Frequently Asked Questions About Selling and Buying Debt

Technical

Which browser is better to use?

The debexpert platform works on all browsers, but is best compatible with Chrome

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What if I cannot access the email address I used to register?

Please contact us at +1 (302) 703-9387 (call is free) for assistance.

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What is my username?

Your username is the email address provided to establish your debexpert.com account.

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What if I cannot remember my password?

Please click here to reset your password.

How Can We Protect Customer Privacy?

Customer Privacy is protected by end-end encrypted platform technology, providing access to pre-vetted professional investors that sign NDA before joining the platform. All the data that is published on the platform is masked.

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What Customer Information Must Be Protected?

All personal identifiable information (PII) shall be masked before the portfolio is published. PII information includes Full Name, SSN, Driver’s license number, DOB, Account Number, Patient Identification Number, Address, Email, Number.

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How Do You Secure Your Customers' Data?

Debexpert uses end-to-end encryption to secure customer’s data. End-to-end encryption is a file that is encrypted with keys that are stored on the seller's and buyer's side. No one else except the debt buyer and debt seller of a particular debt portfolio can open the file.

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General

How to sell a loan effectively?

To sell a loan effectively, you should prepare your loan for sale, determine whether a full or partial sale is best, choose a buyer who is a good fit, obtain a quote, prepare the property for evaluation, and close the sale. Working with a reputable loan-selling platform like Debexpert can also help facilitate the process and provide guidance.

What happens if you don't pay a promissory note?

Failure to make payments on a promissory note may result in legal action being taken against you, such as a lawsuit or a garnishment of earnings or property. Your credit rating may take a hit if you default on a promissory note.

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What should I do if I have a portfolio question?

There’re 2 ways to get answer to your questions on the debt portfolio:

1. Chat with the debt seller on the auction.debexpert.com

2. Contact the account manager +1(302)313 2285

There’re 2 ways to get answer to your questions on the debt portfolio: 1. Chat with the debt seller on the auction.debexpert.com 2. Contact the account manager +1(302)313 2285

How to close a deal and transfer funds?

After accepting a bid, the debt seller needs to sign a Purchase Sale Agreement. And after that the debt buyer transfers the money directly to the bank account of the debt seller. And the final step is transferring the original documents of loan contracts through an end-to-end encrypted debexpert platform.

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How does a debt portfolio purchase happen?

After accepting a bid, the debt seller and debt buyer need to sign a Purchase Sale Agreement. And after that the debt buyer transfers the money directly to the bank account of the debt seller. And the final step is transferring the original documents of loan contracts through an end-to-end encrypted debexpert platform.

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What debt is most often traded on the platform?

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What information on the debt portfolio is provided on the debexpert platform?

All debt portfolios on the platform have masked file, sample Media and seller’s questionnaire

How long does the registration process take on the debexpert platform?

The registration process takes around 10 minutes on the debexpert platform.

What Happens If A Borrower Defaults?

When you don't make your loan payments, your account is sent to a collection agency, which makes an effort to get your unpaid balance back. Any payment default may lower your credit score, make it more difficult for you to borrow money in the future, incur fees, and may even result in the seizure of your personal belongings.

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How Long Does the Purchase Process Take?

The buying process takes several days, during which buyers analyze the portfolio, decide on the price of the debt portfolio, and make offers to the seller.

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The buying process takes several days, during which buyers analyze the portfolio, decide on the price of the debt portfolio, and make offers to the seller.‍

Can You Purchase Someone's Debt?

All kinds of debt can be purchased.

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All kinds of debt can be purchased.‍

Can You Buy and Sell Debt?

Buying and selling debt is allowed in all states, despite some states requiring licensing for buying debt.

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Buying and selling debt is allowed in all states, despite some states requiring licensing for buying debt.‍

What are the Tactics to Collect Debt?

Buying and selling debt is allowed in all states, despite some states requiring licensing for buying debt.

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Buying and selling debt is allowed in all states, despite some states requiring licensing for buying debt.‍

Who buys debt?

Usually debt is bought by investors that specialize in buying debt portfolios. Law offices, family offices or collection agencies might be buying debt portfolios as well.

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Usually debt is bought by investors that specialize in buying debt portfolios. Law offices, family offices or collection agencies might be buying debt portfolios as well.‍

What Does it Mean to Buy and Sell Debt?

It is the process of transferring ownership over a debt portfolio.

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It is the process of transferring ownership over a debt portfolio.‍

Where to Find a Debt Broker?

