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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]
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.
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.
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After nearly a year of waiting, Amazon users can now buy a Hyundai vehicle through the online retailer.Starting today, Amazon car shoppers in 48 cities, including New York, Los Angeles, and ...
Ugly Duckling had two car dealers, one in Phoenix and one in Tucson, by 1992. The company bought three more dealers but added four new ones, giving them an appearance comparable to a standard dealer, rather than the unpleasant look most subprime lots had. [16] One dealer closed in 1994 because it did not live up to the new image.
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