I lost my job about a month ago and this scenario fits my situation pretty accurately. Never again will I buy a car new.

The 7 dislikes are from Auto Lenders...

Student loans, auto loans, mortgages. I'm going live in the up in the mountains where it's safe.

I wish I would have know this from the very start. This is a video that everybody should watch before going to buy another car, This video is awesome.. Byrdmann

I don't ever want to buy a brand new car again nor pay car payment I want to be an in a position just pay cash for these freaking piece of crap cars.

This man makes lawyers look good and his message at the last two minutes is awesome

Always pay cash for the car or ride a bicycle.

Car salesmen are a huge part of the problem. My 18 year old son went to a dealer for a used car and expressed concern to the salesman about being able to make payment on time and the he was told, "If you can't make a payment just call and we'll work with you". I told my son he was being lied to. Car salesmen will tell you anything to get their commission.

I agree with this video on the injustice and problems this system has with using and abusing the American system.

Life is not ruined over a car repo. Can rebuild your credit and start over.. that's somewhat harsh saying life is over because of a repo B.S. nonsense. Get a lawyer file chapter 7 or 13, tell the bank to shove the defienciy balance up there ass, start over and make better choices and you'll be happy

i wish we knew all this before it was too late :( our first new car from last year just got repod the eve of 4th of July and we had to pay $75 just to get our own belongings out of it! and now we might have to file bankruptcy... what a nightmare

Great message! You are a great man and lawyer... Thank you for caring

This guy is awesome, he's passionate, and actually trying to solve people. I honestly wish I could be a lawyer to help people like this my family was destroyed due to debt and the best tool is to educate.

Thank you for seeing how much this is hurting and affecting my life. It seems like I'm making payments on the hardest time of my life. It's a very painful process that I have to relive every single month when I make a payment. God bless your words and you made me feel encouraged even though there isn't a solution to the problem at this time.

This is a very good and basic demonstration of the whole "car repo and being sued for deficiency" of car dealerships and bank loans.I'm being sued right now for deficiency. I paid off half of what the car was worth, probably 3/4 paid off,not to mention i installed a newly used motor for 2700, brand new radiator for 300 and a new tire for 100. All that money down the drain and the bank just won't lay off and be happy with what they have after the repossession. makes me sick.I do need help here.

Great information. I have someone who’s like a little brother to me going through a similar scenario and is unable to make his payments. I will now help him look into filing for bankruptcy. Thank you so much for this video.

THanks Counselor!

I have never had a problem. Thank you for the tips and will make sure my children watch this video. Thank you Awesome video.

Right on!!! I am truly grateful for what you said at the end of this video!!! Thank you!!!

Right on!!! Thank you for this. I hope the manufacturers see this video and do something... it's really ridiculous!!! God bless you too!

The last couple of minutes....YAY!!!!🎉🎉🎉 Good job, sir!

I'm hanging on to my 2006 Chevy!

I PERSONALLY WANT TO THANK YOU.. MY NEPHEW IS IN THIS EXACT FIX...THANKZ FOR EXPLAINING...

Great info., Thank you.

Thanks for the video

Man i agree with this guy. God bless!

thanks men. I'll pay off the rest of what I owe and I will NEVER buy another car off the lot.. i am basically a slave to the car until it's fully payed damnn

Love this guy! Preach ✊🏾

Thank you for your info. and your concern for us.

awsome layweer ty sir

why would anyone get a car loan?? no reason ..save and buy something cash. never heard of cash suing anyone.

good one. thanks

I'd like to hire this guy on a retainer!!! Simply Awesome!

thank you

Warm greetings Bob Litchfield. Thank you so much for making this video. God bless you!

Thank you for that video

That was so awesome you're amazing and thank you for the information very helpful

great video thank you

2020 for this guy, I'm I right

10 years later and I see temp tags everywhere. Ppl don't think when buying vehicles.

I bought a 19k suv..never again.. car payments drag on..

i see your passion brother,and i admire it.keep it up please

I was lucky I make bigger payments and paid off my car in 4 years. I was laid off during the oil bust I own only 3k to the car loan so I was able to get a job making about half of what I use to make, but I was able to paid off my car and keep it.

