Are buy-here pay-here car lots known for repossessing a only being day or two late on payment?

Buy-here-pay-here (BHPH) car lots are known to have strict late payment policies, including quick repossession. It is common for BHPH lots to repossess vehicles if a payment is missed or is even a few days late. The specific terms and grace period for late payments vary from lot to lot and are outlined in the loan agreement. Because BHPH dealerships rely heavily on the collateral value of the vehicles they sell to secure the loan, they often take quick action to recover the vehicle if payments are not made on time.