Dodge Challengers & Chargers Getting REPOED!
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- Опубликовано: 4 июл 2023
- WARNING Repo, Auto Loan CRISIS! Consumers Not Paying, Banks In TROUBLE
Carmax Can't Sell - • CARMAX CAN'T SELL CARS...
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In this video, we're going to talk about the auto loan crisis 2023. Not only are consumers NOT paying their auto loans, but banks are also in trouble due to the repo crisis.
This video is important because it'll help you understand the big picture of the auto loan crisis, and why it's such a big problem.
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.
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Everyone thinks those 392 emblems are the engine size. But actually it's the owners credit score.
Dodge: The official brand of “I can’t afford car payments.”
Dodging the bank
I have belied that for years! There is definitely a white trash/ghetto feel to every person I see in a Dodge/Ram product
Yup. We all know why dodge leads the repo
And Chrysler Capital has a reputation of putting loan applicants in huge pmts with limited credit (no comparable pmt history) and likely they are not verifying (over-)stated income
Owning a Dodge is correlated with poor decision making due to poor reliability, but what ever happened to Kia being the top brand of poor credit? Last I looked their cars are like $40k bare minimum!
As someone who works in the auto insurance industry, I can say that part of the reason why there's a lot of chargers/challengers being repossessed is due to the OVERLY EXPENSIVE cost for full coverage insurance for those vehicles. I've seen collision coverage for 2021-2022 charger/challengers run $1200-$2000 per 6 MONTHS, depending on age of driver and driving record. The rising cost to insure a vehicle is also (in my view based on what I'm seeing in the industry nationwide) contributing to auto repos rising as well. Buyers really need to take into account ALL COSTS associated with buying a car and not just focus on the monthly payment. It's going to get worse sadly.
Why does it cost so much to insure a car nowadays?
@@zach2733 couple of reasons:
1. Newer cars have safety features and technology that helps avoid the possibility of a collision. However, if those safety features (infrared sensors, parking sensors,etc) are damaged from an accident, those systems and parts needs to be replaced and reprogrammed, which is not cheap considering that body shops are now raising their labor costs.
2. Accident frequencies are increasing DRAMATICALLY, especially here in Florida where I live. Guess who's paying for the idiots on the road? We are in a form of higher premiums due to the insurance company having to raise rates to keep up with the overwhelming flow of claims
3. Insurance fraud is a major issue. With any business, any loss is passed on to consumers.
4. If you live in a no-fault state like I do, hospitals milk the living hell out of PIP. It's guaranteed payment that is made by the insurance company under any no-fault law.
5. Hospitals/ER/Rehab centers charge more to treat injuries. It's a problem for years and it has now compound the insurance industry's ability to keep rates down.
And lastly the type of car being bought. Challengers, chargers are expensive to insure. Young kids buying a 392 is not buying it to commute. They are buying the car to haul ass. Their insurance rate reflects the risk associated with buying that type of car.
Hopefully this helps you understand
I have 4 insured vehicles,all but one has full coverage due to being 65 and insuring the house too, I pay $3600 per year for all the rides....
@@zach2733 cause you got some folks out there that are profesional accidents insurance scammers and they have figured out a way to make a buck on it and the insurance companies are spreading the cost to all customers instead of to the ones that are causing the problem nut in the nutcase
I'm a RUclips neurosurgeon
With student loans restarting in october, this is just the beginning. People who bought new cars thinking their student loans were going to be forgiven can't afford them anymore
That was an idiots bet in the first place.
@@rogersmith7396 Just like those suckers who accepted those PPP loans. Oh, wait...
Not even worried bout student loans. Repsoecfultl everyone makes $60k-100k now so it seems.
My loans is $26k. I could’ve paid that off with unemployment money. Even now I can do Uber on the side and pay it off in a year. Student loans is only an issue for people who went to over priced private uni’s or have long term degrees. If you did community and state then you don’t even owe more than $30k. Ps I dropped out I just make a lot regardless.
