With its network of dealerships in twelve states nationwide, CarHop helps individuals with poor credit or no credit to purchase vehicles. The third largest “buy here, pay here” automobile company in the country, CarHop works with the Universal Acceptance Corporation (UAC) to secure financing for prospective car buyers. Operating since 1996, UAC is CarHop’s exclusive finance company.
CarHop enables a car buyer to receive approval in three ways: stopping by the dealership, calling the 24-hour credit hotline, or visiting the company website to fill out an application. Individuals who choose to go to the dealership can expect a fairly quick approval process if they provide references along with the driver’s license, proof of income, and cash down payment or trade title. They are also expected to provide a recent utility or phone bill in order to verify residence. After 15 years in the business, CarHop knows that customers typically like to trade cars every two or three years. Therefore, the company tries to avoid locking customers into long-term loan payments.
All vehicles that are sold at CarHop dealerships receive an 18 month, 18,000 mile warranty and a three-day satisfaction guarantee. In addition, CarHop provides financing that is tailored to each customer’s needs and offers lower down payments than most new-car dealerships. Prospective buyers can view CarHop’s vehicle inventory by visiting a dealership or by going to the CarHop website to access the inventory from a computer. CarHop sells vehicles in Arkansas, Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, Oregon, Oklahoma, Texas, and Washington. The company has plans to open dealerships in California and Wisconsin shortly.
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