What Its Like Financing a $10,000 Vehicle at a Buy Here Pay Here Car Lot | IN HOUSE FINANCING 2019

[@zjones9876]

being poor costs a lot of money

[@tonyramrup334]

Z Jones I know the feeling

[@Gstunfisk]

being stupid*

[@berniepfitzner487]

You can learn contentment being poor too

[@tomfoolery5665]

Good for you for warning and educating people especially since you have been through what alot of people go through and know how important credit is in this world without it you will never be able to save and get the things you need to live

[@Del-Canada]

I'm nearly a boomer and I feel your pain. I got caught in one of those payday loan cycles years ago and never got out of it. Destroyed my credit.

[@confidentlocal8600]

Whoa. I balked at 2.49% when I financed a new Toyota but went for it anyway. I would have paid cash, but it made more sense to keep as much cash as possible in my pocket and invest instead of sinking it into a car.

[@AveGuy1]

Nah you didn't get 2.49% stop lying

[@SAVAGE_DNA]

Great honest video.. I always wondered how "buy here pay here" actually works. Thanks for making this type of content 🙏🏼💪🏼

[@bizzarovision]

4:23 start of vid. Jesus.

[@dchawk4x]

Bizzaro Vision SERIOUSLY!!!

[@dchawk4x]

No wait, Let’s talk about a Prius first! Video starts at 5:15

[@datbihMilly]

Thank you goodnesss I'm like stfu I'm here for advice

[@nickwind2584]

Not bad Chad! Starting MSRP on a 2010 Prius was $21,000 and this one managed to hold on to 50% of its value after 10 years with a dead battery - I’d like to see a video on how that happened next!

[@supaaaafly]

Very straight to the point but also you should say to people who are going to take that route as in pain the double rate is that it will help your credit if you pay the car off is just a beginning to rebuilding your credit

[@MindHunger]

Stopped watching halfway through when he still hasn't said anything useful.

[@bearbear4030]

They DO NOT report to MAJOR credit BUREAUS either. It will not help your credit!

[@philpaule472]

Davy Ramsey is 100% correct. Never buy a car on credit

[@bearbear4030]

Not at that interest rate

[@scottr2706]

No, Ramsey is not correct. He never is because he is always black or white, right or wrong. Whether buying a car on credit is good or not good depends on each person's unique set of circumstances. Certainly buying at a BHPH dealer at 35 percent interest is usually bad. On the flip side, buying a car with a subvented interest rate of .9 or zero percent is often the wise move.

[@welcometoreality3450]

typically the down payment is what the dealer payed for the car....the buyer should know if you buy a car from a buy here pay here you will be ripped off due to bad credit (its not the dealers fault), better off for you to work on increasing your credit score its not all that hard

[@chipmulligan8963]

35% interest!!! Jesus....

[@FishFind3000]

Pretty sure that’s a loan shark

[@jhask64]

Pretty sure if you’re being forced to pay 35% interest rate on a vehicle, you are a high risk! That’s your fault.

[@kylecooper840]

My Lord and Savior praise the Lord!

[@SAABTURBO1986]

J Hask yeah but charging disgusting interest to a “high” risk is just making the situation worse. Doesn’t make sense it’s predatory and should be illegal

[@triple_gem_shining]

Lmao

[@evanprice7967]

You'd actually pay $15,104 for that ~10 year old Prius. Good video, BUT you forgot to add the $2500 down payment to the 8460 financed and 4144 interest, which comes out to ~15,104. So, your point is even better made. And that's not taking into consideration the high maintenance cost for a hybrid or charging the battery hybrid. I didn't know Buy Here, Pay Here lots charged that much interest. Geez. I don't even like paying 4%. 35% is predatory imo.

[@kennethmarquis6840]

Thanks for the video. I have been waiting on someone to explain buy here pay here.

[@Beamerboy_Swerve]

Your credit score is icing on the cake...auto loan companies actually look at your income 😭💯 I walked into a dealership with a 752 credit score making $1200 a month and they hit me with a 21.10% apr😭💯

[@JimBobe]

Length of credit matters a lot too. And how “strong” your 752 was

[@JNAllenstv]

@@JimBobe 😳👀👀that auto loan place is wicked.

