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I got bodyguards, I got two big cars, that definitely ain't the whack I got a Lincoln continental and a sunroof Cadillac


spygirl
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spygirl

Give me a P

Give me an O

Give me an N

Give me a Z

Give me an I

What do we have?

We have been investors with Buy2Let Cars for five years. All payments to us have been made exactly on the correct date without fail. Redeemed vehicles have been paid out exactly as forecast. Communications and service are excellent. All calls are answered immediately or returned in the shortest space of time. An outstanding company.

LONG LIVE BUY2LET CARS

To all whom it may concern, especially the FCA.

Buy2Let Cars is brilliant. Get off their back! All you're doing is preventing investors, whom you purport to be protecting, from getting paid!

Long live Buy2Let Car.

Stuart

 

Assuming the positives reviews have not written by him and the other scammers, then they do seem to have paid some of the 'investors'

Thats part of the con - Got to get some early winners in, to spread the good word.

https://bondreview.co.uk/2021/02/21/breaking-buy2letcars-closed-to-new-investment-by-fca-assets-frozen/

AS the Brev person points out- theaccoutns show a comnay that is not making money.

Just because 'Russell Holmes' thinks

Laurence Coal – “Russell, The Sunday Times is saying the FCA received a warning in 2019, as opposed to published a warning.”

Thanks for clarifying this Laurence. The Directors state that the 1st contact from the FCA was on 19 January 2021 requesting documents. If the FCA received a warning 2 years earlier then what on earth have they been doing in that time? Who was the warning from? If it had been a credible source would they not have acted immediately?

Brev doesn’t believe the Bank accounts have been frozen, which is basically calling the Directors liars.

Here is an extract from the email sent by the FCA on Tuesday 23 February, and reported to investors by the Directors on 24th – “To note, however, the FCA has not sought to close the accounts, the FCA has requested that the accounts be frozen in order to preserve such assets as owned by Raedex and its group companies.”

It gets better; The FCA then sent a later email denying their earlier email.

Unsurprisingly the Banks have frozen the accounts!

The FCA actions would be laughable but it isn’t a joke; it isn’t funny. Their actions have caused real damage and the injustice of it is really that they seem to be a law to themselves and are not accountable to anybody else.

 

The FCA is stopping a great investment ....

https://www.mirror.co.uk/news/uk-news/director-reginald-larry-cole-shouted-23747789

2_Larry-ColecropJPG.jpg

 

In one of the more heated phone calls I’ve had lately, company director Reginald Larry-Cole bawled at me: “You’ve got it totally wrong, I’m telling you now because I will sue you like you won’t believe.”

A lot of swearing followed, but to cut to the chase: his business group has just been put into administration, leaving investors fearing for their savings.

He ran Buy 2 Let Cars Limited which billed itself as a lucrative alternative to the low interest rates offered by banks.

Depending on how much you invested, you could get an astonishing return of 11% per year, or 27% over three years.

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King Penda

Nothing wrong with being ambitious hell this guy realy had bodyguards.he was doing well a metioric rise even.

91334332-6A01-4696-934B-C6D922B3FB87.png

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reformed nice guy

Scamming is one area that has surpassed its diversity targets. Diversity officers should study it to see how they can achieve the high level of BAME, especially at the executive level

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spygirl

Reading trustpilot reviews, theres no fucking way buy2let investors had 100k + of free cash.

These are people cashing in several k in a building society.

 

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I occasionally deliver to the cafe next door to this outfit. Didn't notice anything amiss last time I was there. I am quite incredibly unobservant though so that's not saying much. I will definitely have a good nosey next time!

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The typos and poor diction on the homepage are red flags to any competent person. As per usual, those who have lost money didn't really think it through.

 

Screenshot_2021-03-31 How it Works - Investment Process Buy2LetCars.png

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spygirl
25 minutes ago, spunko said:

The typos and poor diction on the homepage are red flags to any competent person. As per usual, those who have lost money didn't really think it through.

 

Screenshot_2021-03-31 How it Works - Investment Process Buy2LetCars.png

My annoyance with these fucktards - and The Highstreet Group - and LCF etc etc.

Is that these unregulated bonds are mean to be only sold to 'sophisticated ivnestors' i.e. people with 100k+ free cash.

No way on earth are these investors, who seem to be putting 10k building society money crossing that line.

All the people involved - scammers, IFAs need fining of everything they own.

All down to the fuck headed BoE  QE/ZIRP - pushing the yield down to get more investment.

It doesnt fucking work.

