Finance Companies Making it Difficult to Get Pics !!

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Finance Companies Making it Difficult to Get Pics !!

Postby combs.3602 » Sat Aug 25, 2012 4:57 pm

Hi guys - I have been a Buy Here Pay Here dealer for close to 30 years,have had ten stores in different states and almost 10 mil in receivables.We used to call BHPH ,"In-House financing ".Now that I have established my so-called credentials ? :D We are really big on deferred down payments,or what most people call "pics".This allows our loans to be shorter(reducing default rates)income to be larger,reduced loss on repos,and our customers to become owners.With new finance companies coming into the market doing business with all of our competition ,accepting deals without pics(they will not buy a deal that has pics)we are finding it hard to get customers to agree to deal with us when we ask for them.I was curious if others across the nation are experiencing this ? Thanks - Dennis Combs Combs Car Corral Boise ,Id
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Re: Finance Companies Making it Difficult to Get Pics !!

Postby fergomes.9964 » Sun Mar 17, 2013 5:34 pm

Hi Dennis, We're seeing the same thing here in Florida. We also use pick-up payments, as part of the down payment, but we are starting to do without it, in order to sell some of our accounts to different finance companies to help our cash flow.
And by the way congratulations, I saw a post from someone saying very nice things about your operation. I think we have a great business format, and it's nice to know of someone exceeding in our trade. Keep up the good work.

Fernando
Top Car Sales, Fort Myers, FL.
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Re: Finance Companies Making it Difficult to Get Pics !!

Postby combs.3602 » Sat May 18, 2013 9:12 pm

Fernando - Sorry I overlooked your post.Thanks for the good words,thats one thing we do not get very often in BHPH,ha! :D The pick up payments are crucial to us because we dont sell any accounts so the extra cash flow is needed.I have been tempted many times to sell some accounts;its not a terrible idea,it would keep the dollars flowing, making life easier.We are trying to keep our pics close at hand until we get the folks interested,so they dont balk,but I am concerned that we are losing some business due to asking for pics. Thanks Dennis Combs Combs Car Corral Boise
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