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Tue November 1, 2011
'Buy Here Pay Here' Lots Target Those With Bad Credit
Robert Siegel speaks with Ken Bensinger, business reporter for the Los Angeles Times, about used car sales lots known as "Buy Here Pay Here" dealerships. Bensinger has written a three-part investigative series on this type of business. He tells Robert that "Buy Here Pay Here" lots are very common, and they prey on people with low incomes and bad credit. They charge high prices and very steep interest rates. And in many cases the buyer defaults on the loan, and the car is repossessed and resold again and again.