I've never understood how a person can get emotional about plastic and steel and rubber. Car dealers hate me. I sell my own trade, keep my cars for 15 years, pay cash and never pay for extras. I've walked out on many deals over their Mop-n-Glo add ons like "warrantees", nitrogen, and clearcoat.
When the good times are good, people think it’ll always be good and do stupid things. Until it’s not good anymore and they have to live with their mistakes. Banks are just made up of people. That they have access to a lot of money doesn’t make them smarter.
The pressure on loan officers to book loans is horrible. They have quotas and I think they were signing everybody with a pulse if they would pay the jacked up rates.
I’m Australian and notice a lot of RUclipsrs from all walks of life and apparent incomes are almost always doing their vids from their luxed out cars. We aren’t immune from mindless consumerism here too, but it’s next level in the US. People are hooking themselves up to car loans way way above their means. Nobody worth knowing cares what you drive, buy what you can afford and learn basic car maintenance. Better to get rich than look rich.
Look at Drivetime. The company is built on the premise that the client just cares about what the monthly payment is. Sad part is, when you watch the commercials, you can tell what demographic they are targeting.
Heck, people walk into Real Estate agent offices and say the same thing... If you focus on your cashflow, you're likely to overlook those nasty surprises like balloon payments or adjustable interest rates.
Some look at car payments like it's a perennial lease. They buy a car at X monthly payment, then after a few years trade it in and buy another again at X monthly payment. They are oblivious or just not concerned with interest and total cost.
I did that, ~$9000 was only concerned about monthly payment, no early termination fees, and fixed interest rate. I did that so that if there was any unforeseen difficulties I would still be able to make the payments. Paid it off within 1.5 years with an original loan of 60 or 72 months. Of course I do take into account the total cost of the vehicle, the total loan repayment over the total length of the loan; but then again I always intend to pay off the loan within a year or two max. I just don't want the required payment to be anything where I have to "struggle" to make the payment. Like many other Americans I needed the vehicle for work.
I was lucky to get a 2022 BMW 230i during the pandemic, and refused to pay a dealer markup, and after some back and forth and actually being ready to walk, they took it off. Also got a sub 4% rate. I think we all knew from the start dealer markups wouldn’t end well.
Steve Leto made a video about this and that is a lot of contracts you can make the payment to the dealer he explains it better but worth the time to watch it
@@jayc4715 Dealers actually still accept cash even if your debt enslaved mind believes otherwise. I recently bought a late model truck for cash well below market.
Most dealers, when they find out you are paying cash, will want to stop working with you. If you walk in flaunting "cash is king" or say "I'm paying in cash" they will ignore you. If you do try and work with you, they raise the price or try and get you to do some sort of a loan.
Please advise people to either pay off the negative equity portion on their auto loan or get a gap insurance. A truck driver crashed to my friend's Tesla while it was parked and it got totaled, although it wasn't his fault the insurance of the truck driver only willing to pay the market value for his car which is 10k less than what he owes on that car!
Got bat and switched with my wrangler lease. Advertised a lower price and then got told it was only one model. Then went with a different trim and was told it was a 3 year 12k. At signing was asked if I wanted to save a few bucks. I said sure. Turned out to be a 4 year 10k lease. Yea… shame on them for not clarifying and shame on me for not checking the fine print.
As always Lucky, keeping the information legit! Learned a lot in this episode as well! Had no idea the number of ways people can go off the cliff with financing! Well-done!
Remember the first time we bought a car, dealer called 2 weeks later saying I need it to sign some papers, well they wanted me to sign a 150 Dlls x month more of the deal I had. I was well this is what we gonna do, here is the keys give me the keys of my trade in and bye. Well they ended leaving the deal how it was.
Once I had checked with my Credit Union and was pre-approved, but still checked at a dealership to see what ‘their best offer’ would be. They were 2% more than the CU’s best rate. I didn’t question them I just walked away.
If the credit union was willing to finance your purchase, then why did you walk away from buying the car? Why care what funding the dealership would provide? That seems strange to me.
@@MichaelLubes it is not hard to understand. He didn't want to buy from a less than honest car dealer. It's what people should be doing. Teach them a lesson.
One way to prevent people (to whom the buyers make payments to) from squandering the payments is making and sending the check directly to the seller's finance company. That way you know the payment's going where it should be.
