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I've noticed adverts for a BTL car scheme are reaching saturation point on our local radio station - has anyone got any knowledge of the business model? Assuming you can't sell a second hand car for 3 times what you paid for it 5 years ago (even in London), I can't see the numbers adding up.

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I am pretty sure it relies on the car being let to someone with a less than perfect credit rating and, therefore, only being eligible for a deal at an interest rate that could make a grown man weep like a child that lost her last sweet!

for instance, the other side of buy2letcars.com is wheels4sure.com

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How does a "repo" work if the renter defaults?

I'm led to believe, but it may be a false Holywood inspired perception, that in the US, the financer has a spare key, and in the event of arrears on the rental, they simply follow the car, and when possible, then simply drive it away.

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