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In the used car market in the United States and Canada, buy here, pay here, often abbreviated as BHPH, refers to a method of running an automobile dealership in which dealers themselves extend credit to purchasers of automobiles. [1] Typically, purchasers of cars at BHPH dealerships have poor credit history, and loans have high interest rates. [1]
In the business, such dealers are called "Buy Here Pay Here" dealerships. These stores can make loans directly to customers because they have some means of recovering the vehicle if the customer defaults on the loan. The means by which "Buy Here Pay Here" dealers can recover a vehicle vary by state. Most dealers utilize indirect lenders.
A used car, a pre-owned vehicle, or a secondhand car, is a vehicle that has previously had one or more retail owners. Used cars are sold through a variety of outlets, including franchise and independent car dealers , rental car companies, buy here pay here dealerships, leasing offices, auctions, and private party sales.
According to recent data from the U.S. Energy Information Administration (EIA), hybrid electric vehicles were 8.6% of the light-duty vehicle market sales through the first quarter of 2024. The ...
For example, Japanese cars like the Datsun 280ZX along with the Honda Prelude, early 2000s Mini Coopers, and even the '80s legend DeLorean DMC-12 have seen interest spike.
A small number of cars are financed directly by the dealership at "Buy Here Pay Here" dealers, which cater to customers with subprime credit. Buy Here Pay Here financing accounts for 6% of the total financing market. [5]
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