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REPO CRISIS! People Have STOPPED PAYING For Their Cars!

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CQA Live

CQA Live

Ай бұрын

CAR REPOSSESSION CRISIS! People Are Abandoning Their Auto Loans!
My name is Brandon and I am a used car dealer. I created Car Questions Answered to share the ins and outs of the used car market from my perspective. I share with you updates on car prices, what's happening at the dealer auctions, and what it's like being a dealer. My goal is to share information to help you make the best decisions while buying a car to save you money. I do not want car dealers taking advantage of you.
Thanks for watching and please feel free to leave any comments you may have in the section below!
And make sure you don't forget to LIKE, SHARE AND SUBSCRIBE FOR MORE!!
*None of this is meant to be construed as financial advice, it's for entertainment purposes only.
#UsedCarMarket #CarPrices #carmarket #usedcarprices

Пікірлер: 389
@speedyninetyone
@speedyninetyone Ай бұрын
My aunt always trashed her cars and I remember when she had a new minivan under warranty that she took in because the carpet was pilling up. The dealer diagnosis was, “Carpet needs to be vacuumed ONCE in a while.” I had to stifle laughter as she asked, “What do they mean by that?” I’m thinking, “They’re calling you a slob.”
@alan6832
@alan6832 Ай бұрын
I keep tools in my car and know how to do a crude cleaning, so I'm fine buying dirty cars and would love to see more of them at low end dealers like his. They do need some reliability but go ahead and flip them as is for a few pennies and let the buyers clean them up, or slobs like me and her, not clean them up. This goes double for scratches and dents.
@Guido_Sarducci007
@Guido_Sarducci007 Ай бұрын
A friends wife manages car repos for her credit union in Reading, PA. The $250 charge has increased to $450 due to higher risk, more trucks, and higher pay to their operators. Another real sign of the times... Another great video! Thank you!
@Ka_Gg
@Ka_Gg Ай бұрын
The sequel to "Dude where's my car", coming straight to Blue Ray is "Dude, why'd i touch that car?" - Directed and acted by Brandon
@JenniLudes
@JenniLudes Ай бұрын
I don't know if it's all just the economy. I think a large part of the issue is that manufacturers and such are price gouging...taking advantage (and still taking advantage) of the pandemic to justify raising prices beyond reasonable. Just look at the profits and what the CEO's are making. Corporate greed taking from the little guy.
@Palerider2023
@Palerider2023 Ай бұрын
I plan on doing a voluntary repossession and getting something older. Car insurance has something to do with it I'm sure. Cost of housing as well. Since I got my car, the cost of insurance has almost doubled for me despite doing nothing different except driving less. Not only that but I'm almost positive wages have gone DOWN. Layoffs have occurred and plenty of those jobs have gone down. In cases where those jobs have not disappeared, I have seen wages advertised for the exact same positions go down. I do not care what anyone says, the economy is heading for something breaking. This isn't sustainable, and I'm convinced those who can do something are asleep at the wheel and will do nothing helpful. Not even won't do it....but not even capable of doing anything to help.
@FortWorthRaised
@FortWorthRaised Ай бұрын
@@Palerider2023if you’re looking for a slightly older car, as long as your credit isn’t terrible it’s still a buyer’s market. I don’t let them think the first few deals they offer you are good and leave if the terms aren’t in your range.
@AF-ib8ec
@AF-ib8ec Ай бұрын
if there was ever a time for a robin hood, this would be it
@Palerider2023
@Palerider2023 Ай бұрын
​@@FortWorthRaised​ no, I'm buying from a private seller most likely. Lost my job, using my retirement to buy an older truck. Tundras or 1500 Silverados are getting cheaper. I'll be buying in a couple months and I will be coming extremely prepared. I'm watching the car market like a hawk right now.
@cynthiawylie3584
@cynthiawylie3584 Ай бұрын
Nobody forced people to buy cars they can’t afford, nobody forced people to live in places like California and New York. You can’t fix stupid.
@Arctic5fox
@Arctic5fox Ай бұрын
Probably the dealer who owns all those repo cars was charging between 25 to 30% APR. I have a guy at work paying 27%.
@Caliburn2077
@Caliburn2077 Ай бұрын
Damn, dude's paying credit card interest for a car. That's crazy.
@charlesjackson1700
@charlesjackson1700 Ай бұрын
They have to charge a high interest rate because these people are high-risk credit risk and they let sht. go back. They put themselves in that situation 😔
@mc365mc
@mc365mc Ай бұрын
​@charlesjackson1700 Sometimes. Other times people don't even know their credit, they just don't have enough cash so they look for a payment they can afford. They end up paying $2000 down and $200 a month for 5 years for a 12 year old Acura with 120k miles.
@charlesjackson1700
@charlesjackson1700 Ай бұрын
@@mc365mc That's true. A lot of those people go in with blinders on their eyes and never figure up what they will owe for the long term.. They will accept any numbers that the salesman puts on the paper and they are just glad to get a car.
@kennixox262
@kennixox262 Ай бұрын
Especially in areas with large concentrations of young military people. They are ripe targets for bad deals. I see a lot of young E-4's driving large new trucks here in Las Vegas. Where do they get the money?
