Buy Here Pay Here Myths

The Buyer Can Expect To Pay 30% or More Interest at a BHPH Lot

Buy Here Pay Here Dealership MythsNot true! First of all, each state sets a maximum allowable rate that can be charged. Remember that BHPH dealers lend their own money to people who generally cannot obtain traditional financing. AutoMax has a single interest rate offered to buyers.

When compared to some national and local lenders, our annual percentage rate (APR) is often five percent cheaper!

The Dealer Will Try To Get A Down Payment That Is Close To What They Paid For The Car

With the cost of today’s vehicles, a reputable BHPH dealer realizes that a typical down payment needs to be much less than what the dealer paid. At AutoMax, down payments are as low as $295!

BHPH Dealers Don't Stand Behind Their Vehicles

This just isn’t true at most BHPH dealerships today. With the availability of service contracts and optional extended dealer warranties, you can drive with confidence.

Did you know that for over 25 years we have stood behind our vehicles? 100% of the cars we sell come with an outstanding warranty with coverage up to 24 Months and 26,000 miles!

A Late Payment Can Result in Extra Charges or Repossession. There Can Be Late Charges That Result in Immediate Repossession or Termination of the Contract.

The idea that BHPH dealers do this while banks and finance companies do not is just not true. Any financial institution can, and does, add late fees, accelerate contracts and repossess collateral for delinquency and default on the contract.

Every AutoMax account comes with a dedicated account representative. Your account representative is the same throughout the entire loan and you will always have a direct access phone number for them.

BHPH Dealers Just Want to Repossess Cars Rather Than Work With Me

Not at all! All reputable BHPH dealers understand that their goal is to help each customer get to the end of their loan and pay it off. Most dealers understand the value in working with a customer who is trying and willing to work with the dealership than to repossess the vehicle. Repossession is a last resort, and never the first move a dealer makes with a delinquent customer.

Did You Know? We want you to succeed! We lose money when we repossess a vehicle. Success for you means a better credit score with more opportunities at a lower cost. Our account representatives are here to help you throughout your entire loan. Many dealers attempt to lock their customers into long-term 5-7 year contracts. Here at AutoMax, our loan agreements are only 2-3 years.

The BHPH Auto Industry Is Not Well Regulated, So Buyers Need To Be Aware

Unregulated? Hardly! Here’s a partial list of some of the laws and regulations that BHPH dealers must comply with:

  • State & Federal Unfair & Deceptive Practices laws
  • State Usury laws
  • The Truth in Lending Act
  • The Used Car Rule
  • The Privacy Rule
  • The Safeguards Rule
  • The Red Flags Rule
  • The Risk Based Pricing Rule
  • and many more…

Did you know that AutoMax constantly trains and educates team members to ensure compliance with every law and regulation? We treat every customer fairly and respectfully.

Adjust Payment Terms ×

We want to help you find the perfect car that fits your budget. Please adjust the options below so we can estimate the most accurate monthly payments.

Estimated Credit Score or Interest Rate

Desired Loan Term (months)

How much will you put down?

All tax, title and vehicle registration fees are additional. See dealer for complete details.