The controversial “Buy Here, Pay Here” used car industry would face strict new regulations under several bills moving through the California legislature.
Search “Buy Here, Pay Here” on Google and the first website that pops up is “We-Approve-Bad-Credit-dot-com.” Dealers require buyers to make each month’s loan payment in person. If they can’t, their cars are often repossessed on the spot. Democratic State Senator Ted Lieu says his bill would apply similar regulations for typical auto lenders to the Buy Here, Pay Here industry.