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The Top 6 Myths About Buy Here Pay Here (BHPH)

1. The BHPH auto industry is not well regulated, so buyers need to be aware.

Unregulated?  Hardly!  Here’s a short list of some of the laws and regulations that BHPH dealers must comply with:

·         State & Federal Unfair & Deceptive Practices laws

·         State Usury laws

·         The Truth in Lending Act

·         The Fair & Accurate Credit Transaction Act

·         The Used Car Rule

·         The Privacy Rule

·         The Safeguards Rule

·         The Disposal Rule

·         The Red Flags Rule

·         The Risk Based Pricing Rule

·         The Fair Debt Collections Practices Act

·         The Fair Credit Reporting Act

·         and many more 

Did You Know?  We have a department that is solely

dedicated to ensuring full compliance with every law and

regulation.  We treat every customer fairly and with

respect.


2. The buyer can expect to pay 30% or more interest at a BHPH lot.

Not true!  First of all, each state sets a maximum allowable rate that can be charged. The truth is that many dealers charge less than allowed. Remember: BHPH dealers lend their own money to people who generally cannot obtain any other financing. 

Did You Know?  We charge MUCH less than the rate we are allowed to charge!


3. The dealer will try to get a down payment that is close to what he paid for the car.

With the cost of today’s vehicles, a reputable Buy Here Pay Here dealer realizes that a typical down payment needs to be MUCH less than what the dealer paid.  

Did You Know?  Our down payments are as low as $295!


4. BHPH dealers don’t stand behind their vehicles.

This just isn’t true at most BHPH dealerships today.  With the availability of service contracts and optional extended dealer warranties, you can drive with confidence. 

Did you know?  For over 22 years, we have stood behind our dealer-certified vehicles.  In fact, our Worry-Free Guarantee comes FREE with every vehicle we sell.

Here’s what we offer:

·         FREE dealer-certification 

·         FREE 30-month/30,000 mile warranty (the BEST in the BHPH industry!)

·         FREE state inspections for the life of your vehicle ownership

·         FREE oil changes for the life of your loan

·         FREE tire rotations and tire inspections… and more!


5. A late payment can result in extra charges or repossession. There can be late charges, immediate repossession or termination of the contract.

The implication is that BHPH dealers do this while banks and finance companies don’t is just not true. Any financial institution can, and does, add late fees, accelerate contracts and repossess collateral for delinquency and default on the contract.  

Did You Know?  We do NOT charge late fees!


6. BHPH dealers just want to repossess cars rather than work with me.

Not at all!  All reputable BHPH dealers understand that their goal is to help each customer get to the end of his/her loan and pay it off.  Most dealers understand that it is better to work with a customer who is trying and willing to work with the dealership than to repossess the vehicle.  Repossession is a last option; it is NOT the first move a dealer makes with a delinquent customer. 

Did You Know?  We lose money when we repossess a vehicle.  We want you to succeed.  Success for you means a better credit score, with more opportunities at a lower cost.  Our credit counselors are here to help you throughout your entire loan (which, by the way, is only 24-36 months… that’s MUCH less than other dealerships that lock you in to long-term payments of 5-7 years!)

 

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