Buy2Let Cars Reviews 

Has anyone else spotted that if you click on the buy2letcars website it doesn’t have the page from RSM administration but has reverted back to the buy2letcars investment?
I have received a letter today from RSM administration.

This company tried to get me to invest at a seminar. Very glad I didn't now. FCA report appears to show it was a ponzi scheme which would explain why it went bust as soon as new money stopped coming in. FCA say they didn't have the cars they claimed. Check out the damn-lies-and-statistics blog about them

Consumer. Buy 2 Let Cars is insolvent and was put into administration by the Directors.

Unless savers get compensation due to FCA poor regulation of Raedex then they are looking at losses of 80% plus as per Shareprophets website. Look at last filed accounts at Companies House if you don’t believe me.

Here's some of my favourite quotes following Reginald's email:

1. Pam Cizek 1st March 2021
"They have always been honest, helpful and open with regard to their business model."

2. Gerald Baker 1st March 2021
"They have a great model and are open to scrutiny to any potential investors who takes trouble to look into it."

3. Keith Gordon 1st March 2021
"...they do what they say they are going to do."

4. Ian Burston 1st March 2021
"They are a smashing well organised, honest and caring company."

5. Sharon Bellringer 27th February 2021
"...what they say is what you get!"

6. Suzanne Page 26th February 2021
"I love the ethics of compassionate capitalism the company employs displaying clarity & transparency..."

7. Ros 26th February 2021
"An Excellent and Ethical Company"

8. Peter Lear 26th February 2021
"NEVER have we had to query the integrity and professionalism of this company."

9. Karen M 26th February 2021
"...the pea brained dimwits at the FCA are too thick to get their heads around the Company's business model..."

10. Nick 26th February 2021
"...having read RLC's book you can see this FCA action is just another attempt to ruin a perfectly good business..."

11. Mahmood 25th February 2021
"...I believe Scott and Reggie will come through this because they manifest integrity..."

12. Sylvia 25th February 2021
"...I was so impressed by Reginald Larry-Cole and his team's professionalism, candour and transparency..."

I hope you all feel the same way now that the company is dead in the water and your prospects of a return are nearing 0%.

Your best hope is that each and every one of you has that expected asset that backed up your investment, though, with only £5m on the balance sheet, I think you may find the company is a few quid short.

Join a WhatsApp group, or find a good lawyer, I can see Scott and Reginald both spending time at her majesty's pleasure - you were warned!

Hi
after reading all the latest reviews and after just making a investment back in January, I agree with a lot of the comments and hope the FCA can salvage something from this mess for the sake of all the investors involved

I had a call yesterday from Richard greenland basically saying he as lost his job with buy to let cars but we all own the cars,I invested in 3 cars about 3 weeks before all this happened so I can't see they have my cars leased out so my 42 k is sitting somewhere.
He sounded genuine but I just read on a post he was one of the directors so I don't know what to believe,I've very interested in joining forces with any guys to try and sort it.

As far as I am aware the cars belong to the investors. It immaterial weather the investors have the V5C. 07473442710

It is early days and we have to let the Administrators conduct their review of the business. Whatever the outcome for investors and leaseholders one thing is certain, if the Directors Reginald Cole and Scott Martin have acted dishonestly or otherwise committed fraud then a criminal investigation will undoubtedly follow and hopefully result in custodial sentences.
I expect all to be revealed in the next few months.

Trust is something good and bad people rely on to get anywhere in life. And yet their aims are radically different...

It all now fits into why I have not been receiving the vehicle ownership documents on the investments over the last few years when they were sent in the early years, even though I asked a few times and believed they were very busy as there were plenty of ads over recent years for "demand of leasing." The business model was sound and I am fairly sure they set out with good intentions in the early years. It would have "failed" if they overspent. But they would have "cheated" if they never bought cars and actually leased them out.

You would see from my previous reviews that I invested after "looking them in the eyes" as I told them it would require trust and that it could easily be betrayed... They paid on time, that is true. But I now fear that the "assets" (cars) were never bought, which is why no V5 docs were being sent out, and they had been collecting money from investors for a good few years intentionally with no hope of return.

THAT WOULD BE WRONG, SCOTT and REGINALD, **if it turns out** that the vehicles never existed. I stand to lose quite a bit of money at a totally wrong time, when I was actually relying on the monthly returns to some extent, when trust in my company I helped succeed for 20 years also betrayed my trust during pandemic. But it is sad to read people have risked far more than I have who stand to lose it all. Reginald continually posted in recent weeks after FCA action to "freeze" accounts (probably not true) that they fully intend to ensure investors do not lose their money as "the money is in the account." Let's see how true that is over the coming weeks...

