Dodge Dealer Repoed By Floor Plan Company! The Crash Is Here
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- Опубликовано: 21 апр 2024
- In today's video we talk about a few dodge dealers that have been completely wiped out and repossessed by their floor plan company losing their inventory.
Is this the beginning of the big crash?
Today's video is made possible thanks to Morgan and Morgan attorneys at law. Start your claim in 8 clicks or less. Visit forthepeople.com/tksgarage 
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Imagine getting repoed because you were too stubborn to lower your prices.
But if you are already selling them for cost....what are you supposed to do and how are you supposed to keep the lights on with no profit margin? The problem comes from the government forcing the manufacturers to invest so heavily in EV's that won't sell which drives up the prices of everything else. Thanks Biden!
@@recoilrob324 it’s more corporate greed not the government. Almost nobody sells at MSRP or invoice these days.
Maybe government should build EVs if they want them. That way the total cost of their lunacy is on.display
@@recoilrob324 The market is doing great it’s just that the right needs to know how to invest better and not follow MAGA leaders who enjoy stealing.
@@recoilrob324 Name a dealer selling at cost! That's part of the problem dealers want inflated Covid prices when there was a shortage of vehicles.
EVs could be free and I wouldn't drive one.
There were reports that a Mustang EV sold for 20k new... also a Ford F-150 electric for about $15k... more dealers going to do the same soon.
@@Have.An.AmicoDay
There are videos showing Ford truck EV's getting less than half the estimated range when they are carrying a load. So in my opinion unless you are picking up a dozen 2x4's or half dozen sheets of 1/2" cdx or less all the time they are not worth the investment. Definitely not a contractors truck.
EV yes ban them. Teslas no
Teslas aren’t EV’s they’re the future of transportation whether you like it or not. Every other is brand is absolute garbage. 🗑️
And the lie detector determined that that's a damn lie
Used to be a licensed repossession agent in California. We cleared many used car lots at night. I miss those days...
I will soon be 73 and in 1972 at age 21 went to work at Chrysler Credit. In late 80s during Carter administration I remember when rates went up to 22% and wholesale rate were 20%. One day at 5 o’clock we went out and closed down a large at the time Chrysler dealer and put several people out of work. They were $150,000 which was a lot of money back then out of trust.
Consumers are financing cars they can't afford. 84 month financing????
Carter? Late '80's?
The Carter years were just about as good as the Biden years 🤣
Sentence diagramming is your friend.
That was the Bush administration in the late 80s. That was before my time.
A dealer has to be in rough shape to get their floor plan pulled. Usually only happens if dealer is out of trust with the their floor plan provider.
Lenders are eliminating risk
Lack of sales will do that.
My late boss survived multiple recessions by sticking to the lowest end of the used car market because those sell in good time or bad, and that piece of the used car pie is very low risk.
Big dealers failing did it to themselves, odd for people who should be more intelligent.
In the northeast where I use to live there were several used car dealers who sold cars under $3k all the time and had great reputations for going over their cars and fixing what was necessary. they always did good no matter the economy. Often they would have a Toyota truck for $7k that didnt last long. I bought several used vehicles from one of them and was always happy.
They thought the good times would last forever. The “new normal”.
I have seen Mitsubishi dealers do that they had like 15 new Mitsubishis on the lot and the rest of the parking lot was used cars
Produce crap cars that look good. Then jack the price up 40% or more. You eventually run out of idiot buyers who have a credit score above 392.
Wow. That’s bad. I’ll keep my paid off tundra
The funny thing g is, the economy isn't bad, it's just that greed in housing, cars etc has been Insane. No amount of money from a job can ever pay for all these things....stop buying. Sit on your money for a while.
Went to Taco Bell for the last time a few months ago, the Mexican Pizza combo was $15... I can eat at Chipotle for less than that.... Lost my business that night
@meatball6930 it's not Biden though, I'm in Canada, same thing. I have a lot of friends in Europe, same there. This is world wide. It's not a US thing.
I think the car market, along with the economy as a whole, is gonna see some real chaos pop up. I might be wrong. I hope I am, but something tells me it’s not looking pretty. We’ll see.
Great work by the way. :)
They had it coming.
The manufacturers themselves will be able to weather the storm because of the massive profits they have made in the past. It is the dealerships that will suffer.
That’s Bad for that Dodge Dealership getting Repoed by the floor Plan Company 😂😂🤣🤣🤣
I know i shouldn't laugh at another man's misery but some of these dealerships deserve every bit of bad karma they have earned. All the previous greed had lasting ripple effects, especially after Stellantis has made it clear they do not care about dodge as a brand. The only thing that will save dodge as a brand is if they bring back V-8s and a neon under $20,000
They could get rid of Chrysler and few would complain. Pacifica production could be rebadged as a Dodge Grand Caravan.
