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328 messages, Last post on Jul 19, 2009 at 7:42 PM
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...the young man could've been an upcoming executive in the underground pharmaceutical industry. I had a buddy who was a lot like the person drift described. He had more gold chains than Mr. T, more rings than Ringo Starr, and wore a floor-length leather coat over black silk shirts. He also had a very convincing fake Rolex and drove a black late-model BMW 5-Series. To those who didn't know any better, he looked outwardly successful in a flashy way. However, in reality, he was living in a rather run-down trailer park. |
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| I dream about all the cars I could have if I lived in a run-down trailer park.... If only run-down trailers came with garages.... | |
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...for articles on the perils of buying at a BHPH lot: http://www.courier-journal.com/cjextra/2004projects/byrider/
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Replying to: lemko (Jan 05, 2005 1:16 pm) It's a shame that we need legislation to protect us from paying double the value of a vehicle - common sense, and a quick call to the lady at the bank with the NADA book could and should prevent that. |
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| ...in those stories, particularly the woman who paid over $16,000 for a Geo Metro with over 156K miles on it. I don't think Geo Metros cost that much new! | |
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On an LS 400 we had in stock. He only had three questions. 1. Did it have chrome wheels? 2. Did it have the "gold kit"? 3. How much would the "notes" be? He then went on to tell me that his credit was "better than it was". He asked me if a year old auto repossession would matter. Some BHPH lot will no doubt sell him something I would suppose? |
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| BHPH lots usually don't bother with checking credit - what's the point? By the time you drive away, they have more info on you than the military would, plus the names of every relative within 500 miles...usually a copy of your phone bill (for the numbers, not just to prove you have a phone), utility bills, friends and coworker names, etc. | |
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Replying to: lemko (Jan 05, 2005 1:16 pm) That KY dealer sounds like a real crook. It's not that I disagree that people *should* act like grownups and do some research. I just think that there's a limit somewhere, and that just because someone is stupid, it's not okay to take them to the cleaners like that. It's a whole 'nuther story when a place tries to provide people with cheap transportation, and extracts handsome payments for the service. There does't seem to be much "transportation" involved with Byrider. Always accounting for the fact that there often isn't much "journalism" in journalism either. To then turn around and sue the customer for the remaining payments on a car that doesn't run, that is rich. It's hard to believe you can get a judge to agree to order garnishment under the circumstances... I'd think there'd be some common-law clauses that could be invoked. Either way, it's expensive to be poor... -Mathias |
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| That franchise is notorious in this area (Northern Ohio). They advertise a free TV with every car and sometimes $500 worth of groceries too. I was in the business with my father years ago and still rent out our old used car lot. I went to the local auction with him( the guy I rent to) last year and the buyer for that local franchise was buying almost every high-mile POS in the cheap lane. I talked to him (the buyer) a little bit and he told me they don't even like cash buyers for the most part!! All that being said, 20 years ago my dad and I did a little BHPH with our less desirable trade-ins and it can be lucrative, but it is NOT easy work. My dad would wholesale nothing, we either sold it or junked it!! We did spend a lot of time chasing down and repoing cars and going to the steel mill on payday and following people to the bar to get $50 when they cashed their paycheck. We did not charge exorbitant interest though, and usually got enough down to crack the nut, but I still could show you about 30-50K worth of notes that we never collected and we were a small dealership. They(BHPH) serve a purpose, and we did okay at it without being predatory. | |
...in that article. Look how cheaply the cars are purchased at auction, the low blue book values, and the exhorbitant selling prices. Maybe the BHPH market would be better off simply going to a public auction. I remember one woman who bought a really nice 1989 Ford Country Squire wagon for only $800! The car is still going strong over 7 years later.
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