[@basicbodybuilding]

I had low 600 but since i was military, they saw that government consistency guarantee paycheck every month and they gave me 5%

[@Beamerboy_Swerve]

@@basicbodybuilding see that’s a blessing🙏🏾

[@ozzierabbit587]

Someone making $1200/mo. would probably be better off buying a cheaper car from a private seller, such as on Craigslist.

[@rahhclipper131]

Sales price 10k ok sounds good. U put 3k down and start the paperwork and then they add 4K and pay 400 for P.O.S. Now it’s 12k daaamn! Taking my ass to dealership and get new whip, and put 3k down on 5 miles on new one lol

[@James28R]

its more than 12k, he didnt include the 2.5k deposit in that

[@T.Hill-n2c]

Don't care what they say, it's your money. Negotiate

[@tomfoolery5665]

That's why I served my country went to college free and became a firefighter earned an awesome pension instead of kids today taking gender studies then thinking they can get a real job in the real world 😭😭 learn things that are going to help you in the real world

[@dannys1153]

Good video and really good advice from experience

[@CarolinaCarVideos]

Thx Danny!

[@mctransportation9831]

Maybe a video on a horror story of what happened to a financed vehicle that was repo'd.

[@vivillager]

I'm doing business in the wrong state. I'm in Texas, and for a 30 month loan, the most that I'm allowed to charge is 26.29% and my dealer fee is also legally capped at $150. EDIT: Very true about buying a cash car. I sell cars that are $10k all the time, but my personal car, I paid about $3k for it... and that was about 5 years ago. So it's only worth about $1.5k now. Now shame in driving a hooptie. I love mine.

[@KickinItWithKrys]

You're happy to charge high interest🥴. I understand doing the job and what comes with it. Still, you actually enjoy sending up the interest rate for people who are already down financially. Sheesh, I'd hate to be at your lot.

[@vivillager]

​@@KickinItWithKrys, there's much about my business that can't fit in a few sentences. For repeat customers that previously paid off their previous car without issue, APR is 6%. Since my original comment, I now also rent homes with rent-to-own agreements. Most RTO agreements are for a year, and then credit the customer for 10%, but if the customer can't pay off the home, that 10% is forfeit. So if rent is 800 for 12 months (9,600 total), then the customer would get 960 credit "IF" the customer can pay off the house at the end of those 12 months. While I'm now also doing RTO, I do mine differently. Instead of 10%, I do 55%. And instead of 12 months, I do 36 months. At 800 per month, that's 15,840 credit. On a 50k home, that's over 30% of the value of the home. Even with bad credit, it's not too difficult to get a bank to finance the remainder if the customer has already paid off nearly a third of the house. 50k doesn't get much house, even in Texas, but the overwhelming vast majority of the people I deal with, have never owned any real estate in their lives, despite many of them being older than me. But now they do. I have one, from Guatemala, can't speak English, but now owns his home here in the America. As far as those down financially, I work with those who work with me, who act in good faith. But there are some who cannot be helped. Even without financing, the base price of my inventory is competitively priced. While in the minority, I do sometimes make cash sales, no financing. Earlier this year I had a girl who bought a Toyota from me. Paid for it in cash, no financing. About 3 months later, I ended up buying the car again at auction. It was sold by a well known title loan company. She paid for the car in cash, and then got a title loan on the car and lost it. Other than an oil change and minor detail, there was nothing wrong with the car, good tires, battery, it wasn't wrecked, even the windshield wipers were in good shape. But in my opinion, that was someone that was beyond help. But yes, I do charge usury rates to people whom I've never dealt with before. Half the time, they're great people. Half the time, I end up losing on the deal. Hence the reason for high interest and high down payments for first time customers.