Hi I’m Julie and I have leased a car from wheels4sure for many years and like Clare I am extremely worried an anxious about the prospect of having my lease car taken from me
I’m a nurse and work for the nhs and have a 55 mile round trip to my place of work and simply couldn’t continue to do this without a reliable car
Most wheels4sure customers have poor credit ratings and it’s certainly stressful for us to think that another lease deal may be difficult to come by
Up until now I have had nothing but praise for wheels4sure and I’m so sad that it has gone into administration
I feel so sorry for all the investors that this effects,and it saddens me to read about some that have invested there life savings and pensions
I know absolutely nothing about the administration process but surely it would be better to have the continual lease payments from customers until there lease ends which is guaranteed,rather than the likelihood of these cars being taken and sold at auctions for probably well below the market value
Hopefully we will get more news soon
Good luck to everyone this effect

Our money was used to purchase the cars (assuming they were purchased) so technically we investors 'own' the cars. How the Administrators deal with it is going to be very important. Will they repossess the cars and sell them off = big loss, as it will be a 'fire sale'. All they'll be interested in is raising enough to cover their fees, which will be exorbitant and run into low millions. There are about 15million pounds worth of our cars out there. If the lessees are allowed to continue payments that money should be routed into some sort of trust account, and disbursed pro-rata among investors. If anyone wants to get together on a class action to ensure that our rights and money are protected contact me. Trustpilot don't allow email addresses in reviews so I have to present it differently. First part of the address is authorline (all one word, no caps) then there is the usual symbol for 'at', which is followed by gmail. After that comes dot (also known as a full stop) then com

I've been a Buy2LetCars investor for more than 8 years. I was hesitant at first but took the plunge after several discussions and a meeting Scott Martin. I was also reassured by the fact that I apparently owned the vehicle as outlined in their brochure

Q. Who owns the car - the asset?
A. The car is 100% owned by you and all legal documentation will be in your name.

Later, they stopped sending out the V5's due to difficulty getting them back at the end of 3 years. I haven't renewed contracts since 2019 but still have 5 cars and as far as I'm concerned, they belong to me.

I'll be making this point to the administrators and the FSCS.

I invested in 3 units several months ago and can empathise with the strength of feeling fellow investors have expressed here. To say I am disappointed in the apparent duplicity by B2LC would be a gross understatement, but it is what it is and we need to hope that justice will prevail.
Having spoken with the FSCS this morning, I can tell you that that they are indeed 'investigating' the situation to determine whether Raedex Consortium/B2LC has any 'civil liability to its customers' in the form of due payments to investors for example. They do not yet have investors' details. That is one of the things they are working on at the time of writing. In the meantime, they suggested that I (and other investors) sign up to their newsletter to keep abreast of the situation. Go to the FSCS website, open the 'Failed Firms' tab and type in 'Raedex Consortium Ltd' and follow your nose to the Newsletter sign-up.
So, there is hope guys. Either the FSCS will compensate us, or we will be completely in the hands of the Administrator. Either way, let's hope and pray for a satisfactory outcome :)

The directors should be brought to Justice.
If you want to confront 'Reg Larry Cole' personally. You need to get a flight to Sierra Leone. I am sure he has a lot of property there.
Good luck folks. Take a photo, in case he changes his name!
Update: In March that's what I said. 'Reggie' has now been arrested and is out on bail pending further investigation. A friend of mine recommended this investment to me three times, but I didn't trust it. Good luck.

ShareProphets website wrote back in 2019 that Buy2LetCars was a train wreck waiting to happen.

EDIT:
To the review below me(Clare)...
As a lease holder I am in the same position as you. I rely on the car for work and I leased it thinking we were leasing from a company not an investor...Also what happens when servicing and tax are due as these are covered under the agreement (the tax has to be paid back to wheels4sure). It’s all very well saying keep up with repayments but then if they take the car back as an asset or you can’t tax it then what?

Really feel for all the investors caught up in this mess. On the other side as a lease customer, I am also concerned about what is going to happen to the car we have contracted. I had no idea the company had this kind of business model; I thought it was a standard lease company. Investors will rightly so be wondering what happens to the cars and I as a customer am wondering the same?

Am shocked and sickened by the lack of information, last week I was told a letter had been drafted and sent to the FCA and was waiting approval, I take it the email I got today was that!
Just feel so cheated and deceived..whatever amount you invest is significant to the individual.
Are we going to get anything back?
What happens to out cars??
Does anyone know what happens now?

Now bankrupt aka in administration, soon to be in liquidation, expect big losses to 'investors' looks like a pyramid scam, cars were aimed at sub prime customers, ie higher default rate and cars returned in poor condition thus less resale value and the 'investors' though they were buying a car it actually appears all the 'investors' money was pooled and cars purchased from that, so 'investors' don't own any asset. New money was paying for old money aka pyramid scheme.

Absolutely sickened by this development and disgusted the directors have made no contact with any of their investors about what is going on. The first I hear is from an email from the administrator today. Very poor behaviour from someone who breaches his Godly credentials.

I'm all for a whatsapp group as suggested earlier on 07854822176