@williampope3531
@williampope3531 Ай бұрын
Here in AZ, most of the "Buy-Here-Pay-Here" customers that buy with credit, are those that either have no credit rating or a poor credit rating. These customers are generally living paycheck to paycheck. All it takes is a small blip in their income stream and then the car payment doesn't get paid.
@glynnhebert7573
@glynnhebert7573 Ай бұрын
Brandon, I work for an auto dealership group in Louisiana. In the month of may, we sold 167 new vehicles (GMC/Buick) of which 72 were 1500, 2500, 3500's. We are presently offering $14,000 off of Sierra 1500 Elevation and SLT packages and $8k off Denali and Denali Ultimate. Additionally we sold 124 pre-owned vehicles. We are in a city with a population of approximately 175,000. We are on track to sell as many or more for the month of June. We only have 2024's available and are awaiting 2025's. I enjoy watching you on KZfaq. The end of your videos are hysterical.... Keep it going. Tell Alex Hello!
@rotart12arx3
@rotart12arx3 Ай бұрын
True, not everyone is broke.
@pedlpower
@pedlpower Ай бұрын
​@@rotart12arx3 If Brandon said everything is good, no one would watch his vids. All these people telling me how terrible things are but I'm not seeing it. Things cost more but we're still making it.
@etonitonga6300
@etonitonga6300 Ай бұрын
Lies
@zachariasx_
@zachariasx_ Ай бұрын
@@pedlpower The bottom 20% (maybe more?) of Americans are getting steamrolled. Anyone with middle class income is not getting their 10 year old van with 200k miles repossesed
@deanmitchell9568
@deanmitchell9568 Ай бұрын
If I had the ability to own a Lexus I would treat it like a prized possession. That makes me so sad to see a Lexus in that shape.
@kenik2023
@kenik2023 Ай бұрын
It's a overpriced Toyota You'd be better off with a camry.
@tom11zz884
@tom11zz884 Ай бұрын
@@kenik2023 Still one of the best cars out their reliability and quality wise. So a Camry isn't a bad thing actually.
@Sashazur
@Sashazur Ай бұрын
@@kenik2023The lower end Lexus sedans are more like a luxury optioned Camry. It costs more because it has more bells and whistles, more sound deadening, and yes also because of the Lexus badge.
@charlesjackson1700
@charlesjackson1700 Ай бұрын
That was an old worn out Lexus..
@davidbarriga1491
@davidbarriga1491 Ай бұрын
Car was over 20 years old
@andrepiper
@andrepiper Ай бұрын
Repo'ing a beat up 250k+ mileage car is a sign of a cost of living crisis.
@angie-xy5sf
@angie-xy5sf Ай бұрын
so sad sub prime charging 23% interest rate to low income and they are getting shitty car. me myself i could not sleep at night. USA peeps people sleep at night they dont care
@stevereimer5254
@stevereimer5254 Ай бұрын
Years of cheap credit pushed up housing costs and made the car manufacturers think that everybody could afford their overpriced goods. When the Fed raised interest rates the illusion was shattered. Housing costs are still insane in most places. If you have to choose between rent and a car payment, you are in a world of hurt.
@diegoharo7943
@diegoharo7943 Ай бұрын
@@stevereimer5254what allowed for inflation was the shutdowns and government spending. People had nowhere to spend money so people saved money, people got enhanced benefits while there were shortages
@TheOzthewiz
@TheOzthewiz Ай бұрын
@@stevereimer5254 I'll take the car payment any day. You can't drive the apartment to work!
@MrMarkmcfarland
@MrMarkmcfarland Ай бұрын
@@angie-xy5sf They have to make a living also, if people have to have a car then they must do this. So thank God there are dealers out there like this.
@vermeea1
@vermeea1 Ай бұрын
Back in the day we called those things 'beaters'.
@eddym5532
@eddym5532 Ай бұрын
When you buy a used car cross your fingers it wont`t need a repair because if you can`t fix it yourself, they will rip off in the mechanic shop, and if you buy a new one they will rip off the same with an inflated price. Greed my friend is pandemic. ,
@MrMarkmcfarland
@MrMarkmcfarland Ай бұрын
Yes and you would do the same if you could.
@JimAllen-Persona
@JimAllen-Persona Ай бұрын
@@MrMarkmcfarlandNot necessarily true. Example: my daughter bought a pre-owned 2021 car at the beginning of the year. Part of the pre-owned warranty included 2 free oil changes. Brought the car into the dealer for a mechanical problem and she was near the mileage for the oil change so she had it done at the same time. We go to pick up this morning and there’s a charge for the oil change. I suspected they were going to try and play games so I went with her. Go to check out.. there’s an oil change on the bill. I ask the cashier about it and she said “only if the light is on”. Funny how the sales guy never mentioned that little caveat which I’m sure is non-existent or buried in fine print. I went to the service advisor and complained and it got taken off the bill. Moral: You choose how you conduct business. You can be honest and do the right thing by your customers as my mechanic does or you can act like the dealer. If you’re an honest, upfront business you can charge a price premium and your customers won’t complain because they trust you. I’ve been going to the same mechanic for 35 years and he is not the cheapest but he is honest and stands behind his work. For example..I know he has a 22% parts markup and when he explained it to me, I understood and accepted it (warranty issue… if the part goes south even if he can exchange the part he has to eat the labor costs to replace it).
