How Bad are Bank Repo Vehicles? Buying and Selling Cars for Profit

Learn how to get your dealers license @ www.StartYourDealership.com Learn how to flip cars for profit legally @ www.CarFlipping101.com
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How to buy and sell cars for profit get a dealers wholesale and auction license how to start a car dealership fix cars make money selling cars How to bank repossessed repossession reposession auctions work

[@FlyingWheels]

Use FW55 to get 55% off your first month at Scentbird sbird.co/3QLx2kS

[@Superior_Autos_Motorcycles]

I’m retired after 45 years in the new and used car business. My standard policy was never trade for or sell a Mercedes’ Jaguars or BMW. After watching dozens of KZbin videos from you guys , I now know how right I was. I enjoy watching your content.

[@manchesterexplorer8519]

Audi/VW as well

[@MrInternFTL]

You’re probably going to get a lot of clean bank repos in the next few months now that so many people are in high interest loans above car value

[@billyjamescustoms5454]

middle of next year is going to be insane!

[@codyn92]

I heard that people were getting 10 year loans on cars.

[@MrInternFTL]

@@codyn92 Jeez, can you really even afford to maintain the car at that point? I know people who've paid off their mortgage in less time

[@bruceportersr9880]

@@codyn92 Proof again, people are crazy.

[@Spookboyz]

So if i call a random bank and say what kinda repo cars y'all got? Is that how to do it??

[@chop2093]

Blows my mind how someone would buy a new Denali and it be that rough in just 6 years …some people just shouldn’t have nice stuff.

[@davidr6865]

Considering the previous person got it repoed, they didn’t care about keeping the truck in the first place

[@lot2196]

$13k for that? My god.

[@johncuervo3019]

@@lot2196 right, with 160k miles. Insane what people pay for high mileage vehicles. Truck should be 5k dollars. Then someone bought it from this guy for 20k

[@winstonwolff]

Thats why it got repo'd. Paid for all the aftermarket junk, now cant make payments. Thats the type of person who treats a truck that way.

[@romeothompson9389]

@@johncuervo3019 cmon man that’s not even realistic a 6 or 7 year old truck with under 200k miles and it’s the highest package GM offers in a truck and you want it for 5k ? Get real man

[@joelalexvega]

I love the positive energy you give when things go your way. Sharing not just the good but the bad in operating a used car dealership is what got me to suscribe. I honestly do feel like I can do this too. Thank you for your videos and classes you provide. Looking forward to see what's to come.

[@AKUNJIG]

Most Dealers would sell it as-is, but you invested in making it ready to leave the lot. Thank you for what you're doing.

[@jdub264]

I sincerely appreciate the little nuggets & tips on various car repairs & maintenance. Thanks Craig!

[@jasonlavigne7774]

The rubber trim on the flares was likely there, even with the rubber on they will rub. When we install flares for clients we offer them then proper way and the normal way. Proper way is to put a strip of ppf down before you mount the flair, that will stop the run mark. If not even with the rubber on it will still rub. There are also a couple different styles of rubber, some rub or burn through faster than other.

[@cookingwithdad1970]

Love your stuff man - helps keep me motivated. I'm a bit envious you keep calling this nice trucks "ugly" I'm still on the $2000 specials at the auction! Ha ha. Goals man.

[@DunnMotors]

Enjoyed the video Craig and the breakdown. Very fair price too in my opinion. Good job man.

[@igorbogoslov3256]

Great video! I really love the tips, tricks and ideas. Thank you!

[@stevenpeck5949]

Good video! A long time ago we would take our annual total overhead, divide by the number of vehicles we sold to get a "pack number" that would help us calculate the net profit. In 1978 our pack was $200 per vehicle, now-a-days I would expect just the shop insurance policy could be that much. We paid sales people commissions on the net profit, so it was to their benefit to help cut cots and overhead, like don't screw up a jump start or crash the cars on the lot! LOL.

[@StormgodStudios]

great video.. and liked the walk through. thanks for all the insider info.

[@PhxitTV]

For the future, the preventive you used to spray the rockers and cab corners. Spray the frame too, you can see how the frame rusty color stands out through the wheel wells and the preventative sprayed on the frame will add more value.

[@mrg2176]

Nice new intro dude. I like it. Classy but chill vibe.

[@johnschmidt7126]

This is great stuff as always. I inadvertently picked up a bank repo not knowing. Looks like I will be needing to put in a new engine into a 2013 Ford Expedition 😕But this video gives me insight into what the dealer who got it may have run it through.

