Buy Here, Pay Here

corvette · August 2005

George came by on his day off and paid up like the good customer he is.

Did that raise his grade to a solid B?

steine13 · October 2005

From another board, when someone asked why it was archived:
"Lack of interest! Discussions auto-archive themselves after 45 days of inactivity."

This discussion hasn't had a post in two months, so I'm surprised it's still here.
Anyway, just an update: George has reached the break-even point... another month, and I'll be owning him money... that's how we set it up so he'd have some reserve cash.

Of course, this month the battery quit. So he called me and asked for a jump.... alright.
Having jumped the car, he took it to an oil-change place.... four doyens of lubrication charged him $10.55 to hook up an object of magic and science to a battery, squint at it extensively, discuss the position of the needle, and pronounced the battery healthy!

Then they couldn't get the car jumped with their wheeled charger/starter when the Prizm refused to fire up. I told them 125 A wouldn't cut it, but no, there was something wrong with the car, they said.

So I pulled my own car around, jumped the Prizm again, and G. went to get a new battery from Sears... like he should have done in the first place. Man-oh-man.

I guess that'll be it for this episode... I don't think I'll post anymore unless something funny develops... thanks for all the support.

-Mathias

guss · October 2005

and AAA service too. George will be a customer for life.

But isn't that the way BHPH is supposed to work?

kyfdx · October 2005

That is what I would be afraid of.. :surprise:

lemko · October 2005

...George will have repaired his credit to the point he would no longer need to go to a Buy-Here Pay-Here lot.

steine13 · November 2005

Paid in full, all is forgiven.
I shall miss the extra income.
-Mathias

rroyce10 · December 2005

.... That's SUPER.!

I'm glad things worked out .... usually Buy Here, Pay Here customers start going underground come December, January .....

Terry.

black_tulip · December 2005

A new BHPH lot opened near where I work. It has all the signs ("we finance-buy here,pay here" etc.), but one twist is that on his lot, I see nothing but late model luxury cars-Merc,BMW,Lexus,Land rover,Jag etc. And none of them appear to be beat up either. I wonder what the story is.

lemmer · December 2005

We have one of those near me, and it is pretty big. It looks a big luxury dealer's used car lot from 50 ft away. Up close, you see that all of the late model luxury cars have huge amounts of mileage or are clearly rebuilt wrecks.

echeandia · December 2005

Hello
I need to know the name of the equipment that the PHBH use to reposes the cars"> and were I can buy it.

mitzij · December 2005

???

They probably use a tow truck, and since they have right title to a vehicle they are repossessing, they can have a key cut at a local dealership.

isellhondas · December 2005

Be very careful...the people who patronize the "note lots" don't like it much when somebody tries to "pop" their luxury ride!

The "equipment" is called a tow truck and the lot will usually retain an extra key just in case!

echeandia · December 2005

Were I can buy it?

isellhondas · December 2005

Buy what? A tow truck?

echeandia · December 2005

Do yoy know were I can buy the tow truck.

echeandia · December 2005

Yes.I want to buy the equipment that work like a Navistar or a LoJack to locate and stop the car.

rroyce10 · December 2005

..... I think someone is putting you on ......

Terry.

Kirstie_H · December 2005

Um... unless you have a right to the title of the vehicle, what you're suggesting is likely illegal at worst, and unethical at best.

Please give us more information before we can help you, if at all. If you don't have a legal right to do this, we can't advise you per this portion of our Membership Agreement:
Illegal and Objectionable Activities
"Edmunds.com does not allow the promotion of illegal conduct or activities or fraudulent schemes in Forums. Specifically, you may not advocate illegal conduct..."

isellhondas · December 2005

Yeah, I know. Just took me awhile to figure that out.

sbell4 · December 2005

check out the "Tow truck prices paid" forum on Edmunds. That would be a better place to ask your question.

2nice4u · December 2005

i just wanted to know, if you bought a car from a BHPH lot, and you owe 500 dollars, and they are trying to locate your car, what can they do legally?

thanks all

bobst · December 2005

Well, 2nice, if you don't pay them the $500 you owe, they can have you thrown into debtors prison.

You should pay back money you borrow.

sbell4 · December 2005

that was good...

mitzij · December 2005

They can legally sue you.

They can legally take it when it's parked anywhere if they can get the tow truck backed up to it.