There're a lot of debt brokers on the market. We recommend to use debt broker with the reputation, adhering to the best industry practices and protecting data using end-to-end encryption.

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There're a lot of debt brokers on the market. We recommend to use debt broker with the reputation, adhering to the best industry practices and protecting data using end-to-end encryption.‍

What Does a Debt Broker Do?

Debt broker is a professional middle man who helps connect lenders with the network of debt buyers, markets its portfolio and closes the deal.

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Debt broker is a professional middle man who helps connect lenders with the network of debt buyers, markets its portfolio and closes the deal.‍

FAQs of Debt Buyers

Can I purchase my own debt?

No. Individuals cannot purchase their own debt.

Can I buy someone else's credit card debt?

Yes. If the debt holder is willing to sell the credit card debt, you can buy their credit card debt, following due diligence.

Can I buy credit card debt?

The answer is yes if you're a debt-buying company or private entity holding a license to buy debt. With the due licensing and budget to pay off the debt amount, you can buy credit card debt and get returns on it.

How Do I Sell My Notes On My House?

The borrower can’t send his debt to a third party.

What Is a Note Deal In Real Estate?

When a house is bought on a promissory note issued by the house buyer with the seller/lender, it is known to be a note deal in real estate. Here, the buyer borrows money from the house seller/lender to pay for the space.

What Is a Real Estate Note Buyer?

A mortgage or real estate note is issued when a house is a collateral in the loan taken through a promissory note. Such a note can be sold to a buyer. Any company or institution following the due diligence of debt investment can buy these mortgage notes. They are called real estate buyers.

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Where can I see the portfolios that are on sale now?

Please visit this website page https://www.debexpert.com/auctions to see all debt portfolios that are on the sale now‍

Please visit this website page https://www.debexpert.com/debt-for-sale to see all debt portfolios that are on the sale now

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Can a Debt Buyer sell his portfolio on the debexpert platform?

Yes‍

Yes

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Why do debt buyers prefer debexpert to other ways of buying debt?

There’re few advantages of using debexpert platform: 1.Large variety of debt portfolios from the originator2.Our account manager will guide you through the whole debt selling and buying process 3.Debexpert mobile app will let you the opportunity to track the debt selling process anywhere.4.We don’t charge you for the membership.‍

There’re few advantages of using debexpert platform:
1.Large variety of debt portfolios from the originator
2.Our account manager will guide you through the whole debt selling and buying process
3.Debexpert mobile app will let you the opportunity to track the debt selling process anywhere.
4.We don’t charge you for the membership.

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How much is a debexpert membership for debt buyers?

Membership for debt buyers on debexpert.com free of charge.‍

Membership for debt buyers on debexpert.com free of charge.

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What documents are needed to become a professional buyer on debexpert?

There’s few documents to get access to debexpert platform:1. Insurance coverages2. List of licenses‍

There’s few documents to get access to debexpert platform:
1. Insurance coverages
2. List of licenses

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How do I register on the platform as a debt buyer?

Here’s few steps to register on the debexpert.com:1. Fill this form https://www.debexpert.com/register-buyer2.Create account on the auction.debexpert.com3. Fill out the buyer's questionnaire4. Sign NDA‍

Here’s few steps to register on the debexpert.com:
1. Fill this form https://www.debexpert.com/register-buyer
2.Create account on the auction.debexpert.com
3. Fill out the buyer's questionnaire
4. Sign NDA

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Is Note Investing Profitable?

Yes, buying notes can be highly beneficial. To achieve consistent profits, though, you must do your research and comprehend any associated dangers, just as with any other type of investing. There is work required even if you don't have to devote time and effort to keep up a property.‍

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What Happens When Debt Is Bought?

Once your debt has been sold to a delinquent debt purchaser, you owe them the money, not the original creditor. The debt purchaser must follow the same rules as your original creditor when they collect the debt, and you keep all the same legal rights.‍

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Who Are the Largest Debt Buyers?

Encore Capital Group and its subsidiaries form the largest debt buyer and debt collector in the United States.‍

Encore Capital Group and its subsidiaries form the largest debt buyer and debt collector in the United States.

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Can You Buy Debts?

Yes, but you will need to get the appropriate state license for this activity.‍

Yes, but you will need to get the appropriate state license for this activity.

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Is Debt Buying Profitable?