[@redd7188]

Good video, all of us need to hear this even if we can't handle the truth. I like Dave Ramsey but I don't agree with everything he says. When is he going to call out these big universities that are the reason the vast majority of young people are in debt. We put our kids in one of these SEC or BIG 10 schools and we cheer for them. Then we are left with all that debt and school moves on to the next freshman class and forget all about us. Then that cousin that never got the fanfare for graduating from a big school decides to go to tech school, learns how to work on hvac, and ends up making more over his life time with no debt.

[@redd7188]

@68Camaro RS/SS lol, college cost is the third biggest reason for debt behind job loss and medical expenses. Speaking of bad credit there are 5.1 million Direct loan borrowers who are in default by 360+ days. I know plenty of parents forcing their kids off to college in order to keep up with others. There are plenty of people who get scholarships but it doesn't cover everything. Debt is debt, the banks are not concerned if you are liberal, all they want is their money. I want you to be able to enjoy your money. See, this is the problem with America. We cannot discuss anything without flying off on the deep end and accusing others of wanting to steal from them or judge them. You foolish man, do you not see that what you did is what liberals do? Oh, is that a GM in your avatar? That reminds me, after Hillary Clinton agreed to vote for GM to be bailed out GM donated vehicles to the Hillary Clinton campaign. Also head of GM Mary Bara aspired to be Hillary clinton's running mate and you call yourself a conservative? Lolllllllllllll!!!!!!!!!

[@redd7188]

@68Camaro RS/SS where did I ask you to pay for a loan that I don't have? Where did I say I was a liberal?? Anyone reading this can see that I said there are people who don't go to college that make good money.

[@ncironhorse8367]

LOL. 4 minutes in and we are just now getting to the content. I didn't really need the primer what good credit is but, thanks for that

[@tonyareid3784]

Thank you for the information. Be blessed always.

[@hopkinsjr436]

I feel bad for whoever has to pay 35% over price

[@markmensah7133]

Yh 35% means u probably have a poor credit like 530 or something. The better the credit the better the interest rate. Unless u pay way more than the monthly bill, then u pay less interest on the car at the end of the payment

[@jamesflanagan7942]

Bad credit means the vultures will be circling

[@carking1043]

not the dealers fault that a customer has terrible credit.

[@jeffreymorrow4966]

Great lesson man!!!

[@baiyewunmiowolabi9838]

Thanks for this video, really helpful

[@travis10998]

Thank god I found this video this man saved me but i really need a car

[@Barca-talk]

God bless you and your family hope you the best of luck

[@ganeshnarayan5505]

Hey dude great video i just wanted to know what in house financing meant thank you very much.

[@CarolinaCarVideos]

Thanks for watching the video! So to me in house financing just means the used car store offers financing with lenders at there store. Like Bank of America, Santander Bank, Capital One etc. Most of the time In House Financing or Buy Here Pay Here means the people who own the store offer there own financing with No Credit check. In most cases stores like this will want a good size down payment and you'll be paying your monthly car payment to the dealership instead of the actual Bank or Loan Company. Hope this helps Ganesh!

[@christioherstorer9480]

@@CarolinaCarVideos hey hello I'm in Jamaica deported almost 8 years now all because of a buy here pay here car dealership in Tampa fl.I was suing them in court but I lost all because the manager just tell lies on top of lies.he told the judge he clock me going 89MPH in the car. Now tell me please how the f....k in the world does a manager of a car dealership clock someone going at a particular speed? Hmmm.I was so angry and hurt.after the court ended the owner of the dealership along with the manager was reversing in their BMW.I throw a brick in their rear windshield and I end up getting deported.you can link me on messenger

[@iChuntaro]

@@christioherstorer9480 These vehicles have GPS, and can monitor the driving habits.