Thank you so much..that is what is happening to our Family 2017 right now where is your link?

great information

And if you have a 7% interest loan they add $20,000 more so you have a $40,000 loan for 5 or 6 years but the dealer is willing to take $5000 for the car.its a Bernie Madoff's loan calculation all dealership uses as of October 2018.most salespeople will tell you it's a simple interest loan but it's not, its compound interest or amortize interest loan basically to screw you if you can't buy cash.

Right on brother

I'm never buying a Car with payments again-i didn't know this and I sent a car back for a blown transmission-and now I have a$2000 defiency bill-and I heard if they take you to court you pay even more-can I just get a settlement and a wage garnish or something? it would of cost $2000 to fix the stupid car-if I knew this before but now its to late-

nice topic

You are wonderful! Praise the LORD for this video!

Well said

he justified all! if people dont want their lifes ruined then ... dont take what you cant afford!

Sir you are an awesome guy

GREAT STUFF

I had a deficiency for a volunteer surrender. Strange, I never heard of them ever again. Nothings on credit

My first car was paid cash in full. Same with my second through fifth cars. I finally took the plunge for my sixth and current car bc I wanted something newer with less time spent at the mechanics lol. I bought a used 2009 suv in 2010 with next to no miles on it. I paid it all off early, but man, my stress and anxiety levels were so high being a slave to the lender, and that was being in good standing and current on payments. I hate having debt! I can only imagine what others must feel like who are behind on a payment😳

If this guy run for office he has my vote

I will never buy anything from Nissan ever again

What is the difference of residual balance and deficiency balance?

Buying a new car is a bad investment & waste of money as all new cars lose value with age. And financing is even worse it's good for the dealership but the buyer is screwed in the long run. By the time the car is paid off the car won't be worth much a $35,000 new car in 3 or 4 years is only worth $11,000 it's money out the window. And life happens you can lose your job as job security is not what it used to be. It's better & more sensible to pay cash or finance a classic car as they retain & go up in value but can also go down even a house is up & down. Years ago when I had money I invested in vintage cars & I saw how volatile & fickle the market is. If a '57 Chevy Bel Air Convertible can go down in value than any car can. But it's still a better investment than a new car. Banks need to stop financing new & used cars for more than what the cars are really worth. And the buyers need to come up with at least 50% cash down & never buy a "certified pre-owned" car they are just OVERPRICED USED CARS. If a certified pre-owned car sells for $11,000 at a new car store it's only really worth $4,000 to a used car dealer or private party.

Preach

There is still good people out there.

Good stuff

This is why there are 72 and 84 month auto loans with skip a payment options.

Look up the PDF file called The Nature of Money by Alfred Adask. Start at the bottom of page 59. The loan company takes the repo, sells it at auction, files the balance at the end of the year as a loss and then tries to sue you for the same loss, without a title. Guess what? If they don't have the title they can't take you to a court of law! Read the UCC codes!

i need ask about the interests . if reposse the car way not do early pay for the car . i mean you must rebate the intereset for next time

God bless you 💝

Im in another state Texas Austin and mine is about a Texas Title and Payday loan and my car was repossessed. But have questions about what all took place also the tow guy won’t give me my property back! And I had a lot in it don’t no what to do need help! Ty

thanks a million *~

What if you got a 1099 c for it

AMEN!!!

So sad how they use people

true

I vote to pass that law Amen

AMEN AND AMEN!!!

Who in their right mind would CALL the dealer and volunteer to give them the car back because they can't make the payments? If you can't make the payments, you sell the car. Plain and simple. If you owe more than the cars worth and don't want to sell privately? Trade down at a dealership and add the negative equity onto a cheaper car. I mean come on, people have such doom and gloom scenarios for things that are far less stressful than they're made out to be.

This guy is on point. We need him on CNN.

Best vid on Utube... run for prez...

Amen!

2016 this guy!!!

I like this guy

This is realeast video i ran across about this situation. You're totally right about vehicle inflation and the the lenders treating you like crap!! Its all about money.. But thats the so called "american" way..

Forget buying a new car

I plan to catch up on my payments, and refinance my loan. That's the best option i have. But im struggling to catch up. Maybe a 401k loan could help. Anybody have better advice. Let me know thanks.

