Bank Repossessions are on the RISE and Consumers are IN TROUBLE! - Flying Wheels.

Market Adjustments combined with increased interest rate hikes are a recipe for disaster! People paid too much for their cars in 2020 2021 and 2022 and now consumers are in Trouble!
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How to Buy Bank Repo Cars at a discount before they go to auction or get in to dealer auctions with a car dealers license auction access interest rate increase auto loan problems rates calculator refinance what to do if you cant afford your car Voluntary giveback buy back

[@hoopty.]

I proudly own two junker cars. Paid cash, from pull a part, and do not have to worry about the repo man. A lady once talked bad about my old Camry, because it is kinda busted, she got repossessed two months ago, and she asked me for a ride to work in my busted Camry 😂❤

[@hoopty.]

@@Mr_Spock512 right

[@hearditfirst8010]

Those people have always been my favorite. Thumping their noise at other people from their borrowed money lol.

[@colinmckim4515]

Haha great story!

[@cedricmiller4370]

@@hoopty. she tried to speak bad on your old school Camry but the repo man made her eat those words for trying to show off . But take care of that Camry those old 1996 Camrys still look good with sunroof and new paint job as well as the 2001 Camry v6 in white I love cars but with inflation going on I'm not even entertaining the idea of a 2023 Toyota with 40k price tag that's outrageous the money they asking for modern day cars

[@hoopty.]

@@cedricmiller4370 exactly. I don't plan on getting rid of my Camry anytime soon. I'll drive it, unless it gets totalled beyond fixing.

[@terence4427]

Um, is anyone surprised by this? What did banks and dealerships think was going to happen when you're financing cars at 3k, 5k, 10k, and 15k over MSRP?

[@jonathantaylor6926]

I know what the banks think.. “we’re too big to fail”

[@Kevin-mk6jo]

Their loss.... our opportunity

[@locophoto6881]

You're ignoring the biggest variable in all of the planet....human nature is selfish....there's no such thing as what "the banks" thought....it's simply selfish people thinking up ways to move cars and loans for their own temporary rewards and bonuses not caring what it does to the entity they work for or the government or the buyers.....

[@Aikynbreusov]

No...that's not the problem.... the problem is why did banks approve auto loans to buyers who were least qualified???? Why did the banks fail to perform income verification????? The banks were lazy and irresponsible... so the banks get what it deserve

[@Aikynbreusov]

EDD and stimulus checks should NEVER be used as income to buy a car......

[@chrisvig123]

When individuals in they’re 30’s have million dollar homes 80k pickup trucks and all the toys….something is not right and you can expect a correction 😮

[@RobsMusicBox]

lol Literally word for word for my new neighbor,the younguns who are professional career workers right down to the Multiple various 80k vehicles. going out every weekend,vacationing and lots of Expensive resteraunts. i cannot Fathom where the he11 the money is coming from to Sustain this kind of living.

[@bryanblack7828]

I was just talking to my wife,how we started driving in 200.00 cars,and these days,they are starting out with 50,000 cars! They would walk before they would step a foot in what we had to drive when we first started out.

[@wingedhussar5528]

It's called credit rich. These people have nothing in savings and live on debt.

[@alb12345672]

You only live once though.

[@karlwalter2242]

Well there's no correction happening because times have change, how do you expect to make money without an education or an outdated education, is impossible, those young people you talk about are racking big money because they have a better chance to go to college than ppl back in the day, my son in law and my daughter are both software teach's , no student loans, work and college, and already own a 350k home haven't even hit 30, why that has to be corrected if they're paying for it? your comment sounds more like butt hurtinnnn than anything else...

[@sullyFL]

Cell phone sales have dropped for five consecutive quarters. People can get by on older phones, but everyone would love to have the latest model. Strong recession indicator, imo.

[@cousinjohncarstuff4568]

My phone is 6 yrs old, due for a new one. $300 tops, and have seen some for well under $300. Don't need a lot of bells & whistles, just the basics.....

[@brianwaller7383]

Not only that but phones are quickly approaching $1500

[@TheSupervillain316]

I have a basic Android. Had Blackberry for many years. I've always been the type who uses it until it breaks and takes care of it

[@ummmummm563]

​@@cousinjohncarstuff4568 Galaxy J3: $39

[@TurboV8boi]

I would not love to have the latest model at over $1000, that's just silly.

[@mattledgister5524]

People need to stop buying stuff they can't afford.

[@tho464]

Leading cause of inflation

[@mattledgister5524]

@@tho464 facts

[@rbell2915]

But how else can I flex on people that don't care?

[@mattledgister5524]

@@rbell2915 😂😂

[@jaysmith179]

The dems are now helping folks with bad credit and charging folks with good credit more. This is socialism.

[@David-nx2vm]

I worked for a bank and my duties included repossessing cars. Never buy a repo car. Never. The repo process takes 3-4 months from the first missed payment to the actual repo. Owners have neglected and beat them. They are filthy inside, with dirt, food/beverage spills, cigarette butts, drug residue, and mystery fluids. I carried a repo bag with essential fluids like oil, brake/power steering fluid, coolant, small tool kit, etc.. I also used rubber gloves and sat on a trash bag to protect my clothes. The price may be tempting but no matter how cheap it is it’s too expensive. Never buy a repo.

[@claytoncoolidge992]

I've bought many many repos and I highly recommend it. Great way to get a great deal obviously there is a risk involved but honestly as long as you are aware of what you are buying no reason to not go for it. Lots of the used vehicles are repos and you are not even aware of it

[@michaelsj8084]

@@claytoncoolidge992do you need a dealers license to buy them?

