The 2025 BHPH Note Buyer Landscape: Who is Actually Buying?

If you’ve hit Google recently searching for "sell BHPH notes" or "BHPH portfolio buyers," you’ve probably noticed that the results are a mess. It looks like there are dozens of companies dying to write you a check. But here is the reality: most of those results aren't actual buyers. Some are brokers who want to shop your data. Some are software companies trying to sell you a DMS. Others are lenders who want to give you a line of credit, not buy your accounts. I’ve been in this industry for 13 years at Car Financial, and I’ve bought over $100 million in receivables. I wrote this guide because I see dealers get confused by the smoke and mirrors every day. If you are looking to sell, you need to know who is on the other end of the phone. The Three Ways to Get Capital Before you upload your customer data anywhere, you need to understand which of the three "buckets" the company falls into. 1. Direct Sale (The Clean Exit) This is a true sale. You sell the notes, you get the cash, and you walk away with no liability. There are no broker fees because you are dealing with the source of the money. Your data stays between you and the buyer. 2. The Broker (The Middleman) These companies take your portfolio and shop it around to a network of buyers (often sending it right back to direct buyers like me). The cost: You usually pay a success fee (2-5%). The risk: Your customer data is sprayed across multiple inboxes. The wait: It takes longer because they have to find a bidder. 3. Line of Credit (The Debt) This isn't a sale. You are borrowing money against your portfolio. You still own the accounts, which means you are still responsible for the losses and the collections, plus you have to pay interest. The 2025 Cheat Sheet: Who is Who? Based on how the industry looks right now, here is the actual breakdown of the major players you see online. The Direct Buyer Car Financial Services (Robert Hicks): This is where I sit. We buy with our own capital. There are no broker fees, and your data doesn't leave my office. How to sell to me: You don't need to jump through hoops. You can sell to me directly by submitting your accounts at buyherepayherenotes.com. I review the files personally to price the deal. The Brokers & Marketplaces Auto Capital Express: They act as an intermediary, shopping the deal to a network. Debexpert: This is an auction platform. Buyers bid, but you pay platform fees. Dealer Capital & Auto Bulk: These are classic brokers connecting sellers to funding sources. Agora Data: While they offer financial products, they largely function as a platform connecting dealers to capital markets rather than a traditional direct buyer. The "Not Actually Buyers" Constellation Auto: They are a software provider (DMS/LMS). They want to sell you systems, not buy your paper. Prima Lend: They offer lines of credit. Again, this is debt, not a portfolio sale. Protect Your Data Before you send a tape to anyone, ask one simple question: "Are you writing the check with your own capital, or are you shopping this deal?" If they hesitate, or start talking about their "network of partners," you are talking to a broker. If you want a direct offer with zero fees, head over to buyherepayherenotes.com and let’s get it done.