[@celticsfaninthedesert4778]

It’s easy for us all to hate but we aren’t putting our business out in the open. I hate on this guy for plenty but at the same time I give him props. He is making it work and I am here watching most of the videos.

[@spyderpaul314]

Great video. Proud of you Craig.

[@ListerMotorsports]

I've had more repo vehicles lately than ever before.. half the time its not announced at the auction and I don't even know until I get the title.. I notice repo car owners love to steal the mats, shift knobs, emblems and anything else they can grab before the car is taken from their hot sweaty little little hands.. great vid brother...

[@cruz9142]

Love your show very informational on what it takes to on one of these types of businesses.

[@wyattsexton7083]

You do great work on the used cars! Many smaller used car dealers in my area get vehicles from the auction and sell them “As Is”. I’ve been disappointed twice with cars having issues. Wish you were located near my area. I would buy a car from you.

[@robertvance1873]

Always great videos

[@trevorwinger1700]

Nice video dude! Learned a lot

[@redzmvt]

Denali turned into Denial for the previous owner.I helped a friend look for a truck a few months ago,and looked at a 2017 HD.Very small bubbles on lower panels,and a prick punch went right through.Seen some with Rhino liner goobered on the bottom and just kept walking.

[@rupertsheldon7081]

You want to save time masking and eliminate overspray use a continuous roll of automotive masking plastic. Cost is around $30 bucks for a 400 ft roll. Simply outline the painting area w tape. Cover car w plastic. Razor blade the excess plastic off and tape in place. You can mask whatever panel you're painting in minutes. Zero overspray.

[@robertclubs9908]

Awesome update.

[@daviidee1]

Love the content!

[@livingon2wheels]

i'm loving this guy's content!

[@diegocoop8026]

That Denali truck is literally my dream truck year!!! I would take that truck even with the fender flare marks any day!! Your are such and honest dude!! Love your channel!!

[@killakilo60187]

He still won on that truck which is crazy cuz it's a good thing you sold it out of state cuz if he was there in person that bet he would have negotiated a little bit harder with them fender flare scratches

[@liamegan4303]

Hi Craig. That truck was a steal. A beautiful pick-up. Your very good at turning cars around and making them like new. The Weather over there is lovely. Keep up the good work buddy. 👏 Ireland loves you mate. I would love it if you ever came over here. You and the family will always have a bed in my house. Chat later

[@alanboggs2315]

It is funny because the whole time you was spraying I'm thinking wow he is about to have overspray all on that truck. I grew up watching my dad run a body shop. You were spot on about teaching how to paint though. An keeping the dust down. My dad had an exhaust system that would suck out the air on all four corners of the paint booth as well as spraying the floor

[@robsdeviceunknown]

I usually go along with you but having a vehicle detailed BEFORE you do all the work to it is counter productive.

[@josephscaringi6442]

Sorry to here about your sub contract detailer going under ! My suggestion would be add him to your team at flying wheels ?

[@chrisl3775]

Been my dream to start a dealership thanks for the motivation. One day! 😮‍💨

[@fluffyracer]

Always good info, used care biz is tough....there is always $$ in cheaper cars wen you can get them

[@Mr.JonDoE]

20 years I've been doing this and always repair 1st detail last...like why are they cleaning a window need to be replaced and the mechanic is going to trash car seems like you take pictures right after detail. Omg like the whole battery money waste coulda been avoided if the detailers weren't jumping your junk!

[@brettboggs8800]

Well done, Craig!

[@pachiefbrody]

Great stuff!

[@wesvasher]

My 2014 Sierra had the same stain in the headliner from a brake light gasket drying out... have a replacement sitting in my shop now.

[@DWBJosh]

Holy Crap Craig!! I lost your page for probably 6-7 months and no matter what I couldn’t find it! I typed it in by name, looked for specific videos and everything! I even tried to find comments in my notifications from conversations had in the past. But no matter what I couldn’t pull up your page. I seriously thought you blocked me for some odd reason lol. Now I looked again tonight after not looking for a couple weeks and bam your page was at the top… craziness! Now I have a crap ton of videos to catch up on! Ima download them in case something crazy happens again lol

[@FlyingWheels]

Thanks for watching! I wonder what happened?

[@RammSnipe]

I have a factory GM Performance exhaust on my 2020 Denali and damn it makes the 6.2 sound great. Has a nice choppy aggressive sound to it.

[@dakotakelly9371]

Just for future reference that chip guard stuff you put on will only make them rust worse. To start with they rust from the inside out so you won’t see the damage in the future until it’s to far gone to fix easily. Second, coatings like that will often times not seal up to the metal 100% and trap moisture underneath only causing them to rust even quicker. If you really want to protect the vehicles from rust then oil undercoating is best.