[@claytoncoolidge992]

@@michaelsj8084 depends on the auction and/or dealer. There's a few dealers in my area that will let you shop auctions through them and there is several public ones as well

[@garypinholster1962]

I own a repo car and it's been running just fine for 5 years now...

[@warriormanmaxx8991]

@David = Good Grief !! If the car is checked out, needs some cleaning, is being sold at a huge discount ... worth the risk. Any other advice you wish to give?

[@speedy4829]

let the repos pile up……I don’t remotely feel bad for all the Covid ballers, the finance companies or the dealerships that participated in this nonsense. myself and the other responsible people will be here buying toys at a big discount. This is just beginning…..

[@HiPlains1]

Banks are currently being bailed out again with the 4 trillion lift on the debt ceiling. The Government is trying to keep it on the down low. Expect everyone including you to pay more taxes in the future. Because they have kicked the can one too many times as far as the National debt. So don't feel sorry for others. This crap will effect everyone. Bankers never feel the squeeze.

[@RichieRich7339]

Hahaha exactly what I was thinking. They'll get what they deserve for short sighted gains and we get to cash out because we didn't go finance a car that was priced 20k over msrp

[@snowrs1]

I sold my toy during the boom

[@user-ty5di3ku6o]

Dealerships don't finance cars. Banks do. The dealerships still have their money.

[@subliminal1284]

@@user-ty5di3ku6o For new car dealers you’re correct, many used car dealers do buy here, pay here

[@aaronbritt2025]

And a lot of people think if the do a voluntary repo and give the car back that their debt gets wiped out. It doesn't. If you owe $10k and the bank sells it at auction for $4k, you still owe the $6k. The bank can sue you, get a judgement and ask the judge to garnish your paycheck.

[@jeremiahthomas1385]

That's messed up

[@austinmitchell1586]

Not really you sign a contract you owe the money definitely fair. If you make a poor decision you have yourself to blame.

[@biff3917]

no they cannot that's small claims they can be awarded a judgement collection is still entirely on them and no they cannot garnish your wages for that laughable.

[@austinmitchell1586]

@biff3917 As someone who use to work for collections firm. You are 100% wrong they can but only if it's worth the what's owed as it cost money to file and fees for the attorney and such. Bankruptcy is the only way out of it.

[@bjone1153]

My inlaws just went through this. Yes his pay check is being garnished for a vehicle and credit cards. They all went after him and boy did they eat him up.

[@joshuagraham3222]

I’m a realtor in California. Not a lot of inventory because people don’t want to sell and get a higher rate. But, the people that are buying have a huge payment. I’m seeing mortgage payments for buyers at $5,000 a month. To me that’s not sustainable. I think there will be a lot of foreclosures here in a few years.

[@rachelgreen1368]

California is just a poor dirty Northern Mexico with Swiss prices.

[@Tablesaw818]

My interest rate for my mortgage is 2.8%. My lender calls at least once a month trying to get me to refi. They definitely want that higher rate.

[@joshuagraham3222]

@@Tablesaw818 The lenders are really slow right now. He just needs the business most likely.

[@bc_usa]

​@@Tablesaw818I don't have an internet rate. Paid my house of years ago. 😊

[@mrmartin7131]

5000???!!a month???o hell no!!!!!!

[@txdude19d]

Right now I have a 2.25% interest rate on my house and I am keeping it forever!

[@e.l.9589]

Until eminent domain comes knocking, and the government needs your land.

[@SunnynPhilly]

Or until the grim reaper comes knocking 💀

[@chrisvig123]

Hopefully u don’t have to refinance to soon

[@SoonerMikeD]

Same. Not going anywhere.

[@SteveAaroe]

You still need to pay off your house as fast as possible so it "your house"

[@JONMPG]

I voluntarily let a car go back to a bank once. It was considered a repo and never will do that again. I have worked way to hard to fix my credit.

[@williamwilson6499]

It was considered a repo because it was a repo.

[@captmaverickable]

Voluntary Repo is much kinder than Forced Repo. I just financed a Prius with Toyota Motor Credit after 7 years doing a Voluntary Repo with Ford Motor Credit.

[@kathrynw3]

Next time just burn it.

[@windmillacres679]

Been there. Done that. Couldn't recover. THEN........ I got rid of the wife! 814 credit rating baby! New wife is much better. However, when I got a motorcycle last week she did ask that I sell one of my trucks. Something about not being able to drive three trucks.........😅

[@TheSupervillain316]

Knew it was coming when people i know on a Toyota Tacoma forum were getting the same or more for their trucks after 3-4 years of use.

[@tompasch2447]

Sold My tacoma to a dealership for 200.00 more than I paid for it 5 years earlier.

[@jamesgordon7608]

@@tompasch2447 Thats pretty awesome. This maybe something more about Toyota Tacoma's. I've seen guy buy fairly new Mercedes S 500 that were 5 years ago 160 and the guy bought it for 15 at a auction. Japanese cars got too expensive for their reliability they're almost at a iconic stage.

[@brianhayes7618]

I haven't bought a vehicle on credit in over 20 years and am amazed at the money I've saved. I pay cash for what I figured I could afford and look for the best I.can find for what I want to pay and it has worked out great. We have always kept a backup vehicle in case my wife's or my vehicle breaks down we can still function as normal while repairs are made to the vehicle needing it.