Tk thank you for giving out great information its much appreciated
Until i can buy direct from manufacturer i will not buy a new car! Ill never forgive what thr dealers did during the virus!
I wouldn’t buy a new car unless you need to. Right now, most new cars are overly electronic garbage made with least common denominator parts that will cost a fortune to replace. Private seller pre-2020 and ideally earlier is the way to go.
There was no virus.. what did the flu disappear?
New Dodge Challenger R/T's with the 345 Hemi AND the 6 speed are selling for $29000 on autotrader. That's 12-16K below MSRP! I'm almost tempted to buy one, but that is still at least $9000 over what they are really worth (in my opinion).
its the smaller dealerships going down . less competition is bad. The larger dealership groups will be fine. another step towards peak capitalism. no more small business.
100%
Thanks for the update.
I remember the recession of 2006-2008, Nissan showed up one day and removed ALL the new cars from Busam Nissan in Cincinnati. I think they were back in business in about a week, not sure how that kerfluffle got resolved. They have used the same radio jingle for years -- "Busam Nissan, the dealer closest to your heart".
So what happens to the cars after this? Do they go to auction? A different dealer? In this system, we just can’t win. It still seems like we are the ones getting screwed because we never see the prices that we should be paying for these cars. Will we ever get the chance to buy a car for what it’s worth?
You won't get a brand new car for half price
I take it you missed the great GM giveaways, complete ls9's going for 6 grand LS3's going for $3,500 6-speed autos for 1500. I wasn't interested in a new car but yes I heard of some ridiculous prices on Corvettes
There are massive lots where manufacturers put unsold new stock that sit there to rust away rather than lower their MSRP to get rid of them. I was surprised to see a yt video of the VW lot of tens of thousands of vehicles that had the scam pollution programming in them.
these dealerships had it coming!
And so it begins!!!
Thanks for the PSA!
Prices are a manufacturer issue more than a dealer problem. Markup on a Hellcat/scat pack is 1600, Compass Hornet markup is 300 to 500. Can only lose so much before it sinks the ship
Floorplan audits are on site, and the auditor is expected to touch EVERY vehicle and EVERY MSO.
I mentioned in your comment section yesterday, the market is very unstable and will produce a lot of losers. Dealers will either sell at a loss or not at all. Expect at least a partial return to 2018 2019 levels ... we have a long way to go. If you think back to what triggered the 2008 recession it was actually credit getting locked up tight in 2006 and lots of bankruptcies that caused the housing bubble to burst ... people without jobs could not pay their mortgages. The mortgage crisis was simply a result. Today its auto loans. The OEMs will eventually eat it ... and it will be interesting to see who actually has a chair when the music stops.
The creditors and banks are to blame for this too. They enabled this situation.
Mortgage failures are on the rise too. And China's economy is turning inside out.
Capitalism's dick is long and thorny, and coming for that ass again.
TK, please start a panel with Oc motivator. And Racer X! Give me a shout-out for the idea! You guys have so much information, and I can tell that you guys care about getting the right information into our hands! That's awesome! I would definitely tune in to see you guys do a podcast! Called TK MotivatorX!
I do not feel a bit sorry for these CDJR dealers or manufactures who got greedy when the pandemic was happening and there was a shortage of vehicles to be had. Who I feel sorry for are the employees who are losing their jobs because these manufactures and dealers run their businesses like they have their heads up there butts.
So it begins in earnest!!!!
Just getting started in this mess
$3k or less vehicles is the way to go if you can.
Love the little i3. Would love to get a lightly used one. They were still $20K 7-8 months ago. Great for the short trip stuff.
There's a CDJR dealer here in Middle Tennessee that's building a new store. I have NO idea what they plan to fill that new lot with.
Lol. Evs are so overated. I value my time. I am not waiting 2.5 hours to get a charge.
And you still have to pay if it is not at your house or you have an original Tesla.
They’re for people who can charge the car at home overnight. Not everyone can do that.
It's like every single type of vechile out there. It's not for you it's not you.
If you can locate a charging station.
The auctions are plum full standing room only as some Manhiem and Adesa Copart is slow as heck
A used EV is a great idea if you can charge it at home. Probably only useful as a second car. But in that niche, assuming you’re good at negotiating, they’re better than most gas-powered cars right now. Just know how that battery should be maintained by maximum charging capacity (100% for LFP batteries, 80% for non-LFP batteries), and it will last a long while without needing replacement, especially if it’s liquid cooled.
Your audio seems about a quarter second, maybe a third, ahead of the video.