But dealerships is a whole different scam. At least colleges are nice if you have money 😅. Dealerships don’t care if you have money! I had 15k cash on me and I wanted to finance a 17k car. They wouldn’t let me. They said “bank won’t make much in loan”. They insisted I make payments on a used nissan which would’ve came out to $50k after 7 years of 650 per month payments. I was laughing inside when I drove off with the car cuz these banks think people will really make all those payments. I didn’t even give the bank one dime. Put 40knmiles on the car and let that shit get repo one year later. Now the bank is saying I they’ll settle for 3k. But what’s crazy is if I did a settlement before the car “allegedly was sold” at auction, it would’ve been $14.6k. So think of that. My car repo and now the bank want $14.5k. That’s what they should’ve FINANCED it at in the first place! They basically repoint cars to sell it back to us at the actual value of the car but want us to make the unrealistic payment!
Imagine Republicans who are depending on student loans forgiveness? They screwed themselves with their votes. Don't feel sorry for them.
That's what you get for putting Santa clause in the white house
The majority of these dealers getting boned at auctions for these cars would rather take the loss at auction than give a paying customer a good deal
Yes so so true... espically carmax financial, the interest rates are crazy, even with high credit score... there customer service is horrible.
If they have a couple nice used cars on their lot, then buyers have the option of not buying the brand new stuff - and dealers simply can't stand that.
100%. I had 15k cash on me and I wanted to finance a 17k car. They wouldn’t let me. They said “bank won’t make much in loan”. They insisted I make payments on a used nissan which would’ve came out to $50k after 7 years of 650 per month payments. I was laughing inside when I drove off with the car cuz these banks think people will really make all those payments. I didn’t even give the bank one dime. Put 40knmiles on the car and let that shit get repo one year later. Now the bank is saying I they’ll settle for 3k. But what’s crazy is if I did a settlement before the car “allegedly was sold” at auction, it would’ve been $14.6k. So think of that. My car repo and now the bank want $14.5k. That’s what they should’ve FINANCED it at in the first place! They basically repoint cars to sell it back to us at the actual value of the car but want us to make the unrealistic payment!
@@Dantee.15all you had to was finance the whole 17k, then pay 15k the first month, and then pay off the rest in a few more months and you wouldn't have to destroy your credit score in the process
@@raiden031 they wouldn’t let me finance the car at all. According to them “the bank wouldn’t make enough money”.
They insisted I finance a more expensive car then trade it in for the cheaper one after 3 months of on time payments
“Challengers and chargers everywhere” Welp… it’s about that time 😂
A car lot near me has 14
*Tyrone has entered the chat*
Where my Hellcat go?
@@lisayeary4256 New or used. Nobody is going to buy a used Charger or Challenger in the last year of production, not to mention 90% of those 14 are probably either SXT's or marked up $15k.
Every dog and their brother has a Charger/Challenger here in Vegas. They all cut the mufflers off (loud) and drive them hard.
And they live in cheaper apartments. Nice car, roach infested home.
I see them all over downtown where the house is worth less than the car. Makes me laugh everytime, good to see the banks eating their lunch.
I earn over 100k a year and continue to drive my seven year old Colorado that is paid off. It still looks and runs great. I plan to retire in about five years so this may be my last truck to ever buy new.
If some guy didn't cause an accident in the middle of the night that blocked the highway, I'd still be rocking my 1998 Pontiac. Buy used , use cash and save your money!
That Jeep Patriot isn't worth more than $3,000.00. Crazy prices still.
@@johndonovan7018stop talking shit about Jeeps Jeeps are good I have a 1987 Jeep XJ Cherokee 4x4 pioneer and it will outlive any vehicle you own.
It’s getting to be that a Charger/Challenger is thought of as a ‘in da hood’ accessory, along with having a pit bull..
Facts ! Especially here in the south
*RayRay has entered the chat* Where my Hellcat?
Yea considering most who buy them are 18-25 yr olds
And do donuts at car meets and street takeovers with the passengers hanging out the windows. I would never buy a repoed Challenger or Charger. It’s been abused. The 1st owner has destroyed it because they know it’s gonna be repoed so taking care of it is non existent. Oil probably has never been changed.
Well chargers and challengers are bought buy a certain demographic and not shocking at all that you are seeing them being repoed!
Dealers trying to sell camrys for 25k with those miles but dump it 11k less at auction is wild if they would lower the price to 16k or 17k they would be able to sell it quick but rather dump at auction for there legalities n pride
I bet that challenger has 9800 very hard driven miles. I also wouldn't be surprised if the poor thing hasn't had its first oil change. So sad!
