The goal is to disappear the middle class downward and tax us into oblivion. Can you imagine 4 more years of this? Even owning a paid off truck is expensive. Insurance, maintenance, fuel, taxes etc.
We Americans need to wake the fuck up. Look at what happened back in 1776. Same shit taxation up the ass no justice and wealthy getting wealthier . We need a REVOLTUTION
I have to agree with you. It almost seems as if the powers that be want to eliminate the middle class and leave only a poor government dependent class and a rich donor class.
New car prices are unaffordable for working families. My wife and I have three cars all pushing 10’years old or older, oldest 20 year old Honda. We refuse to pay for a new car because we have no need for one. We’d like a new one, who wouldn’t? The American dream cannot afford housing, utilities, child care, groceries, and car payments. We aren’t in a depression, but we are close.
I operate a family owned buy here pay here in a very small community. If you’re a bad or good dealer everyone knows it because everyone knows everyone else and thus you better be good as you do not have an endless supply of new customers. Referrals are of high importance. Here is the thing that makes me a bit sad for a small percentage of my clients. They buy a car from me. One year later it’s paid off and they come to trade it in and start over. The new oil change sticker that was installed in that trade a year ago prior to selling is still the same sticker that’s in it. I was probably the last person to wash it a year ago. It looks like a trash can was dumped in it. It’s beat to death and when I clean it out to prepare it for auction because it’s been ruined I find $10 worth of change under the trash, in the storage cubbies, etc. A large percentage of my customers are not like this. And, a large percentage of my customers could actually go to a bank but they don’t want to. But this small percentage that I am describing is in a never ending cycle of hurting themselves and you can’t correct that for them.
Why ? Why is that small percentage NOT taking care of their stuff ? My depression era grandfather taught me, take care of what you have, make it last. I doubt this small percentage will ever learn something new, better, and they never heard of Dave Ramsey.
I've been the real estate rental business for 40 years; I know all too well the type of people you're speaking of. You can't help them no matter what you do. I would lower the rent thinking it might help them stay current, it did not, all it did was to give them more money to piss away each month. No education about money at all and it seemed no control over their own life decisions. So sad to see people work so hard but then have nothing to show for it. You don't need no college degree to understand this. If I could, then others could also. It's not so much what you make, it's what you're spending that is killing you. You don't need $1000. dollar smart phones, tattoos, cable tv, vacations, high dollar cars/trucks, big tv sets, sit your ass home and stop spending money you ain't got. It's that simple.
Yea I’m a truck driver I had to leave my apartment because they kept going up on my rent. It was either my car or my apartment and I could afford my car but I couldn’t afford the rent so now I live in my car.
@@shermdoggaming that’s really crappy man. No reason hard working people should have to live in their cars. It’s disgusting and shameful for the world’s greatest nation to force their people to this.
I bought my first new car in 1974. A Chevrolet Camaro with automatic transmission and AM radio, no air conditioning. Total price with TTL was $2806. I drove that car until 2009.
35 years ? You obvoiusly did not live in Buffalo or the salt belt. When I moved there, a collegue of mine said, Dan, we don't keep our cars 20 years here. Well, that's what I tried to do. The salt just destroys everything.
My buddy owns a buy here pay here. He calls em rentals. Pays $600 for it at auction. Puts it out front with $600 down payment, repos it when they don’t pay in the first 3 months, back out front for another $600 down 😂
Many people we know do not know how to budget. They can’t understand why they are running out of money. Well, every year money is devaluing by about 8% because the politicians are giving away money not covered by taxes that has to be created virtually, so every existing dollar is diluted. Four years ago, inflation and dollar devaluation was only less than 2% yearly, so employers could give small raises to offset devaluation. One friend had a teacher assistant job making below poverty level. She budgeted so well she put her kid through college. She planned every expense. She used coupons, discounts, sales, and drove a car she had for 20 years. She took extra jobs. She actually managed to raise her income, but still maintained a tight budget. Now, she has savings and can finally start improving her home and buy a new car. It is a matter of only spending on shelter, food, and forgoing luxuries. A luxury is anything that doesn’t support acquiring and keeping food and shelter.
Your area in particular has been made poorer and poorer for generations. The government wants you this way. I grew up in a Native American community where unemployment was 86% on average. People don’t get it until they lived it.
@@revnation_autoThe govt does NOT want people to be able to take care of themselves. We are slowly going into the hamster cage and you will like it. Makes folks more thankful to have caregivers!
This is definitely a depression disguised as a recession when have you ever seen a Arizona tea cost you two dollars. The cost of living imploded every where after the stock market crashed back in 2019..
I bought a used car back in 2014 for $6600 from a big dealership on Long Island that had 62k miles on it, I lived a few states away and thought it was a good deal, when I went to pick a month later after getting financing and it had 65k miles on it, I drove it off the lot and didn't make it into Connecticut when the car started overheating, had to have to towed back to the Dealership at my cost and when they diagnosed it they said the headgasket was bad and they weren't going to fix it. So I let it sit on the lot and never paid the loan, they would call and say you need to make a payment and get current and I would say, No you need to Repossess the car that on the dealership lot with no insurance and registration that I cancelled that the Dealership refuses to fix. Finance company had no rebuttal and were stunned. Took over 6 months to repossess the car. I guess it's only when you are trying to keep the car that they repossess it🤣🤣
Ppl need to call their lender if they need time. Most will let you miss 1-3 payments. But if you don’t call…repo. Also I knew someone who made partial payments believing it’s okay…car was still repo’d.