Yes! Debt buyers make money by acquiring unpaid debts cheaply and then trying to collect from the debtors. Even if the new debt buyer collects only a fraction of the amount owed on a bad debt they buy — say, two or three times what it paid for the debt — they still make a significant profit.‍

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How Do You Make Money Buying Debt?

Usually non-performing debt is sold with a significant discount to face value. A buyer of a debt expects to get more than what was paid for it. Recovery is made through employing a 3rd party collection agency or an attorney.‍

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Can You Buy People's Debt?

Buying and selling debt is allowed in all states, despite some states requiring licensing for buying debt.‍

Buying and selling debt is allowed in all states, despite some states requiring licensing for buying debt.

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How Do I Start a Debt Buying Business?

To start a debt buying business you need to establish a legal entity, get a license, insurance coverages and set up internal procedures to manage personal data. If you want to open a new debt buying business, please contact our managers for assistance.‍

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What are the 3 Key Strategies When It Comes to Collections?

There are 3 key strategies: 1. Internal Collection 2. 3rd party collection3. Debt Selling‍

There are 3 key strategies:
1. Internal Collection
2. 3rd party collection
3. Debt Selling

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How do Debt Buyers Make Money?

Debt buyers collect the debt purchased from a lender—those borrowers who pay and will make up the income of the debt purchaser.‍

Debt buyers collect the debt purchased from a lender—those borrowers who pay and will make up the income of the debt purchaser.

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Can I Buy a Debt Portfolio Through a Debt Broker?

To buy a debt portfolio using debt broker service, a debt buyer needs to qualify compliance requirements.‍

To buy a debt portfolio using debt broker service, a debt buyer needs to qualify compliance requirements.

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Why Is It Important for Debt Buyers to Work with a Debt Broker?

Debt broker has a network of lenders and financial institutions thus they are able to find a debt portfolio for sale that can be interesting to a debt buyer.‍

Debt broker has a network of lenders and financial institutions thus they are able to find a debt portfolio for sale that can be interesting to a debt buyer.

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Why Is It Important for Lenders to Work With a Debt Broker?

Debt broker has nationwide base of debt buyers thus it can provide a variety of the most appropriate debt buyes who specialize in particular debt type. This kind of debt buyer can offer the highest possible price.‍

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How do Debt Buyers Make Money?

Debt buyers collect the debt purchased from a lender—those borrowers who pay and will make up the income of the debt purchaser.‍

Debt buyers collect the debt purchased from a lender—those borrowers who pay and will make up the income of the debt purchaser.

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FAQs for Debt Sellers

Is it common for lenders to sell loans?

Yes, it is common for lenders to sell loans, especially in the mortgage industry. Lenders can sell loans to other financial institutions in order to free up capital and reduce risk. Selling loans allows lenders to generate additional revenue, manage cash flow, and mitigate risk associated with defaults. In fact, many lenders have entire departments dedicated to loan sales. However, not all loans are sold, and some lenders choose to hold on to their loans for the entire term. The decision to sell loans depends on a number of factors, including the lender's financial goals, the type of loan, and the current market conditions.

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Who Buys Promissory Notes?

A promissory note is an agreement between two or more parties where the borrower party promises to pay a sum to the lender party on certain terms and conditions as agreed upon. The note on which the agreement is made is called a promissory note. When the lender party decides to sell the note, it can be bought by any private firms or institutions dealing with debt buying. Typically, such entities hold licenses to buy and sell debt in the debt investment market.

Can I sell performing debt?

Yes, you can. Please contact our Lender Relationship Director to sell performing debt at the highest possible price +1(302) 313-6043‍

Yes, you can. Please contact our Lender Relationship Director to sell performing debt at the highest possible price +1(302) 313-6043

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When is the best time to sell a debt portfolio?

It's best to sell on a regular basis, then you'll get the highest possible price. Lenders usually start selling when they have exhausted all internal collection efforts‍

It's best to sell on a regular basis, then you'll get the highest possible price. Lenders usually start selling when they have exhausted all internal collection efforts

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What kind of buyers are represented on the debexpert platform?

Debexpert has the largest network of debt buyers. All of them are professional licensed investors in debt portfolios

Why do lenders and financial institutions prefer to sell their debt on debexpert?

Debexpert has the largest network of debt buyers which gives you the highest possible price on your debt portfolio. Also our account manager will guide you through the whole debt selling process. Debexpert mobile app will let you the opportunity to track the debt selling process anywhere. Moreover, membership for debt seller on debexpert.com free of charge‍

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How much does it cost to be a member for a debt seller on a debexpert platform?

