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Buy2Let Cars Administration - Wheels4Sure

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jimjames
jimjames Posts: 17,755 Forumite
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Buy2Let Cars is part of an investment scheme but also uses a brand called Wheels4Sure to sell PCP loans for cars to consumers. Has anyone here taken out a car with Wheels4Sure, have you had any communications from them at all about this?

There is a thread about the investment side on the Savings/Investment forum but this was more about the car loan part
Remember the saying: if it looks too good to be true it almost certainly is.
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  • MeToYouAndMe
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    Hi, I am a customer of W4S and very confused about what is going to happen. The car is due to be taxed soon but I can’t tax it myself (usually the company taxes it and then I pay them).  It is also due insurance but again, the registered keeper no longer exists . What is likely to happen? 
  • MeToYouAndMe
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    No communications; it seems investors and customers all received the same emails at the same time . 
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    Anybody who is a creditor to a company that goes into administration should be contacted by the administrator. They will still owe the payments as per normal, until such time as the administrator comes to them with an alternative.

    I suspect in a situation such as this, the car/finance packages will be sold on to another financier, perhaps at a discount to enable them to become profitable.

    The people who take the hit for that are the creditors of the company in administration.
  • MeToYouAndMe
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    I’ll continue to pay as normal (it’s been stated that we should) but I’m concerned I can’t tax it . There’s no contact details other than for the administrators who are only dealing with urgent queries . I’ve emailed them but I’m not expecting a response any time soon which leaves me in a predicament ... a car I can’t insure or tax . 
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    Taxing it was your responsibility?
    It's not on DD?
    Do you have the V5C?
  • jimjames
    jimjames Posts: 17,755 Forumite
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    Hi, I am a customer of W4S and very confused about what is going to happen. The car is due to be taxed soon but I can’t tax it myself (usually the company taxes it and then I pay them).  It is also due insurance but again, the registered keeper no longer exists . What is likely to happen? 
    Thanks for the update. The registered keeper still exists, essentially everything is the same for you just the people running the company are the administrators now but the company does still exist and it shouldn't affect anything you are doing at the moment.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • MeToYouAndMe
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    The v5 document was never seen by us or sent to us as we don’t own the car , we are leasing it . W4S would pay the tax and then we would refund them via a card payment . 
    Good to know I can still insure it . But without the v11 / v5 or any way to contact anyone other than the administrators I’m not sure how we’re going to tax it . 
  • justworriedabit
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    This outfit advertised heavily and even late last year I think. We were tempted to invest in they but as they said, if it sounds too good to be true then probably it is.
    Those not sure if toy buy road tax insurance etc etc - check the T&C's and I'm sure you are responsible for keeping the car road legal ie any defects you get them reported/fixed, no tax, insurance etc you do but read your T&C's.
  • jimjames
    jimjames Posts: 17,755 Forumite
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    The v5 document was never seen by us or sent to us as we don’t own the car , we are leasing it . W4S would pay the tax and then we would refund them via a card payment . 
    Good to know I can still insure it . But without the v11 / v5 or any way to contact anyone other than the administrators I’m not sure how we’re going to tax it . 
    How have you taxed it before? Exactly the same process should still apply.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • MeToYouAndMe
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    It has been taxed by W4S previously . They taxed the vehicle themselves ; they would then send me an email asking to call to pay for the tax and I made a card payment . I can’t do that now . The only contact I have is the administrators but they aren’t going to be quick to respond . 
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