Used Car Dealers In Maine Buy Here Pay Here
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When you're searching for a car in Maine but bad credit is standing in your way, Drivers Lane wants to help. We're a leading authority in bad credit auto financing and we work with an extensive network of dealers around the country and right here in Maine.
If you've hit a wall trying to find auto financing in Maine, a local buy here pay here (BHPH) lot may be just the ticket. Here at Drivers Lane, we specialize in helping people with bruised credit find the right solutions to get back on the road, and we want to help you find a BHPH dealer near you.
One of the best things about buy and pay here dealers is that they're the financers, so there's no outside lenders to deal with. Because of this, a BHPH dealer often doesn't pull your credit - the only thing you need to qualify for a car is proof of income. You'll also typically make your payments directly to the dealer, on a weekly or bi-weekly schedule. Keep in mind you won't find any brand new models here, and the cars will usually be a bit older with higher mileage. But if you've got the money for a down payment and need to finance a car today, these dealers can be your best option around.
If you prefer, you can start your vehicle search by using our massive used car database. Explore local vehicles for sale on the lots of our affiliated dealers in Maine to get an idea of what's available right now. You can narrow down your options by searching by make, model, price, and distance.
Most car dealers who sell used vehicles must comply with the Federal Trade Commission's (FTC's) Used Car Rule. In fact, car dealers who sell, or offer for sale, more than five used vehicles in a 12-month period must comply with the Rule. Banks and financial institutions are exempt from the Rule, as are businesses that sell vehicles to their employees, and lessors who sell a leased vehicle to a lessee, an employee of the lessee, or a buyer found by the lessee.
The Used Car Rule applies in all states except Maine and Wisconsin. These two states are exempt because they have similar regulations that require dealers to post disclosures on used vehicles. The Rule applies in the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, and American Samoa.
You must post a Buyers Guide before you display a vehicle for sale or let a customer inspect it for the purpose of buying it, even if the car is not fully prepared for delivery. You also must display a Buyers Guide on used vehicles for sale on your lot through consignment, power of attorney, or other agreement. At public auctions, dealers and the auction company must comply. The Rule does not apply at auctions that are closed to consumers.
You may include a signature line on the Guide and you may ask the buyer to sign to acknowledge that he or she has received the Guide. If you opt for a signature line, you must include a disclosure near it that says: \"I hereby acknowledge receipt of the Buyers Guide at the closing of this sale.\" This language can be preprinted on the form. The signature line and the required disclosure must appear in the space provided for the name of the individual to be contacted in the event of complaints after the sale.
There's one column to list the systems covered, and another to list the length of the warranty for each system. In the left hand column, you must specify each system that's covered by the warranty. The Rule prohibits the use of shorthand phrases such as \"drive train\" or \"power train\" because it's not always clear what specific components are included in the \"power train\" or \"drive train.\"
The warranty information you provide on the Buyers Guide is not sufficient to meet the requirements of the Warranty Disclosure Rule. Therefore, your written warranty and the Buyers Guide must be two separate documents.
Split cost warranties are those under which the dealer pays less than 100% of the cost for a warranty repair. This type of warranty includes 50/50 warranties where the dealer pays 50% of the cost for a covered repair and the buyer pays the remaining 50%. Another type of split cost warranty is one under which the buyer pays a deductible amount and the dealer pays the remaining cost for the repair.
Dealers offering split cost warranties can require that buyers return to the dealer for warranty repairs. If your warranty includes this restriction, however, you should provide an estimate of the total repair cost before work is started. This will allow the buyer to decide whether to approve the repair or have the work done elsewhere.
Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That's why we provide features like your Approval Odds and savings estimates.
Cars on buy-here, pay-here lots tend to be older, low-value vehicles. The average cost for a car on a buy-here, pay-here lot in 2018 was $7,004, and the average down payment was $950, according to a 2019 industry report from the National Independent Automobile Dealers Association.
Buy-here, pay-here dealers may also hit you with other fees. These high costs can result in financial trouble: More than one in three borrowers defaulted on buy-here, pay-here loans in 2019, according to a 2019 report by the National Independent Automobile Dealers Association and the National Alliance of Buy Here, Pay Here Dealers.
Dealers want to be sure they can easily repossess the car if you stop making your payments. About 45% of buy-here, pay-here dealers install devices that track the car or can prevent it from starting, helping the dealer recover the vehicle if you default on the loan. Giving up a measure of your privacy may be a nonstarter for you.
You can also skip the credit check and financing altogether if you save up for a car with cash. Pre-owned vehicles cost about 30% less than brand-new cars on average, according to Edmunds data. Some auto dealerships, such as CarMax and Carvana, have plenty of used cars on hand at various price points.
Before you head to a buy-here, pay-here lot, check your credit and consider applying for preapproval from a few lenders who consider people with bad credit. This could help you compare interest rates and loan terms across lenders and find the best deal for you on a car loan.
When it comes to buy here pay here in the state of Maine, Lee Credit Express has it covered. The BHPH operation is part of Lee Auto Malls, a franchise auto group that is celebrating its 75th anniversary this year and happens to be the largest volume dealer in the state of Maine. The group first ventured into the realm of buy here pay here in April of 1989, shortly after attending a training program by the late Jim DeVoe (who opened the first J.D. Byrider store).
If you are looking to buy used cars in Austin, TX, Dynamic Motors is the used car dealer near you and for you. We have been financing in-house since 1988, and we specialize in selling and financing newer model, nicer vehicles to everyone that needs second chance financing. We finance regardless of credit and offer buy here pay here financing (bhph). That means we sell used cars Austin wants even though we also offer bad credit financing and no credit car loans. We have worked hard to build a reputation for selling the highest quality used cars, trucks, sport utility vehicles and minivans, backed by extraordinary service and incredible warranties.
Customers who buy used vehicles from us can apply for credit, take out a loan, and make payments all under one roof at our dealership. We provide a variety of financing options to ensure we can find a payment plan that works for all budgets.