Me, watching the automotive world burn while I continue daily driving the truck I bought new in 1998---> 🤣

Banks are notoriously short sighted. This has happened before. How could a banker think that loaning 150% on cars already overpriced would not end in disaster.

I noticed a huge problem when dudes making min. Wage had a nicer car than me. Reminded me of the early 2000s. People were running wild with credit cards and interest only home loans.

Here in NYC, I'm seeing lots of BOOTS on cars. I see more BOOTS now than I've seen for the past 30 years.

Thank God, I don't need a new car . I plan on driving it another 10 years and it's paid for.

I had the option to pay cash for a 2017 ram with 70k miles for 26k dollar's or finance a new 2023 ram for 60k dollars. I chose just pay cash and own my truck outright and couldn't be happier. It's a 5.7 beast and I owe no one anything. Total freedom

Greed as usual is the problem, banks lending money to people that can't afford to pay them back. I am waiting on the sidelines for good deals.

Like during the housing crisis. They never learn.

It really was an extraordinary time 4 years ago. When 'stimulus' money came people spent it on the DUMBEST of crap. TVs, etc. Some people really did think it would be like that forever, where they'd get this magical check which would cover a stupid financial decision - like a car. It was so weird seeing it, and even stranger seeing how easy and happy dealers were with the irresponsibility. Eye opening.

I was laid off today from a software engineering job. I don't have any debt, but both my neighbors have been laid off and 5 of my colleagues at least! Things are going SOUTH

My wife and I driving “paid for” vehicles and we are going to stay that way. Prices must go back to pre-Covid prices before we’d even think about it.

It's ALL about GREED and how fast you can exploit our financial system!

I just bought a 370z and the dealer and credit union didn’t ask for any verification of anything. They took my word for it combined with my credit score. Yes, I did the loan because I had other plans for the money rather than paying cash but they had no way to know I was good for it. Crazy.

Wow, Lucky! This is some seriously in-depth info on the auto loan crisis, I had no idea things were this bad. It's scary to think that repo fees are doubling and delinquency rates are at record highs. Lumberidge sounds like a valuable tool though, especially for anyone worried about their car getting repossessed. I also never thought about how repossessions affect interest rates! This video is packed with knowledge bombs. Really makes you think twice about taking out a big auto loan right now. Looking forward to your next video on the subject!

Have money 💴-hoping my patience will be rewarded 😎.

I borrowed 69,800 on a 2021 4Runner limited 4wd…..they were nuts. I’ve since traded it and then traded that car and have a Lexus GX I only owe 21,900. I’m keeping this car and paying it off. I’ll never do anything like that again….ever. Nuts. So many people are doing crazy things now

There isn't any truck or suv worth 100k and no car worth 40k just completely crazy prices and foolish people buying them

I have never heard of needing references to buy a car. Let alone 7 to 11

We have a crisis of financial illiteracy. People making 60k a year take out loans for 1500$ car payments and go cry on tiktok about the cost of living. These same people want someone else to pay off their student loans, give them free healthcare, and make housing a "human right". Some of these people are in for a rude awakening soon.

Lucky, great concise update on the repo situation and how it got here. Thanks

Americans won't even get the chance to refiance their cars because of how the values are dropping. I know i'll be in this boat. smh.

I definitely appreciate the information! The repoes are insane right now. Many of them are trashed. Sometimes, you'll find a nice one. The banks are asking a 100% plus of MMR. Makes sense for them but not the next guy.

7-20 references????? I've been in the car business for over 20 years and ZERO lenders ask for that many references unless it's BHPH or "maybe" Westlake. Not even CAC! LOL

My '91 Accord Wagon & '89 Astro still run. Astro is getting harder to find parts for, its been a good run however.

Lucky, I got a few cars financed over 200% LTV and some were 2009 models with 200k on the miles, I couldn't believe what was going on and I knew it wasn't going to last.

Super informative and well presented! Short sighted policies and greed have destroyed the car sales industry.

Lucky, OF for you is "Only Family," 'coz this is a wholesome channel.

This video reflects the actual truth that individuals do not know how to manage their finances and prioritize. Buying properties or even worse, an asset that depreciates significantly, that they cannot afford. Everything is on credit, credit. Driving a flashy vehicles while upside down with broken underwear’s, socks and shoes. Take care lucky.