@kennixox262
@kennixox262 Ай бұрын
Yet they blame Biden for corporate greed.
@paintlady2268
@paintlady2268 Ай бұрын
Prices are not plummeting at retail level.
@TheOzthewiz
@TheOzthewiz Ай бұрын
Actually continuing to rise up here in "North Country"!
@Jubei-vy1tg
@Jubei-vy1tg 27 күн бұрын
Just wait until there's no cars on the road.
@manystylze7927
@manystylze7927 Ай бұрын
@12:00 My counter argument to this would be salvage yards and auto recyclers... since prices are low and many of the repos have issues, salvage yards will have an opportunity to purchase later year models which helps those of us that work on our own vehicles acquire parts for low prices
@richdiana3663
@richdiana3663 Ай бұрын
People are hurting out there.
@tdgdbs1
@tdgdbs1 Ай бұрын
Most are self inflicted.
@raymondreiff8170
@raymondreiff8170 Ай бұрын
​@@tdgdbs1It's not getting easier for anyone loosing a Job, Building back broke is starting to really suck, Right, I see a lot of lazy people suffering 😅
@kclefthanded427
@kclefthanded427 Ай бұрын
People have stop making payments only makes things worse. Not wise
@diegoharo7943
@diegoharo7943 Ай бұрын
Welcome to America where for decades Americans have been living paycheck to paycheck, for decades most Americans can’t even afford a $1000 emergency
@diegoharo7943
@diegoharo7943 Ай бұрын
But to be fair Americans are to blame, the more they make the more they spend.
@poonpoonsmith399
@poonpoonsmith399 Ай бұрын
I've been in consumer finance for 25 years. It's rare that a repo car comes in in good condition.
@RonKnowsStuff
@RonKnowsStuff Ай бұрын
My daughter just bought a repo and it was a RAM!! She obviously doesn’t watch your videos or mine!
@mss627
@mss627 Ай бұрын
I bought a couple of Dakotas in the late 90s. They were great trucks...when they weren't in the shop. I used to joke that these cars had more vertical miles than horizontal. I tried to warn my family off of them, so my nephew went out and bought two Ram 1500s. My sister bought a 2006 Jeep Commander, and my niece purchased a Cherokee. The Cherokee is the last man standing. Chrysler, Dodge, Stellantis make nice-looking vehicles with powerful engines, but they are not built to last.
@RonKnowsStuff
@RonKnowsStuff Ай бұрын
@@mss627it amazes me that people with experience aren’t listened to. I guess they like making their own mistakes instead of learning from ours. I love my Dodge Magnum until it was out of warranty- I dumped it quick
@TheOzthewiz
@TheOzthewiz Ай бұрын
@@mss627 It's been that way at Chrysler (aka Stellantis) since the late '50s. Poor quality control is nothing new with this company!!
@melvindavis2789
@melvindavis2789 Ай бұрын
I enjoyed purchasing a truck from you guys a couple months ago. Fastest paperwork ever. I don't feel sorry for the New Car dealerships that were gouging people for $5k, $10k, or even more for "market adjustments" a couple years ago. I am temped to go to a dealer and make an offer of $10-$20k under msrp and call it my market adjustment because their crap isn't selling and I am not looking for a vehicle right now. Sadly I was in 2022 and had to pay a little more than we should have. But it was a need not want situation.
@goldminer83
@goldminer83 Ай бұрын
The guy at the 1:15 doesnt only kick tires, but the bumpers too!!
@user-uk3iv7bw4l
@user-uk3iv7bw4l Ай бұрын
Tip for you Brandon, the middle & lower middle class always, always pay the economic tab when the big banks & their sugar daddy, the U.S. Treasury bails them out! Does 2008 ring a bell?
@kennixox262
@kennixox262 Ай бұрын
Yeah and Trump did a bang up job last time. Actually my portfolio did well under Trump but then I am in the top 1%. Most are not as fortunate as I am. Don't blame Biden for this. But if you want Trump, by ALL means vote for MAGA. That means continued lower taxes for people like me and a massive screw over for people like you. Should Trump crash the economy? People like me go in and buy quality assets at fire sale prices while people like you starve.
@johnnyrocco
@johnnyrocco Ай бұрын
They got money for dope, beer, smokes and tattoos, but no money for rent or car payment, I know them well.
@robvange
@robvange Ай бұрын
Yep...recently saw a woman.. ( I think) pay 15 dollars for a pack of cancer......... walk out to a POS car......no animal on the planet does that to themselves except humans...
@seane.9937
@seane.9937 Ай бұрын
That's absolutely true, but also say you have a $350/375$ per month payment on that crappy mini van he opened. That thing has 230,000 miles or whatever and even for those people it has to sink in that this thing isn't even worth $375 much less per month for two more years.
@Chris-bz6wl
@Chris-bz6wl Ай бұрын
@@seane.9937things to think about before you buy.
