For those who aren’t familiar with buy here, pay here, it’s a means of acquiring an automobile for folks who have no credit or bad credit.
They can't go to a conventional bank or credit union because those financial institutions do not provide auto loans to people with poor or no credit. Basically, you buy the car here and then pay for the car here.
Bureaucrats in Washington, DC would have you believe that there's no need for buy here pay here dealers. But if there's no mass transportation in an area like ours, then there is no transportation. People would not be able to get to work because they would not have a vehicle.
Most lenders just won't take the risk on this kind of credit history. Why do we do it, then? I was raised in a single parent home with a mother who worked two jobs. It was tough to make ends meet. I just love to see people graduate from here. We report on-time payments to the credit bureau -- many buy here, pay here dealers don't report to the credit bureau. And from time to time, I get to explain to my customers why they don't report payments; and they can't believe that. It's not fair.
I don’t think it’s fair either, but I get a great deal of satisfaction when we have somebody graduate who leaves us to go to a traditional bank or credit union because we've reported their credit over the last three years. They are able to buy a car at three or four percent interest rate because they’ve proved themselves over a period of three years with us. It starts with our easy online application process.
Our Mission Statement is: “We believe our goal is to get our customers -- and our employees -- to a better place.” There's a great deal of satisfaction that comes with doing what we do at WholeSaleCars.com. A great deal.