How the hell is a dealership allowed to call you back and say they actually need more then what was already agreed on? Can you not just tell them the deal was already done and they can go screw themselves?
I would. First, though, I would have taken the sales agreement next door to a coffee shop and read it quietly by myself without the salesleech at my elbow nattering and pushing to sign. And only then.
@lalacrypto1 they literally just ask you over and over and over and over "how are you paying?" At every dealership, without fail. Hence why I said do the video, for education, because tons of people in the comments are like "pay with cash" and the term "cash is king" is tossed around all the time.
How about a video with tips when buying a car from a private party and specifically when the car still has a loan and the bank needs to be paid before you can get the title.
Why isn't purchase direct from manufacturer legal?... Dealerships are literally a middleman who gets paid for doing nothing except add cost to the vehicle.
Most people can’t make a cash purchase so they require financing. From my experience selling cars . 8 out of 10 people can’t even get approved through a credit union because of shitty credit. Buying direct would only work for a small percentage of customers
If you have equity in your home, consider whether obtaining a home equity loan offers a better interest rate compared to a car loan. This is particularly beneficial when purchasing a used vehicle, as they often come with higher financing rates. However, exercise caution to ensure you can afford the payments, regardless of your financing method.
Some things sounds insane for me... few days later they call and ask to to sign something else? WTF? Here as soon as I left dealership in my car I dont need to go back to it, ever, for any reason. The moment you get you car is the moment when your deal is signed and fixed. You paid full price or you signed a contact with the bank, you got a few pages with the list all of your payments for each month for the entire duration of a loan. So dealer or bank can tell you whatever they wants... doesnt matter, you got your copy of the contract, it says how much you pay each month, documents say that this car is yours, its in your name. If you wont pay they can take it but this is the part of a contract that you signed, it was not added later. Buying a car that is a loan of any kind is dumb here as well, but if you reeeeeeeeealy want to do it, just go to the bank and discuss it, I mean why would bank care who is would be, they care about monthly\weekly\whatever payments, right? So all it takes is simply change few names in the documents.
Walk into the dealership with your own financing, and when you get in the finance office, straight away tell them "I know this is just another revenue stream for the dealer." Say "no" to every add-on, warranty, etc. until THEY start negotiating. If you really want the extended warranty, know that the price is negotiable, and you can get it for half. (source, I've worked with car dealerships for many years)
I had such a bad deal on interest that even the bank send me a letter saying that my interest new offer went down.50% it helped with the payment about $25
Most likely in the slew of papers you sign, there's something that says the deal isn't finalized until financing is finalized and that you're taking the car home *_subject to_* approval by the lender. Can happen if you're buying a car on a late Friday afternoon or something. I've never had this happen to me, when I bought a car the deal was sealed right then and there.
i got approved today w a 650 credit score and $0 down - bought a 2016 VW GTI SE in perfect shape with only 25K miles for $16,900! $500 a month for 72 months with the 18% interest. But the car is basically NEW so ther's some comfort knowing that i bought a quality car even though the interest rate sucked. i had no other option. my car could barely make it up the hill. the metal on metal grinding during acceleration was so bad! Im surprised they even gave me anything for it! and it had 201,000 miles too!
@@fedupfaces Yes I do realize that. Unfortunately that was my best option at the moment isn't that sad. But the car is still pretty nice and I'm not 15,000 under anything like some of these other people and I plan to take good care of it for 4 or 5 years cuz I'm not a degenerate so we'll see
Hey man just try your damn hardest to sneak a cpl ext payment a year into the principal. It’ll make a difference. Make yourself do it. I always told myself I was pissing some bankers off somewhere in a board room by paying as little interest as possible and resisting the urge to pay as little as possible.
There’s a common proverb: “you default on $10k, shame on you, you default on $10M, shame on the bank” Banks are in the business of risk management. Writing bad loans is bad business
I was going to post a diatribe regarding the video you just posted. As a buy here pay here dealer, I am the bad guy; sure, I get screwed by skips, selling to single women who's boyfriends are going to be putting a thousand miles a week on the car. Anyway, after selling to my third generation of customers, I don't have to defend myself in this forum.
What kind of dealer would give a six month lease? They want to sell you a car then pick it up afterwards? What do now they have a six month old car that they have to resell? That's when the depreciation is the absolute worst! They must be getting a heck of a lease payment that they would rather sell a 6-month used car rather than a brand new car.