I was about to get a loan from title max But thank goodness I did research

and here we are in 2020 with 100 grand suvs

What if it’s a lease and that happened

it is so wrong-they got the dam car back over charged me for it-so they already got what the cars worth-i had to the fix the stupid thing 5times when I had it and put new tires on it-cause they sold it to me with old tires-old battery-and now they want $2000 more!never again-pay cash-live and learn I guess-i never even heard of this before-

Same thing re. houses

Being in the business I'd like to know where I can buy 25K cars for 5K I don't this Attorney understands negative equity, or the fact car prices are not only market driven but inflated by government mandates, backup cameras, tire pressure monitors, electronic stability control, antilock brakes, front and side airbags, seatbelt retractors, stringent emission controls increasing fuel economy demands which necessitate expensive 6, 8 and 9 speed transmisssions, direct injection, and reducing internal engine drag by loosening tolerances which detrimentally decrease service life of cars.

Unfortunately this video is too late 4 me

They are not going to do what's right. They get bailed out by the government.

I had a repossion I still ant file bankruptcy but what he saying is tru fix it now

Can't fix incompetence and ignorance... and those are the buyers. At times there are certainly 'pure' cases when one cannot pay, but not always. Most of the times, people just want fancy things and they don't want to pay for them. I don't think there should be a law protecting them. And since law is the subject- look at Louisiana.

do you have to pay the 15,000 right away or could u set up a monthly payment?

Don’t blame the car. if you lose your job ,You drive Out of the garage. with the biggest smile on your face When you get the deal you know the risks it’s the same the world over

Normally I have the greatest respect for practitioners of law, but it now appears that there is an exception. So let's define a car dealer, can anyone define one? My definition of a car dealer is this: An ordinary citizen whose trade is the lawful trade of automobiles. He/she makes a profit by legally acquiring vehicles, repairing them, reconditioning them, preparing them for sale, and then selling to the general public, and it is in this way that this citizen provides for his/her family, from housing, to food, medicine, education, etc... So when another citizen, without the funds to purchase the car in full, makes a promise (in writing I might add), that he/she will pay for the car.... and then the buyer becomes a deadbeat.... some lawyer proposes that the solution is to restrict the ability to collect on deadbeats? I would like to make an amendment to that proposal. My amendment would be, that the restriction of deficiency judgements would also apply to legal fees. Meaning, if a client comes to see this lawyer, the lawyer agrees to represent the client by accepting a written "I Owe You" (we can call it something fancy, like a "Legal Representation Agreement"). And this lawyer will have to abide by all the legal regulations that I must abide by, such as: State & Federal Unfair & Deceptive Practices laws State Usury laws The Truth in Lending Act The Fair & Accurate Credit Transaction Act The Privacy Rule The Safeguards Rule The Fair Debt Collections Practices Act etc... And when the client has what he wants, all he has to say is "Sorry homie but I'm broke", and the lawyer's only recourse is.... nothing, because he will most certainly be a champion for the end of deficiencies. I'm sure that the family at home, looking into an empty fridge at dinner time would be proud. Dealers sell cars and they do so at great risk as they allow complete and total strangers to just drive away with an investment worth tens of thousands of dollars, and all the dealer gets in return is a piece of paper that is basically nothing more than an "I Owe You" Even with a "successful" repo, the vehicles are often returned with substantial damage and require significant repair and reconditioning, none of which is free. It's not uncommon for the vehicles to damaged beyond the value of the car, rendering it a total loss. If a law is to be passed regarding auto loans, let's just outlaw auto loans all together, from now on everybody pays cash. That's what I did when I was 15, bought my first car for $850 when I was working minimum wage. I have never made a car payment, never had a car loan. I don't think lesser of people who do have car loans, if they want to manage their money in a way where they must be in continuous debt, it's not my business. I do however have a low opinion of those who believe that it is good practice to promise, in writing, to pay in exchange for a product ( a car), and when it's time for the buyer to uphold his end of his promise, he thinks it's optional. It's not.

The law says must sale for market value

Only pay cash drive what you can afford

What if you file bankruptcy? Do they still come after the dificency?