Lease Here Pay Here (LHPH)

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Lease Here Pay Here (LHPH)

Postby cubaautosales.8238 » Thu Jun 14, 2018 3:03 am

I'm a BHPH dealer have been for 5 years, looking into changing over to LHPH due to losses associated with bankruptcies and tax savings. I cannot find much information on how to go about doing so. I can find information on the benefits of doing so, but I cannot find any actual instruction. I am a small mom n pop type operation and all the information that I've found so far is for much larger dealers. I cannot really justify hiring a consultant, they'd probably take one look at my place laugh and haul @$$ - and that's fine because my business provides a decent living for me. I just want to simply change from being a finance place to being a leasing place. Can someone give some advise or point me to a company that will work with smaller dealers?

My concerns specifically are: How does insurance work, does the customer carry full coverage or do we provide the collision insurance and they carry liability? How does the customer getting a tag work? How to setup a "down payment" such as charging a security deposit, program fee, first payment etc and is any of that taxable? I'd really like to see some examples of a deal structure seeing as how there's no interest charged, I need to know how we make money. How to structure the sale of the vehicle to the customer after the lease is up. How to deal with customers who simply return the car without completing the entire lease (can I go after non-payment?) Who is responsible for maintaining the car, do we need to provide a warranty or charge for one? Etc. Are there mileage restrictions and how to enforce it?

Yes basically I need a consultant but I'm such a small organization I cannot afford that.
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Joined: Wed Jan 14, 2015 11:05 pm

Re: Lease Here Pay Here (LHPH)

Postby jameyj.10503 » Wed Jul 10, 2019 2:00 pm

Wish someone would reply to cubaautosales post. I am looking at doing the same thing and have the same questions
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Joined: Wed Jul 10, 2019 1:56 pm

Re: Lease Here Pay Here (LHPH)

Postby trevorwatson.10461 » Mon Jul 29, 2019 6:45 pm

LHPH Capital recently published an E-Book with a step-by-step process to launch your LHPH program, along with a compilation of industry resources that can assist you through the implementation. You can download it here:
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Joined: Mon Jul 29, 2019 6:38 pm

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