This has to be a warning sign for the overall financial security of the American public. Like you're 100% right that most of these are signs of bad decisions...that our society has normalized. And now consumer culture doesn't match with the reality of our situation. It doesn't point to a very rosy future when both a nation and its citizens are spending out of control.
Maybe Co-Part ought to start charging Lot Rent after the vehicle goes through so many auctions that are refused by the banks. If the banks had to pay lot rent those cars would not sit for very long...
Nice just got home from work now put RUclips on and first thing on my screen man is AAR just what I could do with after a day like today just tuned in now!👌👍👍
Well Randy, I know here in New York the banks will sell your repoed vehicle and whatever the balance is left the consumer is on the hook for it + if you own your own home or have anything like that they can attach it for the remainder of what is owed
@@billstreber5194 Makes sense. I currently live in Canada and banks are taking a big hit. I just lost an auction bid on a mint 2023 BMW 900 motorcycle still under warranty. Bank loaned 14k and let it go for 7 300$ at auction. Crazy.
I always used a mechanics stethiscope I carried in my auction stuff. I am sure you probably have one but you would look good under the hood of these cars using one. In the old days when I was buying tons of cars the stethiscope found what most people thought was rods knocking , to be fuel pumps , clutch fans, and many things that cost much less than fixing rod bearings.
yesterday at auction there was a repo 2001 pt cruiser that probably had about 10k of custom work done on it. Paint, interior, engine, custom body, etc. It sold for 550$!!!!! runs and drives too! (only thing I notice was air bag light on, that's it)
Unless it is a early default the banks aren’t the ones taking the “L” here as they package up these loans and securitize them to other investors (think of the movie “The Big Short” and make it car loans rather than home loans). Also, I have zero sympathy for Santander as they are the largest sub-prime lender and are making up any losses but what they are making on the high interest performing loans.
Back in the late 80s, me and my buddy went to the dealer for a Nissan stanza. He needed a car for his mother-in-law.. while we were there, a salesman with a customer on the showroom floor. We’re ready to box it out for the price of a Nissan hardbody.. The guy wanted a deal., and the salesman or sales manager wasn’t budging. And literally, they were screaming at each other on the showroom floor with their fist in the air ready to duke it out . Now that was negotiating over the cost of a vehicle. Today people just sign their life away. Bizarre.
Forty five minutes well spent. You are absolutely correct about where the end of the repossession trail leads but you know that. Great video as always. Thank you.
Regarding loans, I understand where you're coming from when it comes to personal responsibility, but don't go excusing the banks too. Making bad loans is what caused the 2009 crash: the employees chasing commission over due diligence in reviewing applications properly, the corporate belief in never-ending profit, it all adds up.
IDK about the MB year but on my 11 you can reset the head rest if parts didn't break. The 3.0 and 3.5 are same block. I've heard about the balancing but never had an issue with the 3.0. It's been fairly reliable for a benz
you are so right, the person that signed the contract. All they saw was hey i can make so much payment right now, who care about tomorrow. They can just take it back. Banks should have subtracted the markup and gone we loan x. dealer well goes back to buyer no not paying that, but look we got your payment amount
I hate how some of these newer cars don't come with a spare. That should be a given. My grandma has a 2010 Malibu which came with the inflator in place of the spare.
Hey randy. I was watching some weather forecast and I saw that Oklahoma could be getting some hail. I immediately thought of your channel and all of the hail damaged cars you deal with. I hope that it doesn't hit the auction car lots and cause damage where there previously wasnt.
About that Infinity through Credit Acceptance, they give you a powertrain warrenty with every vehicle that handles repairs so for that vehicle to end up there like that you were right to walk away
The blown headrests in the Merc could be because someone was messing around with the electrics in the back, that you spotted, might have accidentally triggered the rear collision sensor.
When i heard American Credit Acceptance lol. they brought cars to my location for a few years and those where some of the most predatory loans i had ever seen.
So is that why they don't allow code readers because they want most of those cars to sell and if people hooked those cars up to code readers and saw all the problems wrong with the cars they wouldn't buy them.
Could also do a lot more scandalous stuff, people could make extra sets of keys, do whatever was said " simple " code scanner and someone's coming in with a full screen pad
I was one that did this... Back in Sept. of 2023, I let the Dealer talk me into a vehicle that I regret.. I needed a car, because my last one was not quite reliable.. and had some mechanical issues.. Yes it was me who let them talk me into it... but my interest rate is... 25%... Its insane.. My credit was crap.