There's only one way to cheap motoring. Buy a £500 banger and run it until something expensive goes wrong with it and if or when it does either sell it on or scrap it. Then buy another banger and repeat the process. If a £500 car lasts you a year then thats £500 a year. Thats not even £10 a week. Nothing compared to £600 to £800 a month on finance or lease that you cant afford just to be one up on your neighbours or people you dont even like.
Bangers that cheap exist in the UK but not the US really. I was happily buying cars with just a few months left on MOT for a couple hundred quid. In the US a beater is probably close to $2000 now in most places.
Dave Ramsey said if you have to finance the car, you cannot afford it. Find a used car, that runs and has no major issues, run it and learn how to fix it. I am thankful for youtube, so many video on how to fix stuff. I remember the old days, finding instruction manuals in the public library. No reason why you can't do the simple maintenance either.
The BNPL repo's are in a different class than your standard repo being reported on by a big bank. The difference is with these BNPL nobody is taking a financial loss. There isn't negative equity involved. So while these are technically "repossessions" they don't really count. This is nothing like when a Uber driver gets his Telluride repossessed and he still owes 47K when the car is only worth 31K because of the high millage. Pretty sure the entire business plan of the BNPL lots is to sell and repo the same car several times. They are happy when you miss a payment.
The banks for years have allowed the prices to get this high by either doing leases allowing people to finance loans they just can't afford. I would be willing to bet if proper economic financing happened vehicles would be half the price they are now.
Key is living below your means and save at least an emergency fund. Then ups and downs of economy doesn’t hit so hard. This isn’t the first time we’ve been in this same fix and it won’t be the last. People have gotten use to spending on crap, BNPL should only be for a home. We can’t totally blame our woes on the govt. I’m the only one in my neighborhood that drives a 20 year old car but it’s reliable, paid for with minimal insurance. Gas price and basics have definitely been higher in my lifetime. The money I save from no car payments more than pays for maintenance and repairs.
I am a car dealer and I can tell from this lot that this dealer knows what he is doing and has very reliable vehicles. All the vehicles on this lot is so much better than the newer junk that is out there.
I agree, used cars i would never buy no matter how good the price is these factory race cars , you know they’re beat to crap, especially from a younger person
I drive the LA freeways every week. Over a total of 88 miles I see at least 20 vehicles with expired tags. Most of them are not old junky vehicles. Lots of Lexus, Mercedes, BMW etc. these people aren’t paying their license fees they surely aren’t paying their car payments. It’s bad.
Happened to me; was laid off, lost my truck! Was a real bummer! My truck note wasn’t a ridiculous amount either! No where near 1k a month with full coverage insurance!
I'd like to know where you're finding those cars that don't look so bad for 4 or 5 thousand dollars. Around here, anything without obvious rust and under 150000 miles is 8 to 12 thousand. Y'all can blame politicians all you want, but the price of cars, particularly used cars, is a direct result of corporate greed. The cost of new cars and trucks are up 30% to 50%. Nobody is buying, and the CEO's are almost bragging about how much more they have raised the prices. It's like they're having a race to see who can have the highest prices. When nobody is buying, it raises the price of used cars, just like the chip shortage halted production. Now there is plenty of chips, and manufacturing has exceeded the days supply to even higher than pre-covid levels. There is no reason for the unreasonable prices other than corporate greed and the CEO compensation packages that have doubled. The big 3 are hurting, even Toyota is hurting. They can't sell cars. They've done away with every low trim line meant to be basic transportation. No more Cavalier, no more Neon, no more basic Corolla, or Escort. Everything is designed to be over the top because the margins are higher. The day is coming again, where the big 3 are going to come knocking on our doors looking for another bailout while they still have new 2023's sitting on their lots discounted 10%. That's a 10% discount on a vehicle that's already 30% minimum over priced. I'm in this world every day. It's my job. In my state, there is a dealership still sitting on a few brand new 2022's. They've sat so long that they have basically paid it off on their floorplan and figure they've lost so much money that auctioning it is a worse idea than just letting it rot out there with a $10k discount. The damn price tag hanger and Monroney sticker is faded. Greed, that's the biggest factor. Prices were crazy back in 2019, but nobody really cares because interest rates were 25% of what that are now. It is just my take as a professional in the industry. Flame on if you must. This monster was created much longer ago than people remember.
STOP THE CORP GREED THATS THE BS THE democrap party wants you to believe the party you likely voted for caused this the diesel prices and inflation caused this wake up brother!
I went to look for a car at a used car and wanted to pay about 6k and pay cash. The owner showed me a 98 Chrysler and 02 Chevy Cavalier, and told me that he didn't operate on any cash deals and showed me the gate.
My car payment is 342. My mortgage is 564. My mortgage apr is 3.125. I’m paying extra principal on my car loan so in 24-30 months it’s paid. My car apr is 5.9.
I asked my bank (BoA) in MD about buying repo cession Toyota but I was told that BoA does not get involve with repo cession. The Bank stated only with people with good credit to make sure they don't have a risk of problem. I used to work as Engineer with top corp in MA for 12 years and I was terminated and unable to find work for 2 years that forced me to ret rid of my procession including home at lost cost and almost moved to live on the street.
That’s terrible man. I hope you’re back on your feet now. I’m an engineer as well and people don’t realize that it’s a highly specialized field and truly depends on your niche if you can find a job or not.
I recall when I was stationed in Norfolk, driving down Little Creek Road at all the used car lots with signs saying "bring your LES" (Leave & Earnings Statement). The used car dealers would take service members for a bad financial ride. Total exploitation from my point of view.
$500 down and you're driving off the lot. No credit check. No proof of income required. Of course even if they make payments the first time there's any mechanical problem they're not going to have the money to fix the car and make the payment. So why fix the vehicle if they know it's going to be repossessed? Just park it because they're judgement proof. They have no assets to seize or any income they can attach.
