adrianc
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Post by adrianc on Sept 5, 2016 16:54:21 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? Even if it isn't, it's recognition that world+dog think there's something iffy about their proposition... <wince>
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mikeb
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Post by mikeb on Sept 6, 2016 17:09:23 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? I think they've also had a roasting on MoneySavingExpert.com, as well as the other "Buy a camper van as an investment" guaranteed moneymaker style schemes. Look in the "Savings And Investments" forum at MSE.
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james
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Post by james on Sept 7, 2016 8:43:46 GMT
Interesting that they now have a link with Uber. High mileage drivers and significantly lower end values I assume.
Also interesting that in the video an investor was asked whether there was any way to lose money and spoke about the job the management does to manage the risks from the cars but didn't mention platform risk at all, when that is the biggest risk with this sort of thing, as with P2P, because it's likely to affect all investments with the platform and could be a 100% unsecured loss.
Running the numbers for their £7,000 offering they quote 7% per year and 21% over three years so its non-compounding. But worse, much of the payment is a gross final taxable payment of £2,541. So their quoted gross gain of £1,470 after basic rate tax drops to £961.80 over three years, which is 4.58% non-compounding per year. At 40% income tax the total net gain has dropped to £453.60 over three years, just 2.16% non-compounding per year. Pity any foolish 45% tax payers, though. £326.55 net gain on their £7,000 investment is just 1.56% a year not compounded.
Their best case where they quote 33% over three years and 11% a year on £98,000 invested comes out after tax at 6.72%, 2.43%, 1.37%.
A lot of sting in the tax tail for this investment if it's done outside a tax wrapper. And no sign of a pension or ISA wrapper being available so you're stuck with the poor compared to what P2P can offer results. Would be very much improved it the purchase price of the cars wasn't well above the achievable ones, since lower purchase price is not taxed at all and the inflation in the purchase price seems likely to make up the bulk of the final payment value, transforming it from tax free initial price to taxable final payment. Ouch.
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stevio
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Post by stevio on Sept 7, 2016 10:46:09 GMT
Why would someone even consider investing £98k in one loan? - buying a PART of a loan in a single car maybe or even an investment to a business that then uses the money to invest in several cars
There is much better returns and diversity in MT and AB loans with similar asset type security
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stevio
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Post by stevio on Sept 7, 2016 10:53:16 GMT
Googling the name of the 'investor' in the testimonial on their front page website appears to be an employee of the company lol
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james
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Post by james on Sept 7, 2016 18:02:22 GMT
Why would someone even consider investing £98k in one loan? - buying a PART of a loan in a single car maybe or even an investment to a business that then uses the money to invest in several cars 98k would be buying seven individual cars, each security for that portion. Shame, though, the concept is OK if it wasn't for the unit size and tax aspects of the product design. On the positive side they do seem to clearly explain the tax treatment, even if not the implications for potential profit. There is much better returns and diversity in MT and AB loans with similar asset type security Agreed, though neither of those was around when the BTL cars place started out.
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Nomad
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Post by Nomad on Aug 17, 2019 7:57:47 GMT
Does anyone here have recent experience with this company?
Trustpilot score is currently 9.7 (but so is Zopa's).
They must have been around long enough now for a lot of deals to have run to completion?
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Post by graham3768 on Mar 16, 2021 14:22:29 GMT
Now gone into Administration, any investors lost money like us?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 18, 2021 21:38:16 GMT
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p2pfan
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Post by p2pfan on Mar 23, 2021 12:32:25 GMT
Now gone into Administration, any investors lost money like us? Yes, me too. I've lost a lot of money. There's a group for investors. In case it's useful to other Buy2LetCars investors who've lost money, there is a website for creditors here. You can ask to join the WhatsApp group for investors who've lost money via this number: 07854 822176. [Hope it's alright to provide these details for worried investors.]
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Nomad
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Post by Nomad on May 21, 2021 9:08:51 GMT
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hazellend
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Post by hazellend on May 21, 2021 13:24:03 GMT
Another FCA triumph. FCA stands for Consumers Always
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p2pfan
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Post by p2pfan on Jan 21, 2024 14:14:53 GMT
Excellent news. I lost a lot of money by investing in what turns out was an fraud by these two Directors. The Directors had me fooled hook, line and sinker. I was so stupid I was going into their office with gifts etc. every time I went to see them. Let's hope they end up spending a few years behind bars... but, as it's a white collar crime, it's highly unlikely that will happen.
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Post by willsmithgrrrr on Jan 21, 2024 21:57:16 GMT
Another reason for a widely diversified portfolio in P2P.
The rates are currently still not great for the extra risks we investors take.
If have 6 P2P ( Problem is finding 6 decent ones ) only 1 P2P goes belly up you still could be no better off than if had funds invested in a FCFS bank account..
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p2pfan
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Post by p2pfan on Feb 3, 2024 14:20:39 GMT
After a three year investigation by the Serious Fraud Office ( details of their charges against Buy2LetCars here), the Directors have finally been brought in front of a judge: "Two ex-company directors accused of fraud over car leasing scheme Buy2Let Cars have made their first appearance in court. Reginald Larry-Cole, 53, and Scott Martin, 45, went before Westminster JPs yesterday following an investigation by the Serious Fraud Office into suspected fraud in relation to the activities of Raedex Consortium, which includes Buy2Let Cars, PayGo Cars, Raedex trading as Wheels4Sure and Rent2Own Cars from 2012 to 2021. The men are both charged with three counts of fraud by false representation, contrary to the Fraud Act 2006, sections 1(2) and 2(1)." More here: cardealermagazine.co.uk/publish/former-company-directors-appear-in-court-on-fraud-charges-over-buy2let-cars/297173Let's hope the Directors behind recent P2P frauds that have also lost tens of millions of pounds of people's money face similar justice.
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