I don't know of any predator that makes their prey sign a contract that states they have their permission and full disclosure of what is about to happen. That's not a "predator".
I call bullshit on dealers being upside down. I sold an old mercury to a dealer for 2500 bucks. They’re advertising it for $6995 with tax tag and title in the bullshit processing fee they’re selling it for three times what they paid for it
'You as a consumer are partially to blame for not knowing the latest schemes these multi-million dollar corporations and their lawyers concoct.' Really?
I have a 2019 Jetta purchased 2021 after a lease ($220/mo payment 4% interest) and I just bought out my 2020 Sonata after lease for $20k cash (w/ tax) I Turo both cars - your Turo statements scare me a little, but I’ve had no issues. My 3rd car is 2023 Tesla Y - $900/mo payment…under 5% interest…purchased @$55k before Elon price dump 😭. You are totally right about the price drop killing owners who bought previous. The only saving grace was the $7,500 in Fed tax incentive and $2k Cali EV cash credit.
Never. Loans are all scams. I say this literally as a friendly lender. The risk of default is very high so the rates go up and up as people are not responsible enough to make minimum payments. It's like people are just not good at math or finance. I'll drive my stuff into the ground, I love my car but I'll never have another loan besides credit cards. They're very convenient but never a cent of interest.
My sister in law made payments to her half sister for a car. Was making the payments then one day her car was gone. Her half sister came in the night and basically stole it back and sold it to cash for clunkers. So fu@ked up. 😅
If someone needs a car because it's required to get to work I dont see how it's their fault. The price is the price and all the dealerships were doing scammy 'market adjustmenys'.
Take a couple of hours of the dealerships time, and read every single word of the 15 documents they want you to sign when buying the car. They certainly hope you don't do that...
I will never forget the dealer that said "I can't give you the Camry for $290 a month with no money down". Then as I was walking back to my car he said "hey my manager says its ok, we can lease it at $290" PS: I ended up walking away, the deal was acceptable but the guy berated me and said if I wanted a payment on that amount to look for a used car with 50k miles". I understand negotiation but if you try to put me down I am walking out.
How is it predatory lending when the lender is taking all the risk? They gave the dealer a check for the car and have to wait patiently while the customer pays back the entire loan. The lender may not get paid the entire loan.
should just buy a used car pay full cash, or save up money and after years buy a new car in cash but you gotta have less monthly expences and be single.
Not Florida - majority of cars are wrecked (cracked subframes, spars bent 90°, and etc) and then brought back to life with least effort and qualification, drowners, and all the other kind of junk that was brought from northern states because it couldn’t pass safety/emissions checks anymore.
You have to sign 15 times I used to be in the car business and never did I ever see someone held against their will or threatened to buy the car. Its called created excitement over reality. They ran into a salesperson. Buyer remorse is .........
I worked in the car business for nearly a decade from late 2000’s to mid 2010’s. This information is gold! 100% accurate.
I've never understood how a person can get emotional about plastic and steel and rubber. Car dealers hate me. I sell my own trade, keep my cars for 15 years, pay cash and never pay for extras. I've walked out on many deals over their Mop-n-Glo add ons like "warrantees", nitrogen, and clearcoat.
Failed formula: Stupid people + greedy dealerships + shady lenders = repo's
+ Failed Lending Institutions!
11:33 The step payments should be a Federal Felony! With fines that are double of the prices of the vehicle.
Why TF did banks lend money on overpriced vehicles??? Arent they supposed to check the values before lending
Too many piles of coke
When the good times are good, people think it’ll always be good and do stupid things. Until it’s not good anymore and they have to live with their mistakes.
Banks are just made up of people. That they have access to a lot of money doesn’t make them smarter.
They didn't care because the interest rates were 0% so they saw everything as free money.
@@Jimster481 so they were excited about earning 0% on over priced vehicles?
The pressure on loan officers to book loans is horrible. They have quotas and I think they were signing everybody with a pulse if they would pay the jacked up rates.
I’m Australian and notice a lot of RUclipsrs from all walks of life and apparent incomes are almost always doing their vids from their luxed out cars. We aren’t immune from mindless consumerism here too, but it’s next level in the US. People are hooking themselves up to car loans way way above their means. Nobody worth knowing cares what you drive, buy what you can afford and learn basic car maintenance. Better to get rich than look rich.
