Buy Here Pay Here (BHPH) dealerships offer in-house financing to customers who do not have good credit or are unable to secure a car loan from a traditional lender. BHPH dealerships also sell notes, which are the contracts between the dealership and the customer. These notes can provide a steady income stream for the dealership, but they can also tie up a significant amount of capital. That’s where companies that buy BHPH notes come in. In this article, we’ll explore some of the companies that buy BHPH notes.
1. Automotive Finance Corporation (AFC)
AFC is a subsidiary of KAR Auction Services, Inc. and is one of the largest providers of floorplan financing to independent and franchise dealerships in North America. In addition to floorplan financing, AFC also buys BHPH notes. AFC offers competitive pricing and quick funding to dealerships looking to sell their BHPH notes.
2. National Auto Acceptance Corporation (NAAC)
NAAC is a privately held finance company that specializes in buying BHPH notes. The company was founded in 1994 and is based in Ohio. NAAC offers flexible terms and competitive prices to dealerships looking to sell their BHPH notes.
3. United Auto Credit Corporation
United Auto Credit Corporation is a non-prime auto finance company that buys BHPH notes. The company was founded in 1996 and is based in California. United Auto Credit Corporation offers competitive pricing and quick funding to dealerships looking to sell their BHPH notes.
4. Westlake Financial Services
Westlake Financial Services is a privately held finance company that specializes in non-prime auto loans. The company also buys BHPH notes from dealerships. Westlake Financial Services offers competitive pricing and flexible terms to dealerships looking to sell their BHPH notes.
5. Foursight Capital
Foursight Capital is a specialty finance company that buys BHPH notes from dealerships. The company was founded in 2011 and is based in Utah. Foursight Capital offers competitive pricing and quick funding to dealerships looking to sell their BHPH notes.
6. Credit Acceptance Corporation
Credit Acceptance Corporation is a publicly traded finance company that specializes in subprime auto loans. The company also buys BHPH notes from dealerships. Credit Acceptance Corporation offers competitive pricing and flexible terms to dealerships looking to sell their BHPH notes.
7. Capital One Auto Finance
Capital One Auto Finance is a division of Capital One Financial Corporation that specializes in auto loans. The company also buys BHPH notes from dealerships. Capital One Auto Finance offers competitive pricing and flexible terms to dealerships looking to sell their BHPH notes.
8. Ally Financial
Ally Financial is a publicly traded finance company that provides a wide range of financial services, including auto loans. The company also buys BHPH notes from dealerships. Ally Financial offers competitive pricing and flexible terms to dealerships looking to sell their BHPH notes.
Conclusion
Selling BHPH notes can provide dealerships with a steady income stream, but it can also tie up a significant amount of capital. Companies that buy BHPH notes offer dealerships an opportunity to free up capital and reinvest in their businesses. The companies listed above are just a few of the options available to dealerships looking to sell their BHPH notes.