Part of the problem is allowing these people to buy these new cars in the first place. It's been said it's easier to buy a new car than a used one. It shouldn't be that way. You got to know all those Challengers and Chargers were driven hard.
The bank or lender doesn't want to take the chance of the car breaking down. Seems ass backwards because a vehicle with 50,000 miles is up to 20k cheaper and still under warranty
Bunch of guys who never grew up and had a toy to run the crap out of and pile the miles on while they had it and then destroy it even more as the Repo guy was coming for it.
Usually this is a "loan to value" issue. Which is the percentage of money loaned on an asset compared to the value at time of sale. Here are some common examples: (Big, round, and fake numbers used here)
Example A: Customer has no money down and has $2k negative equity on trade. Their credit score tier allows for a bank approval at 110% loan to value. The manufacturer has a $3500 incentive of some sort on a new car that will cover some of the taxes and negative equity allowing the dealer to make an easy deal. The lending value on the vehicle is the MSRP of $100K. The dealer will make the difference between the MSRP and the invoice if they sell it at MSRP. Take the $100K, subtract the incentive, add taxes and fees, it will fall into line with the banks lending.
Example B: Customer has no money down and has $2k negative equity in their trade. Their credit score allows for the same bank approval rating of 110% loan to value. Customer has selected a used car with a price of $100K. The dealer owns the vehicle for $90K, and still need to make a profit. They agree to sell it to the customer for $97K. Add in the customers negative equity of $2k and the appropriate taxes and fees, and the loan is for $112K. The lending value on the vehicle is $95K. 110% of 95K is 104.5K meaning the customer would have to put $7500 down.
And how do you think they keep manufacturers in business?
Vehicles on the road are always good for elite bankers who are loaning trillions they don't really have anyway , every debt is an attempt of converting it to real money but isn't a sure deal ,if they get half between first buyer ,auction and anything they can get it's a deal to them
I bet dealers don't want to lower prices too much cause it will make them LOOK desperate to get rid of cars, thus affecting other car prices on their lots. So they sell at auction for a loss, which makes it look like they sold the car when they actually dumped it at auction.
Good thinking , that’s sounds right
@@pigjubby1 Seems it went over your head. Have a good day
they dont want to lower prices aswell because it undercuts the market, since it helps people window shop easier.
Yup.
As the salesman is moving 4 other cars just to get at the one you're interested in because their lot is so jam packed, he'll be telling you about the chip shortage, supply chain issues, low inventory, high demand, etc.etc, and that's why they have to charge 3k over MSRP and prices are non-negotiable...
You can tell the Hood just ran out of money with all the challengers and chargers
Let this trend continue. People need cheap transportation! It's time for the dealers to feel the pinch!
Wait until these same car owners need to start paying back their student loans. Cars are going to get cheap in a hurry.
That's just it, they won't. I don't know how they are doing it, but when a 15 year old car, with 250,000+ miles on it, is selling for $15,000 or more, something is completely out of whack. Why these dealers aren't starving to death is beyond me.
@@jessies6502It'll help if people actually start living within their means,
I highly doubt that these people that took a loan on a Charger or Challenger just to have it repo'd had any education beyond a GED attained in a juvenile detention program.
@@justacinnamonbun8658education system doesn't educate anyone on finances, they may have to show them the fraud the financial system is
Chargers and Challengers number one rides when you get out of basic! Then the bowling alley queen gets knocked up…
Don't worry about the "technical imperfections" like a plane flying overhead -- you're providing priceless information to an appreciative audience. Just keep it real and everything will work out!
I agree with flyingspirit3549. Stop apologizing, we don't care, stick to what you're doing, it works.
@@jimsnow8004 Thanks for your support!
Every time he says "alright" I take a shot..I'm so fuckerd up.
I'm going to give you a little insight into these late model High mileage repos. The telltale sign is going to be used looking or dirty rear seats. Especially Honda and Toyotas. These all belonged to rideshare drivers ie. Uber/Lyft drivers. Both Uber and Lyft have cut their pay to drivers massively in the past year. There is also a ton of new people trying to make some extra money driving for Uber. So the driver market is way oversaturated. So what you have left are people who can no longer afford the payments on their vehicles. Expect to see more of these as Uber continues to pay super low fares to their drivers and there is a continuous churn of new drivers coming in and out of the rideshare community.
