Understanding your way around financing lingo—especially for a first-time car buyer—can be a bit intimidating.
For example: Buy-here pay-here and in-house financing are basically the same, just two different labels.
Subprime financing is typically a third party or a number of third party lenders—most of the time they are out-of-state—that approve or turn down customer loan applications based upon you credit bureau scores and the amount of money you can put down.
Wheel City Auto Finance Centers is a buy-here pay-here dealership. We don’t pay attention to credit bureau scores; we approve you based upon your residential and income stability and your ability to pay—and your honesty with us at the time of sale.
Although Wheel City has a separate corporation in its finance company, it’s a related entity, so Wheel City staff has more control over what they can say, what they can do, and what they can approve. A third-party, out-of-state finance company takes that away from the dealership they work with.
At our dealership group, we look at your stability in the area and your ability to make a payment, and make sure that you can afford it. We don’t base approval solely on a credit bureau score.
When a franchise dealership offers subprime/outside financing, the finance company or bank runs the paperwork; someone looks at your credit score and can just say “no” by looking at that alone. Whereas at a buy-here pay here dealership a credit score is not the main focus.
At Wheel City, you will not be treated according to your numbers. You are a human being. We want that relationship.
Some independent used car dealerships and franchises don’t do in-house financing. They sell once to their customers and hope that in three to five years, you will return. But other than that, they typically don’t really have any motivation to keep you happy.
But the fact that our dealership collects the payment because we sold you the car means that we have extra motivation to make and keep you as a happy customer.
It’s not that management and staff at other new or used car dealerships doesn’t want to keep you happy; but they basically have no contact with you after the sale, other than trying to sell an extended service contract through their service centers. Our service is included.
I think it’s that’s fair to say that other new or used car dealerships employees put customer information into their systems and know the vehicle is going to be paid off in five to seven years—or whatever program they use. When the time is right, they’re going to get a popup that reminds them to call you because the car is nearly paid off. So they get in touch with you for the purpose of trying to sell another vehicle.
Whereas, at Wheel City we do a good job at building a relationship with you; we know who you are, you know who we are—we’ve built that trust and hope to get a chance for your business again.