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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]
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.
Eventually, Asbury would expand out of the Atlanta area, adding St. Louis–based Plaza Motors [7] while acquiring David McDavid's Texas dealerships, [8] and later the Jacksonville, Florida.–based Coggin Automotive and Tampa, Florida–based Courtesy Automotive in 1998.
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The company bought five dealers and $25 million in finance contracts from Seminole Capital Corporation in the Tampa/St. Petersburg area. For $26.3 million, Ugly Duckling bought some assets of E-Z Plan Inc. of San Antonio, Texas. It also opened its first dealers in Las Vegas, Nevada and opened two dealers in New Mexico. By August 1997, the ...
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