[@CarolinaCarVideos]

Thanks for looking into this video everyone! I'm happy to hear that me being honest and opening up about my past will help with some of you. I'll be coming out with another video talking about this subject soon. I had a vehicle financed as well from this store and just paid it off. I'd like to share with you how much I ended up paying over the time of the loan. I could of purchased 2 of the cars I have from the money I spent over the 3 year loan. You best bet is to find a dealership that uses finance company's that report to the credit company's. Even if the interest rate is HIGH at least if you pay on time it will build your credit so you don't pay as much in % on the next car loan. The benefit of Buy Here Pay Here is how Easy it is to be approved. At BHPH car lots they don't care about your Job History or Pay Stubs all they care about is you having the Cash Down and Paying Your Car Note. If you can do that your approved. That's why alot of people use BHPH car lots because most people always like going the Easy Route in Life, but remember things are not always easy when your paying so much for things. You can't have a stress free life when your in debt. You will always have a Monkey on your Back saying give me some of that $ you've been working so hard for. Yes its Good to Pay for the things you have, but over paying is not good. In most cases the reason your over paying is due to not paying as good in the past. Anyways have a great day and I hope you can make the best decision for you and your family.

[@chriswashington1325]

I'm a buy here pay here. I charge 0% interested. I never heard of someone paying 35% interest lol

[@germanboy5392]

The down payment is what those crooks pay for them at,auction

[@NoName-uj8iq]

Wrong

[@Boscovich1er]

Wrong. Working at a BHPH dealership and owning one now, bad credit customers are a VERY high risk. Even those 35% can’t cover damages they cause to vehicle when they suddenly decide not to finish the loan and lean the vehicle on the side of the road on bricks. Think abt it

[@carking1043]

very wrong, maybe 20 years ago that was true.

[@GoblinStomp]

Wow such crooks

[@santosf1107]

Lol in your dreams

[@ibrahimalkindi1887]

Most of the world doesn't use credit score, dude it's a rip off in the US with all due respect

[@mrantone916]

Yea right Mexico starts at 23% for financing then it goes up from there . They also get paid in pesos.

[@geofillingame2335]

Good info

[@johnmeoff]

aave gives very good advice tor young people as my dad taught me that i try to teach my kids

[@marcgroetsch2216]

I bought a 8 year old car (2009 in 2017) for 3k cash still running today after almost 3 years lots of miles 😑

[@c.tucker95]

What car is it?

[@marcgroetsch2216]

C. Tucker Dodge Caliber

[@anthonydefalco5186]

That’s the exact card I screwed up with at 18😂😂😅. How’d he know?

[@triple_gem_shining]

So 10k+ financing for a 2010. I got my 2009 Prius same time and was 5k cash paid in full. Pays to pay in full.

[@alleneng]

u will not get 4% to finance a 9 year old car no matter how good ur credit is

[@xxrated-2174]

picking up a 09 altima for just under 10k 1500 down 20 interest i believe

[@odinsclone3436]

But does buying a vehicle from one of these dealerships help to build your credit tho

[@CarolinaCarVideos]

Only if they report to the credit bureau. I’ve heard you can ask them to share your payment history with Them , but I’ve never seen that done or had a customer request for that after paying off the car.

[@betterthanemril988]

I would NEVER pay $400 a month for a car. The bank offered me that today and I walked away from the car. Even if you can afford it, it’s best to have as much extra money as you can in this high priced age.

[@bionicwoman9884]

there are people right now paying 500 and up a month for a Car

[@JalluminatiiFanpage]

Some people don’t have enough credit history bc they are just graduating and don’t have bills. Not everything is your fault.

[@JalluminatiiFanpage]

Don’t get discouraged.

[@ozzierabbit587]

I wouldn't have touched an old hybrid, even if the financing was great.

[@EAZYEfrain]

Or Tesla or any battery infused or just a plain battery engine

[@tomniswonger7086]

Thanks for the video! Keep up the good work you're doing on here.

[@ragetherager]

thinking about buying a 2003 mustang since i love the 4 gen mustang for 6975 at a buy here pay here it has 89k miles on and they offer 0% interest rate sounds very sketchy tbh this is my first car and i wanted someones opinion on this situation

[@LOS98]

Yesss! Im 20 i just bought a car but worked on my credit since i was 18 with a 300$ dollar limit capital one card and then got another card with a 1000$ dollar limit always paid on time kept my usage low now im financing my car 2 years through capital one with my interest being 700$ in total for 2 years

[@ibrokemyownheart4953]

What’s your credit score?

