mikes1531
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Post by mikes1531 on Dec 28, 2013 14:58:09 GMT
I recently came across Buy2LetCars. Does anybody here have any experience with them? (I expect their list of supporters/lenders/investors is pretty short because their minimum investment level is so high -- £7k.)
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bugs4me
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Post by bugs4me on Dec 28, 2013 15:28:06 GMT
I recently came across Buy2LetCars. Does anybody here have any experience with them? (I expect their list of supporters/lenders/investors is pretty short because their minimum investment level is so high -- £7k.) My goodness - aren't they just popping up everywhere Mike. I suspect many that set up a P2P or P2B underestimate the sophistication of the lender/investor these days.
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andy2001
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Post by andy2001 on Dec 28, 2013 16:47:33 GMT
This site is not new I came across it some time ago. When I last looked the min investment was higher at something like 12k to 13k.
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spyrogyra
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Post by spyrogyra on Dec 28, 2013 18:00:01 GMT
I spoke with them something like a half year ago. The guy I spoke with tried to convince me it's absolutely irrelevant whether my security will be an Insignia or Corsa. His argument was I'll be receiving one and the same % of interest. It doesn't make sense to me - the different models have different prices and the rent should be different and as it will be the loan's security, it should matter what I may end up with. They advertise quite heavily on radios,I've seen their adverts in the wrong section of Daily Mail (among adverts promising you riches and gold). V5, as many know, is not a prove of ownership. In the end I thought their persuasive techniques are aiming Joe down the street albeit the amount of minimum investment. Not to my taste. I hope someone else will take this niche more convincingly.
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mikes1531
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Post by mikes1531 on Dec 28, 2013 19:41:58 GMT
This site is not new I came across it some time ago. When I last looked the min investment was higher at something like 12k to 13k. They now have two investment options -- £13.5k for a whole loan or £7k for what's probably half of a loan. The former is supposed to return 33% over three years, the latter 24% over three years. They refer to returns of 8-11%, which would be consistent with that, but the loans have a longer amortisation period and a bullet payment after 36 months. I haven't tried to work out what the AER really would be.
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Post by Deleted on Nov 4, 2015 14:02:22 GMT
What the default rate they have ?
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Post by easteregg on Nov 4, 2015 16:50:46 GMT
What the default rate they have ? None that I am aware of. I recently spoke with them and their first few loans are being repaid. Their rates are amongst the highest within the alternative finance sector.
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stevio
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Post by stevio on Nov 14, 2015 19:51:52 GMT
The returns don't seem worth
a) the tie in
b) high initial investment
c) lack of diversity due to (b)
Unless your desperate for a different type of asset
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mikes1531
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Post by mikes1531 on Nov 14, 2015 22:59:58 GMT
The returns don't seem worth a) the tie in b) high initial investment c) lack of diversity due to (b) Unless your desperate for a different type of asset Or you're intending to invest such a large sum that (b) won't lead to (c). That still doesn't help with (a), though. PS. Having just looked at the website, it appears that the minimum investment is now about double what it was when I started this thread. So it would take a six-figure investment to have even a small amount of diversification!
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Post by Deleted on Nov 15, 2015 10:32:16 GMT
i looked at buy-to-rent-toasters a bit back and gave up when they became toast Does anyone else remember when Swartzenegar's wife of the moment advertised fridge renting, one of my mates was FD of that disaster. Beware.
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jonno
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nil satis nisi optimum
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Post by jonno on Nov 15, 2015 13:38:14 GMT
i looked at buy-to-rent-toasters a bit back and gave up when they became toast Does anyone else remember when Swartzenegar's wife of the moment advertised fridge renting, one of my mates was FD of that disaster. Beware. Those bloody buy-to-rent toasters were popping up everywhere. Oh and another thing; I went cold on fridge renting a long time ago.
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Post by mrclondon on Sept 4, 2016 18:41:10 GMT
Buy2LetCars are running a major billboard campaign at the moment - I counted at least 6 on the roads around Waterloo station this afternoon - with a huge (as in typeface size) 11% return being advertised (or thats the impression as you drive past ) However as their website reveals www.buy2letcars.com/home/ (and scroll down) you need to lend £98,000 to get 11% (the minimum of £7,000 gives just 7%). Misleading or what ?
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ben
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Post by ben on Sept 4, 2016 18:46:54 GMT
Buy2LetCars are running a major billboard campaign at the moment - I counted at least 6 on the roads around Waterloo station this afternoon - with a huge (as in typeface size) 11% return being advertised (or thats the impression as you drive past ) However as their website reveals www.buy2letcars.com/home/ (and scroll down) you need to lend £98,000 to get 11% (the minimum of £7,000 gives just 7%). Misleading or what ? I bet if you read the small print of the ad though it will be there or it say upto 11%.
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spyrogyra
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Post by spyrogyra on Sept 4, 2016 19:18:06 GMT
They have been around for 2-3 years already. £98k buys you 7 cars to get 11%. The prices of the cars they tell you you have to buy off them is too high - you can buy the same cars from any dealership at advertised prices with no discount for quantity for much less . I spoke with them about 2 years ago and they said the prices doesn't matter as I will get all my money back plus 11% interest. But they must make 10-15% or probably even more in commission from the car dealers. More than half of the capital is returned to you at the end of the 3 years.
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Neil_P2PBlog
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Post by Neil_P2PBlog on Sept 5, 2016 16:48:53 GMT
On the homepage: www.buy2letcars.com/home/ - there's a video about half way down. Skip to about 48 seconds and the presenter questions "how have you managed to overcome the negative forums on the internet". Is that a reference to this forum?
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