Auto Loan Crisis

[@JohnAngle-vw8yq]

I own a pawn shop in WV. I’ve been open for 13 years and this the worst I’ve ever seen the economy. People are simply broke.

[@Number3boyz]

Thanks for sharing.

[@benrichards9667]

Yet the got damn airports are packed. Restaurants packed. Costco packed

[@Roman_4x5]

@@benrichards9667yet I see people unable to pay for the groceries and have to leave items at the register. There is a huge difference between those who have and those who don't. You are talking about places where the people who are doing well are.

[@sbkpilot1]

@@benrichards9667 people will keep spending until the last drop of their credit is used up, it's truly unbelievable. I know someone who was flat broke and only had $500 remaining on his available credit and he wanted to use that to go on a cruise with friends.

[@chad9971]

@@benrichards9667all credit card debt. I’ve been curious about this too. If you look up credit card utilization, debt, credit limit utilization, etc, it’s all increasing…lol

[@Dudevegaslv]

I m a tow truck driver in Vegas ! I repo 4 to 5 cars in Vegas per day .

[@maximussilverstacker3928]

Wow that’s really sad, I just couldn’t do it, I’d feel so bad for these people who are down and out and now, oh yeah we have no car 😮

[@Just_B2U]

You are in the right business at the right time. I hope you are on your own, and not working for someone else because you could make a killing.

[@FlatPlaneCranky]

Go get em.

[@frenchbully]

Don’t take my car bro

[@Anthony-kz4qc]

I hate you more then cops .

[@elcheapo5302]

My neighbors Chevy Traverse got repo'd in the middle of the night. It woke me up, but I didn't mind since he's an a-hole. 🤣

[@melissasmess2773]

😆👋🏻🚗

[@treesnmoguls]

POS car! Probably realized it, so stopped paying...

[@DemonBrandon]

Funny huh, he's a asshat and he got repoed.

[@benrichards9667]

Repo Men hook'n book brothers 😅flunk'em

[@sowpur]

An ex of mine reached out for a personal loan from me since her highlander was getting repo'd and all I said was I told you not to pay $5K over MSRP + $2K dealer options when you were buying it.

[@phaseboundary5323]

Don't get on the auto loan treadmill. Buy a cash car and put your "car payment" into high-yield savings for your next cash car. Be an interest earner, not a bank slave interest payer.

[@spyder000069]

High yields are around 4%. While you make interest im not sure if i am getting ahead of the cost of living increases each year. Better than just parking it in a regular account though.

[@droubal]

Very sound advice. Car purchases are very emotional events for most people. That is why they often get cheated in the deal, or just buy more than they can afford. Some people will change their behavior, many won't.

[@FinancialMaintenance]

I would toss out there if you are disciplined enough to do this that people should read up on "Becoming your own Bank". It's a thought process change but it is an incredible way to grow wealth through recapturing the intrest for yourself.

[@patrickhewitt7899]

Shoot, I've never paid more than 325 at 5 years. These fools that pay a thousand a month are idiots.

[@donbrutcher4501]

I'd like to buy a new truck, but not at these prices. Every month I keep my old truck going is another $1000 still in my pocket. Can do a lot of fixing for that kind of money.

[@did_I_hurt_your_fee_fees]

I'm just keeping track of how much my repairs cost per year. Once those costs exceed the ludicrous price of a new car then I might consider a new car but probably not. I'll have a new car that I will still continue to put money into because they're garbage now

[@Gman2002]

Facts - 10year original owner of current 2014 car

[@SigFigNewton]

I pay thousands more in rent to avoid automobile ownership.

[@evoman44]

With current market conditions the way it's going it might be better to just restore your old truck and do a resto mod with a newer engine, transmission and brakes.

[@tylerr5357]

@@Gman2002same here. My lil 15’ gone have to hold out a couple more years at this point

[@SpencerCornelia]

160% LTV auto loans should be a crime

[@ashishpatel350]

@@SpencerCornelia if they don't get those loans they will cry racism etc

[@SupraSav]

@@ashishpatel350 who the hell ever cried racism for an auto approval loan?? What kind of comment is this??😂

[@roman9762]

Credit should not even be offered unless at least 20% can be put down.

[@voltron4ever]

That's like saying being stupid should be a crime. Stupid people took the loans. What are you going to do? History just repeats.

[@RT-mv7df]

The nationwide shutdown/lockdown of the economy during the pandemic should also be a crime (also the vaccine mandates that sidelined a bunch of workers). That's 1 of the impetuses for supply shortages and then the gov't issued Trilllions of stimulus ......which both of those combined together increased inflation by reducing the supply of goods and increasing the money supply. That's the reason these car sellers could hike their prices, and unfortunately, they were spoiled by the easy money and want to lock in those new price levels by not letting them come back down.

[@Amite-zg2ob]

“The road to serfdom consists of working exponentially harder to earn a currency that is growing exponentially weaker.”

[@ryanwhitley9789]

Most intelligent comment on the thread.

[@mark33545]

There is a way to opt out, it’s called bitcoin.

[@ryanwhitley9789]

@@mark33545 Road to nowhere. When all of the butt-corn'ers make their move for the metals it's going to be EPIC. 🤣

[@SRKNFL34]

Banks should enforce minimum 5-10% down and never approve a deal over MSRP including fees, rebates, negative equity, added protection options. Keep it MSRP not a $1 more

[@uncreativename9936]

should be even higher like 20%

[@mikebomar362]

The Banks want do it because they are in on the robbery.

