Austin, TX -- (SBWIRE) -- 04/08/2014 -- Jeffrey Lee Martin, vice-president of industry relations and founder of Community Auto Finance Association (CAFA), announced that the firm now serves more than 7,500 car dealers across the nation that cater to “Buy Here Pay Here” consumers . The company focuses on responsible and ethical practices within the used vehicle industry, assisting members who offer dealer financing of auto purchases.
“Community Auto Financing Association members lead the Buy Here Pay Here industry and stands by this code,” said Martin. “We commit to treat all customers with respect, fairness and honesty.”
The national organization supports independent car dealerships with news and information about rules, regulations and legislation that affects them. CAFA promotes and advocates the adoption of best practices throughout the industry.
The Buy Here Pay Here concept is a way of doing business that’s gaining momentum across the nation. Restrictive loan policies have prohibited many individuals from vehicle ownership. Those with less than sterling credit are denied loans and purchasing a vehicle has become impossible for many. BHPH dealers use their own funds or a related finance company (RFC) to provide financing for consumer vehicle purchases.
Community Auto Finance Association members are working to recreate trust between consumers and car dealerships. The BHPH was launched partly in response to unscrupulous dealers that were furthering the negative public perception of auto dealers through their undesirable actions. Combined with the current economic climate and the number of credit-challenged consumers, the BHPH option offers benefits for consumers and dealers.
BHPH transactions account for approximately 10 to 15 percent of all vehicle sales. BHPH participants are distinguishing themselves within their communities as trustworthy businesses, resulting in customer loyalty and return business. The system enables consumers to purchase quality transportation that allows them to remain gainfully employed.
The program reduces dealer reliance upon banks for financing their inventory and the short-term payoffs that are required. BHPH participants use their own funds or the RFC to provide consumers with financing for their vehicle purchases. Many dealers choose to establish their own RFC to provide the money for consumer purchases. This type of financing allows dealers to generate more sales with reduced risks.
The “Buy Here Pay Here” association provides independent car dealerships with the data and information they need to remain in compliance with applicable laws. The organization acts as an advocate for best practice standards throughout the industry and promotes a code of ethics that supports Buy Here Pay Here options for consumers.
Located in Austin, TX, the group can be reached by phone at (512) 560-4904. For more information, visit Community Auto Finance Association online.
About Community Auto Finance Association
Launched in 210, Community Auto Finance Association (CAFA) is the ethical leader in the Buy Here Pay Here industry. CAFA’s mission is to support and represent local businesses across the U.S. that utilizes “Responsible Buy Here Pay Here Practices” that sell and finance used vehicles to customers whose availability of credit is limited. The organization seeks to improve customer satisfaction and the image of the industry.
Jeffery Lee Martin