Millions of Americans are left with High Car Payments

[@carscoffeeandmischief]

The value we receive with your videos is priceless, THANKS LUCKY!!

[@LuckyLopez777]

thanks for watching i appreciate it

[@metallicflare1]

This stuff is common sense

[@sactopyrshep]

@@metallicflare1which is NOT common

[@jonathantaylor6926]

A big car payment is fine… until you miss one. A month goes by fast. You miss a payment and all of a sudden you now owe for two months. That $950 car payment is now $1,900 and you’re cooked.

[@evoman44]

@@jonathantaylor6926 Exactly. Next thing you know a tow truck is hooking up your car to repo it when you least expect it and need transportation.

[@truckercowboyed2638]

Not really automatic payments is a thing

[@evoman44]

@@truckercowboyed2638 I think he is referring to having to divert a car payment to pay for rent/mortgage or other more important expenses. All it takes is to be laid off or falling ill and not being able to get another job soon enough.

[@treesnmoguls]

No, it's NOT fine. It's financially TOXIC!

[@samfisher2306]

I find it hard to believe there are car payments that high. But I know they exist.

[@904eb]

Im so glad I own my car. The headache of making payments for 5 years isn't worth it.

[@salimrandall]

It is to me. Just finance a car you can actually afford.

[@shanes481]

@@salimrandall Nope. Wallet fatter than ever since I quit playing the payment game. Not going back.

[@elnewbie2611]

​@@salimrandall this 💯 no one making less than 30k a year should be driving a 20k car for example, follow the 10% rule and the 50% downpay rule and you should be golden 👌🏻

[@LuckyLopez777]

$$$$

[@904eb]

If you cant buy it cash, you can't afford it. I have thought about buying a Mercedes for awhile, BUT after the thought of stroking a $80k check i lose interest.

[@ROKKANS]

Not only do people vote for stupid, they buy stupidly too 🤡

[@LuckyLopez777]

100%

[@scottbarnes9910]

Just like you

[@rjobrien7805]

Human nature never changes.

[@truckercowboyed2638]

So pointing fingers but ignoring your own faults talk about arrogant...

[@will-zj5gq]

⁠​⁠@@truckercowboyed2638considering he never specified who he was talking about, there is no context for you to make the assumption of arrogance or own faults.

[@williamkimble5873]

I work as a loan officer for a credit union and what he is saying is 100 percent true. I had a client that wanted to finance a new bmw m4 for over 100k and we denied him the loan just because it was a high end bmw and the depreciation on the bmw is crazy

[@stereomaster4231]

I mean there are a lot of other factors when underwriting... what was his DTI? Payment history? Salary? FICO score?

[@BusArch42]

I financed a Toyota Corolla with a credit union. They required 20% down and I had to pay all the tax and fees

[@Mac-pluto]

Just refinanced my Porsche 911 for over 100K. Both Credit Union’s approved my loan same day. They actually suggested I don’t even need GAP insurance given how I already had equity in the car and it’s valued at more than the original MSRP a couple of years ago.

[@Moonscentedhunter]

@@BusArch42I financed a Tacoma with a credit union. They were willing to finance the whole thing without down payment (got a hell of a deal) but I put a down payment just to get my payments where I wanted to be

[@BusArch42]

@@Moonscentedhunter I don’t know why they were so weird. I had been working at the same place as an intern during college and then after I graduated for almost two years at that point. No debt either. I had an account at that credit union since age 4 and had lived in that town my entire life (24 ). I still remember that I paid 4700 and financed 12000. It was 9% (1991). I paid that loan off in less than two years and never financed a car again. Only a house

[@christianmaldonado9068]

Paying off my car next month even tho my car payment was only 200 a month and insurance is 75 a month for full coverage im glad to get rid of that payment

[@squarecircleCo]

This video speaks truth for those who bought in 21-22 over 1k a month payment. Now stuck with a car or truck bought for 75k, has 50k miles or more and is worth roughly 25k. If you stick with brand new cars under 35k right now you cant get hurt other than normal depreication.

[@nobodynever7884]

Please people have some dignity. When you go buy a car no one should ask you how long you have been in your job, how long you have lived in your place, how much you make a year. Those are all intrusive questions you are subjugating yourself to because you are borrowing money. Have some self respect and buy a car you can afford cash. I may drive an $1800 dollar Grand Marquis, but i didnt get a digital rectal exam at the bank.

