BuyCarNotes.com Review – Is BuyCarNotes.com A Scam Or Legitimate?
Welcome to my BuyCarNotes.com Review!
Are you looking at BuyCarNotes.com as a potential investment? This BuyCarNotes.com review will provide you with more details as to how this program really works. This is my unbiased BuyCarNotes.com review.
Company Details & History
BuyCarNotes.com and their sister website, InvestInCarNotes.com are both owned and operated under their parent company, Triple T Motors. Triple T Motors is a company that has been in business since January of 2004. BuyCarNotes.com and InvestInCarNotes.com did not come into existence until September and December of 2009.
How does it work?
BuyCarNotes.com is a service that provides in-house financing for individuals who are unable to finance vehicles through a traditional bank due to credit issues. BuyCarNotes.com has partnered with 20 other car dealerships to provide used vehicles to their customers. However, the annual percentage rate (APR) for the customer is 21%, but this gives the customer the ability to repair or rebuild their credit. BuyCarNotes.com claims that their qualification process to receive financing is more extensive than a traditional bank to ensure that the customer has a good job, long-term permanent address, 6 or more references, and a sizable down payment. This helps to ensure that they maintain their current default rate of between 8% and 15% per year.
When a customer purchases a vehicle, and agrees to this steep financing, a car note is created. BuyCarNotes.com sells these car notes to investors to free up funds so that they are able to purchase, refurbish, and resell more vehicles. When you as the investor purchase a car note, you are essentially purchasing the car. You will receive 17.64%, 84% of the 21% APR that the customer has agreed to pay for the financing. Your portion will be paid to you on a monthly basis.
Their guarantee
If for some reason a customer defaults on their loan, BuyCarNotes.com claims to guarantee your investment. They hold 25% of all car notes to replace car notes that become delinquent. If you own a car note that defaults, BuyCarNotes.com will replace that note with a paying note, and you will continue to receive your monthly payments as scheduled.
The minimum investment that is required is $5,000. You may purchase any dollar amount of car notes from $5,000 to $5,000,000 on a 12 month term basis.
BuyCarNotes.com Review Conclusion
BuyCarNotes.com seems to be legitimate on the surface, but I believe them to be a scam. I have just learned that the Securities and Exchange Commission (SEC) has began an investigation based upon several complaints from their investors. Please read the comments below to learn more details from one person who has been scammed.
It is important to note that this is an investment, and with all investments, diversification is key. The saying, “Don’t have all of your eggs in one basket,” will definitely apply with this investment. It is important to take into consideration your personal risk tolerance and time horizons, and I would encourage you to consult your personal investment advisor to determine if this type of investment would be a good fit for you. With that being said, I would stay away from BuyCarNotes.com.
I hope that you have found my BuyCarNotes.com Review to be informative and educational! I wish you the best of luck in your research efforts!
Category: Internet Business Reviews
About the Author (Author Profile)
Dave Fennell is the founder and editor of Marketing Methods Online and BloggerGo. Learn more about him here. You can also connect with him on Facebook and Twitter.Subscribe
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Very interesting entry, I look forward to the next! Thx for share
My contract was up on April 30, 2011 with triple t motors w/ buycarnotes.com. as of today i still have not recieved my $15,661.50 they owe me. WATCH OUT…
Hi Paula,
I am sorry to hear that. This is good information for others. I wish you luck in receiving your full investment!
Dave Fennell
Still have not recieved my Money.
Wow, I am sorry to hear that. If I were you, I would contact the SEC. BuyCarNotes and Triple T Motors should fall under their jurisdiction, since their so called Notes are being advertised as investments.
I work in the Investment industry as my day job. I know that the SEC frowns seriously on this type of behavior. Please keep me posted on what happens!
Thanks and best of luck Paula!
Dave Fennell
Follow up. The Oklahoma Securities has filled on Bill Thompson. If you go to the SEC web site you can read the full reports on how He has scammed people. On the final report it shows all the people he took money from and how much. He is ordered by the courts to pay back all principal. I was informed by the Enforcement Atty. that he was taking new money to pay the payments to the old note holders.
This just makes me sick. Go to the OK SEC and pull up all the court papers and read it for your self. I will still be out a few thousand dollars.
Paula
Hello Paula,
Thank you so much for your continued updates.
I am not surprised. I knew that it would not be long before the SEC would pick up this case. Could you do me a favor and post a link for the SEC website that is posting this information? I did a search and could not find it.
Hang in there and have faith. Once the SEC picks up a case, they are pretty good at making sure that investors receive refunds when fraud is involved. It may take a long time, but I would be surprised if you do not see something out of all this.
Best of luck to you!
Dave F.