Buy-to-let-cars

JMW00

I did a search on the Forum but came up with nothing.

I found a story in the Guardian today about buy-to-let-cars. Unfortunately as a 'new user' (??I joined in Feb 2013??) I am forbidden to post links, so if you are interested you will have to browse the Guardians web site for it yourself. Apologies for this.

Assuming you are still with me - has anyone any experience or views on this or on the principals (Note not principles) behind it?

And a supplementary - does anyone know if this is done anywhere else in the world?

I might just add I have no intention of investing I merely want to add to my knowledge.

Browntoa

http://www.theguardian.com/money/2014/sep/05/buy-let-cars-returns

Who are the people behind the company? Buy2LetCars is run by Reginald Larry-Cole, with two other directors, Scott Martin and Stalina Elba. Larry-Cole was a car salesmen who became interested in financing deals. Prior to Buy2LetCars he ran Paygo Cars, providing car finance for those unable to obtain loans from traditional sources. This company ran into financial problems, and in 2011 was voluntarily struck off the Companies House register. Buy2LetCars was first registered at Companies House in 2011.

What assets does the company have? Buy2LetCars has a shopfront and office in West Wickham, Kent. Accounts at Companies House give little indication of current trading, but are up to date. Further accounts will be filed for the past 18 months at the end of this month, says Cole. But as the company doesn’t own the vehicles, these won’t be shown as assets on the accounts.
Who leases the cars? The vehicles are leased almost entirely to people rejected for finance elsewhere. Buy2LetCars’ sister company, Wheels4Sure, handles the leasing, and says all applicants are subject to rigorous financial checks.

Browntoa

Reginald Larry-Cole, Managing Director, Buy2LetCars
Reginald is head of business for both Buy2LetCars.com and Wheels4Sure.com. In 2003 Reginald built a business from start-up, to a multi-million pound organisation, within four years while at university. He lost everything in the 2008 credit crunch and reluctantly sought unemployment benefits for the first time

http://www.investorschronicle.co.uk/2014/06/10/events/peer-to-peer-lending-seminar-seAoLThOinE7aAtoq0402M/article.html

Reaper

JMW00 wrote: »

I did a search on the Forum but came up with nothing.

Works for me, I found 3 threads using the search term "Buy2LetCars"

JMW00

Reaper wrote: »

Works for me, I found 3 threads using the search term "Buy2LetCars"

That'll be because I didn't use that precise search term and also because I'm clearly not as smart as you are.

le_loup

Looking for help are you?

jimjames

JMW00 wrote: »

That'll be because I didn't use that precise search term and also because I'm clearly not as smart as you are.

If you're not looking to invest and have no interest why did you post the question?

It wasn't exactly a difficult search to be fair.

Reaper

JMW00 wrote: »

That'll be because I didn't use that precise search term and also because I'm clearly not as smart as you are.

Lol, no need to take offence, I just pointed out more places you can find feedback to add to what's been posted here.

JMW00

jimjames wrote: »

If you're not looking to invest and have no interest why did you post the question?

It wasn't exactly a difficult search to be fair.

I am interested in this that is why I posed the question. I am interested in lots of things that I don't intend to invest in.

Of course it wasn't a difficult search a) in hindsight and b) if only I had used the exact term.

But it's only the likes of Google that have sophisticated search processes that try "to" for "2" for example. This forum's search tool doesn't seem to.

Next time I will start at the Google portal but qualify with MSE. That should do it.

JMW00

Reaper wrote: »

Lol, no need to take offence, I just pointed out more places you can find feedback to add to what's been posted here.

Reaper, apologies I mistook your concise style for sarcasm for which I apologise.

kidmugsy

I wouldn't want to cross someone called "Stalina".