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#325 of 347 Re: BHPH vs. renting a car [jipster]
May 19, 2009 (6:41 am)
If you charge too little you'll go belly up too.
We wholesale a lot of cars to guys who operate small lots. Most of these guys have been in business for a long time. The cars they buy from us usually aren't "bad" cars. Just cars we don't want. I took in a nice looking and nice running 1996 Taurus Wagon a couple of weeks ago. I think it had around 100,000 miles. It's not the type of car we sell but I'll bet it'll make a nice transportation car for someone without a lot of money.
BHPH lots vary in quality and ethics. For some people they are the only place they can buy anything.
#326 of 347 How much down payment?
Jun 05, 2009 (10:31 am)
Usually "your job is your credit". But I work for myself so I have no pay stubs from an employer. How much of a down payment do BHPH dealers need to finance me?
25% of the price? 50%?
I am looking for a truck in the $3,000 - $4500 range and I have $1000 to put as a down payment.
Any info would be appreciated.
#327 of 347 Re: How much down payment? [jamesgland]
Jul 19, 2009 (7:42 pm)
You don't have pay stubs, but you do have quarterly tax return copies, right? I would think that would be sufficient basic documentation of your income.
I would suggest going to your bank(s) first to get an idea of how you might be treated. Otherwise, I'd suggest that you try to save enough to pay the complete cost of the truck. (Consider that if you don't believe that you can save for the truck, how can you ever hope to meet the monthly payments on a loan?)
Jun 30, 2010 (12:00 pm)
Anyone else seeing a LOT more BHPH ads on TV in your local area? Apart from regional or national ads from manufacturers, I hardly see any dealerships advertising on TV these days, apart from the "we finance anyone" shops.
#331 of 347 Re: TV ads [kirstie_h]
Jun 30, 2010 (1:19 pm)
Seems to me that here, in the Mpls/St. Paul area, is business as usual. One of the BMW stores is quite regular, same with the families of dealerships. One of the Kia stores though is coming up regularly with creative and very screamy ads, almost to the point of being obnoxious. "Do have a job? Do you have XX dollars? You are approved!".
Jun 30, 2010 (1:33 pm)
I guess that's what I meant more than actual BHPH lots - I haven't looked up the advertisers to verify that they're BHPH (i just assumed they were), but it's always the same few dealerships (or used car lots) saying the same thing - one even says if you make at least $200/week, you're approved. That's crazy.
#333 of 347 Re: TV ads [kirstie_h]
Jun 30, 2010 (2:48 pm)
Back to the days of easy credit? Is that not what got us into this mess? How quickly we forget.
#334 of 347 Of course it varies.
Jun 30, 2010 (5:11 pm)
In the Baltimore area, mainstream dealers (those that have multiple stores and haven't gone bankrupt) are still chugging along. BHPH lots haven't advertised much, if at all, since late 2008/early 2009. Small, corner or storefront BHPH lots still operate. I'm assuming that inexpensive cars, word-of-mouth, and/or strategic alliances with a consumer group, such as a warehouse club or credit union, keeps 'em running.