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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.
The market began in the 1970s when used Ferraris were exported to Italian exotic car dealers in the United States who were willing to buy every vehicle which they were offered. During the 1973 oil crisis (when prices of exotic cars plummeted rapidly), almost new and top-of-range models frequented in used car lots, a Lamborghini Miura could be ...
After nearly a year of waiting, Amazon (AMZN) users can now buy a Hyundai (HYMTF) vehicle through the online retailer. Starting today, Amazon car shoppers in 48 cities, including New York, Los ...
Typical new car dealership selling used cars outside the showroom. 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 ...
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On average, a CarMax location employs 40 sales associates. Each car goes through a thorough 125-point inspection process, beyond any state-required inspections, and includes a 90-day warranty, three days to change the financing for free, and, 10-day money-back guarantee (reduced in 2024 from a 30-day money-back guarantee). [10] [11]
Property equity may also allow the owner to raise funds to pay off customers' loans. Read more: Cost-of-living in America is still out of control — use these 3 'real assets' to protect your ...
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