[@LuckyLopez777]

well said

[@jmsena]

Try renting an apartment. The checks for purchasing a home are way less I kid you not.

[@WTF-sh4is]

So true. People need to get off their fat egos and live simpler and smarter lives

[@Ohv111]

Good advice never thought of it like that

[@dansgarage4572]

Life is too short to drive a piece of shit

[@benjaminvancleave2310]

just finished paying off my 3 year car payment at 1000$ a month, what a relief

[@treesnmoguls]

Congratulations! DO NOT REPEAT!

[@dave3657]

Party time 🎉 Treat your car to a wash and wax.

[@grandma1950]

I worked for a credit union in the 1970's and all the requirements that the financial institutions are requiring now are not new at all. They are what were required then. They are simply going back to good credit checking that we did back when I was a loan processor. It's about time!!!

[@LuckyLopez777]

thanks are sharing

[@Moonscentedhunter]

Actually I love it! Run my credit, see my history of paying. If you don’t like it, then deny it. But if you want to do business and get my money, then make it easy for me too.

[@Bekssss]

Elephant in the room , when you finance you reqired to have full coverage and I can see more and more full covarage per month cost as much as car payment it's insane .

[@evoman44]

​@@valleyofiron125There is nothing wrong with driving a paid off classic car. But if you were to take care of them they don't have to be covered in mold. I have always kept my older cars clean and waxed. They are in better condition than most 4 year old cars.

[@danielfair4675]

I have 3 vehicles, all paid for & ALL with full coverage. A '21 Subaru, '10 Chevrolet & '98 Toyota), I pay right at $2500 a year. I don't think that's to bad, considering that 2 of them are the Limited model and the other a loaded convertible sports car.

[@evoman44]

@@danielfair4675 If you hardly drive one of those older cars you might be able to get a better rate through Hagerty. They specialize on classic car and sports car coverages.

[@JonathanS202]

Only if you have 💩 record and lots of claims!!!

[@CharlesCurran-m9p]

I can understand if during the pandemic your car was totaled and you were desperate but otherwise how could anyone in their right mind sign for these crazy payments?

[@markjohnson5562]

My car has depreciated 90%! Ouch...it sucks to drive a 22 year old one owner Honda Accord.

[@stereomaster4231]

I see what you did there. That ending.. what a twist!

[@BusArch42]

Nice

[@porschefanatic1049]

I brought my 2019 Honda Civic EX-L sedan brand new at age 24 and paid it off in 2.5 years. The car is still under warranty through Honda since I got the extended warranty for 7 years/120,000 miles. I also plan to drive this thing as long as possible.

[@sherricarson5011]

I have a 2005 Honda Accord Coupe I bought new. It now has 232,000 km, and is not costing me much at all in repairs. I have an excel spreadsheet with the car's purchase price, and all the maintenance, and over 231 months so far it costs me $179 (not including gas which is generally 1-1.5 tanks a month, and insurance here in Vancouver Canada is 1373/yr). When this car drops dead I'll look into a Honda Civic Hybrid which will be better sitting in city traffic. I'm in my middle fifties and I may die before the car does!

[@porschefanatic1049]

@@sherricarson5011 very nice! life is all about choices, if you buy a quality car like Honda it should last you for a long time if you take care of it. i bet you have a nice bank account as well! ;)

[@ecchioni]

A car is a depreciating asset or an anti-asset. In order for a car purchase to make sense you have to keep for at least 10 years after you paid it off. My '09 with 80k miles on it was bought used, so someone ate up the initial depreciation for 27k, now it's barely worth 8k, but I had it for 12 years and it drove me where I needed to go, so it paid for itself. Hopefully it'll last another decade.

[@sprague49]

I bought my 2004 Frontier in 2006 for $12,000 with 20K miles on the ODO. It now sits at 128K miles and still runs great. That comes to 6000 miles per year and I change the oil every 6 months. My mechanic says it'll probably outlive me.

[@BusArch42]

Agreed. We keep our for well past 10 years. Last one was 13.5.

[@Sassycowgirl17]

We’ve got three all paid for and 10 years +. They run great bc we take care of them. And low mileage to boot.

[@jerrylundegaard2592]

Virtually every physical thing a person has is a depreciating asset. An asset is not an anti-asset (LOL). Using your logic you should only buy a used TV, used mattress, used couch, etc. So the depreciation you ate up is $19,000. Other than the amount, how does that differ from the person you ate the initial depreciation?