[@SuperDave01]

You had a lot more than $14 in that pickup. "If you did this" Most do not have a dealers license so that is out , your connections are money. You invested a stupid amount of time,you had pickup and delivery , EXPERIENCE , a pile of extra parts INSURANCE and storage, paint work a shop , advertisement and on and on and on and a $15k investment to only make $5 grand? In a word you used all of your RESOURCES. I guess you can afford that type of venture when you have spare time and also volume but this is not something a newby could easily duplicate. Very sugar coated but I guess it was made for entertainment and it is a good video with a lot of good info. I highlighted some of it. But it can be duplicated pretty close if you are smart and resourceful. Maybe some people do not notice it , but you like cars. IFYKYK

[@robertbell525]

For those who try this themselves, you also have to account for your time. How much can you earn at a McJob with no risk and a guaranteed paycheck? How many hours have you put into the car/truck you are flipping? A lot of times it ends up that you'd be better off working a job. Just keep that in mind. Long ago a friend and I looked into flipping houses. In the end the risk was not worth it, and the payout broken down by the hour would have been stupidly low.

[@OneOut1]

That's true Robert but there is a difference. Going out on your own offers oportunity to get better at what you are doing and it also offers freedom.

[@robertbell525]

@@OneOut1 agree on both points but you do have to take this into account. If you're not making a worthwhile profit after a few tries, a course correction may be in order

[@hernandopizarro755]

Well done!

[@kenmcleod8618]

Just do some brush touch on the chipped areas. Works great, doesn’t cost anything!

[@todtalk3912]

The right fender flares won't look terrible. Just get some that are super thing and small, not some bulky ugly ones, esp stock wheels will look horrible. You can also get some used tires that are a bigger size and use the stock wheels. Give the used tire shop a trade with those tires n u'll probably pay for the mount and balancing

[@jeremybennett5547]

Working at a truck dealership I can tell you the rubber seals on fender flairs don’t stop them from rubbing through paint

[@badass1g]

Last week Craig be like “I’m keeping this 97 eagle talon tsi forever” this week, parked on the front row for sale 😂

[@bobmanzi7712]

great stuff thanks

[@Astrand1]

Craig for the sunroof drains there are probably 4 of them. One at each corner. My f150 has one at each corner just fyi.

[@Joeshomegarage]

It's amazing how much trucks hold their value! I paid $4,200 for a 98 Z71 sold it 5 years later for $3,900. Bought my 07 2500 HD 5 years ago for $15k and it's got all the East Coast rust which I am going to fix some day but I wouldn't sell it for $15k today. 20K for that Denali sounds like a deal

[@JuanRuiz-gh7xh]

Love it! That frame need some POR ... But still great job!

[@JUST_ONE_ID10T]

When I was younger I had a 2006 ford ranger repoed from me with less than 10k miles and it still looked and ran like new. The company knocked on my door and I handed them both sets of keys and they let me get my stuff out of it. I was just going thru a rough time at that time. They sold it at auction for 5k and they still said I owed them the difference of 14k and they had a judgement against me for the difference. I never did pay it. Whoever bought that truck at auction got one hell of a deal as there was nothing wrong with that truck and it was still under factory warranty.

[@titanjake8640]

I love your channel....my question is where do you find bank repos?

[@adamsgarage5119]

Inrecently bought a bank repo from the salvage auction and MAN it needs a lot of work. It needs paint work, suspension work, and even a door replaced bevause someone hit them at some point. Its pretty rough

[@David-nx2vm]

I repo’d cars when I worked at a bank some years ago. The process can take months especially if the owner is trying to hide the car. If they aren’t making payments they are also not doing PM and are beating it like a rented mule. I have driven countless repos, and would never, repeat never buy one. There were a few, meaning like three, who were good people who did a voluntary repo because of a life change. The repo you’re looking at is almost never one of those and you will have no way of knowing. Rental fleet cars are only one small notch above a repo.

[@LassieFarm]

I love this channel. I don't see how you have time to make and edit the videos though 🤔

[@larsmanson9577]

I would've touched up that frame with so black under coating to cover the surface rust

[@buddyrevell6369]

Should have hit the rear frame with some black paint.... can see it through the wheel wells.

[@markf5653]

Wonderful results

[@vognmandpedersen8144]

Please take us to the auction with grandpa Al!

[@mikevuk8973]

I just witness something last week that blew my mind I saw over 50,000 trucks just sitting in the empty lot waiting for computer chips all 2021/22 brand new Ford trucks shits about to hit the ceiling in the car market…

[@mochielucky1688]

oh my you've got an FJ cruiser in the color i like... wish i was nearer so I could come meet and check it out.

