THE TRUTH OF "BUY HERE, PAY HERE"

     I know many of you are thinking,  should I go to the local "Buy Here, Pay Here" lot?  There is no easy answer to that.

     "Buy Here, Pay Here" lots have been around a long time.  Like any other part of the automotive sales industry,  they can represent the best and worst aspects of the industry.  

What is a Buy Here Pay Here Lot?

     A "Buy Here..." lot is any car sales lot that offers "in house" financing.  In other words, the dealer is also the "bank" that finances the loan for your car.  They come in every size from large and well known to small here today and gone tomorrow lots.  Most states require "Dealers" to be licensed to sell cars in that state.  States also usually require "Lenders" to be licensed, but many states have no regulation requiring car dealers to be registered as "lenders" leaving the door open for some questionable practices.  

So Should I Stay Away From Them?

     Again, there isn't an easy answer to that.  These dealers can be helpful depending on your needs at the time.  

     More in part II of this article.