The Buy Here, Pay Here (BHPH) model is a type of car dealership selling vehicles where the customer pays for the vehicle at the time of purchase. It has become increasingly popular in recent years, as it offers several benefits to customers.
In this blog post, we will discuss what the BHPH model is and how it works.
What Is The BHPH Model?
The BHPH model is a car dealership selling vehicles where the customer pays for the vehicle at the time of purchase. The customer enters their credit card information at the time of purchase and receives a receipt.
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This receipt serves as proof of purchase and allows the customer to take possession of the vehicle immediately.
The main benefit of using the BHPH model is that it eliminates the need to finance or lease a car. This can be significant savings for customers, like leasing or financing a car can cost up to 50% more than buying a car outright.
When you go to a Buy Here, Pay Here dealership, you will be asked to complete a purchase agreement. This document will outline the terms of your purchase, including the price of the car and any down payments you may need to make.
Once you have completed the purchase agreement, you will be given a number and directed to an area where you can start filling out paperwork. You will need to provide your driver's license, credit card information, and proof of insurance before proceeding to the cashier.