@ well let me help you on your loan…. I’ve always told people with bad credit that absolutely need a car NOW that if their rates high from bad credit or no credit DO NOT finance more than say 7000… now today 7000 ain’t getting u much… the way to offset that high rate is add as much as you can afford extra to the payment if your payments 450 try paying 600 each month or more… it will offset the total Interest your paying..and make sure the extra ea month goes towards principal….
Thats why I waited to buy a new car in Feb of this yr. Prices dropped alot. I got Santander and never heard of em. My payments are high but I didn't get shit on my trade and I didn't push it. 1500 down essentially. And my 2015 escape non turbo was deff worth 9k with 125k miles and mint for its age but you only get good trade value on a car under 4-6yrs in a normal car that is. But stupid ppl buy 80k dollar chevy vehicles 3 to 4 yrs back.
Warren Buffet told us about this market indicator ages ago, when the dumbest person you know shows up driving something better than you, a recession is around the corner
Hello Randy. The Repo lot there at Copart has gotten large. The banks are losing money on the cars and trucks. A lot of people have also lost their jobs too.
You can blame consumers all you want, but you can punish the consumers for taking out unwise loans when you have to have a car in this country, or you can punish the banks for irresponsible lending. Only one of these will solve the problem longterm.
I understand about loosing your car to repo. I used to work in Oklahoma City as an security officer and I hurt my neck which put me in a job closer to Shawnee eventually my car was damaged in huge pot hole 🕳️ I filed a claim with the city went through all the channels just to have them call me and say they weren't going to pay the full estimate which left me stranded and without money to repair my car and no transportation the bank repoed my car from where it sat never even seeing the shop.
The cars themselves are part of the problem. Something made in the last 5 years is so low quality and disposable that it gets economically totaled when one major repair is needed. People are allowing repos to take place because hey are wising up to this fact and really do not care if the car is taken after it has given them trouble. If you had vehicles like the 90s Toyota Tacoma or even a Camry made before 2002, then people would make cuts in other areas of spending to keep the car.
Hey Randy! You know, Hyundai does not consider the Hyundai Santa Cruz a truck either. They call it a, "Sport Adventure Vehicle (SAV)". The company doesn't want anyone to refer to as a truck. Them they selves don't call it truck.
@AutoAuctionRebuilds The wheels on the Mercedes you put on your watch list are mis-match. It looked like at least the passenger front wheel is different.
I wouldn’t call it a rant but it’s more like frustration as they just don’t get it, also why do they seam to damage the car before repossession takes place 🤷
Bmw’s and newer Hyundai’s /Kia’s Should Have On Board Diagnostic Systems, Which will tell u engine trouble codes. You should learn how to Use the The Vehicle’s Systems.
One should think that a car buyer who would be. branded a bad loaner when he/she is in debt by the bank and end up in a register for bad loaners . Get a loan in the future will be almost impossible until the old loan has been payed off .
The one gamble the banks are taking by letting the cars sit so long is that they are in the open - hail targets. After a big hailstorm, they will take an even harder loss.
But they won't. The auction pics of the cars will be before the hail storms. Bidders won't know. All cars are sold as-is where-is. Pics are not guaranteed to be actual condition. It's in the TOS.
29:45 Randy, it’s called a cute Ute. Trust me, I don’t like it either. My Yamaha MT 10 is called a hyper naked. I can live with that. I can’t live with cute Ute lol
![[Podcast] Est-ce que les aliens existent ?](http://i.ytimg.com/vi/YlHCy84mNe8/mqdefault.jpg)
I have been watching Your channel for a long time. But Lately You are so whiny. Very Annoying.
Then maybe you should watch something else. You are literally on my channel whining about my video while complaining that I am whining…
Shut yo a$$ up
@@AutoAuctionRebuilds🤦
Move along buddy
@@AutoAuctionRebuildslol
This has to be a warning sign for the overall financial security of the American public. Like you're 100% right that most of these are signs of bad decisions...that our society has normalized. And now consumer culture doesn't match with the reality of our situation. It doesn't point to a very rosy future when both a nation and its citizens are spending out of control.
It’s pretty scary when people with good credit are willing to let their cars get repossessed.
Exactly!
I think they should not have let the car lot talk them into a new vehicle knowing they can’t afford them
Amazing how many are first time buyers. They never knew what hit 'em.
Sometimes its unavoidable.