$8.00 Dollar gas really gets things cooking.!
Showtime😅😅😅😅thanks for you videos excellent information thanks.
When Dodge built an 8 second car with a 150mph top speed, they screwed themselves. And what they plan on doing with these EVs, it sounds even worse.
But they are just dodge throw away vehicles. Garbage company
I'm loving it!
It's about time they get what's coming to them....they screwed everyone and didn't think twice about it.....karma is a bitch
Bad sign for Dodge group.
Oddly enough Stellantis stock is at a record high so not really sure how any of this works actually. I will say this there are great vehicles on these lots and a massive amount of product and product en route as well so no, this definitely never happened in the 1970s. Plus once you start a production run in the auto business you can't just "turn that off" meaning at some point even the dealer is price sensitive would appear.
I asked back in 2010 what would cause the next recession, and they said automobile loans. Its basically true, but they hadn't said inflation and automobiles
Wait.. those cars will be half price by the end of the year
No dealers left to do warranty service. GM CEO DEI HIRE BELONGS DISNEY
What should a new scatpack challenger sell for new?
I really think that the term "market saturation" is playing a big part in whats going on with these Stelantis dealerships having a hard time, it's similar to what happened to Harley Davidson. There are only so many people who are willing and able to pay for these cars. FCA saw this coming and that's the actual reason why they decided to end production with one last big hurrah of overly expensive big HP rated vehicles and milk the last cash out of the proverbial cow. Perhaps the current economy hastened this by a year or two, but it was definitely bound to happen.
Who is the floorplan lender(s) in these Repo situations ? Santander, the Captive Finance for Stellantis, or another Source/Bank(s) ? If the inventory is New, Current Year Model, and low miles and in great condition- Chrysler does have a Repurchase Agreement that will buy back these vehicles at Invoice- of course at triple net. Love to hear some additional details on these Floorplans going South.......
Great Video
Its like the Bricklin all over again... (granted that was a manufacturer)... imagine if things got so bad, this happened to Tesla?
I think Tesla is going to have to go hybrid to survive. People with money may always buy new EV's but there is no market for the used ones.
Tesla sells its own inventory and and has no debt, so they’re safe. They can lower their prices as needed to move metal.
I seen a video the other day how a dealer (I forget the brand) has “used” 2023 and 2024 models on the lot with 22 miles and as low as 2 miles on them…. And they were marked “used”…. I wonder if they had to be repos from another dealer????
Word has it that Ally auto finance is in deep doodoo. Lol
Dude you look like Orson Wells with the crazy lighting.
JC dude!
a) Intro music needs to be at least 6db lower than it is (or maybe even 9db)
b) Should take 30 seconds to change the aperture on the camera from auto to manual.
Do it NOW :) And thanx for the awesome info, of course!
When it backfires, it backfires! 😂
The manufacturers decided to inflate their prices 30-50% and are shocked people aren't buying anymore?
Isn’t it simpler for Stelantis to sell cars to us directly? Instead of two or three middle men?
Nice Video. Intelligent!
There is always someone who will mortgage a car to impress other people
Actions have consequences; bank will have a fire sale at auction. Most of these dealer are holding 23’s; with buildout in May, these are 2 year old vehicles. 23’s taillights hit the road lost half their value.
Ouch!
My 2021 Ram 1500 cost 20k dollars less than they do now.
I’m so tempted to get a Nissan ARIYA but the ev market is going haywire I don’t even know anymore 🤷🏿♂️
If you live inside a city and don't take long trips, fine. If you're rural like I am....very bad idea.
Yeah I’m staying away from evs. I don’t trust them
Gotta be able to 220v charge it at home overnight. Know how to control maximum charge via infotainment. On most cars, you want it at 80%, maybe 90%. If the Nissan has an LFP battery, you want to routinely charge it to 100%. Either way, much lower max charges are acceptable on road trips. Tesla has by far the best long distance fast charging network.
GREAT VIDEO, I AGREE, DODGE SUCKS, FORD OR GM MAKES BEST PICK UPS PERIOD!!!!!, KEEP UP THE GOOD WORK, GOD BLESS, STAY SAFE!!!!!
Is the Dodge corporation making the most famous mistakes they did before Lee iacocca took over
This is the direct result of Greed plain and simple.
I've seen all the motorcycle dealers in my Region basically disappear going on Years now and #oddly the prices paid for motorcycles are in a lot of cases are absolutely *CRAZY* high and have been for a long time actually with a BMW GS bike et al which are great motorcycles btw ... but over $20,000 plus great on a motorcycle? Maybe for a collector Harley Davidson but not these machines. 😅😅😅😅😅😅😅😅😅 anyhow i think the technical term for real estate is "simply a buyer's market" or really get out there and *HUSTLE* big time.
