Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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auto financing alternative

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  • auto financing alternative

    hi everyone!!

    i just thought that since i am in the auto financing industry that i might share some insight.

    i know there is alot of stigmas and bad talk about "buy here pay here" dealers but it may be something to consider fresh out of bk. this is a perfect way to get reliable transportation while keeping alot of $$$ in your pocket.

    if you can come up with a down payment ($500+) you can get into a decent car with reasonable payments. and guess what? most payment plans are done in 1-1 1/2 years. although there are some crooks out there, many dealers are honest (like myself). i don't knowingly sell a car with problems. as a matter of fact, if i suspect a car may have problems in the near future i get rid of it rather than retailing it. i offer service contracts (they aren't bs), and i offer 1 year same as cash (no interest). i offer reasonable payments. my average payment is $250 a month.

    i have the ability to pull credit reports when a customer comes on my lot, but i don't. my main concerns are attitude, consistent income, valid license & and proof of address.

    sounds like alot of people are concerned with buying a brand new car soon after bankrupcty. i must say buying a brand new car is the worst investment one can make! even with low interest, let alone 20%+ that most of us are faced with after bk it is a horrible way to spend your money. it does not make sense to make payments for 6 years on a such a depreciable item that is worth 25% of what you paid when you're done.

    personally, i have a limit of $5000 on any car i purchase for my use.

    the best recommendations i can make in dealing with a "buy here pay here" dealer are: have a good attitude, don't try to negotiate too much (they usually don't price them with much room if any), have the car inspected prior to purchasing it, check the nada or blue book values, and don't accept a payment plan over 2 years. the bigger the dealer, the bigger the price (larger dealers have more overhead expenses, therefore higher prices)

    i'm not trying to advertise, i am just suggesting an option that many probably don't consider. i know that many folks feel embarrassed to drive a less than new car, but we need to prioritize our finances. where is that brand new car going to get you?

  • #2
    Hello Angelaohio!
    This actually makes alot of sense. Thank you for your input and great advice. I'm in DMV area, how do I find "Buy here Pay here" dealerships? For now I will try googling that phrase and see what comes up. Thanks again.. good advice.


    • #3
      I have always thought Buy Here/Pay Here dealers are predators which take advantage of poor people, and this thinly disguised attempt at advertising (albeit not for a specific dealer) hasn't changed my mind. Most BHPH dealers sell really crappy cars, for way more than they're worth, and with high-interest loans, trapping the consumer in a cycle of debt for a car that isn't worth much, and probably won't last for the loan term without needing major repairs. In the city where I live, there are 7 or 8 large BHPH dealers, and only two of them even have a somewhat decent reputation and decent reviews online. The others are regarded as thieves and con artists.

      It is best to either buy a cheap used car for cash from a private party, or if financing, to buy a "certified pre-owned" model, which is eligible for an extended warranty from the manufacturer itself, and to purchase said extended warranty. What you DON'T want is to finance something which isn't going to last for the life of the loan. A lot of BHPH cars have expensive deferred maintenance, such as timing belts which have not been changed, or are due to be changed in the near future, and these are interference engines, which will be destroyed if the belt fails.


      • #4
        Good morning bcohen
        Thank you, I actually did more research on BHPH options and I must say...I honestly don't want to get jerked around again with purchasing a car. I am in desperate need of a car because at the moment Uber is running me $60. A day back and fourth to work =1,800 a month 😱😤😭 I do have a 2008 Chrysler 300 but I need a new engine which is estimated at $3,500. It's impossible to live and save... I'm stuck between a rock and a hard place.


        • #5
          It goes without saying that you should NOT put $3500 into your Chrysler 300, as the 2.7L V-6 is a known piece of ****, with many serious design defects. You should take that money, and spend about $2000 of it on an older used car, and set aside the other $1500 to pay for necessary maintenance and repairs.


          • #6
            😕 bcohen


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