Membership for debt sellers on debexpert.com free of charge.‍

Membership for debt sellers on debexpert.com free of charge.

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How long will it take to sell the portfolio?

The sale can take anywhere from an hour. On average, the sale process takes 5 days from submission of documents to closing.‍

The sale can take anywhere from an hour. On average, the sale process takes 5 days from submission of documents to closing.

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What do I need to prepare to sell my debt portfolio?

To prepare a portfolio for sale, you must create a masked file. Once the masked file is ready, you need to think about a sales strategy, which our account manager will help you decide.The next step is to check the availability of original documents of loan contracts.Then, you need to prepare for the Purchase Sales Agreement. The last step is the preparation of the Seller's Questionnaire, in which the seller describes the main parameters of the portfolio to be sold.‍

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How does a seller register on the debexpert platform?

Here’s few steps to register on the debexpert.com:1.Schedule a meeting https://www.debexpert.com/register-buyer with our Lender Relationship Director 2.Sign NDA3.Create account on auction.debexpert.com4.Transfer your masked file through auction.debexpert.com ‍

Here’s few steps to register on the debexpert.com:
1.Schedule a meeting https://www.debexpert.com/register-buyer with our Lender Relationship Director
2.Sign NDA
3.Create account on auction.debexpert.com
4.Transfer your masked file through auction.debexpert.com

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Can You Sell Your Debt?

Debt can be sold by the originator of debt or the title holder. A borrower can not transfer or sell his debt.‍

Debt can be sold by the originator of debt or the title holder. A borrower can not transfer or sell his debt.

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How Can I Sell Debt?

The best way to sell debt is through a debt auctioning platform.‍

The best way to sell debt is through a debt auctioning platform.

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What is the Most Effective Way to Collect Debt?

The most effective way to collect debt is internal collection. As originators of debt have close relationships with borrowers therefore the expected response and collection rate shall be higher comparing 3rd party collection agencies. This strategy has the highest efficiency in the first 90 days of delinquency. After that originators shall consider selling uncollected accounts as this strategy proved to be the most efficient after 90 days.‍

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What Type of Buyers Is Best For My Portfolio?

Usually buyers that specialize in a particular type of debt are the best as they offer the most competitive pricing and reduce the number of mistakes when collecting on debt.‍

Usually buyers that specialize in a particular type of debt are the best as they offer the most competitive pricing and reduce the number of mistakes when collecting on debt.

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What Should I Do With Charged-Off Accounts?

Charged-off accounts can be transferred to a third party collection agency or sold to a debt buyer. The sale of accounts allows lenders to free up cash and not wait for months or years to collect on debt.‍

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Can I Sell My Debt Portfolio?

Yes, originators of debt or title holders of judgements can sell their debt portfolios.‍

Yes, originators of debt or title holders of judgements can sell their debt portfolios.

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Can I Sell my Personal Debt?

Debexpert does not sell personal debt. It deals only with lenders and other financial institutions.‍

Debexpert does not sell personal debt. It deals only with lenders and other financial institutions.

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Why do Companies Sell Debt?

Often companies sell debt to gain an influx of cash and improve the business bottom line. Also, companies that sell debt improve their recoveries drastically. Also, companies can use debt sales to reduce their legal risks.‍

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What Happens When You Sell Debt?

When the debt is sold, the right to claim the debt is transferred to the buyer. At the same time, further interest accrual is impossible if charge-off accounts are sold. When selling performing accounts, the interest payment arrangement goes to a new owner. The debtor will be notified of the debt transfer by receiving a notification letter, and on the credit report, the owner or debt will be indicated.‍

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Can I Sell my Personal Debt?

Debexpert does not sell personal debt. It deals only with lenders and other financial institutions.‍

Debexpert does not sell personal debt. It deals only with lenders and other financial institutions.

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Why do Companies Sell Debt?

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What Happens When You Sell Debt?

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FAQs by Debt Types

Does buy-here, pay-here financing go on your credit?

This depends on the specific dealership's practices. Some BHPH dealerships report payments to the credit bureaus, while others do not. If they do report, your payment history -- good or bad -- can impact your credit score. In conclusion, while Buy Here Pay Here financing may seem like a lifeline for those struggling to secure a traditional car loan, it's important to carefully weigh the significant costs and risks involved. By understanding how these arrangements work and exploring alternative options, you can make an informed decision about the best path forward for your individual circumstances.