The way it works is these gravel lot dealers buy a car at auction for $3,200 and then sell it for 6K. They get 500 down and the buyer gets an absurdly high payment.. like $700.. so a customer makes 3 payments ($2,100) plus their downpayment of $500. The dealer does not care if on month 4 they need to send a trailer to pick up the car. They got $2,700 and the car back.. now when they sell it again they get another $500 deposit. Now the car is entirely paid for and a new person is on the hook for 700 bucks. This is why they can sell junk.. the car only needs to last another 5 months for them to get all their money back.
Yup, and if your credit is so bad that you are buying from a BHPH lot, you haven't been paying for things and buying things you can't afford for quite a while.
@@stonefox9124 it's a LOT more than 19%. Flour went from 32 last time I bought it, a year ago to 50 dollars. Automotive paint went from 300 a gallon to over 500 a gallon....for WHITE the cheapest paint. Everywhere you look, they are lying to us.
I wonder if some of it isn’t due to people who panicked and paid for over MSRP, loaded with ad ons vehicles that they are so underwater on that they just throw in the towel and stop paying. They don’t seem to realize that with trashed credit and high interest rates they’ll be paying even more for their next car.
E bikes and scooters are everywhere in Seattle. I teach high school near downtown. Our bike shed is full of e bikes and scooters and our parking lot(which costs $100/month), which used to have about 75 cars in it, now has about a dozen. We all make decent money and many of us are selling our cars and living a car-less urban lifestyle.
@mikeabel7577 cool reply, thx. Here in south ohio i only occasionally see a rare ebike on the bike trail. With car repos up 25% this year i expect it to be like where ypu are soon. Wow 100 a month for parking also
These guys make a business out of selling the cars, taking your down payment, and practically knowing they will be picking up the car in 6 months and putting it back on the lot for the same price ... starts to look like more like renting the cars out.
In addition to inflation, I blame credit cards for allowing people to buy things that they really cannot afford. It becomes a mindset. Most of the time, we are our own worst enemy with our choices. My first credit card was American Express. You had to pay the balance in full every month. Then after you built your credit score, you could get a Visa or Master card. Back then, many places offered 90 days- same as cash if you lacked the credit. I type this on a 3 year old phone that still works. The single Mom in your scenario probably has a much newer iPhone. Can't afford your lifestyle or lack any marketable skills, maybe don't have children. Then there's the auto industry. Rolling devices that have the same stuff as your phone. They're more expensive and much harder to diagnose and repair. CVT transmissions and automatics that fail. Get a manual. A clutch can last 200k miles or more unless you abuse it and the transmission itself will last.
Great comment! I posted a while back that Khols car rate radomly went from 7% to 31.9% with a letter that was sent 3 months past the change date. I had no balance on it but I thought about those kids getting school clothes and their parents now paying private school payments to Mastercard. It’s gross.
what the heck is with these people buying these humongous trucks brand new these old men old women buying these huge trucks that they cannot navigate they cannot drive them is there a agreement when you buy the truck that when you don't pay for it you just give the keys back?
Pat, you all have consumer protections that have been in place for centuries at this point. The American model is that those are a deterrent to a “free” market. This results in completely above & underground industries that prey on the uninformed & ill equipped.
I once helped a woman with kids buy a car for $250 off the a used lot. The car was in the back and had been repossessed so many times he already was profitable on it. So she drove away with a clean clear title.
every decade its a rinse and repeat cycle, its the same with credit cards....people dont learn, in another 10 years it will happen again, alot of the same people will be repeat customers
I am moving to Guam soon as a retired military senior NCO. ANY quick advice I am shipping one Ridgeline thinking of shipping the Accord both 2023 to Guam.
The accord will get torn up on the roads there. I’d trade it in on a 4Runner and you’ll be able to sell it for a profit once you’re there. Tacomas, Jeeps, and 4Runners are top dog out there. People will always tell you to get an island beater, don’t! I used to ship salvage vehicles out there from Hawaii. They sell them like clean title vehicles. Don’t know if they still do this but you used to be able to ship cars Space-A to Guam. Contact the TMO and ask about it. May take a while but it’s free. Thanks for your service. I’m a retired CWO2! Hope you enjoy Guam, I miss it!
@@revnation_auto thanks for the feedback. I spent a week there but didn’t pay much attention to the roads. Looking to buy a home Dededo or Yigo. My son is going to try to transfer to Commissary in AAFB Or Navy base.. it’s a central point to S. Korea and The rest of Asia for us. Ex-wife future wife again is living in Seoul. Wants to be close to home. CW2 Aviation or walking warrant.
America has a problem with people not being Financially educated in our school system. It should start in grade school & be required course in high school thru College. Credit card debt starts usually when we haven't even graduated yet. That is BAD debt & car debt is usually almost as bad except the interest rates are usually lower. If you can't Buy the car with cash - you can't afford it. Don't ever go into debt for a depreciating asset. Learn to live below your means. When you start to do that the habits of savings form. Save enough for an emergency fund 1st - at least 3 months of your expenses to live on then contribute to a 401k plan / Roth IRA / Regular IRA. When you live below your means the tough economy & higher interest rates will work in your favor.
@@RD-ce6bb I mean it was the democrats that passed "The inflation reduction act"... which was them trying to SPEND their way out of inflation. LOL. That is not how it works!