[@EldenLord00]

lol it’s the banks with these high interests rates is why everyone is getting repo’d

[@melissasmess2773]

If people actually delayed gratification, saved and paid cash they would have a lot more money and no worries of repo man. All these people being flashy looking like rich people, while the rich people often drive a Camry or old truck. It's sad but people live dangerously with no savings or control over their income stream.

[@jasonweishaupt1828]

My cousin is mega rich and drives a Camry 😂. He was driving 4 cylinders but upgraded to a 6 when he retired. He buys a new one for cash every 10 years.

[@truckercowboyed2638]

Don't judge others you don't know that.. some had to get a reliable car and don't have $25k laying around...... just because you like being in a poor car doesn't mean everyone does not to mention every new car has a full warranty your POS 25 year old Camry does not

[@phil1517]

​@@truckercowboyed2638-- the same people who take out a loan to buy a car also take out a loan for college and have a mortgage. Yeah, keep buying stuff you can't afford on credit card. About as dumb as they come.

[@jesusjuice7401]

I mean sure maybe but currently your average person ain't gonna be able to save up 40 grand for a Camry. I mean a Corolla seems to be closer to 30k these days

[@Audioaddi]

I think the issue is cars are too expensive. Even if people did what you are suggesting they would be dropping 20-30k on a vehicle which is crazy because you would be better served putting that money in an investment portfolio. So (in a perfect world) why not finance?

[@garystarkey6255]

I waited it out during the pandemic to buy a car because of the insane prices on cars at the time. I ended up buying a used truck with low miles with cash money. I don't owe anybody money and it feels great. Great video as always Lucky!

[@evoman44]

@@garystarkey6255 That's the ideal way to buy a car. Buy what you can afford cash.

[@manny3220]

I work in debt settlement. Almost every other person I talk to has a ridiculous car loan (500-1000) that forced them to start using their credit cards and taking out personal loans.

[@porschefanatic1049]

Since COVID a lot of doom and gloom youtubers have come. Just live below your means and live a simple life.

[@ms.b9093]

ITS CALLED CLICK BAIT!!

[@TheAij83]

I'm so glad I'm not the only one that noticed.

[@Mac-pluto]

Yup! The car market guys and home market guys do at least 1 doomsday video a month.

[@CHADCZ123]

@@ms.b9093reality is clickbait? Are you blind?

[@Mc.flyyy11]

​@@Mac-plutoyou mean a day lol

[@markpitchford7375]

92% of loans were NINJA loans and they were lending 160% LTV? NO WONDER EVERYTHING IS UPSIDE DOWN!!!! No Bailouts. The banks deserve what's coming.

[@azazelakira12]

And the dealers

[@truckercowboyed2638]

And the customers who were arrogant and got into too much car....

[@Kevin-mk6jo]

If the repo man show up, it was not your car. Stop saying "my car". If u making payments, not yours. Facts.

[@benrichards9667]

Same with a house. You don't own it, the bank does.

[@Kevin-mk6jo]

@benrichards9667 yep. Titles man... titles.

[@Bonanzaking]

@@benrichards9667even when a house is paid off you don’t actually own it. You rent it from the government in the form of property taxes. Don’t pay those taxes and bye bye house and it more or less gets repo’d.

[@marcsarfati3291]

@@Bonanzakingyou do not own the house BUT have the right to sell the lease

[@garystarkey6255]

​@@benrichards9667 Not exactly the same thing. A house is typically an asset that you can sell and usually profit or at least break even at worse. A car is a liability as there are millions of cars in the world compared to houses. Cars generally lose value and aren't easy to sell when you still have notes on them.

[@tobywilson864]

I drive doordash late at night, i know the 5 repo companies near minneapolis... they are very busy tuesday through thursday night.

[@Wildwoodjake]

Finally someone has explained why the auto sales market is in the shape it’s in instead of covering lots of “lots” plum full of inventory. You did an excellent job and btw I’ve watched the “Big Short” probably ten times not only because it’s a great movie but to understand it as well.

[@lazysundayz]

I work for one of the larger banks in the nation. One of the departments on my floor is a specialty group where retail auto financing flows up to. It's no secret that we've had layoffs but damn that auto group is near non existent now. I was told their losses are massive and they laid off something like 70% of the team and the remaining guys are just there more or less to help wind down the exposure rather than put on new loans.

[@acemannw]

Lucky for me my wife and I just have one auto loan which is very affordable. My biggest problem is insurance prices are up home insurance went from $1700 to $4700. Auto insurance went from $240 per month to $375. Working to rewrite insurance with larger deductible and less coverage

[@angelr4429]

Hilarious to think that the people is at fault for the 2020-2022 chip shortage. And dealers/banks jacked up the price and took complete advantage of people so bad. Let them rot…because prices haven’t come down since then.

[@monobryn64]

Given the amount of auto loan defaults and how little is recovered at auction it seems the banks were also taken advantage of.

[@justacinnamonbun8658]

I've been buying new and used cars since I was 18, I'm 45 now, and I have never had a lender ask me for income verification. Mind you my credit score has been up and down over that time period.

[@daphatchick]

Me too I just bought a car 6 month’s ago and they didn’t ask for my income verification they just asked what I do for a living

[@hachi-rokuperformancegroup3987]

I bought a new motorcycle in 2022 and I asked if they needed my pay stubs to verify income and dude said with your credit we don't need verification of pay and 3% interest. I was amazed they just took my word for it

[@makeitwork583]

Hey Lucky, I don’t comment often, but I wanted to let you know that I think your channel is great! Been with you for years now, and you’ve always been consistent and reliable. You’re alright with me Lucky! Thanks for the content.