Cash is king. If a person know they can't afford payments, credit isn't going to help. Buy your butt a cash vehicle.
Maybe Co-Part ought to start charging Lot Rent after the vehicle goes through so many auctions that are refused by the banks. If the banks had to pay lot rent those cars would not sit for very long...
Like a tow yard that charges daily storage fees.. makes sense but copart makes a shit ton of money on both sides of the sale
The first like 90 or 120 days are free but after that they do charge the seller a daily fee for storage.
Nice just got home from work now put RUclips on and first thing on my screen man is AAR just what I could do with after a day like today just tuned in now!👌👍👍
Well Randy, I know here in New York the banks will sell your repoed vehicle and whatever the balance is left the consumer is on the hook for it + if you own your own home or have anything like that they can attach it for the remainder of what is owed
@@billstreber5194 Makes sense. I currently live in Canada and banks are taking a big hit. I just lost an auction bid on a mint 2023 BMW 900 motorcycle still under warranty. Bank loaned 14k and let it go for 7 300$ at auction. Crazy.
I always used a mechanics stethiscope I carried in my auction stuff. I am sure you probably have one but you would look good under the hood of these cars using one. In the old days when I was buying tons of cars the stethiscope found what most people thought was rods knocking , to be fuel pumps , clutch fans, and many things that cost much less than fixing rod bearings.
yesterday at auction there was a repo 2001 pt cruiser that probably had about 10k of custom work done on it. Paint, interior, engine, custom body, etc. It sold for 550$!!!!! runs and drives too! (only thing I notice was air bag light on, that's it)
I would have bought that lol
I remember when those things were the craze back in the day. They were very quirky.
@@AutoAuctionRebuilds I was going to buy it but I would have to explain to the wife why there's a pt cruiser and not a minivan in the driveway.
@@unknownvalor9755 you should have sent the link to Randy! That would have been great content
Lolz you made the right decision my friend 👌
Good rant on how the banking system and car sale go. We are in trouble.
I love ❤your rants Rrandy.
They’re so informative and educational.
Agreed
I remember when the housing market crashed in '08-'09.
It was bad.
Thanks for your insight.
Unless it is a early default the banks aren’t the ones taking the “L” here as they package up these loans and securitize them to other investors (think of the movie “The Big Short” and make it car loans rather than home loans). Also, I have zero sympathy for Santander as they are the largest sub-prime lender and are making up any losses but what they are making on the high interest performing loans.
Doesn't the fed..print trillions and hand them a bailout.... And give em a raise for each default??.... seems so
Copart OKC is like an ant trail going down US-277 to the border in mini-trains of three, connected with tow bars.
The new intro is awesome man!
Those are self wash coins. The grooves are mirrored on the deposit container. They use those in place of quarters.
I would have loved to gotten my hands on that 300, due for a newer vehicle soon. Beautiful ride.
I agree, this is getting out off hand
Here in NYC, Hertz sells them outright at a set price, no haggling.
Back in the late 80s, me and my buddy went to the dealer for a Nissan stanza. He needed a car for his mother-in-law.. while we were there, a salesman with a customer on the showroom floor. We’re ready to box it out for the price of a Nissan hardbody.. The guy wanted a deal., and the salesman or sales manager wasn’t budging. And literally, they were screaming at each other on the showroom floor with their fist in the air ready to duke it out . Now that was negotiating over the cost of a vehicle. Today people just sign their life away. Bizarre.
Forty five minutes well spent. You are absolutely correct about where the end of the repossession trail leads but you know that. Great video as always. Thank you.
Regarding loans, I understand where you're coming from when it comes to personal responsibility, but don't go excusing the banks too. Making bad loans is what caused the 2009 crash: the employees chasing commission over due diligence in reviewing applications properly, the corporate belief in never-ending profit, it all adds up.
IDK about the MB year but on my 11 you can reset the head rest if parts didn't break. The 3.0 and 3.5 are same block. I've heard about the balancing but never had an issue with the 3.0. It's been fairly reliable for a benz
Always enjoy these auction lot walk around vids, ❤
Tinted windshields are awesome as long as you do something like 70%, that way you can still see through it but get the benefits of tint
you are so right, the person that signed the contract.
All they saw was hey i can make so much payment right now, who
care about tomorrow. They can just take it back. Banks should have
subtracted the markup and gone we loan x. dealer well goes back to
buyer no not paying that, but look we got your payment amount
I hate how some of these newer cars don't come with a spare. That should be a given. My grandma has a 2010 Malibu which came with the inflator in place of the spare.