News Flash. We are all living in this shitty price for everything time frame. I live on fixed income and can still make it to the end of the month. How? Budgeting. Dollars in-Dollars out. With a built-in cushion for an Awe-shit deal. All of my vehicles are older than 8 years old. I mostly eat in and seldom eat out and I eat left-overs. I make my own coffee instead of going to a coffee shop. It’s OK to not drive a brand new car, not have the latest fashion, not use tabacco, not drink a 6 pack a night, not getting a new tattoo or drinking a Starbucks everyday. If you’re always broke, stop being foolish with your money. Make no mistake.. It’s not that economy is bad… Look at the DOW. It’s higher 40K. Insurance companies have great profits, Walmart-great profits, Airlines-great profits, Costco-great profits, and Business are still hiring. Call it…companies are over pricing for items to keep those profits high. Call it capitalism? Sure? A bad economy is; no one hiring, low wages for the current jobs, no new construction, houses that can’t sell. We are not there. This isn’t 2008-2009.
People need to stop buying cars and keep what they have and make sure the republicans lobbyist stop dictating laws protecting automakers and banks. Another thing is people need to manage their money much better.
The old days you could find that used toyota or honda that just needed oil changes and tires and you could drive those forever seemingly.... now we have CVT's and more complex vehicles with proprietary diagnostics and repairs that can only be done at the dealers... In the end - they want us all living like in that movie Good Morning Vietnam... where we're on bikes, 15 minute cities, and we bow to the corporate feudalism kings like soros, musk/zuck (coke vs. pepsi in my opinion)....
@@christaylor8337 That’s odd. My kid has a 720 score and he only has a phone bill that he pays every month. Funny too, I have no debt and I have an 800+ credit score. They tell me it would be higher if I took out a car loan. Makes no sense.
Spoken like a true jackass. Wait until you go through a divorce,or run into a medical emergency. Not only did your credit get destroyed, you think you're going to want to bus it? Don't be so shallow and narrow minded. Nobody likes a narcissist. Life happens to the best of us. You could be next, amigo.Hope you didn't pass that down to your son.
…the world is changing… , globalism is dying… when Americans want, “America first”, that means, made in America… stuff has to cost more.. when the world had free trade, with America policing the high seas, free trade was possible, and every consumer product became as cheap as possible.. ( trade war tariffs changes ALL that). that’s changing now, and there’s gonna be big losers… money is/ will be tighter… lending becomes more expensive… stuff becomes more expensive America builds more stuff here… factories need to be built… it’s a jungle, and hard to get out/ stay out of debt.. the hotel cleaner, or, possibly Nurse Practitioner, needs to , step it up… climb the jobs market… find a good “fix it” guy, and get cheaper wheels…
15 Minute Cities is the goal. Communal squalor for us masses and public transportation too!! Yay!!
The goal is to disappear the middle class downward and tax us into oblivion. Can you imagine 4 more years of this? Even owning a paid off truck is expensive. Insurance, maintenance, fuel, taxes etc.
@@PrepperDawg yes the whole thing is gross
I agree I have a paid off truck too, but fuel and maintenance is very expensive. At least my insurance is cheap.
They don't want average Joe owning trucks anymore. It will get expensive and out of reach
We Americans need to wake the fuck up. Look at what happened back in 1776. Same shit taxation up the ass no justice and wealthy getting wealthier . We need a REVOLTUTION
I have to agree with you. It almost seems as if the powers that be want to eliminate the middle class and leave only a poor government dependent class and a rich donor class.
New car prices are unaffordable for working families. My wife and I have three cars all pushing 10’years old or older, oldest 20 year old Honda.
We refuse to pay for a new car because we have no need for one. We’d like a new one, who wouldn’t? The American dream cannot afford housing, utilities, child care, groceries, and car payments. We aren’t in a depression, but we are close.
I operate a family owned buy here pay here in a very small community. If you’re a bad or good dealer everyone knows it because everyone knows everyone else and thus you better be good as you do not have an endless supply of new customers. Referrals are of high importance. Here is the thing that makes me a bit sad for a small percentage of my clients. They buy a car from me. One year later it’s paid off and they come to trade it in and start over. The new oil change sticker that was installed in that trade a year ago prior to selling is still the same sticker that’s in it. I was probably the last person to wash it a year ago. It looks like a trash can was dumped in it. It’s beat to death and when I clean it out to prepare it for auction because it’s been ruined I find $10 worth of change under the trash, in the storage cubbies, etc. A large percentage of my customers are not like this. And, a large percentage of my customers could actually go to a bank but they don’t want to. But this small percentage that I am describing is in a never ending cycle of hurting themselves and you can’t correct that for them.
Why ? Why is that small percentage NOT taking care of their stuff ? My depression era grandfather taught me, take care of what you have, make it last. I doubt this small percentage will ever learn something new, better, and they never heard of Dave Ramsey.
I've been the real estate rental business for 40 years; I know all too well the type of people you're speaking of. You can't help them no matter what you do. I would lower the rent thinking it might help them stay current, it did not, all it did was to give them more money to piss away each month. No education about money at all and it seemed no control over their own life decisions. So sad to see people work so hard but then have nothing to show for it. You don't need no college degree to understand this. If I could, then others could also. It's not so much what you make, it's what you're spending that is killing you. You don't need $1000. dollar smart phones, tattoos, cable tv, vacations, high dollar cars/trucks, big tv sets, sit your ass home and stop spending money you ain't got. It's that simple.
@@DanTheManIOM Laziness, lack of discipline.
It's best not to have a car payment even if you can easily afford to.
Thank a voter who keeps voting for the same career politicians and expects different results.
Yea I’m a truck driver I had to leave my apartment because they kept going up on my rent. It was either my car or my apartment and I could afford my car but I couldn’t afford the rent so now I live in my car.
@@shermdoggaming that’s really crappy man. No reason hard working people should have to live in their cars. It’s disgusting and shameful for the world’s greatest nation to force their people to this.