It’s fun to be rich and act rich. Lol
It’s hard to believe people go to a car dealership and really say “I only want my payment to be $XXX”. People need to wise up.
Ive seen it.
Look at Drivetime. The company is built on the premise that the client just cares about what the monthly payment is. Sad part is, when you watch the commercials, you can tell what demographic they are targeting.
Heck, people walk into Real Estate agent offices and say the same thing... If you focus on your cashflow, you're likely to overlook those nasty surprises like balloon payments or adjustable interest rates.
Some look at car payments like it's a perennial lease. They buy a car at X monthly payment, then after a few years trade it in and buy another again at X monthly payment. They are oblivious or just not concerned with interest and total cost.
I did that, ~$9000 was only concerned about monthly payment, no early termination fees, and fixed interest rate. I did that so that if there was any unforeseen difficulties I would still be able to make the payments. Paid it off within 1.5 years with an original loan of 60 or 72 months. Of course I do take into account the total cost of the vehicle, the total loan repayment over the total length of the loan; but then again I always intend to pay off the loan within a year or two max. I just don't want the required payment to be anything where I have to "struggle" to make the payment. Like many other Americans I needed the vehicle for work.
I was lucky to get a 2022 BMW 230i during the pandemic, and refused to pay a dealer markup, and after some back and forth and actually being ready to walk, they took it off. Also got a sub 4% rate. I think we all knew from the start dealer markups wouldn’t end well.
Lucky to get a BMW? I don't think so
@@MrOnlinmrine lol why you say that?
definitely Lucky was UNlucky with new barber
Got the Jarhead special 😮
i think it looks sharp
😂😂😂 y'all crazy,
@@AnonyMap1 yeah it
Looks fine..
Y’all are crazy that bad haircut, his hairline looks off kilter due to the Botox. But yet again I’m missing a leg and leaning sideways 😂
Steve Leto made a video about this and that is a lot of contracts you can make the payment to the dealer he explains it better but worth the time to watch it
One very simple way to avoid all these scams and B.S.
Pay cash.
Try it..dealers won't even want to help you
@@jayc4715 Dealers actually still accept cash even if your debt enslaved mind believes otherwise.
I recently bought a late model truck for cash well below market.
Most dealers, when they find out you are paying cash, will want to stop working with you. If you walk in flaunting "cash is king" or say "I'm paying in cash" they will ignore you. If you do try and work with you, they raise the price or try and get you to do some sort of a loan.
@@Evirthewarrior Whatever it takes for you to justify living in debt and being a slave to the bank.
Why pay cash when you can get zero percent and get 5.45 percent on your money? Most people can't pay cash unless they are buying older clunkers.
Great video. I think most of the trouble people get into when purchasing vehicles is that they go on emotion rather than logic.
Please advise people to either pay off the negative equity portion on their auto loan or get a gap insurance. A truck driver crashed to my friend's Tesla while it was parked and it got totaled, although it wasn't his fault the insurance of the truck driver only willing to pay the market value for his car which is 10k less than what he owes on that car!
And GAP not bought from a dealer can be really cheap! Progressive wanted $5/mo. But I didn't need it.
@@n7y8c7good to know! Thanks!
Got bat and switched with my wrangler lease. Advertised a lower price and then got told it was only one model. Then went with a different trim and was told it was a 3 year 12k. At signing was asked if I wanted to save a few bucks. I said sure. Turned out to be a 4 year 10k lease. Yea… shame on them for not clarifying and shame on me for not checking the fine print.
As always Lucky, keeping the information legit! Learned a lot in this episode as well! Had no idea the number of ways people can go off the cliff with financing!
Well-done!
Remember the first time we bought a car, dealer called 2 weeks later saying I need it to sign some papers, well they wanted me to sign a 150 Dlls x month more of the deal I had. I was well this is what we gonna do, here is the keys give me the keys of my trade in and bye. Well they ended leaving the deal how it was.
Once I had checked with my Credit Union and was pre-approved, but still checked at a dealership to see what ‘their best offer’ would be. They were 2% more than the CU’s best rate. I didn’t question them I just walked away.
If the credit union was willing to finance your purchase, then why did you walk away from buying the car? Why care what funding the dealership would provide? That seems strange to me.
