BHPH & Payment Assurance Devices

Payment assurance technology is there to make the job of Buy Here Pay Here dealers easier. . .ideally. A payment assurance device can be an essential part in improving collections for a dealer as well as managing inventory and if it comes down to it, make it easier to repossess a vehicle. At this year’s National Alliance of Buy Here, Pay Here conference Ken Shilson shared results of a study that found that “80 percent of the respondents said the devices lower the risk of default which allows them to sell higher value vehicles with less risk.” Having said that, the device can do these things if and when it is used properly and by properly meaning that the customer knows it is being used. Some dealers will have a GPS device on a customers car but fail to let the customer know. By not disclosing that a vehicle has a GPS device, the dealership is at risk of being sued which a dealership in Florida realized when they failed to tell a customer about the GPS on his car.

To read more about this in Used Car News, please click here.

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