[@BusArch42]

@@jerrylundegaard2592 I think you may have missed the intent of the statement. New cars can make sense. I’ve done detailed analysis on this. Buying a two year old car is financially wise initially. Poor maintenance and extra wear and tear (a 2 year old resale usually has 40k miles on it in my area) end up costing more in repairs than a well maintained cared for new car. The break point was ten years when I crunched the average numbers. we pay cash for new cars. We just gifted one to a family in pretty serious need and it was 13 years old. They were very happy to have it also (foster adopters ). Our next oldest car is turning ten this December. We will probably keep it for three more years and then either gift it to someone in need or sell it. Because we are very careful with maintenance, we do not experience anything close to average repair costs. The used cars we’ve purchased have had very high repair costs. Two of them had transmission failures at 85k miles. When you add to that situation that used cars are selling for unreasonable amounts today buying new makes a lot of sense. I just purchased a new Toyota rav4. It was 35k out the door with tax and licensing fees (they are pretty high here). Used ones were 29k and had 30k or more miles on them so were no longer under manufacturer warranty. This is less than a 20% savings to buy used and it just doesn’t make sense

[@lrnasigo1]

100% correct. Not only did my vehicles had to qualify loan to value, I had to show W2, pay stubs, utility bills and phone bill to refinance. Saved 14 months each vehicle

[@brokeboy87]

Navy fed is such a good bank for military members.

[@LuckyLopez777]

100% my fav bank

[@LordMcKrakenVonLittleBits]

Dealerships here are littered with 1 year or more time on lot higher end high mileage cars and EVs. Just 2 years ago the parking lot at our apartment complex had many high end and luxury cars. Now there's more vehicles that are ten plus years old. Out of 400 residents maybe 20 have a high end vehicle or newer car.

[@zacklewis342]

I noticed the same thing. Over the last year my building has become half vacant. All of the luxury cars are the ones that left. It's hard to afford rent when you also have a car-mortgage.

[@shanes481]

My car payment. 0. Starts every time. Cruise control and ac are the main features. Oh and that 0 dollar payment. Wallet stays fat.

[@LuckyLopez777]

Nice. money in the bank $$$$

[@MrBeefsnorkel]

i have years of perfect payments (on time), they can see my job and income for years, and even navy fed is being real picky with me. and im 710 score. absolutely feels like banks are tightening up. maybe ill just keep my old 2009 ford truck and wait it out. good video

[@LuckyLopez777]

thanks for sharing

[@SomeUserNameBlahBlah]

If your truck runs then why buy another one?

[@JohnZolla-bp7tl]

I've leased my last five cars. I never had payments over $250.00/month. Never had to buy tires, batteries, or maintenance. Don't know why I waited so long to start leasing. 😎

[@christianmaldonado9068]

Been considering this but I commute 150 miles a day i could never stay with in the miles they require

[@nicholasc2238]

A lot of people in tough situations. I feel for the average Guy trying to keep everything afloat.

[@LuckyLopez777]

very true

[@metallicflare1]

They shouldn’t be buying new cars

[@johnmcphee7129]

Average guy could have bought a Sentra but instead went for the Hemi Ram or F150 when they didn't need it for work.

[@TexasRiverRat31254]

Thanks Lucky! I keep looking at 981 Cayman GTS listings and there's more for sale every week and prices are slowly coming down. Waiting....🙃

[@ogles824]

Just be careful buying cars, trucks, and SUV’s. If you see any that just seem to good to be true more than likely they have literally been under water. Because of the two hurricanes there may be 100’s of thousands of them in the market. These vehicles can be made to run temporarily but eventually get to the point where they won’t run at all no matter how many parts are replaced on them. You buy one and are hung up with your bank with a car that won’t run. I know they are already coming. I saw two truck loads of them on I-20 at the Texas/Louisiana border this week. They are easy to recognize they are completely covered in mud. As I said, if the deal seems too good to be true the first thing to do is look under the dash for mud and grass. If you see that RUN don’t walk away. I used to be a car buyer for my dad’s car lot in Louisiana and this is one of the things I learned doing that……

[@baoanprounited]

Capital One doesnt require any of that, i just transferred my 60k loan from Toyota Financial to them, 64 months, no need mileage, no need appraisal that u said, 24 Lexus TX. I have good credit

[@bigcrowfly]

Another consideration is RUST. If cars rust fast in your area (saltbelt, the Beach) lenders will have a much younger maximum age for financing. Others if see a rustbelt area on the carfax, won't finance.