@@MichaelLubes it is not hard to understand. He didn't want to buy from a less than honest car dealer. It's what people should be doing. Teach them a lesson.
I hate that this stuff is not regulated to protect the customer. Car dealers feel like the Wild West of extortion.
I sleep well at night knowing the title is under my bed. 10/10 recommended.
Fantastic learning here with this video.👍👍👍
Thank you for all this information 🙏
I use Navy federal and they did me good so can’t complain too much
They did you good .in da butt
One way to prevent people (to whom the buyers make payments to) from squandering the payments is making and sending the check directly to the seller's finance company. That way you know the payment's going where it should be.
People buying overpriced vehicles to impress people who don't care about them.
great info. I work for a Bank. Lucky is spot on..
Cars are a huge money pit... from ownership fees, maintenance, repairs, accidents, insurance costs, etc.
The dealers will always be a step ahead of the buyers. Takes a long time for the buyers to figure out whats going on.
How the hell is a dealership allowed to call you back and say they actually need more then what was already agreed on? Can you not just tell them the deal was already done and they can go screw themselves?
I would.
First, though, I would have taken the sales agreement next door to a coffee shop and read it quietly by myself without the salesleech at my elbow nattering and pushing to sign.
And only then.
Do a video on how dealers will not work with you or will raise the price if you want to pay with cash.
That is why you don't talk about financing until they make you the offer. Or do finance it but pay it off in full the next month if able.
@lalacrypto1 they literally just ask you over and over and over and over "how are you paying?" At every dealership, without fail. Hence why I said do the video, for education, because tons of people in the comments are like "pay with cash" and the term "cash is king" is tossed around all the time.
How about a video with tips when buying a car from a private party and specifically when the car still has a loan and the bank needs to be paid before you can get the title.
A good number the videos Lucky does apply to that, especially with inspecting vehicles and making sure they’re not stolen or title washed.
Why isn't purchase direct from manufacturer legal?... Dealerships are literally a middleman who gets paid for doing nothing except add cost to the vehicle.
It’s the way it’s set up with franchise laws
Most people can’t make a cash purchase so they require financing. From my experience selling cars . 8 out of 10 people can’t even get approved through a credit union because of shitty credit. Buying direct would only work for a small percentage of customers
If you have equity in your home, consider whether obtaining a home equity loan offers a better interest rate compared to a car loan. This is particularly beneficial when purchasing a used vehicle, as they often come with higher financing rates. However, exercise caution to ensure you can afford the payments, regardless of your financing method.
The best solution for this topic is pay cash.
Most people can't and it isn't a smart idea if you can get 5 percent on your money and your loan is 2.9 percent or less.
@@rotart12arx3 Nope. 0% interest from a cash payment is the best way to buy a car 😊
Never finance at dealership Lucky is right go to your bank or credit union before you shop.
Some things sounds insane for me... few days later they call and ask to to sign something else? WTF? Here as soon as I left dealership in my car I dont need to go back to it, ever, for any reason. The moment you get you car is the moment when your deal is signed and fixed. You paid full price or you signed a contact with the bank, you got a few pages with the list all of your payments for each month for the entire duration of a loan. So dealer or bank can tell you whatever they wants... doesnt matter, you got your copy of the contract, it says how much you pay each month, documents say that this car is yours, its in your name. If you wont pay they can take it but this is the part of a contract that you signed, it was not added later.
Buying a car that is a loan of any kind is dumb here as well, but if you reeeeeeeeealy want to do it, just go to the bank and discuss it, I mean why would bank care who is would be, they care about monthly\weekly\whatever payments, right? So all it takes is simply change few names in the documents.
Same issues in R.E. with Subject To buyers assuming the sellers existing mortgage loan, and then reselling or renting it.
Here in Florida we have a dealership called Mullinax Ford. They have upfront pricing .Do you think that their pricing is a scam or is it legit?
new drinking game everytime he says "at the end of the day" take a shot
I knew a guy back in the day I bought a truck like an 09 Chevy Silverado from a buyer repair place in his interest is 36%
Dude says contracts are easy to ready like lawyers don't make it intentionally difficult to understand... foh
How are those 2015 huracan prices looking at auction lately
Walk into the dealership with your own financing, and when you get in the finance office, straight away tell them "I know this is just another revenue stream for the dealer." Say "no" to every add-on, warranty, etc. until THEY start negotiating. If you really want the extended warranty, know that the price is negotiable, and you can get it for half. (source, I've worked with car dealerships for many years)
What do you think about dealerships with upfront pricing or no negotiation pricing?