@yeahman1756
@yeahman1756 Ай бұрын
because dope, smoke, beer and tattoos are personal satisfaction and investment back into oneself. cars and rent are joining the matrix of modern slavery by putting yourself in debt. Cars are a depreciated asset that eats up your money as well as a rent/mortgage payment. Those are not self sustainable living situations. who tf would want to feed 2 additional stomach just to live life? on top of your wife and kids stomachs that you have to feed as well? Own a car or house isn't just owning without no high cost maintenance bills behind. It's a one time payment flat rate thing.
@johnnyrocco
@johnnyrocco Ай бұрын
@@seane.9937 I was in the landlord business for over 40 years. It made me sad to see the many wrong financial decisions people made. The just kelp making one right after the other, over and over again. Working hard their own lives and had nothing to show for it.
@jameshoopes6467
@jameshoopes6467 Ай бұрын
You got the point, just in a very roundabout way. The problem, in this case, is that both new and used cars were insanely overpriced. People (with the help of dealerships and banks) got in way over their head. They budget based on the best times, not for when times are more difficult.
@LittleMiaMooTheShihTzu
@LittleMiaMooTheShihTzu Ай бұрын
I tried to own a car lot one time. I found that I had to be more corrupt to be legal with the DMV & auctions then if I was to just go on craigslist and flip cars personally, it’s a sad messed up way of life that we have allowed to be created. Thank you for your content 👍🏼👍🏼
@MX-CO
@MX-CO Ай бұрын
I've done both. The problem with flipping is you have to slip title illegally or transfer it into you name which is time consuming and costly
@LittleMiaMooTheShihTzu
@LittleMiaMooTheShihTzu Ай бұрын
@@MX-CO Everyone makes their own choices. In NC you can have 7 titles in your name in one year. 2/3 people in a family can sell 14/21 cars a year. If done correctly & smart that’s a $2000 per car extra a year. To Hell with government….. If you don’t want to work hard then go work for somebody & not yourself. Don’t be greedy, keep it light & keep it cash 👍🏼
@pedlpower
@pedlpower Ай бұрын
​@@LittleMiaMooTheShihTzu White Trash Motors. Buy here pay here! 😄
@MX-CO
@MX-CO Ай бұрын
Everything has gotten way to expensive, food, insurance, regular cost of living. But in addition to that tje new cars are getting crappier, Not Just the EV's either. The gas cars keep getting smaller motors and more tech, more emissions crap. Its gotten to the point that Even money aside I would rather have an older vehicle thats in good condition than a new one. Imo 2004-2006 was the peak. Ill take a 2004-2006 yukon or escalade with low mileage over anything else period.
@underachievingwatchcollect1878
@underachievingwatchcollect1878 Ай бұрын
04 Honda Accord with 270k miles and running great.
@MX-CO
@MX-CO Ай бұрын
@@underachievingwatchcollect1878 I have 260 on my 04 yukon, also Running great. I would probably do a four cylinder but I tow a camper. I also only paid $2800 for my yukon with 200k , 4x4, comfortable, powerful, no payments. I have no clue why people are paying $50,000 plus and no clue why they are making huge payments. If mine breaks I'll get it fixed.
@TheOzthewiz
@TheOzthewiz Ай бұрын
Good luck in finding an "older" vehicle that doesn't have "terminal body cancer". Here in Wisconsin, 7yrs is about the limit for a "daily"!
@northmaineguy5896
@northmaineguy5896 Ай бұрын
Some also know they can keep driving the car for 2 to 3 months or more before it gets hooked.
@jwill540
@jwill540 Ай бұрын
Longer than that.
@underachievingwatchcollect1878
@underachievingwatchcollect1878 Ай бұрын
Buying things you don’t have money 💰 for-American consumerism at its best!
@billyounger9713
@billyounger9713 Ай бұрын
Our government sets a poor example😉
@TheOzthewiz
@TheOzthewiz Ай бұрын
That's what makes Amerika GREAT, again!
@alan6832
@alan6832 Ай бұрын
That guy can't possibly get into another car for the price of a $300 alternator, and ruined credit. A $1500 used engine maybe, but a $300 alternator no way!
@robsdeviceunknown
@robsdeviceunknown Ай бұрын
That's where we are at now. Can either make the payment or get the car worked on. I had to close down my business, am disabled. Car acting up but I figured out a work around for a bit. wife working all she can to cover mortgage etc. But you know what, God is good. He will help us along the way.
@ShaighJosephson
@ShaighJosephson Ай бұрын
Besides auto theft, not paying on car loans is justification for having a remote kill mechanism in cars... No pay, the car gets shut off and ceases to run... No one owns their cars until they pay off the loan used to buy them... 💥
@makeyourlifeaworkofart
@makeyourlifeaworkofart 12 күн бұрын
They just repo’d mine out of no where with two late payments, three weeks before the third one was due (so 70 days late). I give up. It’s a 2014 Kia and I was paying $373 for the thing. My income has shrunk so much. I can’t justify owning a car I use once a week in this economy.
@allenhanks7719
@allenhanks7719 Ай бұрын
Buy here,pay here junk!
