Buy2Let Cars Administration - Wheels4Sure

MeToYouAndMe

Yes we are responsible for reporting problems and arranging for it it be fixed under warranty . Servicing and tax were paid for by W4S. Again, for servicing, W4S would pay the dealership directly .
I can’t tax the vehicle myself without any of the documents . Even if I could, I’m not willing to pay for tax until they inform us on what they plan to do with the car - it is an asset to the company so I’m assuming they are going to want it back. 

MeToYouAndMe

Some other posts are suggesting that the leases will be left to expire . My lease is fairly new (pre FCA restrictions) so there is at least 2.5yrs left of my contract . I think it’s unlikely this will continue for that long? 

barrymat

I am also a customer and my lease expires in August.  Hopefully it will run to its conclusion without me having to run around to source a new vehicle.  My other concern is the code that gets sent a few days after payment.  I'm assuming that this will still be sent out otherwise all of the vehicles will eventually become imobile

MeToYouAndMe

My car has an automatic code system so thankfully I don’t have to rely on code emails. Would you mind updating when your next payment goes out to let me know if you get a code? 

I’ve been looking at options for other leases today in case the car is taken back as an asset. I’ll have to find an astronomical deposit for a new lease . 

Car_54

MeToYouAndMe said:

Yes we are responsible for reporting problems and arranging for it it be fixed under warranty . Servicing and tax were paid for by W4S. Again, for servicing, W4S would pay the dealership directly .
I can’t tax the vehicle myself without any of the documents . Even if I could, I’m not willing to pay for tax until they inform us on what they plan to do with the car - it is an asset to the company so I’m assuming they are going to want it back. 

Are you sure? My understanding of the business model is that the "investor" (or "mug") bought the car, which the company then leased out on his behalf. If that is the case, it is not a company asset. Unravelling all of that will be a challenge.

MeToYouAndMe

The investors didn’t buy the cars (from what I can gather) . They invested money in to the company Buy2Let cars who then used that money to buy the cars which were then leased to people via W4S. So Buy2Let cars / W4S own the vehicles . 

Car_54

MeToYouAndMe said:

The investors didn’t buy the cars (from what I can gather) . They invested money in to the company Buy2Let cars who then used that money to buy the cars which were then leased to people via W4S. So Buy2Let cars / W4S own the vehicles . 

Yes, it seems the company's adverts may not have been entirely truthful. Who'd have thought it?

barrymat

My payment was made a few days ago and have just received the code.....relieved for the time being 

Grumpy_chap

justworriedabit said:

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.

That's odd, not what you appeared to say (and since deleted) in another thread earlier today:
https://forums.moneysavingexpert.com/discussion/6189373/buy2letcars/p3

justworriedabit said:

As you know the choice is yours but I strongly recommend you do a lot more research and risk assessment if you was to lose all as that can happen with any investment. Hope it works out for you

justworriedabit said:

Read the very helpful line  FCA but NOT belong to the compo scheme.
https://www.mirror.co.uk/news/uk-news/sales-pitch-promised-astonishing-returns-23519219

Sometimes life suddenly feels like treading on the discarded remnants of the bottle from someone's evening of enjoyment when only moments ago you were prancing along enjoying the feeling of sweetsands running through your toes.

kunalpatel

Hi... I have a car from Wheels4Sure and this is my 3rd car lease with them. I had my service booked in for this past Friday, as Wheels4Sure instructed me to take it in for servicing. I found out during this past week they went into administration and when I dropped off my car, I was told they didn't make the payment for servicing (which is part of the contract with Wheels4Sure- they cover servicing costs). I tried to contact them but phone lines were dead... then I called the administration company and the helpline was not helpful at all, so I emailed them and I still have no answer back from them)... I was FORCED to pay for the serving by the dealership in order to get my car back. How do I recover this money?