You should be aware that there are a number of laws to follow when buying a car at a Buy Here-Pay Here (BHPH). We’re not lawyers, and that is unfortunate, because the legalese could be confusing. Don’t worry, friend. We are here to help you understand the laws of car lots that offer buy here-pay here services near me.
First, let’s talk about disclosures. The law obliges BHPH sellers to disclose specific information including interest rates, total financing, fees and charges, as well as any other relevant details. A “retail installation contract” will be provided to you, which includes all the details of your purchase – more info.
The contract conditions will apply even if your dealer refuses to disclose any of the information. Before signing the dotted-line, you should carefully read through the contract. Feel free to call and ask any questions you may have or cancel the purchase altogether if anything seems wrong.
Following repossession is the next step. BHPH dealers may repossess your car if payment is not made on time. The BHPH dealer must give you notice of default before repossessing the vehicle.
When the dealer takes back your car they have to follow certain steps in order to protect your legal rights. If you are in your garage, the dealer cannot steal your car. They must also notify you of the intended selling price and the date before taking the car.
Lastly, let’s speak about warranties. Many BHPH Dealers provide vehicle warranties, although it isn’t required by law. Read the terms and conditions carefully if your dealer offers a deposit.