[@jgm9927]

That's our story! We drive old, pay cash, maintain, & keep 4 @ all times ( including the old pickup). We have a sum total of $6500 into 4 vehicles. Life is good. I'm retired now & enjoying buying and selling land just for kicks

[@liamx6636]

@@jgm9927 You pay insurance and fees on 4 vehicles? That seems redundant.

[@jgm9927]

@@liamx6636 where I live in the rural Midwest it's peanuts compared to car payments. Probs 700 a year total!

[@davidvalentin4128]

This is the way

[@tomh3652]

Yep if I dont have the cash I dont buy it. Simple

[@allergictoglobalists]

If they couldnt afford the car and couldnt make a payment, im pretty certain they didnt change the oil amd do routine maintenance. I'd run from them. Until people learn to live within their means, its gonna get worse.

[@NativeMainer53]

When I was a car salesman a couple came in late in the day, took them for a test drive and they wanted to buy. I immediately knew something was wrong because I was a lousy car salesman. The couple had been to 3 other dealerships that day and were declined for a loan because they had terrible credit. They could not finance fries from MacDonalds. I had to tell them they were denied. They looked at me shocked. I felt like saying, you denied for credit for the same reason the other dealers told you.

[@MrPaige222]

Homes in the 80's were in the 50k to150k range. People were putting down 10 to 30 percent and paying 800 to 1500 a month. Now Homes are 5 to 8 times more. That's the main difference

[@carlbruhn1772]

Well said!!!

[@williamwilson6499]

You obviously didn’t live in the 80s.

[@coreymurphy2711]

No no. They were paying 200 400 a month

[@MrPaige222]

@coreymurphy2711 I bought my first house in 1984. 99k dollars My payment was around 1200. Put 5 grand down. I wish it had been 200 to 400... Interest rates were around 11 percent

[@ShayWilliam341]

Well it’s 2023 nearly 40 years ago the value of money it’s not the same I heard minimum wage was like $2 an hour

[@jakem.6359]

I remember back in the late 80s my Dad bought 100s of cars from GMAC.....everything from Cavaliers to 1 ton trucks. ....everyone of them a repo. History always repeats itself

[@HiPlains1]

Repos are still sketchy. Owners don't take care of them. Even used car dealers don't like to mess with them but these days they don't have much choice as nicer trade in's are in rapid decline as new car sales are cooling down. If your in the business I can see being able to limit your liability but to your average retail buyer I'd avoid repos like the plague. With limited good used cars on dealer lots its probably wise for people to search out third party with nicer low mileage one owner vehicles. Allot of buyers with nicer cars have taken themselves out of the market since MSRP's have ballooned over 30 percent since 2019. Something has to break pretty soon. New car inventories are swelling over 100 days on the lots with many oems.

[@bc_usa]

You're dad needs to be more responsible. That's alot of repos for one person. 😮 😂😂😂

[@bradsmn]

The Heavy Chevy Chevelle was only available for 2 years, 1971-72. Heavy on looks, light on price. Not as desirable as the SS models but still an option for a quick Chevelle with less options.

[@assyholey4224]

Generic motors, I will keep my GTO everyone had a big block.

[@edwardkesock216]

Hello I had a 1970 Malibu/clone chevelle ss my body looked the same as 71-72 but mine had four headlights and square taillights loved my car

[@johnholbrook6042]

Heavy Chevy were the 454 model I think? SS were 427 or 396 models?

[@countryjoe3551]

​@@johnholbrook6042 Heavy Chevy Chevelles could be had with a 350. A buddy of mine in high school had one.

[@nickwind2584]

I haven’t had a car payment in so long, it fell off my credit report 😂

[@richardmorris6365]

How bout since I was in the Marines in the 70s. I haven't given it much thought but that's the last time I made payments. It was on a 75 Trans Am ,paid off in 79, the day I got my dd214 from uncle Sam..

[@pmscalisi]

2013 for me. If I have to buy a car, it’s going to be cash. Not buying new either will all the stealership BS still going on.

[@cedricmiller4370]

@@pmscalisi got that right those car payment days are over there's too much going on in this country with house rent being outrageous people are no longer entertaining car payments unless it's no other option

[@davebartels612]

My friend in high school bought a Heavy Chevy new when he graduated in 1971. Absolutely real.

[@TheBDD1970]

When a person has bad judgement and buys a car they cant afford there is a high likelihood that they dont take care of things either.

[@karenkoe7096]

Sometimes it has nothing to do with bad judgement. Illness, death, job loss, etc. A lot of reason cars get repossessed that have nothing to do with bad judgement.

[@dave3657]

The first step in buying any car is buying one that fits your needs and you can afford. Your spot on about everything in this video.

[@hearditfirst8010]

Instead ppl buy them for the wrong reasons like what would get them the most eyeballs

[@jakegarrett8109]

@@hearditfirst8010 What's interesting is that doesn't cost much money. Like my helmet cover was $40 maybe (I got over 300 compliments in the first couple months, it was getting ridiculous, even yesterday I still had like 3 people either directly say they liked the helmet or gave me a thumbs up while driving by). Then at night I flick on the underglow (really to me its just a safety thing, its almost impossible to see from the sides at night and everyone expects a car, so a single tail light looks like a car way out in the distance), and underglow is cheap to install yourself (and I've tested mine up to 150 mph, so its sticking on there). My car for example I have some projector lamps that when you open the doors they project my car's engine design and model (because its a wankel rotary engine, everything on that car is stylized like a triangle), but stuff like that cost $20 and popped in with 5 minutes of effort and looks great. Other vehicles I've put lasers projected (front of a motorized bicycle was a chrome spear, doubled as a kickstand for fueling its front wheel drive engine), but at night it highlighted exactly where I was turning and the thing was absolutely silent when pedaling (nobody seems to oil or grease their chains or bearings I guess) if I wasn't using the engine, so it was helpful again at night because pedestrians looking down at their phones would see lasers on the ground (direction of phone screen) and look up.

