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 ?
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