In conclusion, while Buy Here Pay Here financing may seem like a lifeline for those struggling to secure a traditional car loan, it's important to carefully weigh the significant costs and risks involved. By understanding how these arrangements work and exploring alternative options, you can make an informed decision about the best path forward for your individual circumstances.

What's the minimum credit score I need to finance a car?

There's no universal minimum credit score required for a car loan, as requirements vary by lender. However, Experian data shows that the average credit score for a used car loan is 684, with scores below 660 considered subprime. Some lenders may approve borrowers with scores as low as 500, though interest rates will be very high.

Can I finance a car with bad credit?

Yes, it is possible to finance a car with bad credit, though you may face higher interest rates and down payment requirements. In addition to BHPH dealerships, some traditional lenders specialize in working with borrowers with poor credit.

Do buy here, pay here car lots ruin your credit?

BHPH financing doesn't typically involve a credit check, so simply getting a loan from one of these dealerships won't impact your credit score. However, if the dealership reports your payments to the credit bureaus, making on-time payments can help you build positive credit history. Conversely, missed or late payments can harm your credit.

How does gap insurance work after a car is totaled?

If your car is totaled, you'll file a claim with your auto insurer. If you have gap insurance, your provider will pay the difference between your vehicle's actual cash value (minus your deductible) and your outstanding loan or lease balance. This helps you avoid having to pay out of pocket for a car that's no longer drivable.

How much does gap insurance cover?

Gap insurance typically covers the difference between your vehicle's actual cash value and your loan or lease balance, minus your deductible. However, coverage limits may vary by provider, so read your policy carefully to understand what's covered.

Can I get gap insurance through my insurance company?

Many auto insurance companies offer gap coverage as an optional add-on to your policy. However, availability may vary by insurer and state, so check with your provider to see if they offer gap insurance in your area.

Can I get gap insurance after I buy a car?

Yes, you can usually add gap insurance to your existing auto policy at any time, as long as you meet your insurer's requirements (e.g., having comprehensive and collision coverage, your car being under a certain age or mileage).

Is gap insurance required on a car loan?

Gap insurance is not legally required, but some lenders may require you to have it as a condition of your loan or lease agreement. Check your financing contract to see if gap coverage is mandatory.

What happens if I miss a payment on my BHPH loan?

Missing payments on a BHPH loan can have serious consequences. BHPH dealerships are known for their strict repossession policies, and they may repossess your vehicle if you fall behind on payments. Late payments can also be reported to credit bureaus, further damaging your credit score. It's crucial to prioritize your car payments and communicate with the dealership if you anticipate any difficulties in making payments.

How long does the approval process take for BHPH financing?

One of the advantages of BHPH financing is the quick approval process. In most cases, you can get approved and drive away in your new vehicle on the same day, provided you have the necessary documentation and meet the dealership's requirements.

Can I trade in my current vehicle at a BHPH dealership?

Many BHPH dealerships accept trade-ins, which can be used as a down payment towards your new vehicle purchase. The trade-in value will be assessed by the dealership and applied to your loan balance.

Is a down payment required for BHPH financing?

Down payment requirements vary among BHPH dealerships. Some may require a substantial down payment, while others may offer no-money-down options. It's important to discuss the specific requirements with the dealership before making a purchase.

Can I get approved for a BHPH loan with no credit history at all?

Yes, BHPH dealerships often cater to individuals with no credit history. However, keep in mind that the interest rates for these loans may be significantly higher than traditional auto loans.

What if I can't make a payment?

Life can throw curveballs. The most important thing is to communicate with your dealership as soon as you anticipate a problem. Many BHPH dealerships are willing to work with you to find a solution, such as: Temporary payment deferment Restructuring of payment plan Extension of loan term

Temporary payment deferment
Restructuring of payment plan
Extension of loan term

How can I maximize my chances of approval?

Come prepared! The more documentation you can provide, the better. Key items include: Proof of steady income Evidence of stable residence References from employers or landlords A well-thought-out budget and down payment plan Demonstrating stability and responsibility goes a long way in the approval process.

Come prepared! The more documentation you can provide, the better. Key items include:

Proof of steady income
Evidence of stable residence
References from employers or landlords
A well-thought-out budget and down payment plan

Demonstrating stability and responsibility goes a long way in the approval process.

What if I don't have a driver's license?

Some BHPH dealerships specialize in working with unique customer situations, including those without a current driver's license. Seek out dealerships with experience in this area and be upfront about your circumstances. They may have solutions, such as: Allowing a co-signer with a valid license Provisional licensing programs Assistance with license reinstatement

Allowing a co-signer with a valid license
Provisional licensing programs
Assistance with license reinstatement

Can I get my dream car with $500 down?