[@SendItMediaCo]

I own supermarkets and I have never seen so many people have their cards decline for non sufficient funds in the last 15+ years. People just don’t have money right now.

[@bigjorge863]

What are the supermarkets called?

[@MrDao92]

You own supermarkets ? In which region if Russia?

[@Kin-28-8]

Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

[@Thompson-e7h]

I advise you to invest in stocks to balance out your real estate, Even the worst recessions offer wonderful buying opportunities in the markets if you're cautious. Volatility can also result in excellent short-term buy and sell opportunities. This is not financial advice, but buy now because cash is definitely not king right now!

[@Theodorebarba]

It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.

[@Grace.h-t8o]

That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?

[@Theodorebarba]

My CFA ’Stacy Lynn Staples’, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@Alexanderjames-rv2ik]

I located her, sent her an email, and scheduled a call; hopefully, she will reply because I want to start the new year off financially strong.

[@melissasmess2773]

I saw a PT Cruiser last week, I was shocked as a mechanic, who is aware of their head gasket and electrical system failures. 😮🦄

[@RBAILEY57]

There aren't many of them left.

[@ozzierabbit587]

Pretty soon they can start putting them in museums.

[@evoman44]

@@melissasmess2773 I also saw a PT a few days ago. And it also caught my attention that it was still running. However the guy driving it looked like he could have been maintaining it and fixing it himself.

[@tmntchad]

For all the crap PT Cruisers got from us car guys for not being reliable. I'm still seeing them around here in the rust belt. They look rough, but they're still out there!

[@evoman44]

@@tmntchad I think that the main reason most PT Cruisers are still running is because they are owned by Shay tree mechanics that can afford to keep them on the road. Which has mostly been the reason why most other older cars are also kept on the road.

[@ashishpatel350]

I wouldn't call it a crisis... People choose to buy things on credit that they can't afford. This is just a rebalancing 😂

[@ms.b9093]

Yep! It's like Darwinism for DEADBEATS!!!

[@RyanWhiting-x6p]

Agreed! Depending on what political side you fall on determines how you view the economy. It's either in a crisis and terrible, or doing just fine. "I'm doing great.....but the economy is terrible". Both sideism at its finest!

[@jonathantaylor6926]

It's a crisis if you are a bank with a pile of bad loans... the problem is there's not $1,000 worth of negative equity... no many people are 8, 10 20 or 40K upside-down. Once you factor in the cost of the repo and auction fees some of these banks are losing a ton of money.

[@stevebarcia5945]

I mean it could be a crisis. There are ripple effects in the economy. Auto loan defaults in and of themselves won't cause a crisis, but it starts a snowball that can eventually become much bigger. Seeing signs of this all over the credit markets

[@roman9762]

@@RyanWhiting-x6p I keep seeing bad economy talk but the jobs report keeps being positive. Even the ILA got 60% pay increases across the board, so if anything, the economy will only keep pumping with higher wages. I'm neutral politically btw, they are all crooks.

[@supercarlos03]

I deliver packages from Amazon and every day I see more and more cars getting repo

[@melissasmess2773]

🥹👍🏻

[@supercarlos03]

It used to be one or two per month 6 months ago, now one or two every other day

[@Millie-md4jk]

So that compounds what we’ve already seen…

[@aterventypityp]

You never know. Instead of a repo they might have trade in for a EV with all the incentives out there.

[@s99614]

Is it the highlight of your day?

[@yellowdrangon]

So basically cars got sold at MASSIVELY Inflated prices----> People got loans on those Cars ---> People can't pay the loans -----> Car gets reposted by bank ---> Car no longer can be sold at value it was sold at when purchased----> Bank loses a Bunch of Money cuz 1) They already payed the Dealership the cost of the car 2) They can't recoup their money by selling the car in today's market ----> Bank LOSES money and if this happens at scale.....then bank goes under/gov bails them out

[@truno7]

The *tax slave* bails them out. Us. We bail them out.

[@mikebomar362]

That is Real Talk.

[@AllInVehicleInspections]

It's not just the banks, the auto makers have jam pack cars full of tech that previously wouldn't be there, and governments are insisting on safety features, which quite frankly doesn't seem to be reducing accidents but increasing it. And all that tech comes at a cost, so a $300 windscreen can now be several thousand because of the cameras. Now add to that many auto makers are creating functions that mean monthly payments for certain tech features, I honestly think they know it's coming and want to cushion themselves. Add to that EV swap over is way more costly and problematic than many people want you to believe, and those cars are plummeting everytime a new, cheaper, longer range, quicker charging vehicle comes out, people are getting stuck even more so, and some that would have never bought new because of the cost. I believe we are in a perfect storm.

[@prettyridesmedia]

The Big Short part 2 … this is no different than 2008 but in car loan version. People having no business buying cars and banks lending them the money.

[@Stockpickervalueoriented]

That is in fact completely different

[@LuckyLopez777]

$$$$

[@EvgeniBelin]

It starts with cars. If the establishment gets its way again, globalization will continue. Add automation, and you are talking real job displacement. Now, today the credit card debt is 35% over that of 2008. Real estate debt is 40% (if memory serves) over 2008. Wages? For those who are not yet "globalized" and/or "automated" -- stagnant. Add inflation to the picture, and you start seeing how deep the abyss is. Fun fact, that media conveniently "forgot" to discuss during the debates: remember heated negotiations around trimming our defense budget around the edges? Here's a kicker: this year we paid more in INTEREST on govt debt than the ENTIRE defense budget. Not a penny of principle, just interest. More than all of defense, including VA, carriers, ngads and so on. Still think it's a car problem?..