That's very insightful. Thank you for sharing.
Just watched a news story about Capital One and repos and how they are almost at the tipping point of not being able to repay investors who fund car loans.
Where did you see this news story? I just tried searching for it and came up short.
@@ebf1003 BNN Bloomberg ..Canadian stock market channel
@@MrShuntkingwhat is the title/date of the news story?
@@Eyes0penNoFear Within an hour of my original post
Almost? They were at the tipping point months ago 😄
I laugh at the banks, they had it coming
Jokes in on us. Taxpayer will bail them out.
Exactly, the banks don’t care. They’ll be bailed out again.
Big losers will be the dealers
100% fucking crooks
I laugh at the people who bought a vehicle they couldn’t afford 😂 nobody should buy a vehicle on time. Buy a beater and save up for your next vehicle!
I have a lot of respect for how much work you do in your videos. Thanks for sharing!
Don’t blame the lender for your own bad decision. The reality is your responsible for any contract that you sign in life. Most of those are very expensive newer vehicles. It’s your responsibility to run some numbers before buying something you can’t afford. The lack of accountability these days is mind blowing!
i don’t even blame dealers, in fact they can jack up prices if they want… the issue is 99% of people buying cars worth more than their income
@@carnologgy Exactly, the dealer is there to sell the car and provide service. That’s it, they’re not a financial advisor or a babysitter for adults
Lots of Challengers and Chargers are being repo'd. I wonder what type of people are buying those and not paying for the loan? 🤔
Most are males 18-25 year old who got a stimulus check for a down payment or college loan used for down payments and now can't pay the payments.
Old white guys?
Wait until student loans kick back in…
You know its bad when at an auction the bid price goes in reverse. $35,000 to 28,000?!
They are all blood suckers period, all want a “deal” but never want customer and dealer deal just a dealer “deal”. As in I want a cheaper car so I can mark it up and sell to another sucker for more.
Thanks for doing this for all of us. I’m in the PNW so our car/truck balance and inventory is skewed differently. We also don’t have to deal to much with rusted out cars and being forced to replace vehicles every xx amount of years due to this issue. I appreciate your information and while I’d like a newer vehicle than mine I’m still going to put money and some tlc into my rig as its paid for and still a good vehicle for my needs. Thanks for your efforts.
The main problem is the dealers want to hit a home run on every deal. They under value the trade in, finance at the highest rate, and the poke on the new unit. Then upsell insurance policies. Same goes for when they sell used.
Your channel is the truth. I appreciate your honesty and your sharing the numbers with us. Thanks, man.
It almost seems like Challengers and Chargers are financed JUST to look cool... I'd never buy a boat anchor like that, they are straight up GARBAGE!
Amen.
Same thing as Harley Davidson!!!! 😊😊😊😊😊😊
I bought mine because I've always loved classic muscle cars and the Challenger is a timeless design with an objectively awesome motor. It's pure Americana lol
@@SurR3AL392 I agree with that, but it's so enormous and can't really do much with all that horsepower, especially on normal streets. I'd love to have something that did more than just spin tires, but I bet if I had unlimited funds I'd probably buy one! 😆
I've had two Dodges: A Mirada with "fine Corinthian leather interior" and an Intrepid. Both cars had severe transmission issues at less than 75K miles.
So that dealership would rather sell it at a massive loss at auction than to give a customer a discount.
The other reason they dont want to lower prices at the dealership: if they did, they would have to lower the price on everything. So they keep high price tags on everything at the dealer and quietly scoot away the stuff thst isnt selling instead of lowering the price, so that you dont have that choice to buy anything reduced price.
A smart dealer will do what he has to do. A dumb one will go broke.
He said that in the video
I've been looking at Honda's, and Toyota's for a bit. From what I see the dealers have been pricing the used ones at new car MSRP prices. I guess like me, people just aren't falling for that crap anymore. So, off to the auction they go.......
last year i was looking for a highlander, looked at used, and the prices of one with 100k miles were barely 10k cheaper than totally new, so i gave in and bought a new one
No sales equals bye bye dealer in 6 months.