@JulioNavarro-ov3ek
@JulioNavarro-ov3ek Ай бұрын
They also don’t need CDK to be hacked either. I’m a car salesman and we’ve been dealing with this for the past week. Not cool!
@la7era1u54
@la7era1u54 Ай бұрын
I just got done paying off a 6 year car loan and I will not ever do that again. It's too long. And with interest rates being so high rate now I doubt many people want a 6 year car loan like me
@aaronbritt2025
@aaronbritt2025 Ай бұрын
I'm gonna guess the MOST repo'ed car in America is the Charger. I worked at a buy here pay here for 3 months. We'd sell old $4k cars to people with 500 credit scores. They'd put 1/2 down and make weekly payments. If they missed two, we'd take the car back. We'd just bring it back to the lot and resell it. Right now, we're in a credit bubble. It's going to burst.
@ehole593
@ehole593 Ай бұрын
Touch it Brandon. You'll be stronger for it. - Every GenX'r
@elchapitodeguerrerofans4640
@elchapitodeguerrerofans4640 Ай бұрын
Not only dealerships, everyone is applying that approach in order to take advantage of others and make an extra buck or a lot of extra bucks. From gas prices, groceries, restaurants,etc. Now they have the idea of producing less and making big profits just rasing prices... The only issue here is you can only squeeze people to some point until they have nothing left and by that point will be too late to repair the damage done.
@kennixox262
@kennixox262 Ай бұрын
Designed to get the little people upset, blame Biden and vote for Trump. Works like a charm every time. None of these people have read Project 2025 and how it will crush the little people.
@roydavis2242
@roydavis2242 Ай бұрын
That's why we'll buy wrecks and fix them. What you were talking about the downward spiral is true which is why we started a minister to buy a fix cars for low income families. We have a couple dealerships we deal with who will occasionally donate a car for the tax deduction or sell us one for less than the price we'd pay at an auction. It saves us both from paying auction fees.
@johnsmith-dm2tq
@johnsmith-dm2tq Ай бұрын
Ycharts has auto loan delinquency at about 4.4%.and the 6 year chart has it at 5%5 years ago. Nothing is happening in the car market worth crapping your pants over.
@ywilhemraymond3480
@ywilhemraymond3480 Ай бұрын
What did they expect in 2022 they were over charging ppl cars. The bank were not stopping that now the banks are getting play.
@eddym5532
@eddym5532 Ай бұрын
People never learn, buying cars they can`t afford, and later REPOS.
@GungaLaGunga
@GungaLaGunga Ай бұрын
very judgemental. sometimes accidents, disaster, and people get sick. You should be thankful that your life is so great. As you judge, so shall you be judged. Walk a mile in another mans shoes. Yes there are frauds. And then there are sadistic people too who relish in the suffering of others. aka trolls
@ruthlessreid9172
@ruthlessreid9172 Ай бұрын
Most of those rides need to go to scrap yard.
@TheOzthewiz
@TheOzthewiz Ай бұрын
Most of them will end up on Brandon's lot, after a refurbishment of course!
@classiccorvettesmusclecars5846
@classiccorvettesmusclecars5846 Ай бұрын
Nobody learns, the average new car payment is around $750 while a decent percentage is over $1k.. Insanity
@glennv5906
@glennv5906 Ай бұрын
A large part of what’s driving repossessions is customers are upside down. They owe more on the car than it’s worth. It’s the same thing that happened with the mortgage crisis in 2008. When the flow of new cars slowed during/after covid used car prices went up and new cars were sold at msrp or higher. Now as the market corrects itself all those people that overpaid are upsidown. Look at Carvana and Carmax that overpaid for cars during that period are now sitting on huge overpriced inventories. What fixes the car market is sensible pricing for consumers.
@bradleytarr7702
@bradleytarr7702 Ай бұрын
I drive a lot of repos from repo lots back to the auction, none of the ones you showed come close to the nastiest ones I have driven, or in a few cases absolutely refused to drive and told my boss to send a truck.
@TheOzthewiz
@TheOzthewiz Ай бұрын
Is it similar to cleaning up a "crime scene"? The BOSS should pay extra for "hazardous duty" work!
@bradleytarr7702
@bradleytarr7702 Ай бұрын
@@TheOzthewiz We have bio hazard sticker for those cars, we don’t even get in them. We drag them onto a rollback and take them directly to be auctioned as salvage.
@bwatkins1223
@bwatkins1223 Ай бұрын
I recently got pre-approved for used vehicles, but I've decided to keep what I have and fix it. I just bought a bidirectional scan tool to diagnose issues because mechanics can't be trusted. I'll keep waiting for the market to stay the same or crash. I don't care anymore.
@dirtystik
@dirtystik Ай бұрын
Anyone that says bidirectional scan tool can't be trusted
@dentman67
@dentman67 Ай бұрын
Buy here pay here dealers make all their money by selling the same car 2 or 3 times. I can't imagine why they would be selling at an auction. It makes no sense
@billyounger9713
@billyounger9713 Ай бұрын
They aren't selling, they are buying!
@TheOzthewiz
@TheOzthewiz Ай бұрын
Probably some of Brandon's "gently owned" goodies!