I bought my first new car in 1974. A Chevrolet Camaro with automatic transmission and AM radio, no air conditioning. Total price with TTL was $2806. I drove that car until 2009.
Funny I was thinking about my first car buying experience. My father haggled for a 74 nova 350. 3100. He pissed and moaned 3000. Fun times
35 years ? You obvoiusly did not live in Buffalo or the salt belt. When I moved there, a collegue of mine said, Dan, we don't keep our cars 20 years here. Well, that's what I tried to do. The salt just destroys everything.
@@DanTheManIOM My 66 Cadillac in Colorado is going to outlive me
@@Peteeboy2011 what's even funnier is I was thinking of my first car as I was reading your comment. What was it? A 74 Nova... lol
My buddy owns a buy here pay here. He calls em rentals. Pays $600 for it at auction. Puts it out front with $600 down payment, repos it when they don’t pay in the first 3 months, back out front for another $600 down 😂
He’s smart.
Many people we know do not know how to budget. They can’t understand why they are running out of money. Well, every year money is devaluing by about 8% because the politicians are giving away money not covered by taxes that has to be created virtually, so every existing dollar is diluted. Four years ago, inflation and dollar devaluation was only less than 2% yearly, so employers could give small raises to offset devaluation.
One friend had a teacher assistant job making below poverty level. She budgeted so well she put her kid through college. She planned every expense. She used coupons, discounts, sales, and drove a car she had for 20 years. She took extra jobs. She actually managed to raise her income, but still maintained a tight budget. Now, she has savings and can finally start improving her home and buy a new car. It is a matter of only spending on shelter, food, and forgoing luxuries. A luxury is anything that doesn’t support acquiring and keeping food and shelter.
Does not tell most of these independent dealers names are habib
And selling salvaged flooded cars
I live in a poor neighborhood in NKY just outside Cincinnati, cars being snatched up every couple days.
Your area in particular has been made poorer and poorer for generations. The government wants you this way. I grew up in a Native American community where unemployment was 86% on average. People don’t get it until they lived it.
@@revnation_autoThe govt does NOT want people to be able to take care of themselves. We are slowly going into the hamster cage and you will like it. Makes folks more thankful to have caregivers!
Inflation is a gov tax destroyer of the middle class and poor inflation is 2-3 times what gov says they don’t include groceries and energy
Problem is the economic numbers are skewed 🤔 We've been in a recession 😕
This is definitely a depression disguised as a recession when have you ever seen a Arizona tea cost you two dollars. The cost of living imploded every where after the stock market crashed back in 2019..
I bought a used car back in 2014 for $6600 from a big dealership on Long Island that had 62k miles on it, I lived a few states away and thought it was a good deal, when I went to pick a month later after getting financing and it had 65k miles on it, I drove it off the lot and didn't make it into Connecticut when the car started overheating, had to have to towed back to the Dealership at my cost and when they diagnosed it they said the headgasket was bad and they weren't going to fix it. So I let it sit on the lot and never paid the loan, they would call and say you need to make a payment and get current and I would say, No you need to Repossess the car that on the dealership lot with no insurance and registration that I cancelled that the Dealership refuses to fix. Finance company had no rebuttal and were stunned. Took over 6 months to repossess the car. I guess it's only when you are trying to keep the car that they repossess it🤣🤣
The truth tends to unite the people and we simply cannot have that.
Ppl need to call their lender if they need time. Most will let you miss 1-3 payments. But if you don’t call…repo.
Also I knew someone who made partial payments believing it’s okay…car was still repo’d.
"You will own nothing and be happy."
There's only one way to cheap motoring. Buy a £500 banger and run it until something expensive goes wrong with it and if or when it does either sell it on or scrap it. Then buy another banger and repeat the process. If a £500 car lasts you a year then thats £500 a year. Thats not even £10 a week. Nothing compared to £600 to £800 a month on finance or lease that you cant afford just to be one up on your neighbours or people you dont even like.
Bangers that cheap exist in the UK but not the US really. I was happily buying cars with just a few months left on MOT for a couple hundred quid. In the US a beater is probably close to $2000 now in most places.
Dave Ramsey said if you have to finance the car, you cannot afford it. Find a used car, that runs and has no major issues, run it and learn how to fix it. I am thankful for youtube, so many video on how to fix stuff. I remember the old days, finding instruction manuals in the public library. No reason why you can't do the simple maintenance either.
Very practical and smart advice
The BNPL repo's are in a different class than your standard repo being reported on by a big bank. The difference is with these BNPL nobody is taking a financial loss. There isn't negative equity involved. So while these are technically "repossessions" they don't really count. This is nothing like when a Uber driver gets his Telluride repossessed and he still owes 47K when the car is only worth 31K because of the high millage. Pretty sure the entire business plan of the BNPL lots is to sell and repo the same car several times. They are happy when you miss a payment.
I'm having tougher time affording a car + insurance now than I did in Hawaii 10 years ago!
College kids say life was better when they were in school making less money.
This is the biggest transfer of wealth to date. Look at the record profits made.
The "record profits" are denominated in inflated dollars so doubtful any records set.
THE democrap party caused this wake up !
The banks for years have allowed the prices to get this high by either doing leases allowing people to finance loans they just can't afford. I would be willing to bet if proper economic financing happened vehicles would be half the price they are now.
Even a RN can't pay. Wow. Shows the horrible inflation
Key is living below your means and save at least an emergency fund. Then ups and downs of economy doesn’t hit so hard. This isn’t the first time we’ve been in this same fix and it won’t be the last. People have gotten use to spending on crap, BNPL should only be for a home. We can’t totally blame our woes on the govt.
