CAR REPO CRISIS | People Are Abandoning Their Auto Loans
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- Опубликовано: 22 янв 2024
- CAR REPO CRISIS | People Are Abandoning Their Auto Loans
In this video I take you to a dealer auction with me and show you what used car dealers are actually paying for cars!
My name is Brandon and I am a used car dealer. I created Car Questions Answered to share the ins and outs of the used car market from my perspective. I share with you updates on car prices, what's happening at the dealer auctions, and what it's like being a dealer. My goal is to share information to help you make the best decisions while buying a car to save you money. I do not want car dealers taking advantage of you.
Thanks for watching and please feel free to leave any comments you may have in the section below!
And make sure you don't forget to LIKE, SHARE AND SUBSCRIBE FOR MORE!!
*None of this is meant to be construed as financial advice, it's for entertainment purposes only.
#UsedCarMarket #CarPrices #carmarket #usedcarprices 
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I am a car hauler. I am doing lots of repos. Vehicles are in terrible shape. Beaten to hell !
Yup and that's what for sale. By millions of car flippers.
Most vehicles are built as poor quality
@@cbx500cbx Nothing but flippers here in my area (alberta, canada)
I abandoned my car loans by paying them off...
I saved thousands on my car insurance by switching to reverse and leaving the scene of an accident
I'll bet you didn't owe ten thousand dollars more than your car was worth
I abandoned mine to by paying it off 😂😂
😂😂😂@@IsaidQUIETnHERE
I ran with scissors today
I haven't had a car payment in over 6 years. I will never buy a worthless new vehicle again.
About five for me!!! I literally dont want a car note or high insurance payment ever again🎉🎉🎉
Paid 1 off. Will never do that again. Ever.....
Ive kept my 06 Impala since 06 😆, I personally have maintained it. I have changed 2 cyl heads and she still runs 212k miles. I have a 07 Dakota v8, 03 Dakota v8 4dr, 04 Ram truck, and last 2018 Ram tradesman. I swear I am not getting a loan once again. I am done with what I have.
When I purchased the 2018 ram was 32k miles at $24k. I've checked the same model in other dealers 🤣2018 Ram Tradesman 98k miles at $27k-32k. I said to myself, I am done. So now is all backwards the more mileage has more value🤷♂.
25 to 30 yrs since I've had a car loan. Back then $350 to $400 per month was crazy high. I had zero clue people were borrowing for 7 yrs and paying $1000 plus for payments until I started watching all these car videos this year while looking for a car for my daughter. That's a small mortgage payment! Blows my mind.
So a new vehicle is worthless! What about a used vehicle? Other than the cost both new and used are essentially the same, except the new vehicle has a warranty.
I can only imagine what these people’s houses look like 😬
The car was their house
Not a chance I’d buy an Audi with over a 100k miles on it unless I knew exactly what maintenance has been done. Hell I wouldn’t even buy one out of warranty lol
Complete midlife crisis on Audi with engine removal to do timing chain tensioners and water pump etc . Nice cars after the midlife crisis intervention though . Additional $4500
@@chrisdoe6890 Dumb city people buy Audi thinking neighbors will be impressed.
Wouldn’t buy one in general.
Everything has the right price and the right customer
@@chrisdoe6890 You want to see the nightmare that it is to just remove the engines on these things. Top tip: Once the engine is out, replace everything up front, including the alternator. Beautiful cars to drive. Horrible cars to own.
Being 67 years old, I really miss the days of the $200.00 cars. You could buy a car for $200.00, drive it for 2 years, and then sell it for $200.00. Buy another one and keep going. Change is rarely good and with cars, it has gone to hell.
They are much much safer now though
I bought my first vehicle in 1968. Never have I seen a vehicle which would last for two years being sold for $200.
Today's vehicles are far, far superior than the vehicles I purchased in the 1970s and 1980s. I fondly recall my Ford Aerostar for which I always carried a roll of duct tape to help keep the thing going. Or my Dodge Intrepid which had parts falling off after 50K miles.
