What's the deal with "Buy Here, Pay Here?"

[CarterC]

OK...I have terrible credit...I'm self employeed and my industry got clobbered over the past two years. My best FICO is 500.

 

HOWEVER, for me, the economy has dramatically improved and I want to buy a small used commuter car in the $6,000 range.

 

I have a trade worth $1,000 plus an additional $1,000 cash. I'm afraid my purchase options may be limited.

 

Is the typical 'Buy Here, Pay Here" lot a scam?

 

Also, will the cash and trade offest the FICO?

 

Thanks,

 

Carter

[MarvBear]

OK...I have terrible credit...I'm self employeed and my industry got clobbered over the past two years. My best FICO is 500.

 

HOWEVER, for me, the economy has dramatically improved and I want to buy a small used commuter car in the $6,000 range.

 

I have a trade worth $1,000 plus an additional $1,000 cash. I'm afraid my purchase options may be limited.

 

Is the typical 'Buy Here, Pay Here" lot a scam?

 

Also, will the cash and trade offest the FICO?

 

Thanks,

 

Carter

 

Carter: You only asked 2 questions and did not provide us with a credit app, so can only answer your 2 questions.

 

Is the typical "buy Here, Pay Here" lot a scam? I would say No. But a lot of that depends on the particular store reputation. So the normal "be cautious" rule applies. as with doing business with any dealer.

 

Nothing offsets FICO, FICO just is, and it SUKS.

 

Although with low FICO's significant downpayments assists in approvals.

 

Generally dont think the BHPH dealers take much stock in FICO, just look at overall credit.

 

With just what you have told us, I kinda think with horrible credit, instead of BHPH dealers, perhaps you should see a DRIVE dealer. Is one step above BHPH.

[CarterC]

Thanks MarvBear.

 

Sorry for the simple question, but I've always bought cars from provate owners.

 

What does DRIVE stand for? How do they differ from BHPH?

 

Thanks, great stuff!!

 

CC

[MarvBear]

Drive Financial. You can do a search here in the auto forum or look it up on the net.

 

They are usually rather helpfull when the credit is truly terrible.

 

they are here http://www.drivefinancial.com/

 

Mind you, I am not affiliated with them, nor do I endorse them.