I’m the only one in my neighborhood that drives a 20 year old car but it’s reliable, paid for with minimal insurance. Gas price and basics have definitely been higher in my lifetime. The money I save from no car payments more than pays for maintenance and repairs.
I am a car dealer and I can tell from this lot that this dealer knows what he is doing and has very reliable vehicles. All the vehicles on this lot is so much better than the newer junk that is out there.
I would not buy a repo car like those. PEOPLE COULDN'T AFFORD THE PAYMENT.......COULDN'T AFFORD OIL CHANGES AND MAINTENANCE!!!!!!
I agree, used cars i would never buy no matter how good the price is these factory race cars , you know they’re beat to crap, especially from a younger person
I drive the LA freeways every week. Over a total of 88 miles I see at least 20 vehicles with expired tags. Most of them are not old junky vehicles. Lots of Lexus, Mercedes, BMW etc. these people aren’t paying their license fees they surely aren’t paying their car payments. It’s bad.
It's gonna get worse too
What people dont realized is these companies can sue you... pay your debts people. You don't want your wages garnished.
Happened to me; was laid off, lost my truck! Was a real bummer!
My truck note wasn’t a ridiculous amount either! No where near 1k a month with full coverage insurance!
I'd like to know where you're finding those cars that don't look so bad for 4 or 5 thousand dollars. Around here, anything without obvious rust and under 150000 miles is 8 to 12 thousand. Y'all can blame politicians all you want, but the price of cars, particularly used cars, is a direct result of corporate greed. The cost of new cars and trucks are up 30% to 50%. Nobody is buying, and the CEO's are almost bragging about how much more they have raised the prices. It's like they're having a race to see who can have the highest prices. When nobody is buying, it raises the price of used cars, just like the chip shortage halted production. Now there is plenty of chips, and manufacturing has exceeded the days supply to even higher than pre-covid levels. There is no reason for the unreasonable prices other than corporate greed and the CEO compensation packages that have doubled. The big 3 are hurting, even Toyota is hurting. They can't sell cars. They've done away with every low trim line meant to be basic transportation. No more Cavalier, no more Neon, no more basic Corolla, or Escort. Everything is designed to be over the top because the margins are higher. The day is coming again, where the big 3 are going to come knocking on our doors looking for another bailout while they still have new 2023's sitting on their lots discounted 10%. That's a 10% discount on a vehicle that's already 30% minimum over priced. I'm in this world every day. It's my job. In my state, there is a dealership still sitting on a few brand new 2022's. They've sat so long that they have basically paid it off on their floorplan and figure they've lost so much money that auctioning it is a worse idea than just letting it rot out there with a $10k discount. The damn price tag hanger and Monroney sticker is faded. Greed, that's the biggest factor. Prices were crazy back in 2019, but nobody really cares because interest rates were 25% of what that are now. It is just my take as a professional in the industry. Flame on if you must. This monster was created much longer ago than people remember.
STOP THE CORP GREED THATS THE BS THE democrap party wants you to believe the party you likely voted for caused this the diesel prices and inflation caused this wake up brother!
I went to look for a car at a used car and wanted to pay about 6k and pay cash. The owner showed me a 98 Chrysler and 02 Chevy Cavalier, and told me that he didn't operate on any cash deals and showed me the gate.
Go on craigslist and buy a car off an original owner. Get a Toyota or Honda.
@@jonathantaylor6926 EBAY would likely be a better choice. Craigslist is sketchy.....
Of course not, they’d make $200 on that deal. For every 1 of you, there’s 200 non-cash buyers and they know that.
My car payment is 342. My mortgage is 564. My mortgage apr is 3.125. I’m paying extra principal on my car loan so in 24-30 months it’s paid. My car apr is 5.9.
At this point NEVER pay extra on that mortgage. You're literally making more money in the bank.
@@raymond_sycamore
Not sure I'm onboard with this statement.
An Escape is junk
I asked my bank (BoA) in MD about buying repo cession Toyota but I was told that BoA does not get involve with repo cession. The Bank stated only with people with good credit to make sure they don't have a risk of problem. I used to work as Engineer with top corp in MA for 12 years and I was terminated and unable to find work for 2 years that forced me to ret rid of my procession including home at lost cost and almost moved to live on the street.
That’s terrible man. I hope you’re back on your feet now. I’m an engineer as well and people don’t realize that it’s a highly specialized field and truly depends on your niche if you can find a job or not.
I recall when I was stationed in Norfolk, driving down Little Creek Road at all the used car lots with signs saying "bring your LES" (Leave & Earnings Statement). The used car dealers would take service members for a bad financial ride. Total exploitation from my point of view.
@@JCT442 oh they are still doing that constantly
$500 down and you're driving off the lot. No credit check. No proof of income required. Of course even if they make payments the first time there's any mechanical problem they're not going to have the money to fix the car and make the payment. So why fix the vehicle if they know it's going to be repossessed? Just park it because they're judgement proof. They have no assets to seize or any income they can attach.
The way it works is these gravel lot dealers buy a car at auction for $3,200 and then sell it for 6K. They get 500 down and the buyer gets an absurdly high payment.. like $700.. so a customer makes 3 payments ($2,100) plus their downpayment of $500. The dealer does not care if on month 4 they need to send a trailer to pick up the car. They got $2,700 and the car back.. now when they sell it again they get another $500 deposit. Now the car is entirely paid for and a new person is on the hook for 700 bucks. This is why they can sell junk.. the car only needs to last another 5 months for them to get all their money back.