While $500 opens a lot of doors, your vehicle choice will likely be guided by your overall budget and regular payment capability. Focus on finding a reliable ride that fits your lifestyle and financial situation. Remember, this car is a stepping stone. As you build your credit and financial stability, your options will expand.

What if I need more than $500 for the down payment?

Don't worry! Many BHPH dealerships are willing to work with you to develop a manageable down payment plan. The goal is to set you up for success, not to overburden you financially. Talk to your dealer about your options, such as: Deferred down payments Down payment assistance programs Trade-in value of your current vehicle

Deferred down payments
Down payment assistance programs
Trade-in value of your current vehicle

Will BHPH $500 Down work for me if I have bad credit?

Absolutely! BHPH programs are designed to accommodate a wide range of credit situations, including those with challenged or no credit history. They can provide a path forward when traditional lenders say no.

What should I do if I am facing repossession from a BHPH dealership?

If you are facing repossession from a BHPH dealership, the first step is to communicate proactively with the dealer. Explain your situation and see if they are willing to work out an alternative arrangement or temporary accommodation. If repossession seems inevitable, familiarize yourself with your rights under state and federal law, and consider seeking legal advice if you believe your rights have been violated. If your financial situation improves, explore refinancing options to potentially secure better terms and lower interest rates.

What should I consider before financing a car through a BHPH dealership?

Before financing a car through a BHPH dealership, carefully review the credit contract, paying close attention to the interest rate, repayment schedule, and any fees or penalties associated with late payments or default. Be prepared for higher prices and interest rates compared to traditional financing options. If possible, consider alternative financing options, such as saving for a larger down payment or improving your credit score to qualify for better terms.

What laws and regulations govern BHPH dealerships?

BHPH dealerships are subject to several laws and regulations, including the Truth in Lending Act (TILA), which requires clear disclosure of financing terms; Regulation Z, which implements TILA and sets specific requirements for BHPH dealerships; and the Tax Reform Act of 1986, which prohibits direct financing by BHPH dealerships and requires the establishment of separate Related Finance Companies (RFC) for lending.

How do BHPH repossessions differ from traditional car repossessions?

BHPH repossessions can often be more swift and aggressive compared to traditional car repossessions. BHPH dealerships may have the right to repossess a vehicle on the same day a payment is missed, as outlined in their contract provisions. Additionally, BHPH dealerships may be more likely to pursue deficiency balances after repossession and resale of the vehicle.

What is a Buy Here Pay Here (BHPH) car dealership?

Buy Here Pay Here (BHPH) car dealership is a type of dealership that offers in-house financing to individuals with poor or no credit history. These dealerships act as both the car seller and the lender, providing a financing option for those who may not qualify for traditional auto loans.

How do I start investing in mortgage notes?

Typically, you would start by researching and taking note of available options from banks or brokers dealing with such investments. You'll also need legal counsel to ensure all transactions comply with relevant regulations.

What risks are associated with investing in mortgage notes?

Risks include default by the borrower, sudden depreciation in property value, or an unexpected note of concern. However, risk management strategies can mitigate these concerns.

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What are the key benefits of buying mortgage notes?

Buying mortgage notes can provide regular income streams and potentially high returns. They also offer a noteworthy level of control over your investment that traditional real estate does not.

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Are there alternatives to selling a financed car?

Yes, alternatives include paying off the loan before selling, transferring the loan to the buyer, or refinancing the loan to improve the selling prospects. Explore these options based on your specific circumstances.

How can I confirm that my loan balance is paid in full?

Check your credit reports with the three major credit bureaus to verify that the loan balance reflects a zero balance. If there are discrepancies, dispute the error with the relevant credit reporting agency.

What should I do if I have negative equity in my car?

If you have negative equity, you may need to pay off the remaining loan balance out of pocket or consider rolling it into a new loan. Proceed with caution and carefully evaluate the long-term financial implications.

How do I communicate with my lender when selling a financed car?

Contact your lender to inform them of your intention to sell and discuss the necessary steps. Each lender may have specific requirements, such as bringing the buyer to a local branch to pay off the loan balance.

What is vehicle equity?

Vehicle equity refers to the difference between the current market value of your car and the amount you owe on the loan. Positive equity means the car's value exceeds the loan balance, while negative equity indicates the opposite.

