Good video, many people don't understand the buy here pay here format until its too late in the process. They have signed documents and realize they have to make paymets every two weeks or they will come take that car away. Many of those companies put trackers on the vehicles to, so don't even try to hide it. Thanks for the info.
I go on auction sites attempting to find a deal. Every single time there is a decent vehicle. It goes for pretty darn close to what the vehicle is actually worth. Nobody is buying a nice no problem car they can sell for 2k from an auction site unless the car is 20 years old.
@@hasty-carnaage1518 if they didn’t make decent money on every car then they wouldn’t be in business. I’ve known people who buy from those kind of places and the engines blow in a few weeks 🤣
I second this, a lot of people think us dealers are buying things for peanuts…those days are gone, it’s to the Point where you can’t even bid on a 2005 accord with 160k without it going for almost $3000 Leaves no meat on the bone for standard dealers let alone a buy here lot
Those are dangerous. A car w that many miles will have repairs and there is the problem. Get the newest and lowest mile car you can afford unfortunately people feel they deserve a bmw or Mercedes and end up bankrupt
Not always true I sell 100’s of cars in the 140k+ mile range and most big repairs have already happend…when you buy a “newer” car even with warranty your coming out of pocket for costly repairs that are inevitable
The topic of BHPH (Buy Here, Pay Here) could fill a library, but I like the video, it gives people a general idea of things. I'd like to add that, throughout the life of the loan, a person could pay extra to more rapidly bring down the principle of the loan. Interest payments is a product of the interest rate multiplied by the principle. Once the paperwork has been signed, there's nothing that can be done to reduce the interest rate, but bring down the principle (by paying extra) and the amount that goes towards interest goes down with it. That's why the payments went down when Chad re-calculated the same loan with a big deposit, the deposit brought down the principle. One more piece of advice I give to people... the best time to buy a car, is when you don't need one. If you're not desperate for a car, you can take your time and shop around. If you are desperate for a car, prepare to make a deal with the devil. I don't do business with friends, family and neighbors. One of my neighbors would soon need a car, and instead of buying one with a levelheaded mind, he waited until his car totally quit, took a taxi to the nearest BHPH (one that wasn't me), and just signed the paperwork to the first truck that they presented to him. He got raked over the coals, and the truck has a bad timing chain that sounds like it will soon break. His reasoning.... his car broke down so he needed something right then.
That's not a website, but a dealer management software named Frazer. I use it too. There's another popular one named Wayne Reaves, but Frazer is what I prefer.
Good video, many people don't understand the buy here pay here format until its too late in the process. They have signed documents and realize they have to make paymets every two weeks or they will come take that car away. Many of those companies put trackers on the vehicles to, so don't even try to hide it. Thanks for the info.
Nearly $800 per month for 36months+4500 down, crazy...
Its 36 payments biweekly so that’s 18 months
$14,988 w/ almost 200k is a instant No from me big dawgg
Good information Chad crazy high interest rate
The dealer paid $2,200 at auction and sold it for $15,000 hustler 💪💰
I go on auction sites attempting to find a deal. Every single time there is a decent vehicle. It goes for pretty darn close to what the vehicle is actually worth. Nobody is buying a nice no problem car they can sell for 2k from an auction site unless the car is 20 years old.
You have to think about the work they put into fixing the car. They have to fix whatever is wrong that’s the down payment
@@hasty-carnaage1518 if they didn’t make decent money on every car then they wouldn’t be in business. I’ve known people who buy from those kind of places and the engines blow in a few weeks 🤣
@@Jmelpeguesyea honestly it's hard to make a big profit in this business because the cars need a lot of repairs.