Bought something you cant pay later. They have the nerve to repo them. lol
What crisis? People need to stop buying shit they cannot afford
Yup, and if your credit is so bad that you are buying from a BHPH lot, you haven't been paying for things and buying things you can't afford for quite a while.
👏🏻👏🏻👏🏻 🥇
They're lying about inflation, it's more like 19% not 3...
4 bags of groceries should NOT be $120!
@@stonefox9124 it's a LOT more than 19%. Flour went from 32 last time I bought it, a year ago to 50 dollars. Automotive paint went from 300 a gallon to over 500 a gallon....for WHITE the cheapest paint. Everywhere you look, they are lying to us.
Happened to my stepson - overpaid 4 a high mileage car that ended up with engine issues - foreclosed! Didn’t listen - high interest piece of crap!
A repo man passes my house everyday and I’m scared of him D: he stares at my car and I know what he thinking but I’m paying my car payment on time lol
😂
Build, back , better.👍👍
YOUR GD RIGHT democrap party did this just like obama did it last time!!!!!!!!!!!!
I wonder if some of it isn’t due to people who panicked and paid for over MSRP, loaded with ad ons vehicles that they are so underwater on that they just throw in the towel and stop paying. They don’t seem to realize that with trashed credit and high interest rates they’ll be paying even more for their next car.
Pretty much any car below $15,000 is in high demand.
Yeah same with "cheaper" homes.. the sub 400K homes sell very fast.. the 700K and up sitting much longer.
My neighbor had 2 company cars picked up, sad to see.
Ebikes are about to become very popular.
E bikes and scooters are everywhere in Seattle. I teach high school near downtown. Our bike shed is full of e bikes and scooters and our parking lot(which costs $100/month), which used to have about 75 cars in it, now has about a dozen. We all make decent money and many of us are selling our cars and living a car-less urban lifestyle.
@mikeabel7577 cool reply, thx. Here in south ohio i only occasionally see a rare ebike on the bike trail. With car repos up 25% this year i expect it to be like where ypu are soon. Wow 100 a month for parking also
These guys make a business out of selling the cars, taking your down payment, and practically knowing they will be picking up the car in 6 months and putting it back on the lot for the same price ... starts to look like more like renting the cars out.
In addition to inflation, I blame credit cards for allowing people to buy things that they really cannot afford. It becomes a mindset. Most of the time, we are our own worst enemy with our choices.
My first credit card was American Express. You had to pay the balance in full every month. Then after you built your credit score, you could get a Visa or Master card.
Back then, many places offered 90 days- same as cash if you lacked the credit.
I type this on a 3 year old phone that still works.
The single Mom in your scenario probably has a much newer iPhone. Can't afford your lifestyle or lack any marketable skills, maybe don't have children.
Then there's the auto industry. Rolling devices that have the same stuff as your phone. They're more expensive and much harder to diagnose and repair. CVT transmissions and automatics that fail. Get a manual. A clutch can last 200k miles or more unless you abuse it and the transmission itself will last.
Great comment! I posted a while back that Khols car rate radomly went from 7% to 31.9% with a letter that was sent 3 months past the change date. I had no balance on it but I thought about those kids getting school clothes and their parents now paying private school payments to Mastercard. It’s gross.
To hell with credit.
67 years never used it.
@@CarlAyers-x8h smart move
You could’ve maxed out your credit and had it forgiven 9 times by now!!!!!
That would’ve been easily $225,000 in your pocket!
I have a 2008 Toyota tundra and still running strong with about 238k miles 😊
Good for you but you’re missing the point.
as long as your ok cool. fuck everyone else. American self centeredness at it's finest.
All 3 of our cars are over 100k miles
what the heck is with these people buying these humongous trucks brand new these old men old women buying these huge trucks that they cannot navigate they cannot drive them is there a agreement when you buy the truck that when you don't pay for it you just give the keys back?
notice the size of these trucks ? They are massive compared to the trucks of the 70's and 80's.
land of the free, home of the brave.
LOL
America is a sad joke now.
Wow... It's nowhere near that up here
Pat, you all have consumer protections that have been in place for centuries at this point. The American model is that those are a deterrent to a “free” market. This results in completely above & underground industries that prey on the uninformed & ill equipped.
@@revnation_auto and I would say there are more uniformed, misinformed or just FOMO people out there nowadays
I once helped a woman with kids buy a car for $250 off the a used lot. The car was in the back and had been repossessed so many times he already was profitable on it. So she drove away with a clean clear title.
@@dave3657 not a surprise at all. I see the same cars come and go all the time.
every decade its a rinse and repeat cycle, its the same with credit cards....people dont learn, in another 10 years it will happen again, alot of the same people will be repeat customers
Buy here pay here are designed to sell, repo, sell again. It’s their business model. But I get the need to point this out
Middle class wages are approximately 26% of the overall inflation of the last 40 years. This is the outcome
Corporate profits and shareholder dividends make up the other 74%. Over 40 years, we have had a lot more than 26% inflation.
@@abqmalenurse bit of class wages have only raised 26% of the inflation over the last 40 years. That puts the middle-class at a deficit of 74%.
Gross
I like he had to show the cadillac 😂😂😂😂
I'm autistic-it's hard for me to even afford 2 wheels.
jones act needs to go or be seriously updated and phased out
I am moving to Guam soon as a retired military senior NCO. ANY quick advice I am shipping one Ridgeline thinking of shipping the Accord both 2023 to Guam.
The accord will get torn up on the roads there. I’d trade it in on a 4Runner and you’ll be able to sell it for a profit once you’re there. Tacomas, Jeeps, and 4Runners are top dog out there. People will always tell you to get an island beater, don’t! I used to ship salvage vehicles out there from Hawaii. They sell them like clean title vehicles. Don’t know if they still do this but you used to be able to ship cars Space-A to Guam. Contact the TMO and ask about it. May take a while but it’s free. Thanks for your service. I’m a retired CWO2! Hope you enjoy Guam, I miss it!