@@pigjubby1 for me it was more of an issue of not knowing how well maintained it was, i dont personally use warranties. every time ive tried they basically duck out of it with some sort of loop hole. so knowing its being babied the way i like is just a different level of peace of mind. plus its super nice to have a new car lol
Facts. I was looking for a used 2021 Rav4 hybrid. they go for around $38k...So i just boughta 2023 CRV hybrid brand new for the same price.
Started watching few weeks ago this is a great channel,,! Keep up the good work
The best option is to keep raising these rates. It prevents un qualified buyers from overpaying and it burns sales people trying to sell overpriced cars since the prices will deflate. Keep the hikes coming!
Agreed
Either way, the economy is doomed
It would be interesting if you compared sold prices with current NADA book values to show where the market is really headed. Great content, thanks
Great video! I can’t believe that Camry brought more money than that Equinox. Also, I saw several pick up trucks in your video but you only focused on one and how much it sold for. It would be very interesting to see how much some of the other trucks went for, that would help everyone get a general idea of what the pick up truck market is doing. Thanks for your hard work, Brandon!
He has on other vids. Its falling like a rock. Truck buyers are the worst in overpaying. Ego runs their show and is living rent free in their heads.
Because the equinox is unreliable junk. Most dealers know about the Transmission problems on those cars so they never bring as much as they should.
My first new truck 16 miles on the odometer I paid 2600 dollars cash in 1976 no usless crap just a heater and 3 speed on the column.
I've never understood wasting money buying a new car.
2014 I bought my 2004 Toyota Sienna with 110k for $5900,
I has 200K now, I've recharged the air conditioner, 1 wheel bearing in 9 years, NO CAR NOTE, looks okay & runs perfect.
There's nothing wrong with buying new if you get what you can afford.
I've bought 4 new motorcycles & 4 new cars/SUV over the last 35 years.
Of the last 4 vehicles I've bought since 1998, I still own 3 of them, the other one got retired to the junkyard with over 300,000 miles on it.
Some cars gain value or are worth buying new in general. The trick is getting the right ones.
My dad taught me many good lessons. One really good one was if you can’t buy it with your own money then you can’t afford it. To this day I’ve followed that and I’m wayyyyyyyyyyy ahead.
That nice. Not all of us have that luxury.
@@chrisx5127 most ppl could do it but choose not save and buy a beater. I drive beaters for 20yrs.
@@paulm1690 just because he grew up in a different time doesn’t mean it was bad advice. Most people can buy cheap cars but choose not to. That’s the problem, they want to keep up with everyone else.
I would be very leery of buying one of those that were repossessed. Too much a chance they were driven irresponsibly, causing excessive wear.
i just started working at carmax last week (great company to work for so far). The amount of cars people are bringing in and just selling is nuts. We have at least four-five 18 wheelers coming in every single day picking up sold cars and taking them to auction. People are coming in and just admitting they were screwed over by other dealers and they just need to get rid of it.
So Carmax is overloaded on inventory? I'd be worried if I worked there.
Carmax is in big trouble… them and Carvana are probably the ones flooding cars into auctions right now. I do like Carmax though, they actually sell some used high performance vehicles and not base model cars.
Challengers and chargers are the new escalades if the early 2020s. I remember seeing so many escalades and navigators as kid that had spinners and over sized rims. The fixation doesnt go away it just goes to new cars.
These auction prices still seem like high retail prices to me. I AM cheap though. The Challenger Scat Packs are very popular but that price seems way up there.
The price of the new toys is floating in the ether. You have to have taken leave of your senses to participate in the bubble economy. Banksters are gangsters. You wanna play you gotta pay.
Next recession will come real valuation
This video is convincing me to sell my Widebody Charger. Too many repos, the value is gonna tank soon
Be less of them, and yours will go up on down the road.
@glenshepard6960 Not by as much as Tesla stock after the next recession
@glenshepard6960 no it won't.
@danielfair4675 people who got rid of chevelles novas and Road Runner back in the day thought the same when gas prices and insurance went out the roof. Those vehicles are worth several times more in the last 30 years than their original price. They were sound investments. This is the last year for challengers and chargers, and with a large amount, they have been either stolen or wrecked. History will repeat itself.
