Author Topic: Beepi Peer-to-peer Car Buying  (Read 2434 times)

T-Rex

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Beepi Peer-to-peer Car Buying
« on: July 09, 2014, 08:29:19 AM »
I found this article after reading a very badly written Beepi shill article. Does this business raise a gigantic red flag for anyone else? It sounds super predatory to me!

http://www.cnbc.com/id/101819234

Beepi, the leading platform to seamlessly buy and sell pre-owned vehicles, today announced that it has integrated with BitPay, a bitcoin payment processing service, to become the first peer-to-peer marketplace to allow its users to purchase cars with bitcoin.

In addition, the company will also offer prospective buyers pre-approval for loans at check-out.

In addition, the company plans to add a QR code option for buyers to purchase a car through their mobile devices. With these initiatives, buyers will be able to pay for any car in the Beepi marketplace with the crypto currency, a bank transfer, cashier’s check or up to six different credit cards at once.

 Only 60 days after launch, Beepi has hit $6 million in annual revenue run rate, making it one of the fastest growing startups in Silicon Valley.

ketchup

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Re: Beepi Peer-to-peer Car Buying
« Reply #1 on: July 09, 2014, 08:35:23 AM »
So, it's buying a used car with a middleman, and this is supposed to be innovative?  My favorite part is "Much like Tesla Motors, Beepi continues to reshape the antiquated process of buying a car..."  Really, you're going to compare this BS to Tesla?

T-Rex

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Re: Beepi Peer-to-peer Car Buying
« Reply #2 on: July 09, 2014, 08:50:17 AM »
So, it's buying a used car with a middleman, and this is supposed to be innovative?  My favorite part is "Much like Tesla Motors, Beepi continues to reshape the antiquated process of buying a car..."  Really, you're going to compare this BS to Tesla?

The only real difference I see is that they allow extremely risky financing and predatory lending practices.

odput

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Re: Beepi Peer-to-peer Car Buying
« Reply #3 on: July 09, 2014, 08:52:52 AM »
The only real difference I see is that they allow extremely risky financing and predatory lending practices.

Funny...I read it and thought "I can get credit card rewards when I buy my next used car"

Although I suspect you are right that more people will abuse the system than use it to their advantage

ketchup

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Re: Beepi Peer-to-peer Car Buying
« Reply #4 on: July 09, 2014, 08:53:16 AM »
Hmm, well whenever I drive through the less-nice part of town, I see plenty of used car dealers offering extremely risky financing and predatory lending practices.  I don't think any of them will let you pay with up to six different credit cards though.  Or bitcoin.

T-Rex

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Re: Beepi Peer-to-peer Car Buying
« Reply #5 on: July 09, 2014, 01:27:03 PM »
Hmm, well whenever I drive through the less-nice part of town, I see plenty of used car dealers offering extremely risky financing and predatory lending practices.  I don't think any of them will let you pay with up to six different credit cards though.  Or bitcoin.

You're right. I am very suspicious of this company because their stated intentions don't line up with what they appear to be doing. I think that a savvy person could find a way to make the credit card payments work, but the average person would end up screwed.

Incidentally, my signature is a quote from a comic strip making fun of Marines that buy expensive cars with high APR and make payments with a terrible credit card.