@@RdsxfnYeah, much safer if you don't have a car because you can't afford it 😂
Boomers. A Boomer shoe salesman in 1970 could buy a house, a new car and pay for a families needs. Now we all get to live in their created nightmare.
@@earthsurfer13It's dishonest to blame an entire, single generation for our current economy. It's the fault of politicians and deep-rooted bureaucracy, spanning multiple generations. Not to mention global factors out of anyone's control.
Best you can do is make the change you can and do the best with what you've got. Move somewhere cheap, raise hard working members of society, help others. Be the change you want to see
If you had to guess, how many of the repo's were being driven with no insurance? I gotta wonder how many vehicles are on the road right now with no insurance. Its going to just get worse.
Surveys have shown anything from 20% to 40% of cars in the US are underinsured or uninsured.
And we are paying the difference for uninsured motorist!
I don't have a direct answer, but my advice is to stay away from beat up Nissans on the road if you're worried about uninsured drivers. Every. Single. Time.
@chrishenicke2052 thats a reason insurance rates are skyrocketing.
@@noseboop4354Unsurprising. A ticket approximately once a year is far less than the premium. I have an absolutely clear record, but my 2019 car still would cost 130 a month at state mandated minimum. People feel they have to gamble, because a 130 a month is not a small bill when you’re already pinched.
My 2010 Mazda3 2.5 and a 6 speed manual trans has 362,000 miles and is still running strong on the original engine and trans with no major repairs to the drivetrain. I did have to rebuild the entire A/C system at 225k and I’ve rebuilt my suspension twice now. Great car. Im seeing 500k in my future with how well it still runs.
How often do you change fluids? (brakes, coolant, power steering, transmission)
Did 2010 have the first generation of SkyActive engines?
Mazda is good ,something about the engineering of how they make each model last longer than other brands
I have a ford with the same engine
@@noseboop4354 I change the coolant and trans fluid every 50,000. Brake and power steering fluid every other year.
Great editing. I like how you were going back and forth from the bidding to your inspection of the vehicle
Glad you liked it
Building back better baby!
I’m curious how many cars Manheim will auction because of Vroom going out of business?
Seems like when everyone says the car market is gonna get a little better it gets worse.
I like this fornat the best. You show the car interspersed with the auction so the viewer doesn't lose track. In the past you would do a bunch at a time. You also show the final price. Excellent.
I like how you go back and forth with the auction and the car review. Good editing. Very entertaining.
Glad you enjoyed it!
Great episode, especially for people like me that haven't been to auto auctions. Thanks for the explanation of moisture on the inside! Well done!
Windows open or bad heater core which means pulling the dash or flood car.
You bet!
@@CQALiveBrandon - you should look into NW Motorsports up in WA state. Massive dealership that’s been in business for 30 years up here. Their specialty is trucks with a bunch of aftermarket upgrades. They closed all operations unexpectedly yesterday. They have like 6 locations. It has started….
Or a much simpler scenario, carpets and or seats were shampooed and not enough time to dry since. Moisture will look like that on the windshield and all interior glass
Auction videos are the best channel content. Never miss one!
Glad you like them!
That writeup at the end of the auction excellent. I asked for it, never thought I'd get it. Great touch. Really appreciate that. Makes is viewing so much more enjoyable? Just much better.
I own a Toyota that has over 350k miles on it and still going.
I'm 3 years from paying off my Toyota Rav4. Hope to get 15+ out of it.
I have a 1998 Camry 200k and is still running like new
Re a wet interior- it might also be a leaking heater core. If so, it'll smell of coolant. I had that happen to me.
Oh, the realisation that rain isn't green and doesn't come from under the dashboard. I had it happen to me, too. The apprentice at the local mechanic's had put the wrong coolant in, about two years prior, which caused the corrosion. No wonder they went out of business. Expensive repair that one, too.