[@LuckyLopez777]

$$$$

[@BusArch42]

Good point. I live in the desert. Our challenge is high mileage not rust

[@PassportBrosBusinessClass]

To be perfectly honest, I have no remorse for people who went out and spent stupid amounts of money for cars and currently are stuck with them. I saw those same ads and commercials during the pandemic. I had dealers calling me trying to get me to buy their cars. I made a conscious decision to stick with what I had and to not waste my money. A lot of these people like to gamble with money, especially if it’s not theirs. These banks should have never been giving loans to people who they knew couldn’t afford houses or luxury cars. When I listen to these people constantly talk about depreciation rates and resale value, I think to myself: why can’t you just get a decent car and live with it until it becomes necessary to get a newer car? These people are playing a game of keeping up with the Joneses and they obviously are no good at it.

[@sculder7]

We need to thanking those people trying to keep up with the Joneses. We are a spending economy. We NEED the unoptimized to continue to buy buy buy, esp if you have money in the market. These people are allowing you to reap double digit growth with equities. Can you imagine if everyone bought a reliable car and drove it into the ground?

[@Ben-jq5oo]

No way should banks have ever been allowed to loan more than 90% max loan to value. Ever.

[@zacklewis342]

Or any institution to ever loan at greater than 15%. Anything over that is straight-up usury. Anyone who can't be loaned to at 15% doesn't qualify for a loan.

[@dave3657]

Before you buy, make sure that you can afford the payment, gas, insurance, taxes and maintenance. Buy a vehicle that suits your needs, don’t waste money on a V8 if your just hauling kids to school.

[@tharpeaddy]

Over 3000 harsh miles on both my ebikes…lot of tubes lot of brake pads Lots of cassettes Lots of tires Lots of shop time Lots of upgrades… The bikes ride better than they did when I first bought them brand new…they’re faster as well… While everyone has been playing with car payments I’ve been doing this

[@Viti50]

Got a sick deal on a leased Tesla. We aren’t worried if the value goes down because it’s practically a rental for the time we have it

[@evoman44]

Anytime you lease or finance a car you are still at risk of losing it if you were to get laid off or fall ill. With how bad the economy has been in the last few years that risk is even greater.

[@Viti50]

@@evoman44 I understand your point, but I’m not worried about money and I don’t live my life in fear. I have faith in God.

[@jerrylundegaard2592]

No that Tesla is not a rental. It is an expense just like any car purchase. And the value of that used Tesla will drop like a rock as few people will be willing to pay much for an electronic devise with outdated technology.

[@Viti50]

@@jerrylundegaard2592 it wouldn’t be my problem once I turn in the lease.

[@jerrylundegaard2592]

@@Viti50 It will if you exceed the allowed mileage or have excessive damage. Furthermore, one you turn in the lease you most likely will need to have another lease. There is nothing wrong with leasing a vehicle. I have done it several times. But in the end, leasing is just a way to finance a vehicle.

[@karnez05]

I know I tried, this has taught me a lesson. I will never finance a car again

[@LuckyLopez777]

Cash is king $$$$

[@brockjennings]

Another vote for America First Credit Union. I've been a AFCU member since the mid-1980s and the service has always been top tier.

[@cbbvvvc]

my buddys tesla depreciated 70 percent in 5 years ouch. He paid cash but still tough pill to swallow

[@LuckyLopez777]

ouch

[@jacobbambam5460]

Paid cash... I think he is okay in the money department.

[@aim-for-greatn3z947]

If he paid cash HE DOESN'T CARE 😂

[@salcastaneda443]

Its a car, IT DEPRECIATES. How do people NOT know this?

[@benrichards9667]

And to my point again, fomo-fools everywhere

[@MMC_SS]

I was always taught growing up not to pay interest on something that depreciates and live within my means. Never had a car payment even if that meant driving a POS. Thanks for the video.

[@JohnDoe-vx3z]

Refinancing a 2007 model for 72 months ... wtf .. it's a classic car at the end of the lease.

[@Txcowboy80]

Just purchased a 2013 AWD Cadillac XTS Platinum for $18k. It’s a one owner, no accident, with 33k miles. It has every option available. It was $60k new. There’s deals out there if you look, these new cars are junk.

