Buy here pay here is a term used by
used car dealers in
Cincinnati that means
dealer financing.
It might be a regional thing. It has been reported in Ohio, Florida and California.
"Buy here pay here" means that the loan you take out on the car is directly with the dealer, with no bank involved.
The advantage to the dealer is that they are not dependant on a bank's decision as to whether or not the customer's credit is adequate. Since the dealer has the car already, the added risk is minimal.
The first advantage to the customer is similar; that they only have to convince the dealer of their creditworthyness. A second advantage is that the loan doesn't appear on any credit report, so if they want to get a bank loan for another reason, the outstanding car loan doesn't count against them.
Synonymous with we own the bank.