[@mochielucky1688]

NO WAY! i've won something 😻

[@gabriellmercado7243]

Hey Craig the stains on the roof could be the gasket around the 3rd break light leaking happened on a lot of my ram 1500s put silicone or new gasket never had an issue

[@markrichardson3566]

Adding value 😎🏆❤️🙂

[@nbkknlq]

YES… you go Greg

[@carl5536]

I think that if people are aware that they can't pay for a vehicle, it's going to get mistreated and ran hard, that's why I always stayed away from repoes cause think about it, they know that any day the repo man will pop up and take it. That's my theory and I don't think I'd ever want one unless they'd do like several people I know has done. They returned em and by returning the vehicle b4 its up for repo, it gave em a chance to get something else after they got back on their feet...I've only done it when I bought a vehicle from a friend and when things got rough I gave the vehicle back, or sold it so they'd have their money and I'd make enough for a down payment for something else...It's always a good thing to detail vehicle's cause clean sells...A small carlot in my area has alot of high mileage vehicle's for sale with what I think is a bit much for the price especially when they are filthy dirty inside and out lol...I'm not paying 3 or 4 thousand dollars for an 05 back into the 90s vehicle when it's filthy dirty lol... I paid 450 for an 04 vehicle with 188,324 miles and it was even clean inside and out lol...

[@maybe2fast]

Had the same rear stain, it was the 3rd brake light.

[@101starting]

Should always repair all mechanical before body work then detailing 1 time

[@craigt4467]

Craig I really enjoyed this video you taught us so much about detailing I liked it and I’m sharing it I do recognize her extraordinary experience and talents and I think in your net profit you should include something for your labor just something it doesn’t have to be your total hours but you should’ve signed something for labor or I should say it would be nice if you did My best wishes always from Las Vegas Craig ⭐️⭐️⭐️⭐️⭐️💡💡⭐️⭐️⭐️ i’m giving it 10 stars out of five stars Bravo

[@charlesmaroon8819]

Never pour POR15 over the lip of the can. It will create a permanent bond between the lip of the can and the top when you put the top back on. You won't be able to remove the top a 2nd time. I open the POR can and use a turkey baster to transfer the POR into my working container. I also place painters' tape across the edge of the can in case and POR drips during the transfer.

[@Robert-bg2nm]

Wow....I would have brought the bigger fender flairs to cover the paint flaws......also the rocker panel coating looks bad and bubbling😯....I cannot believe someone brought that truck with paint flaws still so visible....Anyways congrats on the sale!

[@todtalk3912]

I used to work at a tire shop. The aluminum corrodes easily on wheels, but in particular, chevy more than any other wheels out there. Idc what anyone says, gm products, always have the most problems with this. If you had a blazer, s10, 1500 from the 2000's of any year, and live in the northern states (im in pa, so it may not happen in the south/west idk) you will have this problem. The fix, you remove the tire and you take a grinder and you grind down the inside lip of the wheel. There probably is stuff you can then protect the wheel with, but no tire shop is going to do that. Their going to install ur tire again and it will be good. The valve stems are cheap af, so just replace them if theres even a small question.

[@jrs4ex]

I worked at a GMC dealership and the owner had a policy every new truck with aluminum 18” and above wheels we would pull off the outside “clip on” style weights and re balance the wheels with sticky weights. The trucks look 100 times better and the dissimilar metals from the “clip on” wheel weights can be the start of corrosion.

[@robertbell525]

Smear a thin film of grease on the inside of the wheel where it contacts the rotor. This will help because the iron rotor will pull the electrons out of the aluminum wheel and it appears as corrosion.

[@todtalk3912]

@@robertbell525 yes, good point. They can get almost welded together in some instances.

[@Dudevegaslv]

When they repo my car I sold the engine and transmission separate. Repo guys were pissed !

[@startingtech3900]

CRAIG I MISS YOUR OLD CATCHY ROCK INTRO MUSIC

[@rickykraus7450]

I’ve lived in the north. I wouldn’t buy a vehicle from the north when rust free examples are in the south. Once the rust starts, it can be slowed down but it won’t stop.

[@stananderson6770]

To fix those scratches on a black truck grab some basecoat and brush into the groves i’m not a dry than wet sanded to smooth it out then apply clearcoat with Hardner with a brush into the groove. After I dried just block sand to smooth it out and buff. you will never be able to see it.

[@rickblackledge8948]

Why would your detailer not pay for the damage they caused?

