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The number of non-banking financial companies has expanded greatly in the last several years as venture capital companies, retail and industrial companies have entered the lending business. Non-bank institutions also frequently support investments in property and prepare feasibility, market or industry studies for companies.
DriveTime is a private company headquartered in Tempe, Arizona. [3] The company's business model is focused on selling previously owned vehicles to car-buyers. [4] It uses a proprietary credit scoring model to finance car purchases at its dealerships in-house, [5] [6] including subprime lending.
In the used car market in the United States and Canada, buy here, pay here, often abbreviated as BHPH, refers to a method of running an automobile dealership in which dealers themselves extend credit to purchasers of automobiles. [1] Typically, purchasers of cars at BHPH dealerships have poor credit history, and loans have high interest rates. [1]
A car dealership can either be a franchised dealership selling new and used cars, or a used car dealership, selling only used cars. In most cases, dealerships provide car maintenance and repair services as well as trade-in, leasing, and financing options for customers. Used car dealers can carry cars from various different manufacturers, while ...
With used car dealers, specialty finance companies cater to their industry. Rather than offering loans for each individual vehicle purchase, most floor planning companies supply dealers with a revolving line of credit [ 5 ] that they can use to acquire inventory, such as through automobile auctions .
Title 31 is the principal set of rules and regulations issued by federal agencies of the United States regarding money, finance, and the treasury. It is available in digital and printed form, and can be referenced online using the Electronic Code of Federal Regulations (e-CFR).
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In the law of the United States, the Code of Federal Regulations (CFR) is the codification of the general and permanent regulations promulgated by the executive departments and agencies of the federal government of the United States. The CFR is divided into 50 titles that represent broad areas subject to federal regulation.