Cash is king. Credit unions seem to have the best rates.

Excellent job, you missed o e thing. Facebook now has more cars for sale no title parts only.

Instead of going to college..if i was young id be buying a tow truck & starting a repo business or a company that gets squatters out of houses fast..

Our credit union in Western NY announced a loan sale, and rates are under 6%. I was shocked, based on what I'm hearing from you and other experts.

Awesome info, thanks for sharing! (If I would only know what is a hundred thousand dollar posh... at 0:50)

LUCKY, I want to know if the stupid Hugh insurance rates are ever coming down??? That' what keeping me from buying a new car. I have a great driving record and my insurance still went up. THX!

I was working in my yard the other day and all I saw was wreckers coming out of my neighborhood every where with cars on them.

I'm doing the same thing standing by for my next purchase.

My 2007 camry with 117k miles is having issues with my speakers. I never had a car payment... I should go buy a hellcat.

My friend in the commercial consulting on the west cost already feeling the pressure. Contracts are not renewed, consultants are not being put on projects, job market is tough. Layoff are beginning. Consulting is getting hit the most, since consulting projects are totally optional.

I knew a guy, may he rest in peace, who was in the car business. He had been a sales and finance manager. He was very sharp, got into the business right out of HS. We didn't have one but where this guy worked at they had a "closer" position, it was something that was new. He was the closer at the dealer he worked at and I asked what it was about. He told me, " My job is to convince people to buy a car they really can't afford." Knowing him, I believed it !

Ha! Love it. Did people not learn 2006-8 lesson?

I dont see the crisis anywhere. Prices are still high!

Same cycle we've seen time and time again with lending in the US, '08 was real estate, this time it's automobiles. Maybe the US needs to start looking at laws that limit the maximum percentage of liability that a lender is allowed to finance on secured assets and/or treating willfully not paying debts within the person's means similar to how they would treat fraud or theft. ... That and start investing in efficient public transit so that everybody doesn't "need" a car

I went down this fullish road by having 2 new 2023 vehicles car & truck both $37k each. Lost both back in August last year because of job loss. Repo 1 and drove other to the bank to surrender. Was on time still on one but with this credit union if 1 thing is delinquent everything is delinquent goes for credit card too.

Long story short, I bought my wife an X5 then a Mazda CX-9 when our first then second kid was born... when the third was born, we couldn't put three children seats in the CX-9 and I swallowed my pride and bought a minivan (which I effin hate). I promised her a Toy. Sequoia when the new model was released and all kids are out of the car seats.... they are now. They want 104k for a new Sequoia, 7% lux. Tax plus 13% tax on all of that and 28k in financing charges... LMFAO, yeah, not happening. I don't mind spending money on nice things, but I'm not handing you 30k on top of an already overpriced vehicle. We'll save and pay cash when the market has settled.

Deputy Lucky Lopez is the FEDS!! 🚔

Changed the oil and tranny fluid myself as usual in my TL with 222k on it. Runs brand new. Also have a Si with 212k modded and tuned. People are smoking crack with these loans.

If and when the “market “ crashes” EVERYONE including the financially responsible ppl will eat a piece of that shit pie one way or another!

Dealerships can keep their's cars as a consumer l don't to pay reposition fees, all those fees belong to them.

Thank you ❤️

See a lot of no title cars for sale I assume it’s these

What about the exotic car market? What are you seeing in terms of repos?

That's strange. I'm in that industry and have 15 different banks and none of them would loan over 130% LTV and most were no more than 120%.

Interesting stuff my car has been paid off for 5 years

That’s why I as a dealer don’t like to work with those type of banks

Remember when those banks and lenders sell your repo at auction you still owe the difference and the banks can report that difference to the IRS and YOU will have to pay the taxes on it as income.

Very interesting. I think banks will be more careful in the future.

Mr Luck, we can’t sit here and put all the blame on the banks. You should have started your history lesson with how the auto dealers are to blame. For example, Marking up the price of their vehicles and add crazy fees. I know you that being a car dealer and I found you as a guest on the Car edge channel. Sorry pal, the car industry did it to themselves.

So is a repo company a great business to get into now?

Last year i found it impossible to buy a vehicle at dealers paying in full. They all want me to take a loan be ripped off unless i pay way over sticker. Ended up just buying out my lease and keeping my car.

Just waiting for prices to come down so I can get a newer rav4 at a reasonable price, lol.

