While having a morning cuppa - on the radio I heard an advert for "buy2let" cars - you buy a car and they rent it out to people with poor credit and you get 11% returns...
It all sounds a bit...
Anyone familiar with this company or their business model?
What could possibly go wrong?Originally Posted by Alansmithee
While having a morning cuppa - on the radio I heard an advert for "buy2let" cars - you buy a car and they rent it out to people with poor credit and you get 11% returns...
It all sounds a bit...
Anyone familiar with this company or their business model?
"Once is happenstance. Twice is coincidence. The third time it's enemy action."
'Populism, the last refuge of a Tory scoundrel'.
Hasn't this been going on for a while, iirc there was an outfit coordinating car loans from Joe public for uber drivers and the like some years back, I briefly had a look at it but didn't go there...seemed a non starter.
Duff battery?
It is seemingly very high risk..... there are easier ways to make money without the lack of sleep associated..
there is already a well known company that has been doing something similar for years but to be fair they retain full title V5C and spares until end of term but the interest rate is upper end but is targeted at those with very sub-prime profile ..
they control the whole thing with a black box that should the lender not meet the payment they remotely send messages ,signals and they can also immobilise the car until they do pay in extreme cases...
https://www.stoneacre.co.uk/pay-as-you-go-car-finance
In one Eurasian country I have lived buying a car and renting it out is a common thing.
Wow. New cars?
Is the country - a secret?
Nah, Azerbaijan
City watchdog bans subprime car-leasing scheme Buy2LetCars | Business | The Sunday Times (thetimes.co.uk)A firm offering investments in hire cars has been banned by the regulator two years after a warning over its activities.
Buy2LetCars offers investors returns of up to 11 per cent a year over three years. Their money is used to buy new cars that are then leased to motorists with poor credit ratings via a subsidiary called Wheels4Sure. The monthly payments from borrowers are used to pay investors. The firm is ultimately owned by the Raedex Consortium.
Yesterday the Financial Conduct Authority (FCA) said it had imposed restrictions on Raedex requiring it to stop entering into any new car leases because of concerns about its finances.
Raedex Consortium....ironically run by Mr Cole ....
Fruity accounts for 2019!
Shareholders funds (£ 10875011)
And thats after Goodwill in assets being valued at (£4999000)...
One can only imagine what their 2020 results will look like ....
Quality !
I look at tons of investment options and 30 secs reading tells me run a mile. Always go with your gut reaction..
Gosh what a surprise!
https://www.thetimes.co.uk/article/i...oney-d390rr097A company offering investment in car leases was trading while insolvent for years, meaning savers are unlikely to get much, if any, of their money back after it collapsed, the financial regulator has warned.
It has now emerged that Buy2LetCars has assets of £14.4 million, but liabilities to investors of £34 million over the next three years. The firm would need to raise £6 million this year and then £14 million in each of the next two years to meet its liabilities meaning it is unlikely to be capable of meeting its debts as they fall due, the regulator said, adding that the firm made losses of £10.5 million in the past three years.
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