[@treesnmoguls]

Might be a real estate version as well...stay tuned!

[@anekinoo7]

Its not the same. Anyone that bought a house after 08 their house today are valued 3-4x what they bought it for.

[@pixelzpusher]

I can't wait to pick up the pieces with cash.

[@MoragTong_]

Hell yeah.

[@S2NAZ]

Be careful on the way down. They’ll be plenty to grab at the bottom on the way back up, Just don’t buy a CDJR 😂

[@LateBrake8]

Relax warren buffet

[@richardhubbard2151]

Me too!

[@estebanmunoz7486]

@@LateBrake8😂

[@stephenspain9167]

dang, I hope nobody paid $40k for a Corolla, not even for a GR

[@MrDao92]

"America does not have shortage of idiots"

[@MrDao92]

"America does not have shortage of idiots"

[@davidshettlesworth1442]

Thank you for this excellent educational and cautionary video. You are right on target with "something is not right". The reposition drivers can't keep up with all the cars that are "on the repo list"!

[@gustavodiaz4689]

Man is getting ugly out here! I work in sales for major builders and I’m getting massive calls from subs looking for work. Including my family members

[@LuckyLopez777]

thanks for sharing

[@jonnytrux3697]

I like video’s like this , it makes me feel good that I must be doing something right for my self & My family . Of course I do work 65 to 70 hours Every week ! I’m doing fine ! I’ll keep on Trucking !!!

[@victortheguru]

A Walmart greeter with 3 homes is insane 😂

[@sargepent9815]

"I just know that at the end of the day regular people are going to pay for all of this. Because they always, always do." - Mark Baum

[@DonHogan-wi2yj]

30k car. Sticker: 58k Bank: well make a killin off this fool so give him that loan what could go wrong!! Cue finger violin lmao

[@SinlowMusic]

Fantastic video. I’ll gladly keep my fully depreciated and paid off Porsche Cayenne and Lexus IS. I don’t need brand new anything. I fix/maintain my own stuff. A friend of mine recently bought a $80,000+ truck just because the water pump on his 15 year old paid off BMW gave out. It was a $600 job and he figured $80k was saving him money… he’s already missed a payment and literally eats ramen 4x a week. The irony was his wealthier doctor friend came by to purchase his 15-year old BMW and fixed it in about a week. Think about that. Another important note; This recent US port strike is going to increase our already poor inflation rates.

[@crazeguy26]

some of my customers have new cars but it's there only car for everything. and i'm sitting here on 4 vehicles yeah there almost 30 years old but they are runners.

[@sargepent9815]

100% right. In 2022 I had a 2010 Chevy Volt that had a bad transmission (stator bearing failed) and was offered 12,000 for it as a BUY bid. I purchased the car for 6,500. I purchased the car for 6,500 in 2019 and put nearly 40k miles on it. Laughed all the way to the bank. But now, I see that this exact stupidity is what is killing the car market NOW

[@Impozalla]

It's ridiculous that car dealers are selling cars for over $100k and expect them to sell. People are broke in this economy.

[@ehiracheta]

Yup in Texas things are still flowing strong. I just bought two vehicles and had no trouble with financing or anything. So yea like you said things are still strong in TX. Good luck with your interviews!

[@TexasRiverRat31254]

Yup! I'm out in the boonies and needed a tractor with a mower deck. Had no problem qualifying at JD and Kubota but bought a Kioti. All 3 just asked what my income was, no verification needed. One even bumped it up $10K. It's like the dealers don't care if I bail on the finance company as long as they sell a machine. 😂

[@RedLeo-pf9yo]

Yeah, but Texas has always been special.

[@classiccorvettesmusclecars5846]

No one forces u to buy too much car or too much house.. U reap what u sew. Banks are no better lending to these fools..

[@Priust189]

Repo what you sew

[@w00t777]

taking a loan to buy a depreciating asset is silly to start with

[@Bonanzaking]

On a long enough time frame they aren’t depreciating assets. Vehicles depreciate for the first 12-15 years from new, find a bottom in pricing and level out and then begin to tick back upwards as they approach classic car age. Just look at the boomers and a lot of their classic cars. You see sports cars that costed 3-4k new and trucks that were 1-2k new go for 100-250k+ at vintage auctions like Barret Jackson. Even full sized sedans and econo cars like a Volkswagen Beetle go up, just not to extravagant numbers. The same pattern has repeated for other neoclassical cars, think a 90’s Toyota Supra, or the older type of Tacomas like from back to the future movie. They all trade for several times their original MSRP in nice condition. I’m not sure if you’ve kept track of what 90’s econo cars like a clean Honda civic or Toyota camry go for these days. They’re pretty much approaching their original MSRP. Problem is 99% of people don’t keep a car for 20-50 years to see some appreciation. Generally sports cars and trucks appreciate the most.

[@leftifornian2066]

@@Bonanzakingthose mofos ain’t holding a car for 15 years bro They gon exchange it 2 years in for a another loan 😂😂😂😂

[@Bonanzaking]

@@leftifornian2066 i know that’s why I said 99% of people don’t. My boomer father a lifelong mechanic did. He kept every car he’s bought. Nearly all of them he bought used on the cheap and reaped the rewards now that he’s retired. I have his 1971 mustang that he sold to me for the same 3,319$ he paid for it new to teach me a lesson on money, what was 2 years wages for most people back then was essentially just over one months rent when I bought it. I could send it to auction and get maybe 120k for it but I love the car since I dreamed of owning it since I was a child. I learned valuable lessons from the man in regards to car collecting. Now most of my old cars are worth more than what I paid for them. Like him I don’t intend to get rid of any of them until I’m too old to drive assuming my own kids don’t want any of them.