[@robjohnson8662]

My cars and women are always cheap and used.

[@robgensler]

All my cars are paid off and it’s a wonderful feeling knowing that, no matter what, I never have to worry about repossession or even car payments for that matter. My advice to all, buy a car you truly love. Then maintain it and repair it yourself. Everything you need to know is on KZbin. Seriously! I replaced the heads on my kids volvo by watching KZbin tutorials.

[@bryanblack7828]

Yeah..but the way looks,I guess we need to learn to convert our gas vehicle to electric,thanks to uncle Joe! Unless,perhaps we are saved by the next election with someone who has a brain!

[@rafaeltorre1643]

@@Mr_Spock512 I never understand it either. Im young and I’ve never once considered a new vehicle. I too go to KZbin and fix my own car. I just use my motorcycle (the only new vehicle I bought) which is 16 years old and running like new.

[@rafaeltorre1643]

@@Mr_Spock512 Exactly. As a kid I never understand why my boomer dad never financed a car or bought one new. He only gave in for the cash for clunkers because it was a huge discount. My dad never had a mortgage and invested in several land properties in prime locations. We didn’t have a great house but a great property that im sure saved him decades of worry. He cashed out and bought a new home. 15 years later worth 35% more. Im jealous of his generation. I don’t know anyone my age who owns a home outright that their parents weren’t already millionaires. My dad owned several properties younger than me. I just learned in his generation that 2-3 year old cars were considered old or throw away cars. Everyone my age that looks really rich, is two paychecks away from bankruptcy. They make great money but don’t own anything. I refuse to buy anything that I won’t value and use several years later. However I do buy memories, but not regrets. I never regret traveling and meeting new people and foreigners across the US. My happiest moments. I limit worry. And maximize my personal value. Loosing my best friends has changed the way I see life. Confidence. I no longer worry about things that don’t matter when I’m dead.

[@asenciolosangeles6778]

That's very true I got a low milage Ram 1500 regular cab & even though the payments are very high along with high interest. I absolutely love it, I baby it I upgrade all the time I make sure I take care of that monthly payment.

[@Rick-gk3ro]

Not everybody in this world has cash buddy

[@t4nk3d402]

the rate is less relevant when the avg house was 100k a 8-10% rate wasnt as bad, when the avg house is over 400K now those 6-8% rates is way more money in interest - almost no one mentions that part

[@airthrowDBT]

This!!

[@marcvivori1561]

Papa Al misremembers. In the 70’s the typical IR was 6% add on or 11.08% for a 36 month loan. Then we got 48 month loans. If you weren’t an informed buyer or were a credit risk the F&I Manager would bury the customer with 9% add on plus Dual Life with A&H. I remember in 1976, our F&I Manager would put some unfortunate customers on the Patriot Package, 17.76%. Back then most loans weren’t Simple Interest either, they were Rule of 78’s which was another way of croaking a customer.

[@Stuntfish]

It's all about the correction of the Pendulum. No dealer was complaining when they got to sell a 10k car for 20k. If you weren't forth sighted enough to see this correction coming, then so be it. Bye Felicia 👋

[@colinmckim4515]

I went shopping for a car last week. The two I looked at in used car dealers were beat up, now i know why. Went with a private seller in better condition for almost half of what dealers were asking for a worse condition car of the same model and age.

[@fullarmorpreparedness5606]

The best thing I ever did was let a 2017 mustang GT go back. It started my debt free journey I do not owe anything to anybody. I find it funny now when I hear someone worried about a credit score.

[@airthrowDBT]

When you let it 'go back' how does that work? Do you tell the bank? Or just let them come get it? Then they come after you for the difference right? No one ever explains what "walking away" really means

[@fullarmorpreparedness5606]

@@airthrowDBT Ok I was up to date on my payments and had a really good credit score. The car only had 6,000 miles on it my wife and I decided it was time to cut our losses and get out of debt. If I would have paid the loan in full I would have paid 55,000 for the car. We called the bank and told them we didn't want the car. They said we could voluntarily release the car to the bank and it would be auctioned off. The car sold for 28,000 at auction what I owed after that was 12,500 with zero interest on what was left over. I set up a payment plan on the 12,500 again no refinancing or interest whatever I paid the full amount came off . I could have never got that much for the car on the street and I would have paid 15,000 in interest on the full loan. Most importantly it started the snowball effect on my debt till we paid everything off. Cars are liabilities not assets no matter how nice they are. Hope that clears up some of your questions.

[@LindsayDunia]

As someone who has had 2 loans with Westlake I'll say they are ON YOU for payment. They call before your payment date and if you're 1 day late they are calling everyday until paid. They are fair though like if you have to split your payment they're not happy about it but they will bend.

[@brianwaller7383]

West lake is scum. I had a car I paid in cash and held the title got repoed. We had the car for over two years went it got repoed. Turns out west lake was the last lender, the auction we got it at some how the money we paid they never cleared the repo order. It took a week to get the car back

[@mph5896]

@@brianwaller7383 That's not a repo, that's a theft.

[@alansoler2653]

Its awesome how you breakdown the entire aspect of whata going on in the car market. I bet a lot of dealerships hate you for it.