What is the loan payoff amount?

The loan payoff amount is the remaining balance on your auto loan, including any accrued interest and applicable fees. You can obtain this information by contacting your lender.

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Can I sell a car that I still owe money on?

Yes, it is possible to sell a car that you still owe money on. However, you will need to pay off the loan before transferring the title to the new owner.

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Are second lien loans secured?

Yes, second lien loans are secured by a company's assets, but are subordinate to first lien loans.

What does it mean to be a second lien holder?

Being a second lien holder means that you have a claim on a company's assets that comes after the first lien holder in the event of default or bankruptcy.

Does a promissory note mean you got the loan?

Certainly not! One can legally pledge to pay someone a certain amount of money at a certain time by drafting a promissory note. It is most commonly associated with financial loan transactions, but it has a wide range of potential applications. The promissory note's legal significance in establishing the loan's approval is contingent on the conditions of the loan arrangement.

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Who holds a mortgage note?

The mortgage note is the legal document that proves ownership of the mortgage loan to the lender or investor. A mortgage-backed securities investor is one potential buyer of a note that has been sold by the original lender. Payments due from the borrower are to be made to the note holder, who may also opt to sell or transfer the note to another person. The capacity to collect mortgage payments or foreclose in the case of default is dependent on the lender's ability to track down the note's current holder.

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What else is a mortgage note called?

Promissory note, real estate lien note, and deed of trust note are all terms that can be used to refer to a mortgage note. Both of these names relate to the same thing: a legally binding agreement outlining the terms and conditions of a mortgage loan. Mortgage notes can have different terms based on the lender, the borrower's credit, and the mortgage agreement. Borrowers and investors in the mortgage note market would do well to familiarize themselves with these various terminologies.

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What other options do I have?

Many businesses try to negotiate settlements with their MCA lender, but it only leads to higher fees and interest rates. If your credit history is not spoiled, you can apply for a debt consolidation term loan and use the proceeds to pay off your merchant cash advance loan. If this is not an option, you can file for bankruptcy, but this means putting an end to your business. The fastest and most convenient option is selling your merchant cash advance debt on Debexpert.

How long does it take to get rid of MCA debt?

It may take many months or even a year or more to bring about a final resolution with your MCA lender, but Debexpert offers a faster solution. On our loan marketplace, you can sell your merchant cash advance within a few days.

Do Banks Buy Promissory Notes?

Certain financial institutions, including banks, accept promissory notes from its seller. However, the due diligence process may become longer. This is also called cashing your promissory note, where the bank gives cash at a discounted price of the note.‍

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Can Promissory Notes Be Sold To Another Party?

Yes. The promissory note can be sold to another party. However, the trade must take place before the note expires.‍

Yes. The promissory note can be sold to another party. However, the trade must take place before the note expires.

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What Does It Mean To Sell A Promissory Note?

A promissory note is a legal document that contains a written promise to pay a certain sum of money to a specific person or entity at a specific date or on demand. When someone sells a promissory note, they are transferring the right to receive payment outlined in the note to another party in exchange for a lump sum of cash. The new owner of the promissory note is now entitled to receive the payments outlined in the note and has the right to take legal action if the payments are not made as promised.‍

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How Long Does The Whole Procedure For Buying And Selling A Real Estate Note Take?

In reality, it usually takes between 30 and 60 days for a real estate transaction to conclude, with an average of 47 days. Every county, state, and the lender has its own processes and deadlines. Using Debexpert platform this process takes 5-6 days.‍

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What Are The Risks Of Buying Real Estate Notes?

Investing in real estate notes is not without danger. These dangers include the potential for the homeowner to stop making loan payments, which could result in financial loss for the investor in the note. The investor can suffer financial loss if the property is put up for auction and sells for less than they paid for the note.‍

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What Does It Mean To Buy A Judgment?

Judgment purchasers have the option to purchase judgments, recover the debt, and do it without the assistance of the original judgment creditor. Expert judgment purchasers purchase judgment for 1% to 3% of the value of debts that seem challenging to collect. This could occur as a result of the debtor not having a clear method of paying back the debt.‍

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What Are The Benefits Of Selling Your Judgments?

By selling your judgments, you're able to get the following benefits: you'll save time, energy and your money. You'll avoid all the stress, stay focused on your business, simply move forward.‍

By selling your judgments, you're able to get the following benefits: you'll save time, energy and your money. You'll avoid all the stress, stay focused on your business, simply move forward.

