BHPH Start-up in Texas

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BHPH Start-up in Texas

Postby FamilyFirst.11073 » Mon Jun 03, 2013 9:21 pm

Decade and a half experience in retail/wholesale; first venture into BHPH. Do I need a special permit/license in Texas to offer in-house financing? Thanks!
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Re: BHPH Start-up in Texas

Postby rgdottree.10766 » Tue Jun 11, 2013 5:57 pm

When I was in Texas we did not have to have a specific licence to be in BHPH. If you are going into leasing you will need a leasing license. If you are going into BHPH (my choice) and you establish an RFC (I would) you should get a wholesale license for the RFC as a seperate entity from the dealership so the RFC can sell repos to dealers legally.
Gene Daughtry
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Re: BHPH Start-up in Texas

Postby FamilyFirst.11073 » Tue Jun 11, 2013 7:06 pm

Thanks for the info Gene.

I have subsequently found out that I must get a Texas Motor Vehicle Sales Finance license from the Texas OCCC in order to originate notes.

While I have your ear, obviously when it comes to gaining a floor plan, most if not all want you to have two (2) years in business with plenty of financials. What do you think would be a productive approach for a newly licensed dealer (w/12+yrs retail/wholesale/finance exp.) to secure a small ($25k-$50k) floor plan to get things going? Even if creatively speaking, the dealer could put up 10-20% to help securitize the line?

Jofree
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Re: BHPH Start-up in Texas

Postby crosbyru.3073 » Fri Dec 06, 2013 8:15 pm

You might try contacting Auto Use I think they still offer floor plans.

Russell Crosby
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Re: BHPH Start-up in Texas

Postby BHPHsolutions.7525 » Fri Dec 06, 2013 9:16 pm

Good luck with your new venture. Which city are you in and what's the name of your BHPH Dealership?
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