inhouse financing cars
inhouse financing cars As tightening up of lending practices is being put in place, In House Financing at the dealership level is now the major thing in the market. Today there are more and more clients who have credit problems and are in need of special financing solutions as they no longer qualify for financing from the mainstream sub prime lenders.
Many car dealerships are growing tired and frustrated at spending a lot of time and money in advertising to get customers into their dealerships to sell them a car just to have the lenders turn their customer down. It has been this frustration that has led many of them to take another look at an old concept and begin financing these customers themselves. So slowly but surely there are In House Financing, In House Leasing and Buy Here Pay Here programs starting to pop up all across the country to service this new marketplace. Find about inhouse financing cars
The other major difference in these programs is how the vehicle is registered by the Registry of Motor Vehicles in your province. With the In House Financing programs the vehicle is registered in your name on the registration and a chattel mortgage is placed on the vehicle at the Registry of Deeds in your province. The chatel mortgage make it possible to repossess your vehicle if you default on the loan the same way a bank or finance company can. With the In House Leasing programs the vehicle is registered in the name of the leasing company with you being registered as the plate owner of the vehicle. The Buy Here Pay Here programs are usually run by a smaller dealership and they sometimes register a chalet mortgage the same as the In House Financing Programs but often they get the customer to register the vehicle in their name and then return to the dealership with the ownership paper and sign it over to the dealership. This way if the customer defaults on the loan the dealer simply registers the vehicle back into their name and repossess it from the customer. At the end of the day it really doesn't matter which program you choose to use if you don't make the payments they will repossess your car but if you make your payments you will not have any problems. Remember all of these dealerships are interested in you keeping your vehicle. They are usually understanding if you are going to be a couple days late with your payment as long as you let them know beforehand and make arrangements to get caught up right away.