[@uncreativename9936]

It should be "don't take a loan to buy consumer goods". Most assets are depreciating. If you finance some equipment for a business it's going to depreciate, but you'll be able to make money with it. With a car you're not going to make anymore money with a $60k Cadillac over a $10k used Civic because it's a consumer product.

[@LateBrake8]

Not really. You’re not buying a car to invest. You’re buying it to enjoy/commute/live.

[@chadmorris946]

I just sold my car and bought a beater. The Kia dealership outside of Chicago had stacks of new cars some rows was 3 deep. I counted 15 new EV9s lined up out front. No one is buying.

[@bryangrant9282]

These are all the same dealers that were charging over MSRP for years. They don't deserve your business now.

[@MrMopar413]

Make cars less expensive again and simple to own and fix and repair. Cars today are as complicated as the space shuttle. Why do car manufacturers put 200 mini computers that talk to ECM-? . How about analog switches and knobs and mechanical skid controls like in the old days. Basic main wiring harness, like in the 70’s. Mechanical gauges. Old fashion delco remy alternator. Hand crank windows, HEI ignition, simple ignition module. TH400 automatic transmission with mechanical gear shift to the valve body. Double master cylinder I’ll add 4 wheel disc brakes, skip the anti - skid control, another electronic device to go bad. Then 300 sensors to monitor everything on an engine, throw that out . Go back to carburetors 😂😃 with mechanical chokes 🤔🤔, I just described my 1977 Buick Regal, my daily driver with 315K on the meter and the original engine. Been in the family 46 years now👍👍👍. They shove this shit down our throats, WTF. Make old Cars Great Again 😃😃😃😃👍👍👍❤️❤️

[@bella3008]

So, which basic cars would you recommend to a car buyer in the market?

[@quixomega]

Helariously, a lot of it is cost cutting. Electronics can do most things cheaper.

[@mikebomar362]

THAT WILL NEVER HAPPEN

[@phil1517]

​@@bella3008-- Hondas and Toyotas will last the longest and have engines that will last you 400,000 miles so long as you take care of it with regular oil changes and transmission flushes.

[@bella3008]

@@phil1517 Thank you.

[@joede1123]

My 2012 is still running, Lucky! She just hit 185k miles and I'm going to try to keep her for another year.

[@ricktharp1]

Better keep her another 4 years

[@joede1123]

@@ricktharp1 I have had her for almost 8; I don't know if she'll make 4. 😔

[@Anthony-kz4qc]

As long as you change motor mounts axles suspension & daily maintained u should be ok

[@joede1123]

@@Anthony-kz4qc Thank you!!!

[@allenc4909]

Same here.

[@bobsides59]

#LuckyLopez NOW HEAR THIS< now hear this. Ahh, 2007/8. I remember it well. I had 10 rentals and a wife. Lost all but the home I lived in. I noticed that my homeowner's insurance went up by $3.076 this past year. I had a hail damage claim 19 months ago. What is outrageous is that my Homeowner's insurance was $3,800 for 2022-2023. I remember the video you did about Homeowners insurance and a guy who was about to lose his home because they stopped insuring in his area. This is what's happening in Collin and Denton Counties in N. TX now. My independent agent/broker said that many insurers are leaving the area b/c we have more hail damage in our 2 counties than any other of the 254 counties in TX. It might be time to move to a different county.

[@stevenvanderheide6472]

Canada recently said they would give someone 90% LTV on a 1.5 million dollar home. Same shit, it only increases prices.

[@guterjunge3542]

Here in DE / Europe prices are still ridiculous! Former 1k cars are still going for 3-4k and especially with new car prices. Some more than doubled in the last 5 years, but they kill mostly 30-50% in the first 3 years. It’s still madness

[@trumpshare]

Lucky you have a great video presence...no doubt people are looking for you!

[@LuckyLopez777]

thanks i appreciate

[@TheCarCrazyGuy]

I never sold my house during 2008-2009. Why would I? I still have it today. It's worth more than twice the value today.

[@melissasmess2773]

Well a $100,000 home in 2008 is worth $146,044 in todays dollars after taking into account the 2.4% Annual Inflation rate during this period. That leaves about $54,000 profit if it doubled in value. How much in interest are you paying over the life of the loan?

[@TheCarCrazyGuy]

@@melissasmess2773I paid $403k. It’s worth about $810k. Interest rate is 2.375%.

[@Stebanoid]

Lucky have been posting the same video for 3 years straight. I take a look from time to time - yep.. the same video again. :)

[@Mac-pluto]

Yup! The car market guys and home market guys do at least 1 doomsday video a month.

[@banderson1979]

yup. he's such a loser.

[@seanwalker342]

Right 😂

[@666yazman]

I Just laugh at the thumbnails and read comments since they are literally THE SAME VIDEOS since 2021.. LMAO!! in 2033 when the market actually crashes you will see these guys brag about " I TOLD YOU" 🤣😅😂

[@IIIKingsMedia]

It gets the views!

[@1stgentree18]

I agree insurance had sky rocked. Not to mention, when you try to swap insurance, they will come with adjustor and take pictures to determine if they can continue coverage. As for me, I have to cleanup and fix a few things to continue, I don't know what if they can't do that. There will be more uninsured for sure moving forward.

[@davejones1064]

My insurance went up $800 a year I pay by the year I called and they said its because of Inflation 🙄 I called around and got another insurance for 1k cheaper and more coverage

[@SigFigNewton]

“Insurance has sky rocked”… Insurance : ☄️?