There is a gutter under the windshield vent that has weep holes that get leaves clogging the weep holes. When it gets clogged the water can spill out under the glove box in a 13 year old car and I just put a rubber mat that catches the 1/4 cup of water, until I can take the windshield wipers and cowl off to unclog the weep holes. I use a boat dehumidifier just to keep her warm. The heater and defroster still work, I just do it because I like my car. Just find a good car you like, and take care of it and it will take care of you.
I had that happen to an old car I had 30 years ago too (it smells weird) if you are a mechanic you would understand the easy fixes.
I have a 2016 Honda Accord LX with only 92,000 miles. I bought it new. Runs like a champ.
What would be really interesting for these videos if you would give your opinion on the sales price of the cars as to whether or not they're Fair, too expensive, Etc
I always appreciate your content and transparency
I miss having a real van. I had a Ford Aerostar - what a beast. I tried to kill it and it took all the abuse I could muster. It was my band van. So easy to load my drums in and out of.
“It’s real bad! it’s real bad” that made me 😂
Thanks mate! All your videos have taught me is to go on ahead and find one of these auctions and goooo crazyyyy
This is real life and in motion live.
U r doing fine 🙂.
I appreciate the current information.
Kinda gives me an idea of what's happening out there.😊
Are dealers required to tell you if it was a repo, or has flood damage?
no sold as is. you better catch every problem from a cursory overview of the wheels. They dont have to tell you anything.
I’m confused 🫤 the prices are still wayyy too high!
It's 2024 not 1924
He says in one of his other videos used car prices are up 35%
That crv was a joke .
Love your honesty and transparency. Earned a sub!
this is so cool, hope you do more auction videos like this in the future
There are some hard lessons to learn for the modern generation of car dealers if they're paying $7k for a 197k-mile turbo engine car. Turbos don't last that long, and can be expensive to replace.
If maintained properly (which, to be fair, many aren't), they can last the life of the vehicle. I've seen it happen. Oil service is absolutely critical though, and if it's at auction, it probably wasn't serviced as often as it should be. So I have to agree with you. Bad idea
I also agree that a properly cared for and maintained turbo car can run for a long time as long as the engine was not engineered on the cheap.
I currently have a 2005 Subaru WRX with 137k miles. I not only keep up with maintenance but I also take care to operate it correctly. Meaning I warm it up before doing hard accelerations and before I turn off the engine I let it idle to cool down the oil so that it won't cook the turbo bearings or crack the turbo housing. This especially needs to be done after a hard run. So if an owner of a turbo car is always driving it hard because he always running late and shuts it off the engine immediately his turbo is going to have a short life.
Unfortunately the majority of people that know how to properly operate turbo cars are car enthusiasts that own the high performance models.
@@evoman44 180k on my 2009 wagon, original turbos, still boosts and runs like day one! Doesn't use a drop of oil over a 5,000 mile oil change interval.
Something to mention is that most newer cars have supplementary after-run water pumps which will continue to circulate coolant well after the engine is stopped. My BMW has an electric water pump which does this. I often hear it whirring away for a few minutes after a hard ride. I'm certain that this, along with recent improvements in motor oil and metallurgy, will increase longevity substantially.
@@evoman44 137k miles is about where I'd expect a modern turbo car to start losing boost or leaking for a bearing. Sure, they can "last" while they die, and you might get 170k miles out of it. Judging a modern car for the long term before 200,000 miles is kind of silly though. Let's see how it's doing from 200k to 250k miles.
@@workingguy6666 My other car in a 95 Acura Integra that now has 276k. It has been pretty reliable since I had it since it had 100k. But It did need a new head gasket at around 200k. And now I can tell that it does not run as strong as it once did. However I have no problem rebuilding the engine or swapping in a more powerful Honda engine that has VTEC. With the WRX I also have no problem replacing the turbo or putting in a new short block because like the Integra it would be worth it since they are fun performance cars that I enjoy driving. But if it were an average turbo CUV I would be the first to ditch it when it starts having issues.