Hey randy. I was watching some weather forecast and I saw that Oklahoma could be getting some hail. I immediately thought of your channel and all of the hail damaged cars you deal with. I hope that it doesn't hit the auction car lots and cause damage where there previously wasnt.
"Powered by Jesus"
I could've sworn it was a 4 cylinder.
Thanks again for your update.
Love ur Smell test Dandy Randy ☝🏽👀
Active headrest restraints will often break as the car ages. Old clips give way over time. Probably happened here without a collision.
This going too get interesting.😊
Wow that Mercedes was nice there very reliable cars! The one from the ninety’s are they best because they last you forever
About that Infinity through Credit Acceptance, they give you a powertrain warrenty with every vehicle that handles repairs so for that vehicle to end up there like that you were right to walk away
Wow all the repos that’s crazy. Benz I’d walk away. Infinity is nice clean it up I’d drive it.
The blown headrests in the Merc could be because someone was messing around with the electrics in the back, that you spotted, might have accidentally triggered the rear collision sensor.
I live in jersey and my car is tinted 5% all around and windshield too never got stopped and no front plate either
That 2013 E350 was long after they corrected the balance shaft issues. The balance shaft issue was corrected in early 2008
That is my favorite body style of the Mercedes E class.
Santander consumer USA has been too good to me to not pay mine. I have a really good deal on my jeep.
In Australia the Santa Cruz would probably be classified as a Ute
I came to say the same. It makes sense to me to use that term in the U.S. too.
honestly ur video helps me after a bad day i watch your videos every night my wife and i.
You are 100% right
Thank you . . . GOD BLESS ALL 4 I AM THE SHED ! ! ! ! p.s. The forest from the trees !
When i heard American Credit Acceptance lol. they brought cars to my location for a few years and those where some of the most predatory loans i had ever seen.
So is that why they don't allow code readers because they want most of those cars to sell and if people hooked those cars up to code readers and saw all the problems wrong with the cars they wouldn't buy them.
Could also do a lot more scandalous stuff, people could make extra sets of keys, do whatever was said " simple " code scanner and someone's coming in with a full screen pad
I was one that did this... Back in Sept. of 2023, I let the Dealer talk me into a vehicle that I regret.. I needed a car, because my last one was not quite reliable.. and had some mechanical issues.. Yes it was me who let them talk me into it... but my interest rate is... 25%... Its insane.. My credit was crap.
Why didn’t you just fix the mechanical issues with your old car? 25% rate??? I woulda walked away anything past say 12%….
@toddprater14 I should have, looking back at it. Should have.
@ well let me help you on your loan…. I’ve always told people with bad credit that absolutely need a car NOW that if their rates high from bad credit or no credit DO NOT finance more than say 7000… now today 7000 ain’t getting u much… the way to offset that high rate is add as much as you can afford extra to the payment if your payments 450 try paying 600 each month or more… it will offset the total Interest your paying..and make sure the extra ea month goes towards principal….
So what would you call a Chevy el Camino or the ford ranchero? Since the bed isn’t separate from the cab.
And I think the Ford sport Trac back in the day started the whole SUV/truck combo craze.lol
Live within your means people...zero sympathy for these people.
@movieguy1985 i agree but at the same time man last 3 years it's been terrible everything is just too damn expensive
@@iAmlVluted Bidenomics at work. That man has destroyed America.
I can bring a scanner to my local repo lot, helps weed out the junk
sin't this a re run?
Yes if you follow his channel Randy was sick as a dog last week so he’s doing reruns as he recovers.
thanks again for making great videos randy
Thats why I waited to buy a new car in Feb of this yr. Prices dropped alot. I got Santander and never heard of em. My payments are high but I didn't get shit on my trade and I didn't push it. 1500 down essentially. And my 2015 escape non turbo was deff worth 9k with 125k miles and mint for its age but you only get good trade value on a car under 4-6yrs in a normal car that is. But stupid ppl buy 80k dollar chevy vehicles 3 to 4 yrs back.
Bad thing with the heavy tint, is that you can't see where you are going at night.
Good video 😀
Lease plain is a corporate leasing company that deals with Autozone and they aren’t taken care of and we don’t keep them long
Warren Buffet told us about this market indicator ages ago, when the dumbest person you know shows up driving something better than you, a recession is around the corner
No money in the system state to state bro but keep pushing blessings
Hello Randy. The Repo lot there at Copart has gotten large. The banks are losing money on the cars and trucks. A lot of people have also lost their jobs too.