[@backtoobasics]

I came across a 17 challenger for 72k😂😂. Not a hellcat, this same car was for sale atbthat location for 18 months around 18-19 for 52.. just bonkers

[@DanielGonzalez-om5ud]

You can't compare interest rates from 10 to 15 years ago, remember the price for a home then was 100k to 200k now it's like 550k

[@rickhay9782]

I had a factory Heavy Chevy bb 402. 4sp was an awesome car...it was about 1977 then.

[@linloucfgouyg7436]

I purchased my car for $3,500 cash with 95,000 miles. Still going strong.

[@user-vq9wu5xt5f]

Who in their right mind would pay anything over $10,000 for a vehicle😮🎉

[@abdullahyaseer4304]

Whats worse than that is someone paying over 10k for a Chrysler, Chevy, Nissan, Kia or Hyndai

[@raymondreiff8170]

I know it's Absolutely 💯%BONKERS, Why don't people know the Difference, Does nobody ever look at resale Values anymore ?

[@cabuco2006]

Yep. Honestly these cars are only worth about 10k. They get ruined from the roads, rocks , salt etc..

[@bob5074]

A reason someone would buy something over 10k is someone like me. I’m 60 years old and want to buy my last car. I want something super reliable that I won’t have to replace in the next 15 years. I’m getting a used Lexus ES350 for 20k.

[@user-vq9wu5xt5f]

@@bob5074 I'm 60 also doesn't mean I'm got the money to spend it and I wouldn't have had all my new cars done with it all

[@GroundedFlyboy737]

Same thing happened with the housing market. Banks practically gave out loans to just about anybody, prices skyrocketed, and then reality hit. Market was flooded with foreclosures, awesome opportunity for flippers, entrepreneurs, real estate investors, etc. Once again, basic economics, no big surprise here.

[@peternguyen1911]

And now it’s private equity with real money that own all the homes after irresponsible people couldn’t afford to make payments

[@crlaw75]

In our area, investors even gobble up new homes to rent out at ridiculous prices. Homes are to BUY, not rent.

[@Imshittingmypants]

Considering the dealerships have been scamming everyone over the past few years, yeah this is inevitable and I look forward the the car market crash. The dealer model desperately needs to die in exchange for service centers and direct ordering.

[@bc_usa]

No worries you'll be back. And we'll get you next time! Muahahahaha!!!!

[@jesse_-]

Car market is not going to crash.

[@farsifarm6525]

Right everyone wants a car they haven’t driven first.

[@whatsurname857]

​@jesse_- its crashing as you're typing away on KZbin but ok.

[@kokobeatz7222]

It’s definitely helping the car repair market. But it sucks for the techs. Cuz people are fixing their rotted pieces of crap and think the brakes I did is why their ac doesn’t work now. Lol

[@CO84trucker]

It ain't no joke if you don't pay that note!

[@bjorn83]

Absolute love your videos. You are a great inspiration. Something big is happening.

[@whiplash1938]

Just proves “if you don’t have the money in your pocket (and in the bank) you do not need it. Buy junkers until you can afford nice (used, of course)! Amazing how much debt this country has.

[@HiPlains1]

Mostly banks fault for having loose guild lines. Its 2007 all over again. People are dumb and will sign anything. Its the bank's job to be bankers. Many of them just collected batches of crappy loans and sold them to sub prime lenders. And now the government is about to bail out the banks again with the 4 trillion increase in the debt ceiling. Allot of that money is earmarked to bail out these fat CEO's. Again. With no recourse for their criminal behaviors. Bottom line is buyers will over extend everyday of the week and twice on Sunday if you let them. Inflation will continue to rise because the feds keep printing money. Expect more taxes more. Allot more.

[@hearditfirst8010]

That's always been my motto. People have blurred the line between necessity and luxury. Luxury is something you can AFFORD to spoil yourself on.

[@Vintage-Vespa-Miami]

Instead of “you don’t need it” I would say… you can’t afford it period.

[@PrimericanIdol]

Or unless you land an amazingly high paying job, or win the lottery. Then knock yourself out.

[@matthewcaughey8898]

You don’t even have to buy a “ junker” an older ford crown Vic or Mercury Grand Marquis with 80,000 on it can easily save you a monthly payment. Will be reliable enough for anything you need it to be and will almost certainly last for another 200,000 with basic maintenance. Though you should be able to do stuff like your own brakes or fluid changes if you really want to save money

[@MuniTechnology]

My first 30 yr mortgage was 8.75% in 1996. Refi was for 15 yr at 6.125% in 2001. I was lucky to get both of them.

[@justinthompson1086]

What?! 😤

[@robertecheverriaiii6114]

😂

[@HiPlains1]

Yeah the interest used to be higher but home prices are exponentially higher now so the comparison does not hold up in today's market. Not even remotely so. Why bother even mentioning that? Basically a house that cost 100K in 1996 cost 300K now.

[@goateecusbilly1823]

​@HiPlains1 home prices climbed as a result of sub 3% interest rates.... they'll come down eventually

[@LightWingStudios]

Just made my last car payment. My wife and I now own TWO late model Lincoln MKZ'. Both have less than 60K on them. :)

[@Billybob-go8hn]

My first loan was for a truck for 20k at 6% with like a 650 credit. Now im 23 with an 800 credit and cant even get close to the same rate.

[@airthrowDBT]

I got my Rogue in '21 and paid it off early at 6.9%. The credit union I used helpfully emailed me to tell me I was eligible for another car loan, this time at 9.99% APR 😂

[@PeeterPuncher]

here's a novel idea .....pay cash for a vehicle you can afford!