I had such a bad deal on interest that even the bank send me a letter saying that my interest new offer went down.50% it helped with the payment about $25
Thanks for another excellent cautionary video. Great scoop to know. Buyer beware!
If contract signed how dealership can ask to change it one (or X) week later? That doesn't look legal.
Most likely in the slew of papers you sign, there's something that says the deal isn't finalized until financing is finalized and that you're taking the car home *_subject to_* approval by the lender. Can happen if you're buying a car on a late Friday afternoon or something. I've never had this happen to me, when I bought a car the deal was sealed right then and there.
i got approved today w a 650 credit score and $0 down - bought a 2016 VW GTI SE in perfect shape with only 25K miles for $16,900! $500 a month for 72 months with the 18% interest. But the car is basically NEW so ther's some comfort knowing that i bought a quality car even though the interest rate sucked. i had no other option. my car could barely make it up the hill. the metal on metal grinding during acceleration was so bad! Im surprised they even gave me anything for it! and it had 201,000 miles too!
Do you realize you’re paying double the price in interest? What could you buy for $36k right now?
@@fedupfaces Yes I do realize that. Unfortunately that was my best option at the moment isn't that sad. But the car is still pretty nice and I'm not 15,000 under anything like some of these other people and I plan to take good care of it for 4 or 5 years cuz I'm not a degenerate so we'll see
Congratulations, sir, esp. if you need your ride for your work. BUT, let's work on that credit score, OK?
@@twystedhumour I have 6 years in a row of perfect payment history. It's just low because the cc utilization % is high...
Hey man just try your damn hardest to sneak a cpl ext payment a year into the principal. It’ll make a difference. Make yourself do it. I always told myself I was pissing some bankers off somewhere in a board room by paying as little interest as possible and resisting the urge to pay as little as possible.
Dont blame the bank on buying a car you shouldn't of.
There’s a common proverb: “you default on $10k, shame on you, you default on $10M, shame on the bank”
Banks are in the business of risk management. Writing bad loans is bad business
Shouldn’t have.
thanks for the great content as usual. any suggestions for low lease buyout rates? looks like 7.5 and up even with excellent credit.
is the end of the day at midnight or is it when the sun goes down?
I was going to post a diatribe regarding the video you just posted. As a buy here pay here dealer, I am the bad guy; sure, I get screwed by skips, selling to single women who's boyfriends are going to be putting a thousand miles a week on the car. Anyway, after selling to my third generation of customers, I don't have to defend myself in this forum.
Yet, here you are.
Just got a 23 xlt lightning sticker for 74k. 56K OTD. I was happy.
Always learn new things from you, Thanks.
What kind of dealer would give a six month lease? They want to sell you a car then pick it up afterwards? What do now they have a six month old car that they have to resell? That's when the depreciation is the absolute worst! They must be getting a heck of a lease payment that they would rather sell a 6-month used car rather than a brand new car.
I don't know of any predator that makes their prey sign a contract that states they have their permission and full disclosure of what is about to happen. That's not a "predator".
I call bullshit on dealers being upside down. I sold an old mercury to a dealer for 2500 bucks. They’re advertising it for $6995 with tax tag and title in the bullshit processing fee they’re selling it for three times what they paid for it
'You as a consumer are partially to blame for not knowing the latest schemes these multi-million dollar corporations and their lawyers concoct.'
Really?
Yes, really.
Well, a lot of this stuff is pretty common sense. You don't have to be a genius to know they're trying to take you for a ride.
Yes yes yes, you are always responsible if at the end of the day the person affected is you!
Always protect ya neck
I'm glad you put responsibility back on the consumer! That's where it belongs.
I have a 2019 Jetta purchased 2021 after a lease ($220/mo payment 4% interest) and I just bought out my 2020 Sonata after lease for $20k cash (w/ tax)
I Turo both cars - your Turo statements scare me a little, but I’ve had no issues.
My 3rd car is 2023 Tesla Y - $900/mo payment…under 5% interest…purchased @$55k before Elon price dump 😭. You are totally right about the price drop killing owners who bought previous. The only saving grace was the $7,500 in Fed tax incentive and $2k Cali EV cash credit.