Most orgs are not hugely constrained by capital. Even if they, were they cant get it form the fucking banks who still lend too much for real estate, which is looking like a massive busted flush.

BoE needs to ensure that average person ahs access to an index linked + 1% investment.

The level of wealth being destroyed and mal-investment is a joke.

Just down to some gomrless badly thought out CB/macro economist BS.

 

 

 

 

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twocents

Apart from anything else that the idea of BtL cars gained any traction at all just goes to show how wrecked and delusional the UK economy is.

Edited by twocents
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spygirl
47 minutes ago, twocents said:

Apart from anything else that the idea of BtL cars gained any traction at all just goes to show how wrecked and delusional the UK economy is.

The only positive I can think of is the Buy2Let cars did not allow direct bank borrowing.

It hovered up cash deposits.

 

 

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  • 2 weeks later...
leonardratso
2 hours ago, spygirl said:

Maths?

 

yes as well, but mainly cos the dude is a black fellah me lad who is being suppressed from making an honest living via his version of a ponzi scheme, back home in Nigeria this is a good business model, often ending in a bit of machete sport for the locals or maybe a good old necklacing of the perp. (CEO).

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  • 1 month later...
spygirl

Buy2LetCars investors invested in cars which didn’t exist, administrators confirm

https://bondreview.co.uk/2021/05/21/buy2letcars-investors-invested-in-cars-which-didnt-exist-administrators-confirm/

The report reveals that of out of every 6 cars invested in by Buy2LetCars investors, 5 didn’t exist.

 

A total of £48 million was taken in from Buy2LetCars investors. (A small amount is also owed by B2L to the taxpayer and associated companies.)

£902,000 in cash has been recovered so far. The administrators expect to realise £4.2 million from selling the vehicles and around £400k from the lessees.

The B2L entity to which investors loaned money is in turn owed £31.3 million by Rent 2 Own Cars, also part of the administration. £24m is in turn owed by Raedex to Rent 2 Own Cars. (The administrators’ statements of affairs contain a typo in which R2O is said to be owed £24m by itself. The earlier summary states the correct position.) Prospects of a return from these intercompany debts are currently unclear.

The directors of Buy2LetCars (Reginald Larry-Cole and Scott Martin) owe a total of £804,000 to the group in directors’ loans. The administrators say it is unclear how much will be recovered.

The administrators are also trying to establish who owns a Rolls-Royce that somebody was apparently swanking around in. Even though a business with a couple of million in turnover at most and continual losses doesn’t exactly scream “Rolls Royce lifestyle”.

No figure has yet been put by the administrators on potential recoveries for investors.

Although the investment scheme was unregulated, Raedex was regulated by the FCA, as it had to be in order to lease vehicles to customers. The Financial Services Compensation Scheme is remaining tight-lipped on whether this is enough to dump yet another bill on the general public for the UK regulatory system’s failure to stop unregulated investment schemes being promoted to them. Following the recent bills for London Capital and Finance, Basset & Gold etc etc etc.

As at the date of the 2020 balance sheet, £40.4 million had been lent by investors, on which Buy2LetCars committed to pay 7 – 11%. That required B2LC to generate at least £2.8 million in annual earnings on top of the cost of running the business and bad debts, if it was to meet its obligations.

In that year, Raedex, which was the company responsible for leasing out the vehicles, generated a turnover of just £1.5 million (before any costs had been deducted). But this is hardly a surprise at this point given Buy2LetCars had only 596 cars across 3,609 investors.

This was naturally not disclosed to investors. Despite running an investment scheme promoted extensively to the public, and claiming “we are fully transparent about our business” on its website pitch to investors, UK company law allowed Buy2LetCars to withhold its profit and loss accounts from Companies House using “small company” exemptions. They have only now been published in the administrators’ report.

The administrators note that a Serious Fraud Office investigation is underway but that this is separate to their own attempts to maximise returns for creditors.

 

https://www.thesun.co.uk/money/8324176/i-was-on-benefits-and-wanted-to-die-but-i-turned-it-around-and-now-run-4-3million-car-finance-business/

ROAD TO SUCCESS 

I was on benefits and wanted to die but I turned it around and now run £4.3million car finance business

Reginald Larry-Cole's car finance firm hit the kerb in 2008 during the height of the financial crash. Last year, his new businesses Wheels4Sure and Buy2LetCars turned over a total of £4.3million

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spygirl

"I think every responsible business owner should be constantly thinking of how to keep the wheels of business moving forward and how to ensure the organs of business alive," Reg said.

"It is a responsibility we have to our investors, stakeholders, staff and family."

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