[@shekharmoona544]

Repos are like a box of chocolates, you never know what you're gonna get.

[@dondenis1500]

I advise people to do whatever it take to be able to pay for a car with cash, in other words don't take out a loan to buy a vehicle. If you have to take a second or third job to stack money way for a car try to do it.

[@markdavis2316]

Why would anyone want to work hard for nice things? You can just sign your name and hope for the best!!

[@jakegarrett8109]

@@markdavis2316 Hey, like voting! But their vote affects me and you too, that's the scary part, lol!

[@1priority637]

I appreciate the way you speak honestly and straight about this business.

[@DavidWeinberg-cm9xd]

When someone knows their vehicle is about to be repo'd, they usually stop taking care of it, and beat the crap out of it?

[@moralobjection4836]

It's been funny the last couple of years watching "experts" tell people not to spend their own money. My cars are safe, in my name, with no note.

[@jakegarrett8109]

Safest are the ones in nobody's name, that don't exist, and cannot be taken away when they decide to ban them (that goes for any tool, transportation tools included). Can't take what someone never had, and government likes to "civil asset forfeiture" anything they can get their hands on, even if they never charge you for anything.

[@ianmuir3640]

If they can’t afford the car they can’t afford the maintenance

[@OneLeggedTarantula]

Excellent tips! thanks!!! yup I got burned on a no-start repo, Seized engine..

[@georgemartin1436]

Don't finance unless it's super necessary buy a POS for cash...avoid the repocalypse

[@kickinaddiction]

I’m seeing dealerships loaded with cars these days. Nice change since the plandemic seeing them empty for a year or two.

[@davidr6865]

Yet these dealers are still charging dumb prices

[@HiPlains1]

New maybe but not allot of nicer trade in's on the lots. And so far they aren't bending on the MSRP. Not enough anyway. For buyers its the trifecta. High interest, high inflation, and 30 percent higher MSRP's since 2019. And the automakers still wonder why they got over 100 days inventory on the lots. Plus now the banks have tight loan guild lines. Most of these repos are probably from those with crappy credit but still got financed at lower rates. Today that is not the case. Bad credit means you pay 18 percent interest for used cars.

[@davidvalentin4128]

Panick-demic was terrible

[@davidr6865]

@@HiPlains1 yea but for specialty cars like corvettes, Porsches and anything else cool. They want almost MSRP pricing on a 6 year old car and 50k miles

[@HiPlains1]

@@davidr6865 Even vettes are coming down on price. The high was in July 2021. They are 20K below those levels. As more and more C8's are seen on the streets it ain't such a big deal. Z06's probably get addendums as well as raptors. Retards will pay huge addendums to be first. Well its not new anymore and those morons are likely underwater on their loans. Because people with means don't throw their money away like that. That's why they have money lol. I don't see addendums being a thing on new cars regardless of make for much longer. Collectible stuff might hold values like older air cooled Porches. Because there is only so many of those and they don't make them anymore.

[@ebenezerwheezer2957]

The last NEW vehicle we bought was my wife's 2016 Ford Escape. We financed as much as we could through Ford motor credit at 0% interest. We had the cash to buy the car outright, but it would have cost us more money to pay cash. I did the same thing back in 1989 when I bought my Ford Taurus wagon at 1.9% interest. 1. If we paid cash, the dealer would not have dropped the price as much as they did by us financing it. 2. We would have had to cash out some investments that were making more money than the interest being charged and lost that income. Sometimes it cost more to pay cash. When it makes sense, borrow money. Cash is not always king. Sometimes credit is better. Use it wisely. Take care and think smart. DocW

[@kaceydillin7367]

Bought my 2022 Civic SI a year and a half ago. 1% interest. Would love to get a Type R, but the days of free money are long gone

[@alexflosho]

Ooh, that Flex is like mine! I've got the black interior with the 2nd row fridge!

[@MateusReus]

Great video 👏👏👏 Repos are coming 😮😮😮 Hold strong 💪 💪💪

[@JakeTaylor1646]

I'm so glad I paid my last one off this year!

[@andredavis53]

Thanks for the info 👍

[@mikeandema6925]

I think the real reason cars are being repoed is that expense of a repair many new cars are failing leaving the consumer with the bills

[@jstj443]

I had a truck repossessed a few years ago. I couldn’t afford the payments and it went with brand new 35x12.50x20 tires and a spray in bed liner. Very clean inside and out with two keys and an ecodiesel that had around 40,000 miles on it. Still recovering as starting a dealership with a repo on my record is pretty much impossible..

[@JJ-mh3hb]

Eco diesel suicides itself. Those things are garbage.

[@OldManShoutsAtClouds]

Funny, you could afford big ole knobbies and a bed liner, but not the payments eh? Don't start a dealership...

[@leeshepherd8486]

I saw this coming. We've kept our 2016 Honda Odyssey and our 2012 Toyota tundra. Both are paid for. Btw the tundra is worth more than what I paid for it 5 years ago. It now only has 75K miles on it

[@kq2799]

@@geocam2 When it starts slippin' but before it goes out, then you trade it in...

[@leeshepherd8486]

Hey to each is own. I'll do my thing and take my chances. I know eventually of course we're going to have to purchase vehicles but no way is it going to be right now. I simply refuse to over pay

[@WaynesAdventure]

Great video, thanks for the info. Liked and on board.

[@phxsisko]

Always cracks me up when anyone says "It's not the banks fault". When someone says this, walk away, they literally don't understand the banking industry and how it actually works.

