CarHop is a used car lot and financing company opening next Thursday on a prominent corner property in Grand Chute.
It leased the spot at 2485 W. Wisconsin Ave., across the street from Copps, that had previously been the Fox Convenience Store/Exxon station, which closed in June 2009.
CarHop sells used cars to those who have poor credit or no credit. Its interest rate is about 20.9 percent, which is roughly 10 times the interest rate charged to those with good credit.
“It is a higher interest rate because we’re taking a lot of risk on people that banks and credit unions would not take a risk on,” said spokesman Jim Mathis.
“We specialize in helping people with credit issues who wouldn’t be able to get a car or credit. They might have a job loss, medical bills or divorce. They need a car to get to school or work and have been turned down by their bank and by other car dealers,” he said.
CarHop is owned by the Interstate Auto Group, 16-year-old company based in Minnetonka, MN. It has about 60 locations in 17 states.
—Maureen Wallenfang: 920-993-1000, ext. 287, or firstname.lastname@example.org; on Twitter @wallenfang