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What Is A Judgment Debt?

A court case's official verdict is known as a judgment.‍

A court case's official verdict is known as a judgment.

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Can I Legally Sell My Judgment?

The answer is yes. Similar to selling other personal property, any court judgment may be sold.‍

The answer is yes. Similar to selling other personal property, any court judgment may be sold.

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What is the Best Way to Sell My Company's Medical Debt?

If you cannot find the buyer yourself (which is typically a very long and challenging task), register on Debexpert – it provides a faster and easier way to sell debt. The whole process of debt portfolio preparation and checking will take a few days, and you will be able to compare bids and buyers’ profiles.‍

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Who Can Buy Medical Debt?

Professional investors, collection agencies, law firms and funds.‍

Professional investors, collection agencies, law firms and funds.

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Auto Loan Portfolio Sale Example

Auto Loan Portfolio Sale can be performing, charged-offs, or auto deficiencies. Examples can be found on our website https://www.debexpert.com/debt-for-sale

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What Are the Benefits of Selling Your Auto Notes?

Selling Your Auto Notes benefits lenders because it helps get money back into the company to issue new loans.‍

Selling Your Auto Notes benefits lenders because it helps get money back into the company to issue new loans.

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Why Are Buy Here Pay Here Loans Sold?

Buy Here Pay Here Loans are sold to securitize existing debt portfolios, make cash injections to originate new loans, improve business ratios or optimize operational processes. Reasons may differ for each lender but can be resolved by selling a debt portfolio.‍

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What Is an Auto Loan Portfolio Sale?

An Auto Loan Portfolio Sale transfers the title to a debt buyer for auto loan accounts. Auto Loan Portfolio Sale can be either performing or charged-off accounts sale.‍

An Auto Loan Portfolio Sale involves transferring the title to auto loan note buyers, who become the new debt owners for the auto loan accounts. These buyers purchase the debt, either in the form of performing or charged-off accounts. The sale process therefore significantly alters the dynamics of the auto loan market, as it introduces new stakeholders into the equation.

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Which Financial Metric Shall be Considered When Buying Real Estate Note?

We recommend considering Note Yield as the most complete metric for a note investment.‍

We recommend considering Note Yield as the most complete metric for a note investment.

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What Is the Yield on a Note?

Note Yield is an analysis of the return on a note investment measured in percentage.‍

Note Yield is an analysis of the return on a note investment measured in percentage.

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How Do You Calculate Note Yield When Buying Real Estate Notes?

RATE function in Excel shall be used to calculate note Yield.

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How to Sell an Installment Loan Portfolio?

Installment Loans sale process is similar to Payday loans. To prepare for the sale, the originator needs to prepare a masked file, PSA and media samples. English auction should be used to collect offers.‍

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How to Sell Payday Loans?

Payday loan portfolios are the most demanded inventory on the market. Before selling a payday loan portfolio borrowers documentation shall be prepared, purchase sale agreement drafted and account’s balances gathered in a masked file. It is better to conduct the sales process through the English auction.‍

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How to Sell My Auto Notes?

Information about accounts for sale needs to be downloaded from the accounting system. Information about VIN numbers, car type and model needs to be added to the data tape. If you’re planning to sell charged-off accounts we recommend you consider English auction, in case of selling performing accounts Sealed bid auction is the best decision.‍

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How to Sell a Credit Card Portfolio?

Before selling a credit card portfolio you need to prepare a masking file as well as prepare a Purchase Sale Agreement. To maximize proceeds we recommend to use English auction that allows to create bidding war between debt buyers.‍

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Frequently Asked Questions

Do you have any questions about registering on the site, how the platform works, what types of debts are sold on debeexpert.com?

Find answers here!👇

Sell your BHPH portfolio with Debexpert

High level of contact of borrowers for this type of debt

High price for a debt portfolio

Speed of sale

Technical

General

FAQs of Debt Buyers

FAQs for Debt Sellers

FAQs by Debt Types

Ask a Question

Frequently Asked Questions

Do you have any questions about registering on the site, how the platform works, what types of debts are sold on debeexpert.com? Find answers here!👇

Sell your BHPH portfolio with Debexpert

High level of contact of borrowers for this type of debt

High price for a debt portfolio

Speed of sale

Technical

General

FAQs of Debt Buyers

FAQs for Debt Sellers

FAQs by Debt Types

Ask a Question

Do you have any questions about registering on the site, how the platform works, what types of debts are sold on debeexpert.com?

Find answers here!👇