They can legally put this on your credit report as a bad debt/repossession.

beliver · December 2005

2nice: Well, some of these guys really play hardball. They may just send "Guido" over to see you and break your kneecaps and you'll STILL owe them the $500 bux AND medical expenses to boot !! Pay up friend !

Believer

lemko · December 2005

Go to ripoffreports.com to read some truly harrowing stories from people who've purchased vehicles there. It's unbelievable the stunts they pull!

rroyce10 · December 2005

.... I know it's tumbleweed time and all ... but guess what.? .. you can't advertise on Edmunds (unless you pay for one of those little sidebar thingy's) ...

Terry.

chelle67 · December 2005

I am new to this forum and would like to say a few things.. not all people who get behind are bad people. 3 years ago my husband died and i was left to fen for myself with 3 kids, a stack of bills and 1/2 the income. this past march i gained custody of my brothers 2 kids (2 and 5) due to a family crisis. at the time i was driving a geo metro that was on its last leg and required 750$ worth of engine work. well with 1600$ in my bank account i decided maybe i better just try to find a bigger more dependable vehicle..i fell upon a bhph place who was very understanding (hmmmm)anyhow i bought a mini van, i knew i was paying to much for it but they offered a warranty for the time they finance it.. ok i am supposed to pay weekly , but i go in and pay them a month of payments at a time because i get my hubbys soc sec 1x month and i run a daycare out of my home for low income people and the state pays for there childcare so i get paid 1x month they know this at bhph and evey month i do the same thing. they didnt have a problem with it and said as long as they get there money blah blah ok so.. this month(dec) i go pay them november. everything is cool. all of a sudden 2 weeks later they come get the van, i called them they said their not gonna do that anymore 2 weeks and your repo'ed pay the 2 payments and 425$ repo fee and you get back van! ok well i have the payments but not the repo fee till jan 3rd so they are going to charge me 50$ a day to store the van. I just feel so cheated. i'm not saying what they did was illegal or that they didnt have a right, i just think it was unneccesary and mean i have never cheated them out of anything owed to them and now i may not be able to afford to get the van back and from the sounds of some of the posts here thats what they want! they can keep what i have paid and resell the van and make someone elses life miserable. LESSON LEARNED, NEVER AGAIN!

lemko · December 2005

http://www.ripoffreport.com/ to read some real horror stories about BHPH lots, especially JD Byrider. Even Satan himself couldn't be this evil.

stubborn1 · December 2005

Check your paperwork. Were the payment terms stipulated in the agreement? If they had weekly payment terms in the document you signed, there probably isn't anything you can do about it.

It's unfortunate that they had a change of heart, but there's not a lot you can do if you agreed to weekly payments.

audia8q · December 2005

welcome to the world of loaning money to deadbeats. When 40% (typical loss ratio for a sub prime finance source)of the people you loan money to never pay it back the collection process can get a little ugly.

chelle67 · December 2005

They know i'm not a deadbeat and come to find out they repo 2 or 3 vehicles a month. I certainly dont know the circumstances of those repos but I do know mine and i have always given them their money and I had when they came to get the vehicle. They didn't even give me a chance to come up with the repo fees they turned in the plates and put it for sale in their lot 3 days after repo. and...I spoke to a lawyer who told me that although my payments where due weekly, the fact that they accepted my payments monthly for 10 months with no prior repos is a defense for any legal action they could take. I also have a copy of my bank statement showing the availability of funds to make the payment. All has turned out well ...I bought a new used car and will have it on the road tomarrow. I forgot to mention that I did buy a car from a bhph before and had NO problem at all great people great car great experience. So , I am by no means saying all bhph are awful just pointing out a bad one and making a point that some are just out to make a buck and another buck and so on with NO consideration for the people they hurt or the consequenses of karma. What goes around WILL eventually come around.

noenvyofrich · January 2006

You sound like a repoman. Unfornately I have never had a vehicle popped but I have bought cars on BHPH and I have keep my note up to date and finished payment. The only these people lie about is that it doesn't do anything for your credit when the note gets paid. I have bad credit don't denied but one thing these BHPH do right they won't sale you a car unless your house financing doesn't meet their requirements in order to protect their selve and you.

That's the responsible way to do it this. That's why you just don't go to anyone. example www.jdbyrider.com

grinder9009 · February 2006

hello all,

Fairly new to this forum... I looked for over an hour and this seems like the best spot to post this question.

