Housing finance

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Housing finance
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In Housing finance Programs Making a Comeback
In Housing finance is making a comeback in the
Canadian market. When I first entered the car
business in 1995 there were very few options for
people who had credit issues such as bankruptcy,
written off accounts, judgements or collections
to be able to obtain financing for a reliable
vehicle. I was lucky enough to work for a
dealership that had an in house leasing company
and we were able to sell cars to these people
before the subprime lenders came on the
scene. Over the past several years there have
been many companies come into the Canadian
automotive financing market to fill the need for
most of these customers. They are relatively
large national and international financing
companies. They have signed the majority of the
dealerships across the country to refer business
to them. In 2005 there were no fewer than 7 such
companies doing business all across the country
with many others doing business in certain
markets in the country. At the time of writing
this article in 2010 there are only 4 remaining
and they have tightened up on their lending
practices because there is less competition in
the marketplace.
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Many car dealerships are growing tired and
frustrated at spending a lot of time and money in
advertising to get customers into their
dealerships to sell them a car just to have the
lenders turn their customer down. It has been
this frustration that has led many of them to
take another look at an old concept and begin
financing these customers themselves. So slowly
but surely there are In House Financing, In House
Leasing and Buy Here Pay Here programs starting
to pop up all across the country to service this
new marketplace. The other major difference in
these programs is how the vehicle is registered
by the Registry of Motor Vehicles in your
province. With the In House Financing programs
the vehicle is registered in your name on the
registration and a chattel mortgage is placed on
the vehicle at the Registry of Deeds in your
province. The chattel mortgage makes it possible
to repossess your vehicle if you default on the
loan the same way a bank or finance company can.
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With so many dealerships advertising Guaranteed
Auto Approvals, Bad Credit - No Credit Car
Financing and the like but most of them do not
have any options for you if you are declined by
the national finance companies. You end up
spinning your wheels looking for a dealer who
will work with you causing you to either give up
or get frustrated and buy a cheap car privately
with whatever money you can come up with. To try
to fill this problem with finding these
dealerships there is a new website launching
called. Its sole purpose is to connect people who
need special in Housing finance options with
dealerships in your area that provide in house
financing. The majority of the dealerships on the
website will have their own in house financing
companies with some of the dealerships having the
Go Plan program.
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Housing finance
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