I second this, a lot of people think us dealers are buying things for peanuts…those days are gone, it’s to the Point where you can’t even bid on a 2005 accord with 160k without it going for almost $3000
Leaves no meat on the bone for standard dealers let alone a buy here lot
Those are dangerous. A car w that many miles will have repairs and there is the problem. Get the newest and lowest mile car you can afford unfortunately people feel they deserve a bmw or Mercedes and end up bankrupt
Not always true I sell 100’s of cars in the 140k+ mile range and most big repairs have already happend…when you buy a “newer” car even with warranty your coming out of pocket for costly repairs that are inevitable
The topic of BHPH (Buy Here, Pay Here) could fill a library, but I like the video, it gives people a general idea of things. I'd like to add that, throughout the life of the loan, a person could pay extra to more rapidly bring down the principle of the loan. Interest payments is a product of the interest rate multiplied by the principle. Once the paperwork has been signed, there's nothing that can be done to reduce the interest rate, but bring down the principle (by paying extra) and the amount that goes towards interest goes down with it. That's why the payments went down when Chad re-calculated the same loan with a big deposit, the deposit brought down the principle.
One more piece of advice I give to people... the best time to buy a car, is when you don't need one. If you're not desperate for a car, you can take your time and shop around. If you are desperate for a car, prepare to make a deal with the devil. I don't do business with friends, family and neighbors. One of my neighbors would soon need a car, and instead of buying one with a levelheaded mind, he waited until his car totally quit, took a taxi to the nearest BHPH (one that wasn't me), and just signed the paperwork to the first truck that they presented to him. He got raked over the coals, and the truck has a bad timing chain that sounds like it will soon break. His reasoning.... his car broke down so he needed something right then.
400 bi weekly thats insane
Sometimes weekly but less money.
Always try to pay over your payment and psy it off soon as possible 🙏
Paying way to much for a high mileage vehicle.
LMFAOO I will laugh in their face and walk right out almost 800 a month for a shit ass used car. 🤣🤣🤣
😂😂😂😂😂😂😂 He said it was “ON SALE” too
Hi, I am owner of a new dealer, Learning in the process, Could you share your pick notes, Thank you.
What are pick notes?
What website was that you used to do them calculation on?
That's not a website, but a dealer management software named Frazer. I use it too. There's another popular one named Wayne Reaves, but Frazer is what I prefer.
I’m a BHPH salesman, Frazer FTW, but it can be a bit hard to set up.
McDermott Springs
I'd never do buy here pay here. A moped would look better.
Karlee Square
Bahringer Avenue
Deja Extension
I started a buy here pay here , in Illinois this past week. What software is this may I ask ? I can’t find that answer anywhere
Murazik Glens
Soledad Ridge
Spencer Ridge
Lubowitz Lodge
Kristina Crest
Regan Valleys
Rowland Trail
Verona River
Im paying 28 percent they killing me
Donnelly Rapid
Floy Crossroad
Jackie Curve
Conroy Prairie
Adams Vista
Caitlyn Curve
Morar Bridge
O'Keefe Park
Brian Gateway
Lauren Lodge
Dorris Port
Rusty Crescent
Wehner Valley
Hoppe Mission
Jessy Crescent
Camila Ville
Marian Meadows
Greenholt Manor
Considine Rapids
Cloyd Locks
I got a car at a bay Here pay here for 11% Interest is that good
No
Audie Inlet
Gloria Freeway
298 Samanta Tunnel
Hane Stravenue
Murphy Ville
Zula Extension
This is basically a minivan
Rippin Harbor
Trey Overpass
Elenora Bridge
Kassulke Spring
King Expressway
Doyle Hollow
Heathcote Drives
Dorthy Throughway
Ignacio Mountains
Micah Squares
Murazik Knoll
Serenity Island
Towne Wells
Kali Harbor
Haylee Centers
Ashlynn Port
Maudie Brook
Myles Overpass
Lindgren Spurs
Harris Roads
Cremin Corners
Shanahan Mountain
Rogelio Park
Ziemann Orchard
Reymundo Corners
Boyle Pine
Kassulke Harbor
Jerad Freeway
Franecki Court
Maximilian Gardens
Ona Ville
Betsy Bypass
Rusty Pass
Nedra Run
Crona Isle
Kreiger Lakes
Kozey Shoals
Letitia Lane
Bode Viaduct
This video could’ve been 5 mins long. Bro is a yapping machine
That's a 4k car at most lol
Kreiger Ways
Maida Station
pos
A Ford Expedition? Just using it for a example Paul.
@@CarolinaCarVideos ya my wife prefers trucks.
@@pauleclemonsjr1457 cool story