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CarHop News

Here at CarHop we have helped tens of thousands of people get the credit they need to buy the car they deserve. Check back frequently to find out the latest news here at CarHop.

CarHop Opens First Chicagoland Store!

CarHop is excited to announce the opening of our first store in the Chicago metro area. The new store is located at 1515 E New York Street in Aurora, Illinois. We are excited to enter the Chicago area and hope to open more stores in the area soon. While Chicago has hundreds of used car dealers, CarHop can help people to get the vehicle they need, even if they have been turned down by their bank or other car dealers. 

By specializing in used car sales for people with bad credit or no credit, CarHop can help people buy a quality used car, van or SUV with a low downpayment and payments that fit their budget. 

Grimm Named Regional Development Manager

 

We are pleased to announce the appointment of Dave Grimm to the new position of Regional Development Manager. Dave comes to us with a wealth of CarHop experience. Dave has been in sales, store management, district management and even opened 2 stores in his district. Dave left CarHop almost 4 years ago to work in the insurance industry but returned on May 25.  He will be responsible for helping open new stores (site preparation, interviewing, signage, equipment, computer systems, maintenance needs, etc.) and working closely with our current District Managers to get stores open as quickly and as professionally as possible. Please welcome this well-rounded executive in his return to CarHop. 

CarHop is pleased to announce the appointment of Dave Grimm to the new position of Regional Development Manager. 

 

CarHop Opens a New Store in Denver!

CarHop Opens a New Store in Denver!

In December, CarHop opened a new store in Lakewood, Colorado, just outside of Denver. This is the first CarHop location in Colorado but we hope to be adding more. We are opening new stores in new neighborhoods all the time, so we can help more people get the car they need and the credit they deserve!

Store Manager James LaDue said "CarHop will fill a void in the Colorado car sales market, there are other buy here, pay here lots in the area, but none of them offer the warranty and service like we have at CarHop." As with all CarHop locations, all vehicles are backed by an 18 month, 18,000 mile limited warranty and a 3 Day Satisfation Gaurantee. 

Steve Titus Joins CarHop as VP of Operations

MINNEAPOLIS, MN – CarHop announced today that Steve Titus, formerly a senior manager with Sears Holding Corp, has joined the Company as the Vice President of Operations. In his role with CarHop, Titus will manage all aspects of the sales organization at CarHop stores nationwide and will lead CarHop’s continued growth in its existing and new markets. 

“We are excited to have someone of Steve’s caliber join our team and help us take this business to the next level,” said Don Griffin, President of CarHop. “Steve brings a strong retail management background to our team that will be a great asset as we continue to grow our brand.”

Titus started as a salesperson at Sears and worked himself up to several national sales management roles, reporting directly to the CEO.  Titus started the Sears Hometown Stores chain, which he helped grow into a nationwide chain of over 900 franchised locations throughout the US.  Titus also launched the Sears Home Appliance Showroom store concept, which is now a growing chain of 75 stores nationwide with a target of 500 stores.

“I am delighted to join a company as exciting as CarHop and look forward to helping the company grow in sales and store growth”, Titus said.

More Consumers Labeled as High Credit Risks

The number of Americans in the lowest credit-score categories has risen by 2.4 million in the past two years, according to a report by The Associated Press on data from credit-score firm Fair Isaac. Some 25.5% of U.S. consumers — nearly 43.4 million people — score 599 or lower on the 300-to-850 credit scale; a score below 600 indicates a poor credit risk.

So what does that mean for car buyers? More people are looking to dealers like CarHop who specialize in financing autos for people with less than perfect credit. If you are one of the 2.4 Million Americans who has seen a dip in their credit score over the last few years, a buy here, pay here dealer like CarHop may be just what you need. CarHop can finance and approve people in just about any credit situation. 
The number of Americans in the lowest credit-score categories has risen by 2.4 million in the past two years, according to a report by The Associated Press on data from credit-score firm Fair Isaac. Some 25.5% of U.S. consumers — nearly 43.4 million people — score 599 or lower on the 300-to-850 credit scale; a score below 600 indicates a poor credit risk.
Starting our 15th year!

Starting our 15th year!

2010 starts CarHop's 15th year in business. From humble beginnings on a small lot in Lincoln, Nebraska where we sold our first car on February 15, 1996, we've grown quite a bit.

CarHop now has more than 260 employees in 10 states, all with the same mission; Helping People Drive®. To our customers, that means CarHop can help you in more places than ever before. While we all live in a mobile society, we're starting to see customers who started in one city, coming to us to buy another car in other cities and even in other states.