@@glenshepard6960 I already have $20k in equity, it would normally take 40 years to see that return. In 50 years, my actual investments will make this laughable. Investing in cars for the average person is a terrible idea.
Thanks for your hard work producing these videos. I really appreciate your knowledge and excellent commentary.
Times are weird. The US dollar is losing purchasing power due to inflation while strengthening against other currencies and assets. The stock market, real estate, crvpto AND precious metals are down because people are fleeing to the "safety" of the dollar. where else can we put our investment money? I can't afford to see my savings of around $320,000 turn to dust in front of my eyes.
Personally, I would say have a mentor. Not sure where you will get an experience one, but if your knowledge of the market is limited, it seems like a good bet.
@@leonardives1991 I agree. A CFP named "Mayra Femia Hetrick" is an exceptional investment advisor.
With her help, a stagnant portfolio of $150,000 grew to over $580,000 in just 18 months.
Sure, Fiduciary CFP are outperforming the market and generating good returns, but some charge a lot, as their services are currently in greater demand than ever.
Stocks are up big time YTD. I dunno where you see they are down...
@@luigijohson6732 So the SCAMMERS are here too.
I saw two bank repos outside of a bank for sale recently
Appears people seem to want to “Dodge” car payments right now.
Lots of them out there.
Dodge's 84-month financing is the worst idea ever.
Or "Ram" home their problems on someone else.
Nice to see a lot of dealers now regurgitating back what they thought they had "earned" with overpriced schemes and deceits. This is just the beginning of the depressioni. And soon many manufacturers will be looking for ways to skip the middle man. Tough times ahead.
CEOs have golden parachutes with millions guarenteed if they run the company into the ground. Its just a talking point on their resumes. Success/failure. Not my fault.
Joe Biden's (handlers) America
As always, I appreciate the consistency of these updates
In the early 1980s I was a driver for a detail shop owner who would buy cars at LA auto auction. Detail the cars in San Fernando then run it back through the auction a week later. He would always make a nice profit on each car simply because they looked cleaner. Never did any mechanical work on them. Just detailed them. 😂
From a business perspective dude is genius.
Yup, the chickens are coming home to roost now. I do recall seeing an increase in chargers, challengers, and car accidents after people received their covid payments. Now I see the repo guys working overtime running up and down the street collecting these cars.
Thank you Brandon for the update. I see the price will drop for all used cars. 👍👍
I only at subscribe because at the end you actually give the prices. People paid at the auction house which is very rare nowadays. So thanks so much!
I wrecked my 98 Sentra (with a manual transmission, so it is a little fun) but I just put $1000 in fixing it instead of bothering to get a different vehicle...it took me a while to find a good cheap-ish used car in this market and I wont let go! In the accident I also destroyed the compressor and some lines...but that will have to wait to be repaired, icne I never use A/C anyways....yes, you may think I am a Reptilian . I live in Atlanta too.
To add to the problem, there are not enough companies to get the repo cars, some owners are putting on phony temp plates so can't be id'ed by repo companies, the banks and finance companies are afraid of getting too many cars back, many are in rough and damaged condition when recovered, some are hiding their debt ridden cars to make it difficult for repo taking.
In Seattle tacoma area I see huge areas of parked newer but damaged cars. I'm talking hundreds on a fee acres in thr woods. Is this what is going on?
Ya its probably a repo lot. The tow trucks grab them and then hold them on a lot unitll the bank arranges transport. Could take days, weeks or months!
Hi Brandon. I live far away from your place nevertheless, I like your channel very much. Here in Poland, we see exactly the same symptoms of a coming recession.
If I was on the verge of a repo, I'd part out the vehicle for cash and/or swap projects. Bank can have the useless shell.
Please review more 2021-23 cars so it’s easier to understand how prices change comparing to new MSRP
Ahh feels good seeing all the repos
Just a sign that prices are coming down
Been seeing more an more foreclosure due to people buying exspsive houses aswell
really liking the out-takes and bloopers at the end. good medicine.
these videos are a benefit.. will definitely support this channel 👍🏾
Bidenomics in FULL EFFECT!
