Frequently Asked Questions
A Buy Here Pay Here dealership, like Auto Approval in Tampa, is unique because it offers in-house financing directly to customers. This means the dealership acts as both the seller of the vehicle and the lender for your car loan. This model is particularly beneficial for individuals in Tampa who may not qualify for traditional bank loans due to a low credit score or limited credit history, providing a direct path to car ownership.
Absolutely. Auto Approval specializes in helping Tampa residents with challenging credit situations. Many BHPH dealerships, including ours, focus on your current income and ability to make payments, rather than solely on your past credit history. This approach empowers individuals who might typically be rejected by traditional lenders to secure reliable transportation, enabling them to get to work and manage daily responsibilities in Tampa.
The approval process at Auto Approval is designed to be streamlined and efficient. Because we handle financing in-house, decisions are often made on-site, allowing for quicker approvals compared to traditional lenders. Many customers can complete their application, get approved, and drive away in their new vehicle the same day, which is a significant advantage for busy Tampa drivers needing immediate transportation.
Yes, flexibility is a key benefit. Auto Approval understands that financial situations vary, especially with diverse income streams in Tampa. We often provide customized payment schedules, including options for weekly or bi-weekly payments, which can align better with your paychecks. This tailored approach makes car ownership more manageable for those on a tight budget or with irregular income.
Many reputable BHPH dealerships in Florida, including Auto Approval, report on-time payments to major credit bureaus like Equifax and Experian. For individuals with bad credit or no credit, consistently making timely payments can be a vital step toward building or rebuilding a positive credit history. This can open doors to more traditional financing options and better interest rates in the future, making your BHPH loan a stepping stone to greater financial stability.
Yes, definitely. BHPH dealerships in Florida are subject to a comprehensive set of state and federal regulations. This includes compliance with the Florida Deceptive and Unfair Trade Practices Act (FDUTPA), the Truth in Lending Act (TILA), and specific licensing requirements enforced by the Florida Department of Highway Safety and Motor Vehicles (FLHSMV) and the Florida Office of Financial Regulation (OFR). This regulatory oversight ensures fair practices and consumer protection.
Auto Approval maintains a diverse inventory of quality pre-owned vehicles. We focus on purchasing reliable, affordable cars that appeal to our target market. Our vehicles are thoroughly inspected to ensure they are well-maintained, aiming to provide you with a dependable car that reduces the risk of future complaints and unexpected repairs.
No, Florida’s Lemon Law applies only to new or demonstrator motor vehicles, not used cars. This means that when you purchase a used vehicle, the responsibility for its condition largely falls on the buyer. This is why it’s crucial to have any used car inspected by an independent mechanic before purchasing and to understand all terms of the sale.
When a used vehicle is sold “AS-IS” in Florida, it means the dealer won’t pay for any problems or needed repairs after the sale. You are assuming the risk of anything that goes wrong with the vehicle. Federal law requires dealers to post a Buyer’s Guide in the window of each vehicle, clearly stating if it’s sold “AS-IS” or with a warranty. Always read this guide and your contract carefully.
Not necessarily. While a down payment is typically required, many BHPH dealerships, including Auto Approval, are flexible and work with buyers to offer manageable down payment options. Some dealerships may even accept down payments as low as $500, making car ownership more accessible for those with limited upfront cash.
Unlike traditional lenders who heavily rely on credit scores, Auto Approval primarily assesses your current income and your ability to make consistent payments. We look for stable income sources to ensure you can comfortably manage your regular payments, making car ownership possible even if your credit history is less than perfect.
Yes, Auto Approval is often willing to accept trade-ins, even if your current vehicle is older or not in perfect condition. Trading in your vehicle can help reduce the amount you need to finance, making your new car even more affordable.
Florida law, particularly the Florida Deceptive and Unfair Trade Practices Act (FDUTPA), safeguards buyers from deceptive practices during the financing process. Additionally, the federal Truth in Lending Act (TILA) requires clear disclosure of loan terms and APRs. If you have concerns, you can contact the Florida Attorney General’s Office or the Federal Trade Commission.
No, under Florida law, there is generally no “cooling-off period” that allows you to cancel a car purchase contract after you’ve signed it. It is crucial to read and understand all documents thoroughly before signing and to be certain you are ready to buy.
Typically, you’ll need basic personal and financial information. This often includes proof of income (like recent pay stubs or bank statements if self-employed), proof of residency, and identification. Our team will guide you through the specific requirements during the application process.
A reputable BHPH dealership, like Auto Approval, will operate transparently, clearly explain all loan terms, and comply with state and federal regulations. They should be licensed by the FLHSMV and the OFR. You can also check with organizations like the Better Business Bureau for their standing and review their customer testimonials.
Will my car be immediately repossessed? While late payments can incur fees and ultimately lead to repossession, most reputable BHPH dealerships are more likely to offer a grace period and apply a late fee rather than immediately repossessing your vehicle. It’s always best to communicate with your dealership as soon as possible if you anticipate any payment difficulties.
In a sprawling city like Tampa, a reliable personal vehicle is often essential for daily life. While public transportation is expanding, it can still be limited in certain areas. A car is crucial for commuting to work, fulfilling family responsibilities, accessing essential services, and even for safety and mobility during hurricane preparedness.
It’s highly recommended to get a vehicle history report (e.g., from Carfax.com or AutoCheck.com) to check for prior owners, odometer discrepancies, and accident history. You should also verify the VIN on the vehicle matches the title and check for any outstanding safety recalls.
While interest rates for BHPH loans are generally higher than traditional bank loans due to the increased risk, the average Annual Percentage Rate (APR) for a BHPH dealership is often around 20%, with some rates even lower. These rates enable individuals with credit challenges to secure financing that would otherwise be unavailable. Florida also enforces an interest rate limit of 18% on consumer loans between $4,000 and $25,000.
Yes, many Tampa residents face credit challenges due to significant life events like bankruptcy or divorce. Auto Approval understands these circumstances and focuses on your current financial stability and ability to pay, rather than solely on past events, making car ownership accessible during these transitional periods.
Numerous resources are available! The Florida Division of Consumer Services offers free online financial education programs. Universities like FIU and UF provide extensive financial literacy guides and workshops. Additionally, non-profit credit counseling agencies like Money Management International (with a Tampa office) and TrinityCredit offer free debt analysis and financial guidance.
Always ensure the contract clearly states whether the vehicle is sold with a warranty or “AS-IS,” the delivery date, and any other conditions of sale in writing. It should also include an itemized list of costs, including tax, title, and registration fees. Never sign any blank forms, and always obtain copies of all signed paperwork for your records.
Auto Approval is vested in selling reliable vehicles to minimize the risk of defaults and ensure customer satisfaction. We focus on purchasing dependable models and conduct thorough inspections to ensure vehicles are well-maintained. This commitment aims to provide buyers with a costeffective ownership experience by reducing unexpected maintenance costs.
If you have a complaint about an automobile dealership in Florida, you can contact the Florida Attorney General’s Office toll-free at 1-866-9-NO-SCAM or file a complaint online at www.myfloridalegal.com. You may also file a complaint with the Federal Trade Commission online at www.ftc.gov/complaint.