[@rvarsigfusson6163]

A fiend of mine bought a house in Florida for some years ago and got cheated on by the bank. He thought he was with fixed rate all the time of the loan. But hell no just when the bank got it but the bank sold it and the rate got up and up..... he paid for it in many years and then he got message about the price of the house went down and he better pay 1/3 of the loan and he can then keep on with it..... But if he will not pay up 1/3 he will be without of a house to live in..... he did not pay 1/3......

[@markquitoshammeritos]

I hate car payments so I will drive something old and paid off before buying a brand new car.

[@RedLeo-pf9yo]

U don’t date much do u ? 😂

[@fortheloveofnoise]

​@@RedLeo-pf9yoI drive a 98 Sentra and am engaged to my dream girl

[@TheCortez714]

I've been watching your videos for years. I had a feeling about it, and you are right, Lucky. The car market is not looking good. I've seen older cars on high-end dealer lots, and they're taking a while to sell and newer vehicles

[@newniea21]

Was trying to keep my old civic as long as possible. 2010 still running like a champ , wasn’t planning on buying another car for at least 3 years , unfortunately got Totaled in a hit and run accident at a red light a weeks ago 😢 now I’m forced to buy another car . Not looking forward to it

[@EldenLord00]

Damn

[@Foodforthought86]

And once they were falling apart they started rebundling the non failed loans with new ones and reselling them too

[@bernie6355]

I went out to a buick dealer here in Canada to look at the envista. I was surprised that they had all these add ons

[@vincentvanderbilt5598]

What adds on did they put in?

[@zenfuri89]

I’m glad I never paid an over retail price. There’s several people I know even close friends that rolled in negative equity into a new car loan. They are in so much debt with the car alone… survivable debt but if something goes wrong where they need to use a savings which they most likely don’t have they will be SOL.

[@evoman44]

Were your friends reason to get a new car because their old cars became unreliable money pits or they just wanted something new?

[@zenfuri89]

@@evoman44 my best buddy had a Tacoma paid 10k market adjustment back in 2022 now present time his truck is in negative equity and didn’t want to deal with the gas consumption anymore so he traded in the truck 🛻 rolled the negative equity into a car loan for a new Honda Civic. My Supervisor had a SUV and he also same story had it in negative equity so in order to take advantage of the Ram truck incentives they had to try and lessen the blow that way. Still has at least several thousands that he will have to pay back.

[@lot2196]

I don't personally know anyone who lost a home or job in 2008. Don't take out stupid loans.

[@brentlorrilliere6057]

The government saved many homeowners in 2008-2010. Remember TARP? TARP was intended to improve the liquidity of assets by purchasing them using secondary market mechanisms, thus allowing participating institutions to stabilize their balance sheets and avoid further losses. Another important goal of TARP was to encourage banks to resume lending again at levels seen before the crisis, both to each other and to consumers and businesses. Had it not been implemented, there would have been an unimaginable wave of foreclosures. Fast forward to 2023...On March 12,2023, the Federal Reserve created the Bank Term Funding Program (BTFP), an emergency lending program providing loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions that pledge U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. The program was designed to provide liquidity to financial institutions, following the collapse of Silicon Valley Bank and other bank failures. It was also created to reduce the risks associated with unrealized losses in the U.S. banking system, which totaled over $600 billion at the time of the program's launch. Funded through the Deposit Insurance Fund, the program offers loans of up to one year to eligible borrowers who pledge as collateral certain types of securities including U.S. Treasuries, agency debt, and mortgage-backed securities. Do we see a theme here? Banks keep getting into trouble with their risky investments, and the gov't bails them out. No one ever bails out the consumer directly.

[@did_I_hurt_your_fee_fees]

Don't take out stupid loans. That is actually the best advice anyone can give. It's like people forget they have to pay the loans back with interest.

[@TravisJansma]

I don't understand why people would pay double, or triple what a vehicle is worth.

[@pmarcusb]

People love to say there broke but go to any airport, people are still going on vacation. The resorts are packed. Disney theme parks aren't having problems. 😂😂.

[@SigFigNewton]

It’s both. The bottom third experienced much higher inflation than the averages appearing in official numbers while the top third watched their assets appreciate and refinanced their homes during the pandemic, giving them more spending money every month for the entire remainder of that mortgage.

[@SigFigNewton]

The basic needs inflated the most in price. Thats most of what the bottom third spends on. That’s what I’m pointing out when I point out that wealthier people experienced less inflation. Take this understanding, then note that the economists and talking heads on the media are of and are surrounded by that top third, and one realizes that the economy is more fragile than the official narrative describes. Their models don’t account for the highly detrimental effects of grossly and growingly unequal wealth distribution.

[@anthonywalker2306]

I'm assuming the people at the airports and resorts are the ones who are not claiming broke. I just got back from Cabo San Lucas towards the end of August and in December I'll be going back to Montego Bay Jamaica for another getaway. but yes, you do have a lot of people living outside of their means, and their priorities are nowhere near in order.

[@kingduckford]

So, because there is enough highly paid people in the US to spend big money on big things, you equate that with the majority of the population who can't afford those things and earn 1/2 to 1/3rd that income are doing just fine? What kind of flawed logic is that?

[@BrewReview]

Uhh yeah, they are.. haven't you heard the news about how Disney parks are severely underperforming and having financial struggles? Just google that.

[@squarecircleCo]

All you have to do is pay the bill. Edit: great video, I’m subscribed and will be looking forward to more videos.

[@BearPapa49]

Just bought a Subaru vs a Chev Colorado . Subaru rates 3.9 Chev 5.9 Went with a Subaru hands down !