I am a small car dealer in Illinois and I have recently started selling a few cars here and there on the internet. My local bank that I finance my local customers with is not interested in financing anyone from outside the area.

Anyone have any recommendations on a National lender that will be easy for me to use to get my customers financed? The key here would be the "easy".

Also, is there a good "car dealer forum" out there where this question might be a tad better suited?

Thanks,
D

angeli · March 2006

Hello, my name is Angelique and I am looking for good, reliable car, but I am having trouble finding a true BHPH dealership. I like what I've read in your post thus far. Would you mind emailing me with information for the dealership in your area? I would like to give them a try.

Thanks.

Kirstie_H · March 2006

Since we're a message board format, we prefer that responses be posted here rather than privately by e-mail. That way, all of our members can benefit from the information. Exchanging info privately deprives the community of the knowledge, and heck, benefitting ALL of our members is why we're here!

isellhondas · March 2006

Well, most towns have these places.

You may not like the cars they have to offer or the terms of the sale.

prosa · March 2006

What I do not understand is why so many people have to deal with BHPH outfits. It's not as if getting "normal" (i.e. not seller-retained) auto credit is an impossible quest. From what I've read on other fora, people with FICO scores in the low 500's have decent success getting auto credit, especially when they have the substantial down payments that the BHPH joints require. Do these places cater to people with truly putrid credit ... or do they snare in people who merely think they have no other, legitimate options?

rroyce10 · March 2006

...... I've seen probably 30,000 credit reports and there's usually a little more to the "story" then we get on these forums .l.o.l...

That said .. A BIG down payment can (and most times does) make all the difference in the world - sometimes ... it depends on the situation ... there's a big difference between a guy that makes $150,000 a year, has loaded up 9 credit cards, been late 12 times in the last 20 months on his mortgage and a boat repo vs somebody that was in a car accident and laid in a bed for 5 months ... and divorce attorneys can ruin your credit in a nano second, of course their credit is usually so bad they can't buy steam off a hotdog .l.o.l..

But what usually happens is, "most" folks with bad credit start lookin' at $30,000 vehicles, then get conditioned by the lender for waaaaay less .. then they start roaming the woods lookin' for that $25,000 vehicle, then $20, then $15, $10 ....... finally, they end up at Billy Bob's Barbeque, Pawn and Used Car Emporium and they drop $3,500 down on $4,500 vehicle and make $50 a week payments for 10 months ....

The funny part is .... you would be amaaaazed on how many of these folks are your next door neighbor, the cute brunette who works 3 doors down from your office or the guy you see at church every Sunday ... even the guy who lives in the $950,000 house ....

Terry.

devond · June 2006

I am having the hardest time obtaining financing. I know my credit isn't good... About 1.5 years ago I was in a car accident and found out that a lot of my medical bills weren't covered. I was more concerned about getting/paying for the med. procedures at the time then about my credit cards falling behind. When they fell behind I couldn't get them back to current and they ended up charging off (after I tried to negotiate the payments and what not - I was trying to be responsible!) It's not that I just didn't WANT to pay them, I couldn't at the time. I have since paid them off and closed them but they still went to collection. ANYWAYS, I am trying to obtain financing for a car now and everyone is turning me down! I make pretty decent money for a 23 year old (about $7,000/month) and have minimal expenses (about $700/month). I have enough money saved for a small downpayment but I was looking at a $15,000 car and the financing guy told me I needed $10,000 down. If i had $10,000 I would just pay cash for a $10,000 car DUH! Does anyone have any ideas?? I am using my fiances car now and I just want my own car and I want the chance to prove that I AM credit worthy and I do want to pay my bills on time! (fyi, I have paid my cell phone bill and utility bills on time for the past year if that can count as alt. credit). If anyone can help me or if anyone can do anything for me, I am obviously willing to take a double digit interst rate for the chance to own my own car on my own without my father having to co-sign which is not an option. Oh also, I had a Mazda American loan in 2003-2005 (22 mos) which was paid on time every payment. PLEASE HELP!

qbrozen · June 2006

If you make $7k a month and only have $700 in expenses, you could save up $10k in no time at all. Heck, why haven't you already?

devond · June 2006

well i mean $700 in rent pretty much - I obviously have more expenses (food, gas, utilities, cell bill, etc) which amount to about another $1,000/month and that $7,000 is taxed so my actual take home pay is about $4,000... so I could really only save about $2,000/month. Right now I have about $6,000 but I just can't fatham throwing away $10,000 into a depreciating asset... but it looks like i might just have to suck it up and do it.

british_rover · June 2006

some secured Credit cards to help rebuild your credit some.

bobst · June 2006

"I just can't fatham throwing away $10,000 into a depreciating asset"

Why does it matter if it is depreciating or not? If you need an item and plan to use it until it is worthless, it makes sense to buy it.

