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....
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....
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....
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....
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....
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),....
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....
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....
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....
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....