[@j.l.salayao8055]

Yup, subies are nice for hippies.

[@RBAILEY57]

I'm on my third Subaru. The first two went over 200K miles with no major repairs.

[@S2NAZ]

It’s even worse than bank finance. The economy is so terrible right now and the media is covering it over like all is fine. Evictions are at a record high right now in Phoenix. Landlord investors will be selling their assets or taking a hit on the rent. Own your car, own your home save your cash. There’s gonna be some great deals coming.

[@corrosivedevourer]

I'm a mail carrier for Phoenix and I deliver tons of certified letters for people who are getting evicted

[@did_I_hurt_your_fee_fees]

I'm hoping I can buy some land in a couple years for super cheap

[@TravisJansma]

Why is everyone surprised that this is where we're at today?

[@triplemasterpiece5765]

You are correct about those Ninja loans (No Income No Job no Assets) and there are alot of super subprime car loans with 20%+ ready to crack

[@neorabado8990]

I took out a 64k loan for 84 months. I regret it. It’s been a year and a half and I’m 15k in negative equity. I’m so ready to walk away from it I don’t care anymore.

[@markscott5421]

I've noticed a few repos in my town here in Indiana usually around 2am and the 3 car dealers here are slow selling, I can see the Ford dealership from my deck in the back, they haven't moved many cars this past 3 months.

[@LuckyLopez777]

lots of deals coming to our part of town

[@JoeBuck85]

East of Indy? If so, I think I know where.

[@markscott5421]

@@JoeBuck85 no Franklin IN

[@WTF-sh4is]

Lucky, I’ve been watching your channel for years and this is the first I have heard of an auto loan crisis?! 😂

[@boedayious4993]

Another eye opening movie is MARGIN CALL. Where they show case risk management and cut throat finical corporate tactics. Reminds me of the WMFM Meetings on Mondays mornings at the dealership. (WMFM) GMS Onwer - Business Manager - Finance Manager - Used Car Manager - Office Title and paperwork clerk. We would all discuss. WHERES MY FUCKING MONEY ???? WMFM.

[@camolegoshark]

A large component here is that home loans last 8 times longer than the average car loan, are for significantly more money and car loans don’t really have security dependencies

[@justSTUMBLEDupon]

Big question: how will this auto collapse effect the banks? Will it cause a financial crisis? Seems like it, on top of their bond market losses and commercial real estate.

[@mapmike52]

One of the wisest things I've done is buy an affordable sedan with cash and maintain it regularly. I bought my 2014 Chrysler 200 in cash in 2017 and have consistently put away the would be car payments into a Roth index fund. Not going to lie I've been tempted to level up with a new car (and likely a loan). However, having the ability to stack assets with the would be car payments brings me more satisfaction at the end of the day. By appearances I look average or even broke, but I'm quickly approaching debt free millionaire net worth by the time I turn 40. Not for everyone but works for me.

[@maximussilverstacker3928]

My wife has a 2017 Subaru legacy 45k miles , I have 2018 rav 4 80k miles on it both are paid off and we’re keeping them for at least 15 years total each. But a quality car and you can keep them a long time with basic maintenance!! Pt cruiser 😂oh hell no! 😮

[@evoman44]

I totally agree on buying a quality car that will last a long time with proper care and maintenance. My oldest car is a 1995 Acura Integra that I bought used in 2001 with 100k miles. That car has survived my youth of hard driving and racing and daily beater service. It now has 267k miles. That car has outlasted several newer generations of throw away cheap cars. And now I plan on keeping it and restoring it.

[@fortheloveofnoise]

1998 Nissan Sentra 5 speed manual 170k miles

[@josephbukal9850]

You always have good information.

[@icu1585]

A lot of people have money.. a lot of it but it’s kept silent

[@azazelakira12]

The isurances costs are bananas!

[@benelimelech4389]

My buddy has a new mozda he got durring covid and now he realizes the car isn’t worth what he’s paying he just stoped making payments and is just hoping the bank repos it stopped paying insurance stoped paying car bill nothing

[@EldenLord00]

Imagine if everyone did this

[@rwdplz1]

Banks only want to keep people in their cars now because nobody else is going to pay what they did for the same car. Idiots that bought a $30k Hyundai for $50k and still owe $40k on it, VS sending it to auction and only getting $20k.

[@ozzierabbit587]

To pay $50k for a Hyundai or Kia worth $30k is a new kind of stupid.

[@spyder000069]

​@@ozzierabbit587Thats the problem. They didnt pay $50k. They paid a grand or two and bought into a monthly payment. Many have no clue what they are actually paying. People have relationships that last 6 months but think they can be faithful to a 7-8 year car loan. lol

[@MrDao92]

@@ozzierabbit587"America does not have shortage of idiots"

[@MrDao92]

What is VS?

[@spyder000069]

@@MrDao92 versus

[@wanglelife]

Feel like we have been talking about defaults/repos going up for the last 2 years though. I thought the shit was gonna hit the fan back then, but we are still cruising along 2 years later. Economy is doing great!

[@did_I_hurt_your_fee_fees]

Are you being serious?

[@LateBrake8]

What does this mean for someone who wants to buy a new car? Buy now or later?

[@martingriggs6362]

Lucky, you are making me miss those days. I made $8,600 off a new Ford Maverick in 2022.