[@mattcox846]

What I’m seeing down in cali Craig is cars are selling cheap now but trucks are still holding they’re 2020 inflationary values

[@herbwheeler4470]

I've bought probably 10-12 new vehicles in my lifetime. I have NEVER paid a dealer prep fee, 1 delivery charge on special order pickup, never a administration fee 😅

[@larryfazen6468]

You didn't mention the cost of the windshield, or the paint for the bumper, or rock guard...

[@dac4353]

You could of got the same extended fender flares paintable for $265 off of eBay the same ones that were on there BLACK PAINTABLE Extension Style Fender Flares FULL SET

[@STREETRACEN4U]

The truck came out great! Only pet peeve i had was at 12:01 I hate when people put bed liner on the rockers like this. It makes me think they are trying to hide something and some vehicles i've flat out passed up on buying simply because of that.

[@wenrug9418]

literally 99% of this trucks "repairs" was just cleaning dirt and slopping bedliner in the door jambs. I mean buisness is buisness but this is why i stopped entertaining the used car dealers. the truck was a buy and sell Zero mechanical maintenance done minus a battery. not to mention miss matched wheels (cadillac rims on a denali?) But this is new hampshire, and 99% of the cars on the roads are rust buckets with filth smeared in the floors and seats so eh. no hard feelings for me

[@and1chewy1]

That's a nice looking eagle talon you had there. Haven't seen one of those in a while. Was it tsi?

[@josephmayotte8879]

Craig, you break your arm patting yourself on the back.

[@Chinunit22]

Independent dealers and even some big dealers in my area doesn't put any work to their vehicles they just half fast detail them and put them AS IS on their lot then asking ridiculous prices. Walking through their lot is like walking through the rows of Copart Salvaged vehicles. Then they get mad when you ask them to lower the price so you can fix those issues yourself as you point them out.

[@MiamiBomber]

Perfect episode as I’m looking to purchase a high country or Sierra Denali. $13k?! I’d be able to fix it back to stock for a third of the savings

[@123..0.]

I used to repo and the people getting their car repossessed usually took care of the vehicle like they took care of the car note

[@mattbenoit1498]

Yeah it's crazy the amount of people who don't know the difference between Detailing and cleaning. It drives me crazy

[@curtisevans6914]

good job on the truck

[@jackpalczynski7884]

When you're painting, along with wetting the floor, tape up thin plastic across the ceiling and down the sides away from the car. I painted a Cobra kit car and thought about not putting plastic below the ceiling and a freaking caterpillar came down like a spider. You better believe I put up the plastic. It was cheap and when the paint dried, pulling down the plastic was easy and quick.

[@rellmonger7935]

What was the cure to the leaking roof brake light or sunroof drains? My buddy had a 2017 Silverado & his leak was the antenna on top of the roof. Should have been a recall. His brother Silverado did the same thing.

[@19993gt]

Rumor has it Craig chose not to prep correctly for the views. He’s baiting the KZbin comment section to correct him lol and y’all fall for it 😂

[@AdamAus85]

Ah man, folks with their goof huge wheels and horrible looking fender flares. Man that price, lol. In Australia you can spend over $200 000 AUD on a new RAM.

[@markmansel9899]

8:13 is the Eagle Talon he bought from the "old lady" that he promised he wouldn't sell. There it is front row on his lot for sale, next to the Prelude. Poor lady got suckered by "honest Craig"

[@nextlevelmobiledetailingllc]

Its parked there but its not for sale.

[@castle_made_]

Honestly who cares it’s his car 🤦🏻 I say I’m going to keep cars all the time sell them in a month or so after I get board

[@FlyingWheels]

#1 ease up #2 it's not for sale. Check my website #3 where is it ok to be parked as to not upset you?

[@robsdeviceunknown]

Used car Salesmen got their reps for a reason.

[@richardg8651]

Don't be surprised . Craig is a very entertaining used car salesman . Let me repeat, a very entertaining KZbinr who is a USED CAR SALESMAN !

[@kashsres1064]

I have always wanted to get into car business. I have good knowledge of cars as well as a car enthusiast myself. And I’m pretty sure I can handle the business side of it too. Hopefully I get the nerves to start one soon.

[@motorflexgroup2822]

The business side is a different ballgame lmao save yourself the headache

[@clubracer6]

It would be good to know how much time you and your team put into it. Not sure labor was calculated in all of this. Great video though. Being so hands and having some of those mechanical and body skills certainly helps.

[@gurumragg4398]

Please Craig do a video on the Hummer it's my favorite car 🙏🙏🙏

[@FlyingWheels]

Coming soon