[@judgegixxer]

Needs new tires because it needs an alignment and possibly front steering or suspension parts but I'm sure you won't tell whoever you sell it to that. That's why you don't buy cars off curbers and backyard sellers with dealership licences.

[@GoaWay...]

How can you tell all that just from looking at it? 🤔 I really need to know because I want to go inspect some cars that I am interested in buying. 😊

[@billm47645]

My parents mortgage on their first house in 1981 I believe was 14%. My Uncle told them they were crazy for taking an Adjustable Rate Mortgage according to my father. Of course, interest rates went down. And of course, the price of the house was only $20,000. My father finally sold the house last year. The $20,000 house in 1981 sold for $500K. We are lucky asset values have held up as well as they have, but if interest rates stay this high or go higher, it will eventually be a depression like scenario as everything is price for 0% interest rates, not 10%. Tesla gets this, some of the “legacy” automakers, they are in La La land.

[@robertecheverriaiii6114]

Yeah no houses sell for $20,000 anymore.

[@dongningprc]

The IRS gets a good share of that $480K difference+monthly "property robbery"

[@bill3641]

@@robertecheverriaiii6114 Neither do cars.....

[@wasidanatsali6374]

@@dongningprc You can get a capital gain exclusion on the sale of a primary residence up to $250K for a single person and $500k for couples filing jointly. There are some conditions, mainly that you claimed the property as your primary residence at least two of the last five years.

[@diedonner299]

@@robertecheverriaiii6114 you can still buy $20k houses, but I doubt you’d want them.

[@don2deliver]

Figuring out why a car is being sold cheap, especially when you know it has been replaced by another iffy car will often be discovered in the first weeks of ownership. Got a 240,000 mile Corolla, turned out it had a bad speedometer sometimes stopping the trans from shifting. Bought a 4 year old VW the gas tank was crushed, it would stall on turns less than half tank of gas. Bought an F150 didn't think it would make it home the power was so low, had a clogged fuel filter and the fuel pump went out 2 weeks after the new filter.

[@darktears9215]

Love your video for years now Hope everything get better

[@natedostalik3538]

In my family we have 5 cars currently and only one of them has a loan on it, the rest were paid for with cash

[@mike9119]

Great to see this. GREEDY by the big businesses have gambled and lost. Sadly taken good buyers that over paid due their greediness lose

[@Ken-no5ip]

no its the idiots living beyond their means causing this

[@FeloniousSavage]

I come through your block like I'm Rico, didn't pay your bills now the bank on the way with the truck to come repo.... 😂

[@kramnevets8712]

14:07. In Colorado they call those scratches “ Colorado pine stripes”.From romp’n through the brush.

[@gregropp1003]

When I bought my first car the interest rate was 6% granted it was 1995 and the car cost about 13k. The monthly payments were affordable. Now between the interest rate and overwhelmingly outrageous prices even with an excellent credit score I'd still need to put down at least 10k to get payments affordable. Why buy I'm better off fixing up my old car.

[@HiPlains1]

Correct its the extreme high MSRP's that will kill the sector. The pricing model is NOT sustainable. Interest rates will not come down anytime soon and inflation is already taking many buyers off the market for new. This will not change. By end of year we will see 20 percent off MSRP's.

[@nickgrant42]

People need to make sure that the cars they finance for 5 or 6 years will last 5 or 6 years without any major repairs. They need to stop buying junk and high mileage vehicles. When buying a new car just take care of it. Buy a Toyota and change the oil every 5k miles. Get it undercoated ever year since brand new. It’ll last you 20 years.

[@johnmoser2689]

My brother had a 70 Chevelle that had Heavy Chevy on the quarters back in 1977

[@mikeholt1248]

You’re exactly right, plus if you own a house they’ll probably put a lien on your property so when you sell it the car debt comes out of your equity.

[@SunnynPhilly]

That Audi was so pretty sitting there going thru auction 😂. I also saw a nice MK6 Golf at 1:25 Definitely get a 2.5l 5 cylinder base golf sometime if you’ve never had one, they sound almost like a Lambo when accelerating over about 4000 rpm.

[@biff3917]

and then the guy in the prius passes you....

[@jakegarrett8109]

@@biff3917 I can't recall seeing a prius pass anyone, they are always in the passing lane though...

[@cduke1780]

​@@jakegarrett8109that's the truth right there!!

[@SunnynPhilly]

@@biff3917 170 hp 177 lb-ft 7.4 0-60 w/ manual transmission (8.1 with 6 speed auto). Naturally aspirated inline 5 cylinder (no turbo to break). Can drive it leisurely and never go above 2000 rpm or punch it in sport mode and it will happily rev to just shy of redline.

[@TheRealWormsGarage]

I got my home 7 years ago at 4.25 and that was after everything was rising, my home was selling for 100k but inflated to 130k Fast but now it's worth 273k not including the other lot

[@locophoto6881]

And you're telling strangers on the internet ....for what?

[@darkyishere]

@@locophoto6881 Because the video talked about interest on houses, and because he felt like it.

[@robertecheverriaiii6114]

@@darkyishere which makes that persons comment irrelevant lol

[@locophoto6881]

@@darkyishere Feeling like it is a feeling, not a reason genius. I can feel like slapping someone....doesn't mean that's the reason. Nice try at thinking...well...actually it wasn't.

[@diedonner299]

Don’t ever believe zillows “z-estimate” is what your home is worth.