I abandoned mine by not getting them in the first place.
Pay low live high.😅
Never had a car loan. Ever since my first vehicle in high school, ive always owned 10+ year old vehicles and always paid cash
I love watching auction day!
Thanks soo much for sharing! Learned a lot
Very informative. My 2005 Mazda3 is still running great. My best cars have all been Asian manufacturers. They’re definitely more reliable and probably hold their value longer. Buying at an auction can be scary for the novice and maybe even the professional.
Mazda powertrains as a whole are very reliable. However, the sheet metal / factory dip for rust prevention is at the bottom of the barrel. So if you live in a rust belt state, I'd think twice before buying Mazda. If you live in the south, the body and power-train will last a long time with basic upkeep.
I'm in Australia. Mazda's are hugely popular here and they last for ever. Think Toyota. But the South of the continent is very dry so there are no problems with corrosion. They're also
a lot more fun to drive than Toyotas or Hondas. Well worth a look.
Mazdas in Nebraska have a lot of rust and in weird places.
Any person that lives in the snow belt that intends to keep their cars for as long as possible should be getting them under coated every year with fluid film or other similar products like LPS3 that are not rubberized coatings.
@@evoman44 That and seam seal your doors, hood, and trunk. Often the rusting starts in the pinch welds of the aforementioned as water / road salt accumulate om the lip and start the corrosion process. As for undercoating, I like Cosmoline RP-342. Same stuff the military uses to undercoat / protect from rust and it's commercially available to the public. Stuff is tough as nails, does not need recoats, does not trap moisture, and only gasoline will remove it.
Good job once again!
I appreciate that
Love hearing the prices
Great content and keep up the good work
Had a lot of fun😊 learned a lot
Awesome show Thanks for your update.
Thanks for watching!
This is a great channel. Teaching people about the auto auctions is a great education on how the used car market works.
These vehicles are way overpriced. Anyone can go get a license and bid for these vehicles so you don’t get robbed by the dealers lol ~ none of these vehicles are worth a shit, someone finally realized I got nothing to loose , insurance sky high, repairs sky high, your wages still at rock bottom where do these people think they can just afford these ridiculous inflated prices on top of inflated prices?
Look at the sky
You know what is going on
Ahh you see that too!? Spraying us like bugs!
Very good video!!!!! I learned a lot
First here! Love your content brother! Keep it up!
Awesome! Thank you!
Or the moisture in the windshield is from a interior detail not dry yet maybe. Very common at auctions. Especially places like the Hiem
Or, heater core. Get ready to pull the dash, YIKES.
Or chemtrails (1:30)
Looks like he s being gassed from the sky
Chemtrail skies. How nice...
Thanks for the show bro
Any time
Another great job.
Thank you, Michael!
Enjoyed your video. By the way, funnest is not a word.
What's your other channel man, I really enjoy these videos I want to watch some videos on your other channel..I'm looking to buy something this year been watching all of your videos and some other guys channels as well but mainly yours
Nice to see Alex is still alive
great editing and sound
Brings back memories.
Getting electric shock when you touch the car door handle on a cold low humidity day? Buy some anti static sticks you can put on your keychain. Four for less then 10 dollars. Been using them for years in NJ, they work really well.
I would have loved to see what that Mazda sold for. I really like those CX-5s. I think even the base models come really well equipped compared to the Honda's and Toyotas. They come with Nav/infotainment, android and ios auto, lane departure warning, adaptable cruise control, keyless entry and more.
Almost 10k for something with almost 200k miles
Do you think now that Vroom has gone out of business that used car prices will drop a lot?
The 4th way condensation can get on the inside of the window is similar to the first but is because the car was cleaned/detailed and they used a shampooer inside and did not get all the water out of the carpet. used to see it happen all the time when an old friend used to detail cars.
Heater core leak.
12:40 would love that Accord 2.0T, miles and windshield notwithstanding.
