In the used car business, buy-here pay-here is where the dealership does their own in-house financing or leasing to help people who cannot get conventional financing through a major lender at a new car dealership or a really super high-end used car facility that sells $40,000 used trucks and cars where the credit decision is based solely on the buyer’s credit score.
All aspects of that customer's life are used in making a decision based on their stability, their income, their job time and things of that nature.
At a buy here pay here dealership, we keep the loan in house on a finance contract or lease agreement to the customers to make their monthly, weekly or biweekly payments to the dealership.
And of course, most buy-here pay-here dealers or lease-here pay-here dealerships have their own service departments and facilities to help customers maintain their vehicles along with the monthly or bimonthly service for those vehicles and after-sale repairs.
Gene Koury Auto Sales switched to a mainly lease-here pay-here dealership back in 2012. Someone can still buy a finance a car here if they want. They don’t have to do a lease, but that’s the majority of what we do.
And of course, some people will pay cash, but not many. And some people come here and buy cars and they go through their own bank or credit union. But the majority of what we do is lease here, pay here.
We also find that not many people keep their car to the end of the lease and then turn it in to swap them out early and lease them another car. It’s also a lease with a purchase options. So they lease the car, they complete their lease term at the end of the lease. They either turn the car in or they can buy if they want for the residual value.
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