Help and advice wanted asap.... Online used car broker....

Goudy

It sounds like they are requesting buyers money up front to pay for stock from auctions.

Most normal dealers will have a line of credit at the auctions. It's a unit stocking finance arrangement. It's quite normal and the debt can't usually be passed on to the end customer. It has been in operation in various markets for many many years.

There is usually a set time for them to sell them on and repay the stock finance, often around a month or so.
If they don't they either pay the finance off in one go or return the car to auction.

There are obviously cheaper, more dubious ways to do this and that it to get customers to front up the money first.

I've heard of smaller traders doing this before and some customers don't get the car they initially thought they were getting. 
The trader advertises up and coming auction stock but by the time the customer pays up front, the car might have been through the auction already and sold to someone else, so they buy the next best thing that passes through the auction and pass that on to the customer.

Sometimes it's auction stock that most normal dealers aren't keen on. Cars in trim and colour that nail themselves to the forecourt as they don't sell fast enough to meet the normal stock finance repayment time frames.
They have a better chance of buying them cheap enough.

jimjames

donatviking said:

I did finally get a response via telephone from the company with regard to my questions about how to make payment and they do not have any facilities for credit/debit card payment. 

Apart from the other red flags about the process and handing over money, doesn't that worry you? If you can't get a response from them when you are buying a car and they want your money, how easy do you think it will be to get them to resolve any issues once you've handed over your cash?

donatviking said:

 Their registered office address at companies house is the same address for the warehouse where they hold their vehicles. The car information checks out on all the sites with regard to mileage, MOT etc but then it's also very easy to use someone else's car advert as they don't directly advertise on their own website. 

Did you ask if you can view the car first? If the car exists then they should be happy to show it. There are thousands of reputable car dealers and sellers across the country. Why make life complicated and risky by using one that has all these issues flagged?

MyRealNameToo

donatviking said:
I thought they should be FCA registered too. 

They dont have to be registered as a used car dealer/broker but they need to be at least an appointed representative of a registered firm if they want to sell insurance, offer finance etc. If they dont do any of that then there is no requirement. 

They do state that you'd be covered by the FOS though which would mean they do have to be registered and they're not. 

I'm also now confused about the whole thing, in your original post you talked of them being a broker and providing an escrow service for the funds before the seller is paid but you now state that they are simply selling their own stock so arent a broker and the whole escrow thing doesnt work if they are the seller. 

MEM62

Isthisforreal99 said:

Personally, I don't understand why people would buy a used car they have never seen or test driven and no way would I consider paying all up front. Very most I would pay a small holding deposit (under £100) to view the car properly and test drive it.

Absolutely this!  

born_again

donatviking said:

I have found a used car that is available through an online broker. After payment by bank transfer the car is delivered and I have ten days to either accept or reject the vehicle. The broker holds my finances until I confirm then passes them to the seller or refunds them to me rather than paying direct to the seller. The only way to pay for this is by bank transfer. I can pay a deposit for the vehicle then pay the outstanding on delivery if preferred.  I am hesitant about this method of sale but the car appears to be in good condition, a very good price and ticks all the boxes. We have not found anything else suitable.  I have received a digital document to sign and return to them.  They will then issue payment details. There are no financial institutes listed on their website. They do not accept credit/debit card payments. The car is held at a warehouse at present with no scope to view. The brokerage company is listed as established in 2021 on the companies house website.  There are no trustpilot reviews on this company.  On searching for them there are no scam alerts on the web.  Is there anywhere else to check that this is a viable company and that I will receive the car? Has anyone else purchased a car in this manner? Has anyone used Baz cars ltd to purchase a vehicle?

Name them?

Mildly_Miffed

Baz Cars Ltd...

Does this look even vaguely like a legitimate used car dealer?
https://www.bazcarsltd.co.uk/index12b8.html?route=common/content&content_id=9

Really, why are you even contemplating this?

Goudy

donatviking said:

 Apparently they purchase cars via auction that were on finance/HP and have been recovered due to none payment and sell these on hence the competitive price. 

They are not a broker then.

If they were a broker, there would be a seller, the broker (them) and a buyer (you).
The broker would arrange the sale between the seller and buyer.

As I described earlier and they have obviously admitted to you, they are "brokering" deals for their own stock (if it actually has any stock).

They are probably arranging to buy the cars at auction under one company name and then arranging to sell them through another company name as a broker.

You want to return the car, you have to return it to the seller not them, but you don't know for sure who the seller is (it's themselves though) so they will as "broker" try to help you, in other words do sod all as the "seller" is some dodgy back street auction, that even if you do actually get a car delivered.

How did you come across them, let me guess Facebook Marketplace!

caprikid1

Mildly_Miffed said:

Baz Cars Ltd...

Does this look even vaguely like a legitimate used car dealer?
https://www.bazcarsltd.co.uk/index12b8.html?route=common/content&content_id=9

Really, why are you even contemplating this?

Everything about this is dodgy, the language, the regulations its spouts.

My Browser was suspicious about the site.

going for how many years but the domain was registered 6 days ago !!!

Give them and penny and you will never see it back or a car !.

forgotmyname

I have a feeling that the real people are using a fake name or a 3rd party to register the company. Their  'about us'  says that the
Director on companies house is their Treasurer and Chief Financial Officer.  She is also responsible for state and federal laws.

Googling the name shows only men?

What is the 'London Financial Code'?

An Address in Germany that is supposed to be a vehicle warehouse but I think I have come across that address before
checking fake websites.

A London Corporation?  Registered in Cheadle?

Check the reviews, they are not the smartest cookies in the tin.

How could anyone think this is even remotely legit?

All that feedback for a company accounts of sub £20k and zero employee's?

Jaybee_16

With our Main UK Warehouse located at United Kingdom's largest car terminal in Isle of Wight 

That's the point I stopped reading.

As others have posted, I would never go anywhere near this company.