Not to mention that customers are beginning to refer their friends and family to us -- even if they live hundreds of miles away. And we think the greatest compliment our customers can give us is when they recommend CarHop to their friends and family.

As we look forward to 2010, we hope that we can become a part of more customers lives and we can help them acheive their dream of owning a car.

 

Breaking the Cash Car Cycle

Considering buying a used car for cash?  Looking for a better vehicle than you have now, but don’t believe you have the cash or credit to achieve it?  Here are a few key questions to help you break the cash car cycle.

Who is responsible for the repairs?

Vehicles purchased for cash are commonly sold “as is” and instantly shift full responsibility from the seller to the buyer of the vehicle, including any and all repairs.  For example, if a vehicle purchased “as is” breaks down five minutes after purchase, the seller would have no legal responsibility to take the vehicle back or assist in repair costs unless the vehicle included a warranty or a guarantee of some kind.

Ask Yourself:  How soon until your current (or next) used vehicle needs repairs?  Who is responsible for paying for those repairs?

Solution:  Make sure the vehicle you purchase includes written warranty covering the more expensive repairs and/or guarantees the vehicle for at least a couple days after purchase. 

How can I improve my quality of vehicle?

When you buy a vehicle for cash, the vehicle is only as good as the amount of money you have at that moment.  When that vehicle breaks down, the next vehicle you buy is only as good as the amount of money you have at that moment…and the cycle continues.

Ask Yourself:  How do I get a better vehicle?  Since I can’t know when my vehicle will break down, how will I have the cash I need to buy a better vehicle?

Solution:  Apply for a vehicle loan.  By making smaller payments over time, you may be able to purchase a better vehicle than you can with cash alone. 

What if I can’t get approved?

What if I can’t get approved for a vehicle loan because I have bad credit (or no credit)?
Perhaps you are going to the wrong type of auto dealerships.  Most auto dealerships specialize in financing only people who have strong credit, but there are options that can help you get approved.

Ask Yourself:  Have I gone to the wrong dealerships?  Have I given up on (or avoided) getting a loan because of my visits to a few dealerships?

Solution:  There are dealerships that specialize in working with people who have credit issues.  Search on the internet for search words such as “bad credit auto loan” to find resources that can help you.  You may also be able to trade in your current vehicle to help you get approved.

How can I improve my credit and get a vehicle at the same time?

Buying a vehicle for cash provides no opportunity to build your credit and will most likely cause the issues above to continue with each vehicle you purchase. 

Ask Yourself:  Do I want to improve my credit?  What would I be willing to do to improve my credit and break the cash car cycle?  

Solution:  As long as the car loan you take has payments that fit in your budget, financing a vehicle will provide you a great opportunity to improve your credit.  If you can, find a company that reports the payments you make to the credit bureaus. This ensures that every vehicle payment you make also helps to boost your credit score.

If the questions above fit with your car buying experiences, consider the solutions offered in this article to help you improve your vehicle and your credit so you can break the cash car cycle.

BHPH Sales Could Top Two Million

 

According to F&I Showroom, the latest Retail Automotive Summary from CNW Marketing Research is projecting the sale of buy-here, pay-here vehicles to reach 2.3 million units in 2010.
Buy-here, pay-here (BHPH) sales in the US have increased in recent years. In fact, last year’s BHPH sales reached 1.84 million units sold compared to 2000’s 1.32 million units.
With 2010 BHPH sales projected at 2.3 million units, buyers are clearly seeing the value in buy-here, pay-here purchasing. You can click here http://www.fi-magazine.com/Channel/Special-Finance/News/Story/2010/04/CNW-BHPH-Sales-Could-Top-Two-Million.aspx for the full details from F&I Showroom.
CarHop is the 3rd-largest buy-here, pay-here dealership in the country. Check out the "Our Locations" navigation tab to see where you can visit your nearest CarHop dealership today!

According to F&I and Showroom, the latest Retail Automotive Summary from CNW Marketing Research is projecting the sale of buy-here, pay-here vehicles to reach 2.3 million units in 2010.

Buy-here, pay-here (BHPH) sales in the US have increased in recent years. Last year’s nationwide BHPH sales reached 1.84 million units sold compared to 2000’s 1.32 million units, and analysts predict that number will increase in 2010.

With 2010 BHPH sales projected at 2.3 million units, buyers are clearly seeing the value in buy-here, pay-here purchasing. You can click here for the full details from F&I Showroom.

CarHop is the 3rd-largest buy-here, pay-here dealership in the country. Check out "Our Locations" to see where you can visit your nearest CarHop today!