To me Dodge is a dead brand.
Not Chrysler?
i bought during covid, i didn't get covid money, my cars are paid of, and not looking to buy a car for a few years, just fixing what i got. the economy is good for the well off, but not for those paycheck to paycheck, i see people driving around in cars that they paid a fortune for, they look nice but can that person write a check for 5 grand if they needed to...probably not!
I always thought used car dealers owned all their cars outright from auctions. We have one dealer on the main drag that has no more cars on their lot so I guess this is what happened to them?! And a few others have only a few vehicles on their lot,..but the prices are still insane from my point of view.
The latter probably has most of their inventory in a yard two or four miles away. Artificial scarcity
Apparently, once again, we gave more money to Ukraine to fund the war. The end result they were saying the other night on the news goes along with what you just said. We can expect, if not by the end of this week, but by the end of next week to start paying the cost of giving the money which are goods and services will be going up another 35% according to the financial channel this morning.
In reference to car pricing and car dealers they brought on themselves. They’re going to get what they deserve. I for one. Hope there is no bail out for these guys. Sometimes you just Gotta let them fail and then they can rebuild from the ground up. Haven’t seen in the auto dealers getting repossessed. have seen quite a few repossessions around town. Also, they’re constantly running ads for people to get into this industry. I remember back in 2008 when things collapsed. I was working mainly overnight shifts and I would see these repo guys running around town just yanking cars left and right at like 3 o’clock 4 o’clock and 5 o’clock in the morning. Now is not the time to go to the market and buy a car wait till after this coming December.
Never ev looking for a nice Horse 🐎
I appreciate your channel and all the information in this video, but your camera settings were extremely distracting. The camera kept getting brighter and then dimming, bright, dim, throughout the entire video. It was visually difficult to watch.
Wow
Anyone with a little sense knew this coming. You reap what you sew….
Fix your lighting. It keeps fluctuating dark to light to dark again.
It's the 12K camera. Still dialing it in
@TKsGarage Don’t have auto iris. If your camera has aperture priority and manual ISO (run at multiples of 640), that should record at a fixed shutter speed.
Did you see that manufacturers might allow the car to self drive back to the dealer for missing a payment?
That's awesome. Most of these people can't afford the vehicle anyway. 84 month financing crap.
@@gregorylyon1004
Most American vehicles wont last 84 months before needing major repairs.
Greed will annihilate you.
This is only the beginning
Dodge is cheap csrs whoever pays Dodge prices are crazy
Don't like Chrysler but would like to have a Challenger 6 cylinder for my weekend car
After seeing what happened to butter, about the cold shoulder he was getting. I think we should send them all to the cleaners. So they will give you a car for free with purchase of a box of cracker Jack's. Best to you and friends from the Ozarks luv you guys old school honesty
Fire sale on Mopar!! Challengers for “under “ MSRP!!🤔🤔🤔👍🍺💪🤣
what a pretty car
I would like an I3 for 11K if you can help me out. Thanks
By August there will be millions of repos
Bidenomics, everything is fine don't worry about it.🤗
Capital 1 is next
Cap 1 is out of the floorplan business. They might get hurt with their auto retail financing portfolio but their commercial book of business related to auto is very limited at this point.
Maybe they offered some deals the 20-23 gravy train pricing with added fees are over
EVs are definitely the future. Everyone knows it. I have an ICE Mercedes E-Class wagon and a Tesla Model Y. I will drive the Model Y every day of the week! It's an awesome car!
Nope. EV's are not the future. A dent in your battery case will cause your battery pack to begin thermal runaway. The electric doors won't open from the inside of your car. Better be in good with Jesus, because by the time you realize that your doors won't open, it will be too late. Reality will kill you. Wake up and see for yourself.
2008,2009 didnt suck for me i got a house for 95k suburb of boston that would have sold for 220k easy in 2006 or 2007, and actually sold for 100k in 1989 accourding to public records i paid 5k less 20 years later i lived in it for less than 1/3 cost of renting a 2 bed apt in area and 9 years later i sold it for 259k was nice investment 2008/9 was awesome for me :)
Fu Dodge 🤣
Wo
My local Mac Haik is running some attractive specials on their inventory. They are not willing to negotiate, should I just buy not or wait?
TK it’s awesome 👏 that you and Butters and the other guy’s who weren’t scared to stand up for the “little guy and gal” to make this happen. These Dealerships thought they were going to just keep stepping on the customer base.
so do all these 'new old stock' cars just go to auction?? i know a coup[le of people that'll be REAL happy to have 'new' discounted hellcats lol