Whether you’re a brand-new start-up entering into the underserved BHPH market or you’ve been enjoying the excitement of the dynamic sub-prime arena for 40 years, raising capital is a necessary step. This has become increasingly difficult.  Common ways to raise money would be to sell entire loans, sell portions of....

Digital signatures are quickly becoming the norm with widespread adoption and implementation. Yes, going digital definitely speeds up the process of closing deals, but there are several other benefits to transitioning your operation to the digital age. Happy Buyers Giving your buyers the convenience of signing electronically at their own....

What exactly is subprime? The Consumer Financial Protection Bureau (CFPB) divides borrowers into four tiers: Deep Subprime: credit scores below 540 Subprime: credit scores between 540 and 619 Nonprime: Credit scores between 620 and 679 Prime: Credit scores of 680 and above   Vehicle costs have soared in the past two....

Underwriting, as defined by Underwriting: Definition, Process, How Long It Takes (businessinsider.com), “is the process of taking on risk in a financial transaction.” In the auto industry this concept is simple; the financial transaction is the purchase of the vehicle, and the risk is the loan not being paid back.....

Car insurance is part of life. We are all required to carry insurance on our vehicles, but that doesn’t stop some individuals from dropping their insurance, allowing it to lapse, or giving false insurance policy details to begin with. Uninsured motorist percentages continue to rise, with states such as Mississippi....

Positive Pay is a fraud mitigation service that provides early detection of fraudulent, altered, or counterfeit checks through daily verification of checks presented for payment against a company’s check register. In short, Positive Pay is checks and balances for your…checks and balances. Using Positive Pay requires compiling and sending a....

Whether it’s hurricanes or snowstorms, Mother Nature has a way of impacting our daily lives. No matter how much people prepare, they can be dealt a hand that turns their lives upside down. It can be as simple as your customer missing a week of work to the extreme of....

Owning/operating a buy-here-pay-here dealership or a related finance company is an enjoyable but time-consuming endeavor. Some of the least glamourous, most important sections of the business are bookkeeping, banking, and accounting. Here are 5  ways BHPH dealers can streamline the required processes of these areas. If your DMS doesn’t allow....

If you’re reading this, you’re likely considering (or already a part of) the buy-here-pay-here industry. One of the biggest challenges in this line of business is balancing a professional debt collection policy with effective, sustainable, and cost-effective practices. The idea of managing these often-precarious contracts and relationships brings to mind....

One would assume that car dealerships sell cars, so why would they need to worry about environmental laws? Car dealerships have more potential areas of concern than might appear at first glance. Many car dealerships have service and repair shops that are likely to generate used oil and other vehicle-related....