You will be broke. You can’t retire on your pitiful e7 retirement
@@WillS-x9y you are 100% correct. I have multiple streams of income. I would never go out to the middle of pacific.
@@revnation_auto thanks for the feedback. I spent a week there but didn’t pay much attention to the roads. Looking to buy a home Dededo or Yigo.
My son is going to try to transfer to Commissary in AAFB Or Navy base.. it’s a central point to S. Korea and The rest of Asia for us. Ex-wife future wife again is living in Seoul. Wants to be close to home. CW2 Aviation or walking warrant.
Was that Mercury Cougar? Nice
Yep, pretty sweet
Just beginning, one silver coin for Toyota soon 🔜 😊
Agreed! I’ve been in the silver game for a long time preparing for what’s happening now.
@@revnation_auto Ford Has Recalled More Cars In 2024 Than GM, Honda,
Toyota, Nissan, VW And BMW
Combined
@@revnation_auto Isn't the price of silver set by London banks?
America has a problem with people not being Financially educated in our school system. It should start in grade school & be required course in high school thru College. Credit card debt starts usually when we haven't even graduated yet. That is BAD debt & car debt is usually almost as bad except the interest rates are usually lower. If you can't Buy the car with cash - you can't afford it. Don't ever go into debt for a depreciating asset. Learn to live below your means. When you start to do that the habits of savings form. Save enough for an emergency fund 1st - at least 3 months of your expenses to live on then contribute to a 401k plan / Roth IRA / Regular IRA. When you live below your means the tough economy & higher interest rates will work in your favor.
LOL the rich will NEVER teach the peasants how money works
If they did they might have to work instead of living off capital gains/interest
And these are the same people who will vote Harris under the premise of a better life.
And for other free stuff tax payers pay for.
Lmao @ blaming 1 person for worldwide inflation.
@@RD-ce6bb Delusional much?
@@RD-ce6bb I mean it was the democrats that passed "The inflation reduction act"... which was them trying to SPEND their way out of inflation. LOL. That is not how it works!
How about pharma inflation. ? Every med is 2000 min. Every one needs to band together and go on buying strike
But Biden said we won over big pharma….remember…
NO VOTE OUT THIS PARTY dont vote democrap!
Does this nurse with kids you mention have a husband?
It didn’t sound like it when I was being told about it. I agree that’s a major problem though. People having kids and not stepping up.
News Flash. We are all living in this shitty price for everything time frame.
I live on fixed income and can still make it to the end of the month.
How? Budgeting. Dollars in-Dollars out. With a built-in cushion for an Awe-shit deal.
All of my vehicles are older than 8 years old. I mostly eat in and seldom eat out and I eat left-overs. I make my own coffee instead of going to a coffee shop.
It’s OK to not drive a brand new car, not have the latest fashion, not use tabacco, not drink a 6 pack a night, not getting a new tattoo or drinking a Starbucks everyday.
If you’re always broke, stop being foolish with your money.
Make no mistake.. It’s not that economy is bad… Look at the DOW. It’s higher 40K. Insurance companies have great profits, Walmart-great profits, Airlines-great profits, Costco-great profits, and Business are still hiring. Call it…companies are over pricing for items to keep those profits high. Call it capitalism? Sure?
A bad economy is; no one hiring, low wages for the current jobs, no new construction, houses that can’t sell. We are not there. This isn’t 2008-2009.
People need to stop buying cars and keep what they have and make sure the republicans lobbyist stop dictating laws protecting automakers and banks. Another thing is people need to manage their money much better.
The old days you could find that used toyota or honda that just needed oil changes and tires and you could drive those forever seemingly.... now we have CVT's and more complex vehicles with proprietary diagnostics and repairs that can only be done at the dealers...
In the end - they want us all living like in that movie Good Morning Vietnam... where we're on bikes, 15 minute cities, and we bow to the corporate feudalism kings like soros, musk/zuck (coke vs. pepsi in my opinion)....
If you have a 600 credit score you should be riding the bus.
I have less than 500 because I owe no money to anyone. My car is paid off, I have no debt.
@@christaylor8337 That’s odd. My kid has a 720 score and he only has a phone bill that he pays every month. Funny too, I have no debt and I have an 800+ credit score. They tell me it would be higher if I took out a car loan. Makes no sense.
Spoken like a true jackass. Wait until you go through a divorce,or run into a medical emergency. Not only did your credit get destroyed, you think you're going to want to bus it?
Don't be so shallow and narrow minded. Nobody likes a narcissist. Life happens to the best of us. You could be next, amigo.Hope you didn't pass that down to your son.
There’s so many things that can happen can drop your up to 200 points. Many times, it’s not entirely the person’s fault. Crooked industry as a whole.
@@revnation_auto Bingo!
💯
…the world is changing… , globalism is dying… when Americans want, “America first”, that means, made in America… stuff has to cost more.. when the world had free trade, with America policing the high seas, free trade was possible, and every consumer product became as cheap as possible.. ( trade war tariffs changes ALL that). that’s changing now, and there’s gonna be big losers… money is/ will be tighter… lending becomes more expensive… stuff becomes more expensive America builds more stuff here… factories need to be built… it’s a jungle, and hard to get out/ stay out of debt.. the hotel cleaner, or, possibly Nurse Practitioner, needs to , step it up… climb the jobs market… find a good “fix it” guy, and get cheaper wheels…
as the old saying goes....it is expensive to be poor.
Exactly