I drive an average of 2200 miles per month doing my job in sales. Why the heck would I buy a new car and rack crazy miles on it making payments, and ridiculous insurance premiums?! I drive a 2002 Honda accord, $109 per month full coverage no payments, door ding the shit out of it don’t care. My primary vehicle also paid off stays in the garage. Nobody cares what I drive except my in debt coworkers.

I drive a 2000 Jetta TDI. Its a Pos but no pmt

What do I do do with a daughter that refuses to pay final payment ?

Is there a way to short these bad loans?

question, were many of these car loans adjustable rate at signing.& since went thru the roof. or didnt the consumers leave a large enough margin of safety at signing for inflation?

Lucky, how does this affect Carvana (for example), who I figured was going bankrupt but has rebounded. Don't they underwrite their car loans? If they are holding the paper, they could be in serious trouble. Or CarMax?

Back when all that money was sloshing around all our cars were paid for and had been paid for for years we just continue to do the maintenance and do any necessary repairs to keep them going. We're still driving them today no payments

Great information

WHAT repos?! I live in Atlanta and the traffic is worse than ever

as someone who rides an escooter....i love watching your videos. the world of a driver is wild!!

Does this include exotics, such as hurcans? None of these dealers want to budge

The banks are repeating the same mistakes they made that created the mortgage financial crisis back in '08. This time in auto loans. Greed!!! I hope the government doesn't bail out the banks this time.

How many of the repos are actually from the early part of the pandemic? I would think most would be more recent like no more than 2 year old loans.

the way the world is looking right now, i wouldnt make any unnecessary purchases.that money may make THE difference in a year or two.

I bought my car in 2020 before the boom iv never had to verify anything just tell them how much I make a month and how much my mortgage is.

My grandma got denied for a loan. She told the truth on her application

Resesion is Alive and well😮😮😮

Hi up here in Canada, I had no issues buying cars with RBC from a Honda dealership - maybe its different in the US not sure.

How to start a repo business in California in 2024? Who can advise? Budget, knowledge, connections needed?

I would sit back and enjoy the chaos except I’m looking for a car because my car was stolen and totaled

I love your industry update videos but it's freaking hilarious how few views your 6x6 build videos get

I think you’re stretching to make broad economic conclusions based are car market issues. The car market is its own disaster of its own making. Bad decisions, from manufactures to banks to dealers to consumers - layers of stupidity in that market made this mess.

I don’t get how home sales and new car sales at an all time high yet we have so many issues makes no sense

Dude...a lot of people have been asking me about the auto delinquencies and should we concerned...i am staring at these data every f....king day.

Smart business plan Lucky, but don't help the banks. I get it though, we the citizens will end up bailing them out or front the cost regardless.

Auto market is still hot / fine. New dealers still asking for allocations. Inflation has increased new car prices so used cars sill stay elevated. Negative equity will force people to hold cars longer which will keep used car inventory low/prices high. Repos are a drop in the bucket vs all used cars

I know a guy traded in his car on a 24 Toyota rav 4 can't believe it ,10 year payments $400 a month .

I k ew this was going to happen but some of ppl didn’t believe when I told them

If you think car prices are going to crash, they won't. Our corrupt billionaires, corrupt corporations and the corrupt politicians who they control won't allow it.

7 payments left on my car. Keeping it til it dies/gets wrecked.

Lucky is so funny some times hahaha

These banks deserve the position their in. The people who borrowed the money are contractually allowed to stop paying. There are no winners.

will auction houses profit in this climate?

That’s what happens when duing high interest rate, transferring wealth from borrower to bond holder. 99c store/Dollar tree on fire.

They figured they were 'Too Big to Fail' and they would be bailed out. Same thing happened in Rome while Nero fiddled.

Automax of Killeen keep calling me to buy a new car with them but i refused. Get an cash car you can buy outright.

I just got two cars financed w nothing down. I have 5 auto loans now. Capital one and ally. I was shocked. No doc income verification

I did receive a crazy loan for a car but I am the one when banks just get a pass ;-) So no problem with me but they did not need anything to give me that loan for a crazy car. Not overprized at least and OK costs overall. Keeping the car long term. 60% paid for already.

💯% right, We Locally had pages of Jobs, Now CRICKETS.

Even little old F350 tow trucks are insured for free.