Navigating Loan Default Mitigations
By Evan Akins - October 30, 2024

The Buy Here Pay Here (BHPH) business model offers valuable opportunities to serve customers with limited credit options. However, one common challenge faced by BHPH dealerships is a higher rate of loan defaults compared to traditional lenders. Dealing with delinquent payments and implementing effective collections strategies can be complex and....

A CFPB Perspective on How BHPH Dealer Management Software Helps Avoid Illegal Repossessions
By Bethany Richardson - October 30, 2024

In the Buy Here Pay Here (BHPH) industry, adhering to legal standards is paramount, especially when it comes to repossessions. The Consumer Financial Protection Bureau (CFPB) has outlined specific guidelines to prevent unfair, deceptive, or abusive acts or practices (UDAAPs) in repossessions. The best software for BHPH LHPH used car....

The Crucial Role of e-OSCAR in Managing Customer Disputes
By Amir Dabiri - September 30, 2024

In today’s fast-paced automotive finance industry, staying on top of customer disputes is more important than ever. With the rise of third-party companies helping consumers escape their car loans, it’s crucial for dealers and finance companies to understand the importance of responding to disputes that come through e-OSCAR. Why Responding....

Maximizing Profitability in BHPH/LHPH with Efficient Lot Management
By Evan Akins - September 24, 2024

Profitability doesn’t just depend on the number of cars you sell—it’s heavily influenced by how well you manage your inventory. Efficient lot management ensures that you’re not sitting on unsold inventory, allowing you to keep your lot fresh, reduce operating costs, and maximize profitability. In this post, we’ll explore practical....

Important OCCC License Renewal and Regulation Updates for Texas Motor Vehicle Sales Finance Dealers
By Amir Dabiri - September 19, 2024

As your trusted Dealer Management Software (DMS) provider, we're here to keep you informed about important regulation updates from the Texas Office of Consumer Credit Commissioner (OCCC). If you operate a motor vehicle sales finance business in Texas, there are critical deadlines and proposed rule changes you need to be....

Lowering Reconditioning Costs with Deal Pack’s Service and Parts Module
By Evan Akins - August 22, 2024

Reconditioning costs are a significant part of managing a used car dealership with a service shop. For many independent dealers, these costs have risen sharply over the past few years and the need for lowering costs is critical for business success. According to the National Independent Automobile Dealers Association (NIADA),....

The Best Two-Way SMS in a DMS
By Trey Latham - August 13, 2024

In the Buy Here Pay Here (BHPH) and Lease Here Pay Here (LHPH) industries, effective communication is essential for maintaining strong customer relationships and ensuring consistent, on-time payments. This is where the best software for BHPH LHPH used car dealerships, Deal Pack, comes into play. Deal Pack offers a premium....

5 Ways BHPH Dealers Can Profit with More High-Risk Deals
By Trey Latham - July 30, 2024

When lending to customers with less than perfect credit, how does one balance high volume sales with the inevitable lower collection percentages & higher repossession (repo) and charge-off rates? The key to managing these challenges and increasing BHPH profit effectively lies in leveraging an advanced Dealership Management Software (DMS), such....

How BHPH Dealers Can Avoid Auto Loan Servicing Pitfalls Highlighted by the CFPB
By Evan Akins - July 26, 2024

The Consumer Financial Protection Bureau (CFPB) recently reported significant issues in auto loan servicing that can serve as a cautionary tale for Buy Here Pay Here (BHPH) dealers. Understanding these pitfalls, implementing best practices, and partnering with a finance and accounting software tool for car dealerships like Deal Pack, can....

Effective Strategies for BHPH Dealers to Reduce Loan Defaults
By Evan Akins - June 28, 2024

The Buy Here Pay Here (BHPH) business model offers valuable opportunities to serve customers with limited credit options. However, one common challenge faced by BHPH dealerships is a higher rate of loan defaults compared to traditional lenders. Dealing with delinquent payments and implementing effective collections strategies can be complex and....