehicles. Buy 2 Let Cars Ltd is run by 1 current members. 1 shareholders own the total shares within the company. It is also part of a group.
The latest Annual Accounts submitted to Companies House for the year up to 31/03/2012 reported 'cash at bank' of £0, 'liabilities' worth £0, 'net worth' of £0 and 'assets' worth £0,
The latest Annual Accounts submitted to Companies House for the year up to 31/03/2012 reported 'cash at bank' of £0, 'liabilities' worth £0, 'net worth' of £0 and 'assets' worth £0,
The company has 1 director. It all smells of scam to me.
I have heard their advert on LBC and wondered just how safe your "investment" would be, I meant to look it up sometime.
Their FAQs does not fill me with confidence:
"Who owns the car – the asset?
A. The car is 100% owned by you and all legal documentation will be in your name. You keep the title deed and the original V5C registration document."
How is the vehicle taxed by the "end user" if the "owner" has the V5? They claim to handle all speeding tickets etc, which implies the V5 is NOT at the owner's address, in which case saying you keep the V5 doesn't add up. In any case the V5 doesn't prove ownership, mybe the "title deed" is a properly drawn up contract of ownership.
"Q. What happens if the driver cancels his insurance and then has an accident?
A. Buy2letcars has a payment process in place which includes confirmation of payment, mileage monitor, and insurance validation at each payment cycle."
Ok, so what if the driver cancels their insurance the day after the "payment cycle" and then writes off the car?
"The GPS technology in the car monitors the vehicle against any mileage abuse. The contract between you and buy2letcars.com protects you from any financial loss due to excess mileage."
So they are installing tracking/monitoring devices into each car? What car leasing company does that?
Their FAQs does not fill me with confidence:
"Who owns the car – the asset?
A. The car is 100% owned by you and all legal documentation will be in your name. You keep the title deed and the original V5C registration document."
How is the vehicle taxed by the "end user" if the "owner" has the V5? They claim to handle all speeding tickets etc, which implies the V5 is NOT at the owner's address, in which case saying you keep the V5 doesn't add up. In any case the V5 doesn't prove ownership, mybe the "title deed" is a properly drawn up contract of ownership.
"Q. What happens if the driver cancels his insurance and then has an accident?
A. Buy2letcars has a payment process in place which includes confirmation of payment, mileage monitor, and insurance validation at each payment cycle."
Ok, so what if the driver cancels their insurance the day after the "payment cycle" and then writes off the car?
"The GPS technology in the car monitors the vehicle against any mileage abuse. The contract between you and buy2letcars.com protects you from any financial loss due to excess mileage."
So they are installing tracking/monitoring devices into each car? What car leasing company does that?
- That said* you can see http://www.wheels4sure.com/ on their shopfront, which I think were also advertising on LBC, it's a poor-credit lease firm. I assume they reckon they have nailed finding reliable customers but can't fund the vehicles from corporate investment. It's quite possible they are charging enough to make them feel comfortable to "guarantee" they will cover delinquent customers and damaged vehicles.
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