[@jkairi4]

Really

[@jerrylundegaard2592]

Per KBB a 2013 Cadillac XTS Platinum with 33K miles in very good condition has a sales value of around $16K.

[@Txcowboy80]

@@jerrylundegaard2592 yeah but try and find one for 16k. I didn't mind paying 2k premium for these low of miles and options. For 16k they have >100k+ miles on them and ran down.

[@BloodSweatGearsGaragePTC]

Best thing is to pay cash for a car you can afford. Being able to afford the payments is not the same as being able to afford the car. See a lot of folks at the race track zooming around in the banks cars!

[@jerrylundegaard2592]

Actually being able to afford the payments is being able to afford the vehicle. People who can afford the payments are not the people who have a too high car payment.

[@BloodSweatGearsGaragePTC]

@@jerrylundegaard2592 if you could afford the vehicle you would write a check for the full amount, making payments is simply servicing the debt. Yours is advice broke people give in order to justify their actions, and I did not get wealthy taking the advice of broke people.

[@jerrylundegaard2592]

@@BloodSweatGearsGaragePTC Not always and your view is far too simplistic. A belief rather than fact. For example, if a person has good credit that person might get a 1.9 percent auto loan. At the same time, a high interest savings account or a dividend paying ETF can easily be found paying 4 percent or more. The smart person would choose to take the auto loan and leave the cash in the interest bearing savings account or dividend paying ETF. Of course, understanding such financial matters takes more than simple belief.

[@BloodSweatGearsGaragePTC]

@@jerrylundegaard2592 The word afford is defined as have enough money to pay for not borrow enough money to pay for. Funny that you confuse facts and beliefs based on your opinion. If you think you are making money by borrowing it you are mistaken. High net worth individuals did not get there by paying interest on loans. We got there by charging interest on money. You are entitled to your opinion, but again I don't take financial advice from broke people.

[@jerrylundegaard2592]

@@BloodSweatGearsGaragePTC But the fact is being able to afford something does not mean a person should not borrow money to pay for something. The question is what is best, pay cash or finance. There is no single only answer. The question is not black and white, rather it is gray. Please explain why taking a loan at 1.9 percent and leaving the cash in an interest bearing account or a high dividend paying ETF paying 4 or more percent does not result in a net positive cash flow. Take your time. Here is the math. Take a $30K loan at 1.9 percent for five years, you will pay $1,471 interest. Leave that $30K in a high interest savings account paying 4 percent. After 5 years the balance will be $36,500. So in this simple example, taking the loan rather than paying cash results in a net positive cash flow of $5,000. Nothing mistaken, just math. So, not an opinion just the math. Nothing esoteric but something that does require thinking. Also, most "high net worth individuals" are not in the business of loaning money from which they charge interest. Most are not bankers. Certainly borrowing money can be a negative for people not literate in finance or in dire financial straits. But for those in the know with the right financial situation borrowing can easily be the wise thing to do. Those of us in that position know this. So try again.

[@libertas556]

The title implies that somehow these people were left with something out of their control. NO! They chose to sign on the line. They chose to overpay.

[@robertfrank886]

Unpopular opinion- car as appliance…it sits (mostly) in the driveway or garage except for the 1/2 hr to 1 hr commute roughly 5x weekly (and less if you’re part time). It does depreciate, obviously. Keep it til the wheels fall off and learn how to the repair the car you have (to save some money and do the repairs and maintenance that you actually can do). I have had car payments in the past (last payment made was ~ 8.5 years ago- that car is old but very reliable and no payments is a nice bonus). Buying a car these days is just insanity with what they’re charging. Also, buy reliable brands. That’s VERY important. Flash is nice but costs quite a bit- a used MB, Audi, or BMW may be cheap to buy but that’s just admission to the club in many cases.

[@Moonscentedhunter]

Just refinanced my Tacoma. The funny thing was capital one said they would refinance without asking for any documentation. They just ran my credit. Got my rate reduced by over 3 points

[@Burroughsbikebuilds]

You teach more about finance to young men with no leadership in their lives more than any school would.

[@fiily1]

People living way above their means and thinking it's all good all the time, until they lose their job, get hurt, or get sick.

[@bassw1758]

Nobody ever refinances a car, that's just some mumbo jumbo that the dealership tells you when they're ripping you off on the interest rate. It's easier to buy a new car.