As a consumer I would never pay $9700 for a vehicle with 197,000 miles, not a honda or a toyota! people are stupid!
Right, it might fall apart, cheaply made.
I always appreciate when you show the high mileage cars thank you for that. I believe that Toyota now owns 20 percent of Mazda so there quality should improve.
Mazda quality has been pretty good ever since they ditched Ford. It helps that most of them are made in Japan.
They are in serious trouble in the near future because those made in Japan cars can't qualify for EV credits, but their partnership with Toyota will help, giving them a foot into manufacturing more in North America.
I abandoned my car loan by selling it for the remaining balance on the car
I found a 2019 ram larime with 76k miles for 25k. So far thats the best deal i can find. Larime 's are super expensive
That black Dodge Challenger would fetch big $ in Australia 🇦🇺
Wow that looks like a lot of cars at auction!
What did the silver 03-07 accord go for at auction???? manual/auto & miles?...lol..taunting us with the hondas but few prices...lol....Thanks for the info on cx-5's :)
pretty cool o like to see 1 off's from the past.. I've made a few custom distribution blocks similar to that on a few builds I did I used at the time Soundstream's sun visor 7" monitors that hid all the systems fusing behind them I made them look like the classic Orion xtreme amplifiers I was also using for my amps ther was no crazy leds xcept I had 1 led for each fuse wired so if a fuse blew it would light up the led since the monitors covered the fuses so wasn't able to see which fuse blew but with the leds I could identify which fuse it was.. atleast mine functioned and protected everything but they literally looked like mini Orion xtreme1200 amps that had dual power supplies
7:48 That is textbook PURE BIG ALTIMA ENERGY
Great content.😅
Glad you think so!
I like this video.
What does "words are hard" mean? an auction lingo? LOL+new sub!
Bloopers at the end of me stumbling over my words
Today when you get upset over something itty bitty, just remember this little boy and what he sees every single time he closes his eyes and the sharp pain he feels 😔 when his heart and soul remembers, where he's at and WHY.
Please keep him and the family he has left 😢 in your heart.
🙏🏼4✌🏼 AlWaYs
There is a dealership near me that a lot of vehicles on their lot have moisture in them as you can see it to varying levels on the inside of the windows. I was looking at one vehicle they had that had this and they told me that every used vehicle they get they remove all of the seats and carpet and steam clean everything and it's just leftover water from that. Not sure if true or not, the vehicle I was looking at did seem to be clean but it also wasn't very old and only had about 30k miles on it.
Still a bad sign they don't care about mold
Gotta be careful of cars that flooded in flash floods and carpet got wet . You know all this climate change that Klaus Schwab and his crew are discussing in Davos as they fly in on their private jets 😅
Leaking heater core is another reason for moisture inside windshield
Vroom video?
What usually happens to these "abandoned" loans (they can't really "abandon" the responsibility of still owing the debt, right)? Does the debtor still owe the full amount that was due or is the wholesale auction price of the car deducted from the amount they still owe? OR, does the debtor just have bad credit for 7 years and will not have wages garnished or a remaining balance due when an auto is repossessed? I'd love to hear more about the process and consequences a default has to the debtor and what typically happens.
I have a 2007 accord with 210k miles. Drives way better then all these new cvt crap out there today
These vehicles are the opposite of what you should be looking for. When somebody impulsively buys too much car, and then gets upside-down on the loan, the last thing on their mind is oil changes, never mind proper preventative maintenance. You want a well-loved vehicle previously owned by someone who is OCD about maintenance!
Nice Chem Trails.
Tons of moisture on wind shield could be carpet been washed. 😂
People are definitely having a lot of repossessions because I go online and I see cars that are brand new . Barely driven .......
119k miles on a 19 accord? WOW. Gotta be a lot of highway miles so maybe not too bad. 😮
@@jorgejiminez-rk1uu yup. Didn’t think of that
Could be a contract driver, i average 90k a year driving
@@mikephillips5541 wow. Almost 4 trips around the planet 😳
It could be city miles. Lots of people Uber, Lyft, ride shares, and food delivery drivers.