I paid $5 for lunch today and I think the value of what I ate will depreciate very quickly. I can't imagine anyone would pay much for what is left after I am done with it. Does that mean I should have financed my lunch at a Buy Here - Eat Here diner?

devond · June 2006

$5 is much different than $10,000... That was a pretty stupid comment as lunch is never considered an asset... ask anyone that has a lot of money and wants to keep it they always lease... and by the way, I don't "need" to buy a car... my fiance has a perfectly good mercedes that i am more than happy to drive, i was just asking for suggestions for being more independent and getting my OWN car without anybody's help... and btw you are pretty rude!! i was only asking for a suggestion!

mac24 · June 2006

As was mentioned before, some secured credit cards will help. You might also want to discuss a loan with your credit union. The only way to repair your credit is to rebuild it, which can only be done by repaying loans of one sort or another. You should also get a copy of your credit reports to make sure they're accurate, and have them corrected if necessary.

As to leasing depreciating assets and buying appreciating ones, that works well for oil tankers and skyscrapers. However, when it comes to paying double digit interest on a car loan when you have the money in the bank barely earning single digits.........well you do the math, especially when you have the ability to save $2K a month.

steine13 · June 2006

That was a pretty stupid comment [..]

No, I don't think so... bobst can get on one's nerves occasionally, but he ain't stupid... and when he says these things, he usually has a reason.

as lunch is never considered an asset... ask anyone that has a lot of money and wants to keep it they always lease...

No no no bobst has it right and you have it wrong... I'm not saying leasing is bad, it can be the right thing in some situations... but it has nothing to do with the fact that a car is a "depreciating asset".

These "rules of thumb" like Buy What Appreciates etc. ad nauseam really don't mean anything... you have to work out the nitty gritty in pretty much every case.

Many people say a car is not an investment; I say if it gets you to work and back, that sounds like an investment to me... of course it'll lose value and cost money to own, but so what? If ya need it ya need it...

I know about buying used and driving cheap ... or buying new and driving cheap... or getting the wrong car and driving not so cheap... I've done it every which way over the last decade or two..

and by the way, I don't "need" to buy a car... my fiance has a perfectly good mercedes

Well alrighty then.
And your question for us is...?

I know what your question is; you've gotten some good feedback. Repair your creit starting with a secured card. If you have $6k, buy a $5k car for cash and keep a grand for repairs. An '02 Taurus with 85k should fit the bill nicely.

Join a credit union, see if they'll loan you $2k on said Taurus; pay it off over a year at least. Get a Sears card and use it. All this will help.

If you go the BH-PH route, make sure -- the pros here can tell you how you can make sure -- that your payments will get reported to the bureaus; otherwise it won't do anything for you.

Good luck, and next time somebody says something "stupid", think on it for awhile.

Feeling old today, I remain,
-Mathias
(World Cup starts tomorrow)

qbrozen · June 2006

I just can't fatham throwing away $10,000 into a depreciating asset

Now I'm really lost. So you don't want to buy a car??

Or is your mental roadblock putting $10k down on a car? Cause, I don't know if anybody explained this, but you gotta pay for the car either now or in monthly payments. As a matter of fact, its sometimes BETTER to pay it now to avoid the interest, and considering your credit history, that would amount to ALOT of interest. So, pay $10k on a depreciating asset now? Or pay $15k over the next 3 years? Now you tell me which way is actually "throwing away" more money.

lemko · June 2006

...can be found and often the last place you look. I just bought a 1988 Buick Park Avenue with 81K on it for $1,295 last November and it is still going strong. I've driven it regularly since then and have never needed to put any money into it. The car was found at a tiny repair shop on a corner near my workplace. It turned out this car belonged to the brother of the owner who passed away last July. Now, if this car pukes a transmission or something, it goes off to the scrap dealer. However, it has already paid for itself in the time I've had it.

devond · June 2006

My big thing is throwing $10,000 OF my hard earned cash into a car. I guess I am just going to have to suck it up and do it thanks for the advice all

Buy Here, Pay Here

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