[@johnjones393]

I haven't had a car payment in many years. All that verification for a loan sounds like a hassle. I'll continue to pay cash.

[@CharlesCurran-m9p]

Until recently getting a car loan was super easy. I bought two new cars and they financed me without asking for employment or income verification. I couldn’t believe it.

[@thePrisioner6]

The first thing everyone has realize that they can’t ever overpay for the car in first place. Critical when you plan on trading it in a few years. You basically only pay interest in first 2-3 years. So if you pay more than MSRP up front and don’t put at least 20% down you WILL be upside down on your loan.

[@definitelynotRoberto]

I bought a 2 year old car, put down enough to get the financing down to the minimum amount (lenders won't finance less than $6k). So I let someone else eat most of the depreciation, got it with reasonably low miles and still under the manufacturer warranty, put about 80% down, with a +700 credit score, single digit interest rate, and my car note is literally 1% of my monthly take home pay. I make a full payment every payday and after just my first month of making payments, 5% of the principal is paid down. My other car 2014 Q50 Hybrid is paid off. I do pretty well but my thinking is always to be in a position where I have *options.* I could afford to get an Escalade or G Wagen but why? Who am I impressing? I'm quite happy with my Eclipse Cross. When I can do a deal where that Escalade is 1% of my income, I will. Otherwise it's a car that gets me A to B, great on gas, insurance, and maintenance.

[@chrisrstt]

No one should finance a car that is over 6 years old

[@LivingWithGout]

There are so many good used car out there.

[@MikeStigs]

I'll be at SEMA hope to see you there.

[@johnanderson9735]

It pays to at least know what the car you are buying will be worth in a year or two. JD Power, Kelly Blue Book can give you an idea of the value. On my last purchase I used JD Power to get a general value, and I was able to put a larger down payment along with the POS Tax credit for my Model Y. I’m a little ahead of the depreciation at this point, I may lease the next time.

[@ryanlight1013]

But but gotta finance the automobile! No way to pay it in full! Impossible!

[@tsmith20098]

You're right about the income verification, my credit union which I been with for over 15 years asked for my W2 when I got my car thru them all 3 score where mid 700 zero missed payments, debt ratio was at 22 percent I guess that what's scared them. had a reasonable amount in my savings account and checking ...

[@JCreole]

How is a 2012 car not already paid off? Why put yourself in debt even if you bought it used.

[@rustybumperclassics6342]

The banks should have been doing this all along. Why they got away from it is stupid or it's a setup, (conspiracy theory stuff). I remeber when I was 18 and 19yr old, I could get even get a loan for a car and I had a job. Not even a high interest loan.

[@LuckyLopez777]

crazy times

[@Bekssss]

Same with 30 year mortgages

[@ericl452]

I don't understand why most people don't keep their vehicles on until the loan is paid off. You are just tying yourself to more depreciation.

[@peterm7596]

My old school theory is, if you can’t pay cash for the car you don’t buy it. Last time I financed a car was like 20 years ago.

[@iceman9678]

I'll add try to keep your car price less than 1/5 of your annual income. Your home gross price expectation should be no more than 5 times your annual income - pay this off as soon as you can. Save/invest at least 1/5 of your annual income. Once you home is paid off - find another home that does not exceed 5 times your annual income and rent your first home. Repeat as necessary.

[@zacklewis342]

It's ok to take a loan for exactly two (personal, not business) things, your first car and your first home, and both should be somewhat cheap. After that you should always pay cash (except when you know financial tricks that make a loan profitable, but that's advanced subject matter).

[@iceman9678]

@@zacklewis342 I disagree with financing your first car purchase but that's what makes us all individuals.

[@xman666soad]

Bro, my wife and I have 2 vehicles, both paid off, one is 10 years old the other is 6. I never want to have a car payment as long as I live. It’s the most stupid optional stress you can choose to put yourself into. Car manufacturers and dealers must feel the pain and lower prices. Idgaf about inflation, the dollars no longer make any cents (sense).

[@MH_6160]

You mean… "Chose high car payments".

[@iceman9678]

This is exactly what I thought.

[@zacklewis342]

Chose a barely affordable car-mortgage on an overpriced, depreciating asset at the height of a bubble. Geniuses.