@gabrielpowers766
@gabrielpowers766 Ай бұрын
They really don't. Most of the cars they sell won't last past one or two owners. I used to sell used cars at a Buy Here Pay Here lot.
@donaldrobinson6298
@donaldrobinson6298 10 күн бұрын
I'm in the market for a used car for my daughters first car. For myself and the wife I'm just holding on to what I currently have when I would normally be in the market for a new car. I have a 2014 suburban, a 2010 SS camaro, 94 z28, 05 325i. I intend to ride them until the wheels fall off.
@chillbro8811
@chillbro8811 Ай бұрын
I own 04,05,08 all paid. No issues no leaks ,blows COLD AIR happiest driver on the road to 😃 FREEDOM = HAPPINESS New shiny CAR = SAD ANGRY SLAVE 🤷🏾‍♂️
@kclefthanded427
@kclefthanded427 Ай бұрын
Keep paying your bills and live within your needs. You will pay more in interests if you don't on everything you're trying to finance
@blakespower
@blakespower Ай бұрын
so rarely do you see great almost new cars that were bought new and repoed
@richardpate4732
@richardpate4732 Ай бұрын
Sounds like there are a lot of people who just shouldn't own a car.
@azmike3572
@azmike3572 Ай бұрын
Mass transit's not always available in many areas to take to work. Brandon's story of the repeating cycle is true.
@MX-CO
@MX-CO Ай бұрын
Or they should buy an suv or van and live in it
@diegoharo7943
@diegoharo7943 Ай бұрын
@@azmike3572yup history always repeats itself, people have a short term memory so it repeats often. Repos were actually higher in 2017, 2018, and 2019. For decades most Americans have lived paycheck to paycheck, even after they make more money they just spend more money 😂😂😂 I used to be like that and most of my family and friends and co workers still do it. They will buy a bigger house, take more or more expensive vacations, buy more expensive cars/trucks, eat out more often, buy more new clothes/shoes, etc,…..
@TheOzthewiz
@TheOzthewiz Ай бұрын
No! It's the God given RIGHT of an Amerikan to own a car!
@countrytimebarbeque652
@countrytimebarbeque652 Ай бұрын
I tried to buy a GMC Sierra 1500 wt just ac cloth seats and sliding rear window the dealer had 25 in stock and would not sell one to me stated for business/corporate customers only but i can get a 1500 Denali for 1400.00 month....i don't know most people but i know i can't afford it and even if i could im not paying that for a truck or car....
@GusDavid-dc6bd
@GusDavid-dc6bd Ай бұрын
You are a good guy Brandon for telling it how it is. Yes the world is changing fast and will have to adapt to the Great Reset. WEF
@petermarin8951
@petermarin8951 Ай бұрын
Big car manufacturers have stopped making $20,000 cars for their line up. Therefore they are squeezing the low-end buyers out of the marketplace.
@mrsmith8737
@mrsmith8737 Ай бұрын
2:03 a lot of the cars you see at the “buy here pay here, because you’re credit is fucked up so we’ll sell you a piece of shit that may very well have issues but you’re desperate so you have no choice” have issues that may not be immediately apparent and once the issues become known why would anyone continue making payments on a really expensive paperweight???
@pattiemosier9583
@pattiemosier9583 7 күн бұрын
Thanks for the info. Great video
@saleens330
@saleens330 Ай бұрын
Was looking at a pontoon boat for $12K. I thought I’ll take $10K cash out and if it looks good, drives good and not an anchor..I’ll offer the cash. He wrote back saying it’s pending. The buyer is looking to finance but if it falls through he will let me know. All I wanted to say was why?? Financing an older pontoon for that cheap?? That’ll lose value? Where his interest rate is probably 14%?!?!? He’ll no. But I know the seller doesn’t care. He just wants the money.
@andysmith5220
@andysmith5220 Ай бұрын
They make these wonderful things. "GLOVES"
@HungryIronWolf4
@HungryIronWolf4 Ай бұрын
I like that you are on the ground showing people the grimey truth but if I could make 1 lil suggestion. Your videos might benefit from adding a few current statistics on repossessions nationwide just to accent your point and bring the matter full circle.
@LogoLowgee
@LogoLowgee Ай бұрын
There is a huge disconnect between these repo rates and the stock market, the public numbers say that the economy is not so bad
@kclefthanded427
@kclefthanded427 Ай бұрын
Everybody has different opinions so much that I don't know who to believe. baffling
@worldlinerai
@worldlinerai Ай бұрын
There was a video where the news crew were asking the fed why consumers are not happy despite impressive economy figures and the fed answered “I don’t know”
@oimfc37
@oimfc37 Ай бұрын
Main st and wall st are 2 different thinge
@Caliburn2077
@Caliburn2077 Ай бұрын
The stock market is only really a gauge of how the top 10% are doing. The economy is great right now - if you're in the top 10%. It's crap for everyone else.
@MrMarkmcfarland
@MrMarkmcfarland Ай бұрын
The economy is terrible with the migrant crisis it will only get worse.
@briand5379
@briand5379 Ай бұрын
I drive a 20-year-old Chevy, I clean the interior every few years, and it still looks in significantly better shape than these vehicles.