[@marklark8805]

Chevrolet launched the Heavy Chevy Chevelle in mid-1971 and offered it again in 1972. The Heavy Chevy Chevelle, billed as being "heavy on looks and light on price," was aimed at unmarried 20-somethings looking for a performance car at an economy car price. A hot car with a low MSRP that would be cheap to maintain and cheap to insure.

[@robertdavis5714]

When I was a victim of a LEMON, Porsche rebuilt the engine 3 times, after the 3rd rebuild (which I had zero confidence in) I sent it to auction. I learned the hard way, you pay cash for a car and own it. Only fools finance a car. If you want to give your hard earned money away, finance a car and pay extra for everything, insurance, DMV, ect.

[@robertdenby8787]

I like your content. Keep up the great work!!!!

[@Cardinals_garden]

I got 2 loans 2.5 and 4.5, I’ll pay the 4.5 within a year the other one as usual 😊

[@bikes7777]

Debt is dumb. Why not pay cash?

[@romeothompson9389]

@@bikes7777 depends on your credit and the interest rate your getting the car at some people make a decent income but maybe don’t have the 60k to drop one shot on a car they want and not everyone really wants to go their entire life driving used cars in a perfect world yeah cash it out it’s what I do but not everyone can fork over that lump sum of cash

[@jeremyjordan3471]

Would you ask the owner of the Black Fiat 500 Turbo in the rear of the scene at 11:23 if they wanted to sell their black DRLS?

[@robbyrob8349]

I just bought a 2010 Lincoln Navigator L for only $10,000, has already depreciated. You lose a lot of money when you buy a brand new vehicle. Especially with depreciation.

[@robertwhite9898]

True !

[@leevandyke8524]

1981. I bought a 4 bedroom 3 bath. For 70 g. At a 17% interest rate.

[@mph5896]

I bought a 4 bed 3 bath home in 2015 for $152k @ 4.75

[@jimmyjimmyggful]

I turned my truck in back to the bank. I already have a mortgage and my phone is prepaid. I honestly don’t know why I need credit.

[@cs1375]

My neighbor just had his GF voluntarily repo her car. She was paying about 800 bucks a month between the car and insurance. She only makes like 900-1000 monthly. That is also how much she made when they allowed her to buy it without a cosigner. It was a newer Malibu. They could have traded it in and only been on the hook for 2k. Which they had. Dumb decision

[@Mizz0430]

Alot of dealers falsify income and get you approved at a finance institution that allows no proof of income. See it first hand on the daily

[@cs1375]

@drewmorris1174 Yeah, it's happened to me before, but the thing was I was able to afford it. This is how we got into the Mortgage Insurance BS. Wonder if it will happen with the car industry too.

[@airthrowDBT]

You can't 'have' your GF do anything...😂

[@cs1375]

@airthrowDBT that's Had not Have. He talked here into it, so he HAD her do it. It's also past tense because it has already been done. You can't talk your GF into anything because she doesn't exist.

[@diedonner299]

How the heck does a Malibu run anybody $800/month?

[@mudpuddle8805]

If someone can't afford to make their car payment, they can't afford to maintain them properly too.

[@franktolman4970]

In 1996 mortgage interest rates were in the 8 to 11 % range. I got a 15 year fixed at 8.25 % on a 52,000 house. Things have gone up substantially since then. Late 80s interest rates were 11 to 14 % but we survived it and the economy recovered.

[@sper]

don't feel tooooo bad for the bank, they do ok here and there

[@bcfreedomfighterbcff167]

The f'ers basically print money out of thin air... No S they're doing Ok.... Wish we could counterfeit like them and gain interest on it...

[@MrBeeradb1]

Interest rates in 70's was as high as 21%

[@diedonner299]

So what? A decent house cost $50k then.

[@jimpie231]

That Wrangler with the 3.6L V6 with the tappet noise, my daughter had 3 of those in less than a year. First was covered under warranty, second they would not cover, cost her $1100 and 3 months later it started again and she sold it. She is now driving a 2020 Toyota 4Runner and she’s happy……

[@LittleBozo]

Good video buddy. Made me a subscriber.

[@justsomerandomguy4269]

8:40 I love the Audi S8 as well. My dad owns a 2017 S8 Plus with 605hp, it took me over 2 months to talk him into buying that one instead of a Diesel A6. Since getting my license it’s been the car I’ve driven the most and it’s absolutely amazing, comfortable on the Autobahn, even at speeds of 130 mph (fastest my dad went was 190mph) and it’s great on roads with a lot of corners. It’s actually been very reliable except for a bad sensor.

[@JamEZ87]

It also helps if you make a good down payment when financing. I never do 0% down even if I'm qualified.

[@davidnichols5785]

Amazing.. have brother in law in Florida that does this.. now I know you better know what you're doing.. thanks buddy

[@dlvox5222]

Interest rates in the the early 80’s were 15-18% bud. During Carter.

[@totwallybaba]

My question is: What prices will the auctioneer be setting for these vehicles? I bet the ones that don't sell will be sold cheap in Mexico by design.

[@modakkagitplugga]

Just had a dealership try to hit me with a 13.7 % interest rate

[@avelardovalle1121]

Lol

[@tho464]

You must have crappy credit

[@MateusReus]

@@tho464lol

[@omarzowila]

Even cars get repossessed from dealerships because the dealers didn’t make their payments and so the auctions would want their vehicles back

[@BigSkyModelWorkshop]

Heavy Chevy was to the Chevelle as the T-37 was to the GTO, you get the muscle without the fluff or high insurance that killed the musclecars.