[@TheCarCrazyGuy]

you are part of the problem

[@bryangrant9282]

Didn't Wells Fargo stop auto lending LAST YEAR? DIDN'T CAPITAL ONE do the SAME THING a month later LAST YEAR? Small dealers closed shop LAST YEAR because they couldn't get floor plans to float inventory. Now we have dealers everywhere with inventory spilling over. We have a housing market with the lowest applications, 45% lower applications than 2019, with inventory back or almost above 2019 levels. Autos and housing are fubar yet insurance and taxes are ath. THINK ABOUT WHAT "HIGHER FOR LONGER" REALLY MEANS! Do you know what's next? Auto and housing collapse will be followed by banking or stocks. You don't get to choose. It will be obvious.

[@will5037]

I don’t get it, if the guy who had the trd cannot just let “things go” if his car got repossessed and the bank sold his car at current market value then he is still in the hook for the 30k he was upside down. His credit gets demolished and still need to make the payment for the difference unless he files for bankruptcy.

[@LuckyLopez777]

people so crazy things lol

[@RBAILEY57]

An Auto Auction business near me in Central VA deals mostly in repos. Lately, their lot has cars stacked wheel to wheel.

[@motorcitywestauto4674]

I couldn't believe it when they were loaning that much scratch on cars a few years ago. Clearly it wasnt going to last. I got lucky and built my home just outside of Phoenix in 2019 i to 2020. My builder had to eat some cash when lumber went up, and I remember him telling me that i should lock in because whatever the cost of lumber is, I'm locked into a price. He wanted the sale and he was hoping it would drop, and he would make some but it went up significantly. I retired at 49, and between me and the old lady we have a pretty good income. We could easily afford 2 new Escalades every 2 years, but cars are a piss ass waste of money. I know that because I build and work on cars, so I drive an 05 Escalade and a 66 Lemans. Wife drives an 04 Yukon and she loves it. I dont worry about door dings or wrecking those (except the Lemans, I'm anal about that car) Even she wants older cars though, she wants a late 70s/early 80s Grand Wagoneer and a 71 Corvette. So were working on those. Besides being far better looking, older cars are way easier to work on and do not have tracking tech like all the new ones do. I get I if you dont work on cars you need something reliable, but the best bang for your buck in that case is a car just off lease thst still has warranty. Someone else already took the hit on the residual, and you still get something reliable. I have had 3 new cars in my life, and lost my ass on 2. I gave the other one to my son. New cars are only new for about 2 weeks, then that newness wears off and you're stuck with high car payments and insurance. Just not worth it.

[@CharlyDaOctopus]

I work at a clothing resale shop in AZ and sales are down 30% from last year. The amount of people selling to us has tripled in the same time and the quality of what they’re selling has significantly decreased.

[@BearPapa49]

Just bought a Subaru vs a Chev Colorado . Subaru rates 3.9 Chev 5.9 Went with a Subaru hands down ! By the way panic buying is happening! Again ! Toilet paper and paper towels . Due to the shoreman strike . Rediculous

[@aaron___6014]

The people who lost everything in the flood are in a crisis. I've been hearing you and others talk about the auto loan "crisis" for years, and nothing changes.

[@pricepolice834]

Work at a Toyota dealer and the economy is fine. We are having trouble filling orders and investory doesn’t sit for more than a week. 2025 msrps are going up 5% and we have preorders for almost all cars

[@did_I_hurt_your_fee_fees]

That doesn't mean the economy is doing great that just means people managed to get the loans

[@gratefulliving1760]

Toyota is the only company that refused to transition from durable 300K miles cars to much less durable 100K miles ones. Instead, they kind of went half the way down to 200K miles ones. Which is still 2x better than the majority of the cars sold. For a while, it appeared that the buying public got comfortable with very pricey disposable cars, 60% to 80% of which were leased in the US rather than sold. Such off-lease vehicles were then massively sold abroad, to places with much lower labor cost and parts costs, where local mechanics kept maintaining them for a longer time. Russia, for instance, used to absorb tons of off-lease Mercedes W221 S-class V8 cars. Local mechanics would install iron cylinder liners, which would double or triple engine’s durability, and periodically do other types of “deep maintenance” that could not be cost-justified in the US. Similar story was going on with the Volkswagen AG cars. All throughout Eastern Europe, much lower paid mechanics would keep them alive for much longer time than it was financially prudent to do in Western Europe. Now we see the blowback. Savvy car owners in the US finally realized en masse what’s going on, and started refusing to buy or even lease disposable cars. So, these cars had to be sold to less savvy owners - welcome to subprime loans! Of course, there were other factors at play, yet the one I described was significant too.

[@shawnbrigance3993]

Keep up the good content. 👍

[@derek4412]

12:00 “unfortunately, I’m not much of a grocery shopper“ Lucky, does somebody else do the grocery shopping for you or do you eat out for every meal?

[@uncreativename9936]

I think he just means he's not trying to get the best price, I couldn't tell you what a dozen eggs cost. I buy them once every week or two and never bother looking at the price.

[@parmjitsidhu-y8b]

good job brother ,could you mention banks that stand to loose the most because of auto loan crisis, thanks

[@Tool-d5w]

Ive got 49 buick Roadmaster daily driver party mobile 1.5 million miles (Lubilon mil spec lubricant) on the clock works great, dependable and contains not one transistor and has never ever had a loan on it.

[@AMTex-it-ek7vb]

lucky that is what realtor feed clients. I was in the industry years ago. And worked with ones who were in the 80's, they saw homes go down 50 percent in value. So this up and up is BS and your right

[@kaswdc]

Finance and cheap money mess up everything

[@jims8835]

Lucky my insurance wend down $1,200 a year just bought a new car capital one aggressivly marketed me and my credit score 593 , I guess I’m the exception

[@bigjorge863]

I got a 2013 chrysler 300s still going 💪🏽