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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 central Ohio, the commission is often 3% of the sales price to each. A seller, for example, would pay a total of $18,000 ($9,000 to agents on each side) on the sale of a $300,000 home.
The dealer has the option of marking up the interest rate of the contract and retaining a portion of that markup. For example, a bank may give a wholesale money rate of 6.75% and the dealer may give the consumer an interest rate of 7.75%. The bank would then pay the dealer the difference or a portion thereof.
Tom Ganley oversaw what had become the largest automotive group in Ohio, comprising 32 dealerships and employing over 1,000 people. [5] Ganley had expanded his dealership holdings into Summit and Stark counties and established the Ganley name in Greater Columbus with the opening of a Mitsubishi dealership.
Family patriarch Simon Lazarus (1808–1877) opened a one-room men's clothing store in downtown Columbus in 1851. By 1870, with improvements to the industry in the mass manufacture of men's uniforms for the Civil War, the family business expanded to include ready-made men's civilian clothing, and eventually, a complete line of merchandise.
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