[@TheFutureEvents]

I remember I wanted to pay 700 a month for an Alfa Romeo giulia when they first came out ended up getting a brand new sonata for 330 a month I’ve come to the conclusion I will be buying a Lexus from a old lady that can’t drive anymore!

[@ThisOldMan-ya472]

The big question: If you have a $70,000 vehicle financed at $85,000, it might be cheaper to renew a loan than to call the loan. So, what is re-finance?

[@daphatchick]

I got a loan in March with capital one and they never asked for employment status or bank statements etc just checked my credit obviously

[@randomstuffman01]

Thanks.

[@EStigers]

What’s considered high mileage? I was under impression 5yrs old under 60k miles under 20k$ was the standard back in the day/gap. Those deals come a dime a dozen!!!

[@taratong9074]

Lucky, what are your thoughts on the new Escalade and the Lexus GX550

[@moisdawg]

What would you suggest for someone like me? I have strong credit, but I also saved up a decent chunk. So basically which inflated price would you choose in my situation because neither choice is cheap anymore. A 2011 or newer used car is easily 8k+

[@BatmanBoss]

Thanks buddy

[@LuckyLopez777]

thanks Batman

[@timkis64]

people need to live WITHIN their budget,& not worry about keeping up with the joneses.the fancy house & car mean NOTHING when you cant buy groceries after making your ridiculous payments.

[@LuckyLopez777]

$$$$

[@wmejia4122]

Correct. And if people didn't live above their means, prices would also be lower. That would benefit everyone.

[@chrisrstt]

When I bought my truck last month the dealer asked for pay stubs and work id and a ton of information related to income. I bought two previous cars in the past 3 years and all they asked for was my monthly income and a photo id that’s it. I was kinda shocked but it was a 60k truck and I make 73k

[@saleens330]

The first time I knew ppl would over pay for something and then a year later, it was only worth about MSRP or under….when the 2007 GT500 came out. Even then when I saw bids for $25K over MSRP..thought hell no. Then in 2008 I saw a used07 GT500 for sale and the price dropped all the way to $40K. So how ppl were suckers or banks loaned over its value???? Definitely weird. But I guess every generation needs a reminder on what not to do…

[@bigpapi88]

can you do vaule break down on the new bmw coming off lease?

[@ianbestor1528]

I have a 1994 and 2002 vehicle. I probably spend maybe 5hrs a week in both total. Car payment for that little amount of time spent? Nope.

[@Jin420]

I've had 1 auto loan... NEVER AGAIN. 20k car -- sold for 2k ("lifetime" trans was going out after 3 years of driving -- bought a used 2nd generation mini) Plus I prefer cars below 2010. I don't like too many sensors & whatnot... I like being able to do my own repairs. I can't do that with these newer vehicles (with exceptions of course, such as oil change). Lastly, I can buy a house to rehab for less than the price of new mid-sized Sedan. (Just gotta know where to look)

[@minifunkable]

Good. Im paying cash

[@LuckyLopez777]

Cash is King

[@EldenLord00]

Screw the banks, pay with cash

[@LuvADuc]

But my Telluride had those cool amber DRLs isn’t that worth paying $10k over???😂

[@Lewis-dq2xb]

if you cant buy it dont finance it, buy a banger.

[@JavierBustamante-xh3ln]

All this buyers paid over the msrp plus market adjustments There nothing they can't do about it.

[@timkis64]

the once careless people are now paying for their thoughtless expendatures.its a hard lesson to learn.

[@LuckyLopez777]

100%

[@kens1892]

Another great video.

[@LuckyLopez777]

thanks

[@Bankaimg]

Why wouldn't they like high mileage lexus? Isnt that just luxury Toyota reliability?

[@Radziolinho]

"Well, well , well, if it ain't the consequences of my actions"

[@JCreole]

Paid cash for my car based on what I can afford…..I don’t really care how much it depreciates I plan on driving it until the wheels fall off. When I buy a car I know it’s not an investment it’s a depreciation asset that I need for transportation.

[@zacklewis342]

You still need to respect depreciation. If that car gets totaled for whatever reason the insurance company will only pay what it's worth.

[@ameliabennett9378]

What's wrong with high mileage Lexuses?

[@buddahkz9980]

Just plug your builds video into all these regular videos you do ppl will watch them , as a normie I do forget you do that when these videos are usually great all the time.