These folks get sold a payment, many times its one they really couldnt afford but the finance man got the deal done at an 8 yr loan......haha.
I would never again get jammed up in some high payment. Not for a car or truck. Now that I have experienced having all my stuff paid off, not owing jack sh*t, never going back....lol
You are working for someone else. A slave. The essence of lending.
Really good content. I like how you go back and did a recap. Great video.
My neighbor has a challenger...she shares a rental with several other adults...she's wrecked it once already...Repo man is lurking because these rides are overpriced, junky, and expensive money pits...😲😲😲
Another great job, Thank you.
Thanks for the video but living in the hood, we already started to notice this about this time last year. Boy when them stimulus checks hit, looked like Dodge was giving away everything on their lots and every 10-20 year old BMW/Benz from a used car lot were proudly showed off. Now everybody is rocking the bus pass
💯! This is exactly what is happening. People hella overpaid for cars the last couple of years because of all the free money, now interest rates are higher than ever. People are paying more in interest than the actual car.
I thought it was just me. I have never seen this many ppl determined to ride "foreign". Once the maintenance costs kick in, those cars get dumped
This is what happens when banks are overexposed to consumer loans; they want to show the cars as assets worth (at least) what was owed, but as they get more and more of these cars, they will be forced at some point to sell them well below what they show the book value. You may see banks starting to go under.
Good. Fuck em.
Time to short ally
Some have already and rightly so.
I think they are starting to sue the purchaser of the original vehicle for the price difference they're starting to come back in all kinds of ways they're not going to take a loss. I even heard that if you have another car with that big that you're making timely payments on the bank can repo your other car!
Its going to happen with houses. It is happening with office buildings. No bailout. They played now they got to pay.
Great channel, awesome info. People who have cash can get sweet deals now👍
This is just getting started
Or they can get taken for suckers. "Never try to catch a knife in a falling market".
I was brought here to your channel by Jeremiah Babe. He's been talking about the epidemic of people buying Charger/Challenger on hand out money and they were destined for repossession.
I can't imagine how much those challengers and chargers smell like smoke inside. I can see the tons of blunts burned in those. If only banks took EBT for car notes. Good to see all the 'free' money drying up.
You fool its not drying up 😂😂😂😂😂😂 i steal from walmart literally DAILY. THIS IS ALL ON YOUR 🫵🏿 tab regardless 🤣🤣🤣
Lol
Tell them how you really feel
I'd assume any and every charger/challenger was subject to side shows and/or police pursuits.
Snake has one on the Simpsons. Oh no the coppers.
Thanks i enjoy your channel. I appreciate the education. Take care.
Revolving credit sucks for them small dealers for sure that’s why the car auctions got so big in the first place. I’ve seen the same cars go through auction 3-4 times being bought and sold by only dealers.
I’d be willing to bet 10k dollars that none of those challengers that come through are manuals ever.
Can you keep an eye on Hyundai/Kia's? I have a 2010 sonata and was denied insurance from Flo at that one insurance company due to all the thefts recently. I'm curious how the market will react in addition to the POS GDI motor. Thanks for the content and keep up the good work!
Now only a $1k dealer markup!!
I had a 2016 sonata 1.6T and the engine just blew at 70,000 miles :(
Subscribed. I like your approach and honesty, and have watched a few of your vids before this one. List a few good cars, before auction/after auction prices is good tactic, lets us see the range. Thanks!
I traded in my Chevy 3500 work truck. It was in excellent shape, no rust, no dings no dents, no logos, and the interior was detailed, Yea. 176,000 miles. They gave me $18,000 for it, and it went right straight to the auction. Never heard how much they got.
Great stuff. I don't know when the system will break/correct but it feels imminent. I'm curious if Burry is early again with his prediction.
Its going down boopie and I cheer the fall. Good bye fools, its time to get educated.
They’re always early. Biggest volatilities:
Chhhhhzzzyyyyyyynnnnnaa RE Ponzi contagioning to black rock
2. CMBS defaults and/or inability to refi when existing loans mature
3. ChatGPT swallowing jobs en masse
Why is it always Dodge muscle cars in these auctions? Why are banks giving car loans to young knuckleheads?
Its only 13% of the "young knuckleheads" buying them though.