@jackburtonsporkchopexpress197
@jackburtonsporkchopexpress197 Ай бұрын
Welp just had my car repossessed i was trying to catch up but just got in over my head it sad but a blessing
@danam2584
@danam2584 Ай бұрын
Are they driving that Dodge van around until it blows?
@GungaLaGunga
@GungaLaGunga Ай бұрын
i once looked at a transit passenger van that looked and smelled like their were dead bodies in it in the past. It was a comuter vehicle for oil rig workers in Texas. You can imagine
@jameshack485
@jameshack485 Ай бұрын
I haven't seen these in the bank earnings yet? Wonder if it's a regional thing or it's just too early to show up in results. I personally don't think things are that bad yet
@justinrodriguez7214
@justinrodriguez7214 Ай бұрын
Just saw a post about a guy who’s 4 months behind on his scat with 1200/month payments he was asking if he should take out a loan to cover the missed payments on the car loan he already took out or if he should just give the car up. You really can’t make this up.
@l.j.r.8448
@l.j.r.8448 Ай бұрын
In 2008 finance companies stopped repossessions because they were losing too much money.
@kenfarnsworth1648
@kenfarnsworth1648 Ай бұрын
I just ended up buying another vehicle last week. Mine wasn’t repossessed. The insurance did a “Total Loss” after me and my family got caught in a severe thunderstorm with baseball size hail. I purchased a 2021 Grand Cherokee Laredo X. I’m sure I got screwed. Paid just under 23k for it. Had 124k on the speedermeter
@TheOzthewiz
@TheOzthewiz Ай бұрын
You definitely got it "up the old tailpipe " by buying a Chrysler (aka, Stellantis) product!!
@boydgrandy5769
@boydgrandy5769 Ай бұрын
A new Mazda SUV, plain jane trim with all wheel drive is under $27,000 MSRP. I just bought one. Much rather have a new vehicle that is prices at or lower than used car prices any day. YMMV, of course.
@mikes417
@mikes417 Ай бұрын
Finally a headline that doesn't say it's over
@thingamajig6542
@thingamajig6542 Ай бұрын
You should talk more about the legal actions that a car dealer can take to recoup the difference between what is owed on the car and the sales price at the auction. The dealer can get a judgement in small claims court for the difference. If you don't pay the judgement lots of bad things can happen to you financially.
@winniethepoohandeeyore2
@winniethepoohandeeyore2 Ай бұрын
Welp, when car payments are 3-4 times my mortgage I cant feel sorry for them 🤷‍♀🤷‍♀🤷‍♀
@MrAntonioxi
@MrAntonioxi Ай бұрын
it sounds incredible to default on a car loan. we also have a loan for a house (old) for a few years 15y back & a lease for a new car for investment apartments. even though we don't make a lot of money, we want to keep the monthly/annual costs so low that we can manage with one person's income.
@dark6c159
@dark6c159 Ай бұрын
9:05 KIA!🙂🙂🙂🙂
@MaurytheHedgehogDog
@MaurytheHedgehogDog Ай бұрын
The car is affordable enough but the insurance is insane
@390WagonMaster
@390WagonMaster Ай бұрын
The heat is getting to you young Man. Stop touching the cars. Cheers.
@kennixox262
@kennixox262 Ай бұрын
Or get a hazmat suit or at least a pair of latex gloves. Recently rented a Nissan Versa econobox while on vacation. It smelled AWFUL from BO to the rental fragrance that they put in. So disgusting and felt dirty every time I got out of the car. The car worked well and had excellent air conditioning. Was surprised at how well it drove, once it got up to speed. I think it had less than 10,000 miles. Rental cars have hard lives.
@jRob15
@jRob15 Ай бұрын
What if the manufacturers are all in on the price hikes because they see it as the only way to move to a direct to consumer sales , they want the dealers to give up so they can cut them out. I just thought about this while watching like 4 of your most recent videos
@hakankinnunen3270
@hakankinnunen3270 Ай бұрын
Tack gode gud för att jag kan så pass mycket om bilar.
@MrMarkmcfarland
@MrMarkmcfarland Ай бұрын
English or don't post.
@stevedawson3863
@stevedawson3863 Ай бұрын
People also abandoning there auto insurance. I know a few that have nice cars that are payed off. But can't afford the car insurance!!
@dirtystik
@dirtystik Ай бұрын
My Huracan insurance is only 3k a year
@cobeeble
@cobeeble Ай бұрын
You can't stop touching!!
@davidbauer8800
@davidbauer8800 Ай бұрын
Has a "Buy Here, Pay Here, Fix Here" dealer model ever been tried? It might help a person with a job keep a car without getting deeper into a debt spiral... The customer who is making their payments to a "Buy Here, Pay Here" dealer needs a ~$400 repair, instead of getting into a REPO status, the "Buy Here, Pay Here" facilitates the repair & adds it to the life of the payment plan. Just wondering....
@pachiefbrody
@pachiefbrody Ай бұрын
Why doesn’t the BHPH dealer put them back on their lot? I thought their business model was to sell to them to people with bad credit that can’t get a loan anywhere else and then repossess them and sell them again. Those cars must be in bad shape for a BHPH dealer to unload them.