[@nsbioy]

Unfortunately, most Americans can not handle their own power of attorney because they do not understand basic concepts like monthly payment, interest and having to pay bills. There should be a test for mental competency before people can do any non cash transactions. And to think that these same people multiply and vote- smh.

[@starfalcon2]

We should go back physical cash only, so we count cash.

[@nsbioy]

@@starfalcon2 that solves some problems, but creates many others. Besides, if all it takes to make people spend more wisely is to see the physical cash being spent, that only reinforces the point I made above, sadly. People who want to control their spending can choose to go physical cash if they wish even today.

[@Lwnmwrboy5]

I think people got spoiled during pandemic when your 3-5 year old car was selling for more than what you paid for it.

[@zacklewis342]

No one got spoiled. If you sell when values go up, you almost always need to buy at the same time. It's a wash.

[@freecampinginavanman5755]

I'm just going to let mine go. Can't refinance as I owe more than it's worth.

[@zacklewis342]

User name choice was prescient.

[@rickmcsheridan4949]

Oh well, no one forced them to buy overpriced junk at inflated finance rates.

[@barriowoodworks]

The stupid auto dealer radio ads alone, makes me not want to walk into their car lots.

[@ItsAlive111]

Finally the idiots that bought $50k cars with $10k dealer markups and 20% interest rate with 0% down cannot do more damage. Unless they decide to total their car due to random fire or theft, skyrocketing everyone’s insurance policy premiums

[@clintonandrews1538]

Please take a second to tell your audience about Exeter Finance Corp and their 25% auto loans along with their offers to 'roll over' old vehicle notes into new car loans.

[@visioneerone]

Why wont anyone refinance my 2020 Hellcat with 150 thousand miles on it 😂

[@glenf4115]

upside down on their auto loans? in your previous video "Auto Loan Apocalypse" you stated that unregulated auto loans are great! "The last thing you want is the government telling you that you can't afford a $100,000 vehicle when you only make 60k per year..." Now banks are cracking down. Something about "can't have your cake and eat it (too)" comes to mind.

[@stereomaster4231]

Just cranking out that content bro 📢💰

[@sp4604]

i bought a 99 camry V6 for $5,000. only 100,000 k. screw these new cars

[@zacklewis342]

"Only 100K" 🤣 That's the entire warranty period! Even "reliable" cars are noticeably crappy after that. It's like saying you married a woman who's only 38.

[@BillyT531]

All true.

[@LuckyLopez777]

10000%

[@melbeeton7060]

Thxs

[@LuckyLopez777]

your welcome

[@stereomaster4231]

I wonder how many people do what I do? 50% down payment on my cars and finance 48 months on the reminder? Looking at a 3 year old bmw X3 next

[@danielfair4675]

Put that 50% down-payment in your 401k, Roth IRA or a short term investment. And you'll make more money than you'd spend financing it all if you have decent credit. I ordered a new '21 CUV in very late of that year. Got a 1.9% loan rate for 6 years. Paid it off in 3 and have made more than 5x'd what I'd saved in interest by putting that 50% down on the vehicle vs interest I paid.

[@karimbennett5651]

Stop buying these $80K pickup trucks!

[@666dynomax]

i doubt very much theres much savinsg refinancing a car... thats insane. what bank would even want to, or even want to at a lower rate??? if you have to refinance your car you have bigger problems than that little bit of difference in rates.

[@LuckyLopez777]

$$$$

[@zacklewis342]

I'm wondering how it would even make sense. Rates were lower before, so who is even asking to refinance? People who had terrible credit and suddenly got their shit together? Must be a dilemma for all three of them.

[@coreylucas5997]

I couldn’t even afford to maintain my old car had to sell it dirt cheap, now just one older vehicle with my wife now cannot afford any new vehicle north of 20 grand, shoot Nissan Versa is that price 😂 it’s a laughable yet sad situation, we like SUVs dealerships after dealerships just don’t care my credit is actually very good, but interest rates on used is a joke all over 11%, now new is a different interest story I never consider a rav 4 Toyota cannot find them even under 30 grand, didn’t like the carolla cross, the HRV Honda was far better but they are edging 30 grand and they hold there value even used, it’s so hard to get a deal even with a down payment and low baller trade, greedy dealerships has been the forecast, but I’m a true negotiator and will walk out. The pursuit continues till are one vehicle breaks down I cannot afford repairs Rather have a new vehicle with warranty with monthly payments I can afford, screw dealerships that think otherwise