My dad used to drive from Pittsburgh to Erie PA 2-3x a week. Put 50k on cars yearly
Some banks dont even want to repo the car because they know they will be hard to selll. Instead they will just work with you. But its rare
i saw the drive of that honda repo was wearing gloves while steering. i hope he also had something covering that drivers seat. ho boy, i got a bad feeling that van is going to be getting alot of camera time, unless the owner just tries another auction
Fun. How come you never look underneath the car for rust or damage?
All those lines in the sky. Scary.
It’s just water vapor.
@@dougmartin7129 Chemtrails!
I like what you do, no complains from me. But if at all possible ... if you find the time or the people. I lease new cars. I dont really care if its going to last for 200k miles since I usually bring them back under 30k miles. So it would be nice sometimes to have news on the new cars.
I'm 66 years old, and leasing is going to be my go to for the rest of my driving life. Yes, you always have a payment but you're driving new every three years....no surprises.
Cars from "vroom" ...will soon be flooding the auctions!
The loan rates are going up to the point no one can afford the payments. Prices on new vehicles are crazy stupid. Buying a repo comes with a very high risk. Sadly, whatever that car goes for, the balance still goes against the original owner. They are still responsible for the the balance of whatever was left on the original loan.
thanks
Be nice to see some cheaper cars like on your lot instead of just newer,more expensive ones.
At 50+ i never had a car loan in my life. And yes - always had a car.
Used the money to pay back my mortage - last installment in march this year.
My grandmother told me : dont spend money you dont have and keep some of the money you have for later.
Glad i listened to her advice and not to the fincancial systems marketing.
Congrats on your mortgage. It is hard to resist the urge to keep up with the neighbors and finance the "latest and greatest." I've seen how much heartache it leads to when that goes sour, and I've also vowed to never finance a car. I'm happier buying an older, fully loaded car with all the cool features - and most of all, not having another bill to pay every month.
@@d47000 Thank you - no more mortage is a real relief.
I have a Volvo V70 and a Cooper S convertible ( well - thats not really a reliable daily - but you need a hobby :) ). I dont care what my neighbors think about it - i'm feeling good this way.
Monthly recurring bills is what really puts pressure on the middle class family.
I stay away from that as much as i can and did my best to teach my son the same.
You could buy a new truck for less than 10k 30 years ago tho.....
@@svenjorgensenn8418 well - a bread was a nickel in the 1920s. And recurring bills a pain.
@@milkymarssnickers Nothing wrong with an "unreliable" car so long as you've got something else to bring you to work when it breaks! 😀 I did the same with a BMW I bought a while back, made sure to keep a second car. Ironically, the BMW turned out to be one of the most reliable cars I've ever owned... It's all I drive now. Approaching 200,000 miles and it just keeps on going, doesn't use a drop of oil, not a single issue with it. I always look forward to driving it every day, it's such a joy, and it costs me nothing to own.
Holy Chemtrails! ✈️💨💨💨🌬️
Water inside newer vehicle = $$$ Got a 2016 Fiat in my shop and 2 modules cooked because water got at connector.
I pay cash and avoid all sorts of problems.
As to air suspension vehicles sitting "on the ground"....
Extremely cold temperatures will cause the air on the suspension to contract and doesn't necessarily mean the suspension system is bad and pretty sure this dude knows that. When the vehicle is started the suspension air compressor will air up and vehicle is ok.
…..on the flipside, gonna be tons of late model Nissans and Dodges for sale on the cheap.
Notice the chemical trails in the sky.
Turn on your flashlight tonight to see the dust we are breathing.
I have never been shocked by any car.
please don't associate something good like trails in the sky with silliness
@@ordinaryhuman5645 you can run but you still have to breathe. What do you think the streaks are ? Watch the video again and tell me.
can you put value of vehicle as well as it was bought for. always wondered how much profit margin