This is how bad the economy is right now where new vehicle payments are so impressive that people can't afford to pay there payments
@26:15 if it has a bed, it’s a truck. Period😂.
Yeah no thanks!
You hit the nail on the head. Loose the got to have it mentality, if it not a fair deal walk away
Ute is what Australians would call a Santa Cruz, Ridgeline, or similar. The modern day El Camino (gentleman truck).
I'm renting to drive Uber through Hertz, I'e had a few vehicles with them and ALL of them have bad transmissions.
You can blame consumers all you want, but you can punish the consumers for taking out unwise loans when you have to have a car in this country, or you can punish the banks for irresponsible lending. Only one of these will solve the problem longterm.
Not only did the dealerships over price those worthless cars but the car insurance company's are changing dam near more just to drive them.
total agreement with you...the CUSTOMER is responsible....nobody forced them to buy a car they couldn't afford...
in a way that not true because they feel trap not only the dealer bs them the bank as will
Some people got double paid by unemployment insurance during COVID-19 and could afford the car's when they bought em.
Perfect time to cop
I understand about loosing your car to repo. I used to work in Oklahoma City as an security officer and I hurt my neck which put me in a job closer to Shawnee eventually my car was damaged in huge pot hole 🕳️ I filed a claim with the city went through all the channels just to have them call me and say they weren't going to pay the full estimate which left me stranded and without money to repair my car and no transportation the bank repoed my car from where it sat never even seeing the shop.
That first car you showed the Mercedes has one mismatched rim on the passenger side front
I could smell that Jeep through the screen. You got into it but snootily pooh pooh the Caddy without even opening the door.
The cars themselves are part of the problem. Something made in the last 5 years is so low quality and disposable that it gets economically totaled when one major repair is needed. People are allowing repos to take place because hey are wising up to this fact and really do not care if the car is taken after it has given them trouble. If you had vehicles like the 90s Toyota Tacoma or even a Camry made before 2002, then people would make cuts in other areas of spending to keep the car.
Hey Randy! You know, Hyundai does not consider the Hyundai Santa Cruz a truck either. They call it a, "Sport Adventure Vehicle (SAV)". The company doesn't want anyone to refer to as a truck. Them they selves don't call it truck.
@AutoAuctionRebuilds The wheels on the Mercedes you put on your watch list are mis-match. It looked like at least the passenger front wheel is different.
I love long videos.
That KIA Truck looks nice though ❤
The coins in the 300 is for the Laundromat…
It's not mostly the payment it can be insurance problems. Most case sanerio
I wouldn’t call it a rant but it’s more like frustration as they just don’t get it, also why do they seam to damage the car before repossession takes place 🤷
Bmw’s and newer Hyundai’s /Kia’s Should Have On Board Diagnostic Systems, Which will tell u engine trouble codes. You should learn how to Use the The Vehicle’s Systems.
see any RHD manuals around?
No matter what even if you buy a new car.Now the minute you drive it off the lot the value already decreased.
Do you need a dealership license to buy at Copart?
Hi Randy
Bet that black pickup is a retired autozone delivery truck.
Sucks because car's are still high dollar. And with the price of new vehicles nowadays i actually don't mind paying 10 grand for a used car.
Greetings Randy!! Erm......buddy, have you not posted this video up before? PEACE!
One should think that a car buyer who would be. branded a bad loaner when he/she is in debt by the bank and end up in a register for bad loaners . Get a loan in the future will be almost impossible until the old loan has been payed off .
Those Kias can burn oil bad' changeing the pcv valve can help prevent oil burning
Hoping to see another 2nd gen exploder come on the channel
If the Bank is asking to much leave it there
Is this a rerun?
Whats with all the super heavy tinted windows. These Gangster cars?
The tow truck probably set off the air bags during the re-po
You've got to pass the bill before you can read it! Sound familiar 😂
The one gamble the banks are taking by letting the cars sit so long is that they are in the open - hail targets. After a big hailstorm, they will take an even harder loss.
But they won't. The auction pics of the cars will be before the hail storms. Bidders won't know. All cars are sold as-is where-is. Pics are not guaranteed to be actual condition. It's in the TOS.
29:45 Randy, it’s called a cute Ute. Trust me, I don’t like it either.
My Yamaha MT 10 is called a hyper naked. I can live with that. I can’t live with cute Ute lol