Capitalism
@@pigjubby1 I'm sorry but students are buying Civics and Corollas. Zeke from cabin creek is buying his redneck fantasy car with a 10th grade education.
Education or dream car, it really doesn't matter which if, at the end of the day, you can't pay the loan back then it is functionally the same thing: over leveraged debtors facilitated by overzealous lenders.
At least personal bankruptcy will relieve the car owner. An education loan is a form of indentured servitude at this part. Lenders and debtors need to be more responsible.
NASCAR fans who make poverty wages and keep voting for more tax breaks for millionaires.
Like your style man, just subbed. Keep it up and thanks for the good, interesting info!
Challengers and chargers? Body damage and lack of pride of ownership? No concern about their credit? Big wheels and skinny tires? Who could these people be doing this?
People be doing this ? " People that are doing this."
I was waiting for our paperwork to get sorted for our car and overheard our salesman talking to the manager about another customer and how terrible her credit was. The manager somehow figured out a way to get her in a new car. Surely, it got repossessed not long after she rolled out of there
I had a 2018 camaro 1le enjoyed it for a year and a half and actually sold and made a good chunk. That said the payment wasn’t crazy as I bought the camaro at 35000. What costs me the most wasn’t the payment. It was the insurance, premium fuel, and very expensive tires and oil change. These cars were seeing at these auctions are high maintenance cars.
How much were you spending monthly on gas? Im trying to decide on a ss or benz
I was thinking this the other day. The tires alone are insane, and these guys love shredding them. Also, one of my cars gets like 17mpgs and that shit hurts. I don’t know how they keep up
High performance cars are going to have expensive maintenance and up keep. A lot of people may be able to afford the car but can't afford the maintenance. I bought my 1LE new in 2020 and just now has 3800 miles on it. It sits in garage with a cover on it and I have a tahoe and avalanche that share in daily driver duties.
@kinggee6299 dude get a fuel efficient good car. A camaro ss or a Benz would be a horrible choice. Get a toyota corolla and save yourself the money and headache
Thank you for this knowledge. ❤
thanks for posting watch every video
jesus these auction prices are still insane.... wtf are these dealers doing?
I can barely hear the planes. No biggie. Your material is great. I share your channel with everyone. Your very informative. I won't get screwed so bad the next time I buy a vehicle because of your channel. At the very least I'm learning real value about cars, something everyone has to have. It's not the impractical, "if I had a million dollars to invest" type of videos that make a difference to the average working man. It's videos like these. How many vehicles will I buy in a lifetime? ALOT! This is real life, practical knowledge, that a guy can actually use and save himself from alot of headaches. Thanks for the honesty! Plug away, you're one of the channels that needs promoting! 🍻
Don’t worry about every plane your clear and concise enough that it’s not a problem, when your channel hits a million you can hire an editor.
Prices are shickingly high, but i guess thats just where the used market is right now. Paying 30k for a car with 100k+ miles on it is crazy.
I wonder who is buying all the Chargers/Challengers and Nissans.. 😄
I might buy a challenger but I won't be buying a charger or Nissan that's for sure
In the ghetto that is from an Elvis song
@@samuels4777😄
Fresh army/marine privates with that 26% apr loan lol. Jk.
@@bc_usamy friend’s Titan V-8 grenaded, good thing he had that warranty. Ring failure I believe it was, with fairly low miles
and to think with a 700+ credit rating i was refused a loan twice last year now they are begging me to come buy a car and finance it but in the amount of time they refused me i was able to save money in a jar quite literally in a jar away from their bank cause they were gonna make money on my money why help them if they don't help me ? and i can go pay cash for the next one
You have to go where your business is wanted. If they are not lending its irrelevant how loan worthy you are.
I agree
Doing the best with what you have to work with is the trait of a GREAT BUSINESS MAN.
Good morning
By chance if you are out and about could you look at used Mercedes Suv prices ? Love your videos ! Keeps muggles informed . Thank you
Chargers are pretty nice looking cars. Thought about getting one until they started multiplying like rabbits all over the place.
indeed shit
You're not soliciting likes and subs, you're reminding us to stop drooling over the great content and take a bit of action to help keep you going 🖤
Good video, a very solid indicator of the economy
Your noise issues aren't a big problem . I like the realism!