@capnkirk5528
@capnkirk5528 Ай бұрын
Yes. That is Brandon's point and why HE doesn't buy them. NOBODY wants them.
@TheOzthewiz
@TheOzthewiz Ай бұрын
It's NOT that bad! Probably just need a "tune-up".
@WhittyPics
@WhittyPics Ай бұрын
I have an 09 CRV with 105k miles. I bought it new. I know what it is.
@TheOzthewiz
@TheOzthewiz Ай бұрын
Honda CUV?
@kitt2000car
@kitt2000car Ай бұрын
I have a 1995 plymouth chrysler voyager mini-van. She was top of the line back then. Just waiting for my turn to take her to the mechanic to have her engine rebuilt. Going to cost me at least four grand. But then she will have a new engine. Some people think Iam crazy to have it done. Certainly not going to buy someones elses headache.
@131313griffin
@131313griffin Ай бұрын
The vehicle manufacturers are just like the property owners now they have gotten these high prices they are not so eager to lower until the very end. The ones making sales are the ones lowering prices and interest rates.
@tom11zz884
@tom11zz884 Ай бұрын
Folks just don't care to take care of their cars sadly
@foxtrotwolf6081
@foxtrotwolf6081 Ай бұрын
The dealers don't need the MSRP to be lower. They need invoice to be lower or kuckbacks to be higher. That way they can advertise below MSRP pricing like before pandemic.
@mss627
@mss627 Ай бұрын
That's great (Or not. I don't know.) but the dam still hasn't broken on used retail prices. I bought a 2018 Focus SEL hatchback for 16 grand back in 2018. Some fool on Facebook is asking 20k for the same model (apparently, he added an intercooler). Used car dealers are still not converting lower wholesale prices to lower retail pricing. I would still advise consumers to hold off.
@edgarnewberry-cw4ld
@edgarnewberry-cw4ld Ай бұрын
Why would anyone buy these high mileage cars that are beat up and broken? I understand folks buying a cheap car that runs (I've been there). But a good deal of what you pointed out in this episode just needs to be recycled. Why do lenders pay to tow this junk to auction? Seems to me it would be more cost efficient for the lien holder to mail the buyer the title and walk away? Do dealers buy that stuff and repair it? A car with over a 150,000 miles needing an engine replacment or rebuild belongs in a scrap yard.
@gregheard184
@gregheard184 Ай бұрын
I ready to buy. But the banks and dealers are not. I will wait.
@phillipbruni2434
@phillipbruni2434 Ай бұрын
So depressing, here is a soul with the sky is falling mentality, behind every bright day there is a huge sh!t cloud heading our way
@user-sf7kl9uh7k
@user-sf7kl9uh7k Ай бұрын
Brandon, it seems pointless damaging or mistreating repos, doesn't that just increase the amount owed?
@wwz1011
@wwz1011 Ай бұрын
That mistreatment of that Lexus is so sad. Car could last 400,000 or more. Take care of your stuff! I can see the manufacturers start handing out rebates, incentives and 0% financing. This has always happened in the past. These big plants need to run, not sit idle. And soon enough, the 2025s will be coming out, while Ram dealers still have brand new 2022s and 2023s on their lots. I've been shopping for a new truck (Ford), and you can see the days on the lot is skyrocketing.
@peterkwok9608
@peterkwok9608 Ай бұрын
So sad!!!! It's a vicious cycle of repos all the time.
@rasserfrasser
@rasserfrasser Ай бұрын
That van is dirtier than my garden room where I mix compost.
@elmermoesch2340
@elmermoesch2340 Ай бұрын
I had one car come in as a trade, it was so bad that I had to sit on a trash bag to keep my clothes clean.
@danhillman4523
@danhillman4523 Ай бұрын
LOL. I am driving a 2008 Silverado with 175K miles, bought it new. I'd drive it nearly anywhere.
@CallmeDaBreeze1971
@CallmeDaBreeze1971 Ай бұрын
Id love to have that Volvo next to the Explorer.
@bardigan1
@bardigan1 Ай бұрын
Can people just call the lender and work something out? Maybe extend the loan a month. All situations are different but communication can solve a lot of these problems, especially when the dealer/lender definitely doesn't want the car back.
@hojo9115
@hojo9115 29 күн бұрын
To be fair, if youre getting finance on a 10 year old car, you cant afford it. Just buy a car thats a little bit older for cash. I do get people have problems, but debt doesn't help anyone. Ever
@Guido_Sarducci007
@Guido_Sarducci007 Ай бұрын
IMO middle class is evaporating. Most are employees (not all) and may not have a clue how to survive on the street. When their job goes away, this video comes out.
@micclay
@micclay Ай бұрын
New subcriber here. Enjoying the content. Check out what a diesel Toyota Champ is, if you don't already know. It's a great little pickup that you can buy brand new in Thailand for 12k usd. If they were 13k to cover shipping, they'd sell like hot cakes in the US. It will never be an option because of over regulation in the US. Big govt is crushing the average person in the US.
@tphuynh85
@tphuynh85 Ай бұрын
I'm a follow your videos to buy my used car. CA residence
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