Never. Loans are all scams. I say this literally as a friendly lender. The risk of default is very high so the rates go up and up as people are not responsible enough to make minimum payments. It's like people are just not good at math or finance. I'll drive my stuff into the ground, I love my car but I'll never have another loan besides credit cards. They're very convenient but never a cent of interest.
My sister in law made payments to her half sister for a car. Was making the payments then one day her car was gone. Her half sister came in the night and basically stole it back and sold it to cash for clunkers. So fu@ked up. 😅
Excellent video thank you , the more I think I learn about the “ car” business the more I realize I don’t know jack shit about the business 🤔😖
Excellent video 👍 video idea: deceased person's vehicle (with or w/o lean)
If someone needs a car because it's required to get to work I dont see how it's their fault. The price is the price and all the dealerships were doing scammy 'market adjustmenys'.
Thumbnail is well done 😊
midwest and south - LMAOOOO
One more reason to get financing directly with a bank
Thanks you Made Me laugh 😊
Take a couple of hours of the dealerships time, and read every single word of the 15 documents they want you to sign when buying the car. They certainly hope you don't do that...
Thanks Lucky!
Lucky “the Socrates of Autos” Lopez … 🍀🏆
I will never forget the dealer that said "I can't give you the Camry for $290 a month with no money down". Then as I was walking back to my car he said "hey my manager says its ok, we can lease it at $290"
PS: I ended up walking away, the deal was acceptable but the guy berated me and said if I wanted a payment on that amount to look for a used car with 50k miles". I understand negotiation but if you try to put me down I am walking out.
Great info
Thx
😂😂 come back deal doesn’t work.. yea right I crashed the car I can’t bring it back I’ll just keep making my payments.
Hey lucky I’m sure you NEVER did any of this shady stuff 😂
How is it predatory lending when the lender is taking all the risk? They gave the dealer a check for the car and have to wait patiently while the customer pays back the entire loan. The lender may not get paid the entire loan.
“Tip your landlord” kind of shit🍃
If we had proper regulations on the kids, the buyer wouldn't have till with the drama.
Motivation to save and pay cash.
Most dealers will not work with you or will raise the price if you let them know you are paying cash.
should just buy a used car pay full cash, or save up money and after years buy a new car in cash but you gotta have less monthly expences and be single.
I'll never buy from a buy here pay here again..LESSON LEARNED they sold my loan to 3rd party after 4th payment 🤦🏾♂️
“How to avoid 15 different car dealer scams”
Buy private sale. 💡
I want MORE crazy thumbnails!
Remember when interest on money lending was punishable by death
I own all my cars. You have much control when you own yours
Video idea: I see lots of Porsche Taycan/Audi e-tron GT lemon buybacks for sale. Why would anyone buy these???
@0:48 If you can own mistakes, can you sell them for profit? 😜
LOAN = MINEFIELD
DONT RUN TO ONE!
What is the best state to buy a used car in?
Not Florida - majority of cars are wrecked (cracked subframes, spars bent 90°, and etc) and then brought back to life with least effort and qualification, drowners, and all the other kind of junk that was brought from northern states because it couldn’t pass safety/emissions checks anymore.
Buy here pay here are a rip off, going there is nuts
Paying cash sounds better and better
Tesla owners got crashed 😮😭🤣😭
It sounds more like predatory borrowing.
facts!
I got rapped as a first time buyer during Covid 🤦🏻♂️😂😂
"Predatory lending" is just a feel good replacement for "lack of personal responsibility". Some people are professional victims.
very true
Oh ya they did that to me at a dealer
Really can't stand the culture of consumption. So sometimes I just wish folks knew they could 'log off' and focus on themselves and their goals.
60% interest that insane
Ion even know, cuh. Some people are all bout dat 29.99% APR lyyfe 😅
facts! lol
Rollin in my 29 point 9
You have to sign 15 times I used to be in the car business and never did I ever see someone held against their will or threatened to buy the car. Its called created excitement over reality. They ran into a salesperson. Buyer remorse is .........
People who can't pay cash for their vehicles are losers.
Student Loans are predatory
Repo central 😅
I got hit with one of these. The sales guy showed me 6% interest, but I didn't see on the paperwork it was 10%. I'm just glad it was on a small loan.