[@LOS98]

@@ibrokemyownheart4953 I'm up at 750 FICO after 8 months just got my 4th card rn from chase

[@jase7231]

You should do a video explaining this, sounds interesting

[@hunta4lif3]

@@LOS98 niiiiiiiice! Keep asking the bank to increase your limit but pay off balance every month and you'll be great!

[@jeffreymorrow4966]

Plus you have to Cary full insurance coverage.

[@strippingforjesusministrie6161]

what if you pay enough to avoid the finance 35% APR cost or is that the total buyout once the contract takes effect?

[@CarolinaCarVideos]

To avoid paying the 35% you'd have to pay off the car before the first payment comes due. Every car payment you pay over the term of the loan includes the 35%. Your best bet is to try your best to pay off the car sooner than later or just try your best to buy a cash car. If you'd like to avoid having to pay higher interest rates in life and you don't have any credit or bad credit you will do better by financing a car at a dealership that reports to the credit company's. Even if the rate is higher with a legit finance company at least if you pay on time you will have built some good credit to avoid paying a high rate next time around.

[@brandonlucas2101]

Do I have to pay the interest if I pay it off early.

[@stevefrommars]

credit is really good but source of income is the problem

[@CarolinaCarVideos]

yeah most finance companies currently in 2021 are looking to see a customer making 1800 or more to approve a deal.

[@stevefrommars]

@@CarolinaCarVideos i have an excellent credit score and also have the money to pay for it almost in full , but i want to finance to grow my credit portfolio . but my main concern is if they ask for source of income

[@obeone2101]

hey wait! if you pay cash for a car you my not get a good deal becuase the dealer has to make money also. so how can this help you?

[@trevorsmith8349]

ken howard don’t tell a dealer your paying cash until you have already sorted out finances

[@erics9489]

actual amount you pay is plus the down payment and 12k so its 14k.

[@Djktboomin]

The music switched 😂

[@Justkevin377]

Your paying for the time you messed up on your credit.

[@Kenwood1990]

These criminals that charge that much interest need to be locked up .

[@betterthanemril988]

Not only do they hit you with criminal interest rates, but they also over price the hell out of their cars. There’s no way a 2012 ford focused at 100,000 miles should be priced at 20 Grand 😒

[@bookies5309]

Is it bad to have a 724 credit score but only had it for 6 months?

[@PopovskiDarko]

How about getting a car loan while on unemployment income benefits due to current pandemic ?

[@jamaalrouse8859]

Just save up and pay cash. That’s what smart ppl do

[@sexymskat]

Everybody cant do that genius 🤦🏼

[@JimBobe]

No, they dont. Its good to have a loan for car payments. It increases your credit history and thus improves credit score. Smart ppl put 10-20% down on a car for 36-48 months at

[@hunta4lif3]

@@JimBobe yup then they use the cash saved to invest or other things

[@JimBobe]

@@hunta4lif3 Exactly

[@phallondavenport470]

@@JimBobe Yes, it's best to buy a car through the dealership and just like you said it's good on your credit and most of all you will get a warranty on your car. Because when you purchase a car with cash, you are reliable with the maintenance on your car especially the wears and tears on your car and we knows car maintenance isn't cheap. I got my car from the dealer and have a warranty they report my payment through Equifax and TransUnion and I got a warranty to cover the maintenance including oil charges best decision I ever made

[@TheNibNerd]

Usually those buy here pay here are high mileage polished turds.

[@tomfoolery5665]

Wow plus 7,000$ to replace the hybrid battery 😂🤣😂 pay your bills on time

[@Gstunfisk]

$7000* dollar sign goes front

[@archiejames3345]

Nowadays they having people who can erase your credit compelety

[@iscreamcandytv9642]

Where are they?

[@iChuntaro]

@@iscreamcandytv9642 I'm working with one firm here in CA, my score went up already 40 points in 2 months

[@techkid8992]

I’m turning 16 next month this really got me repaired. 😊

[@Bmore2Htown]

*Prepared lol

[@Dvids13]

Need to prepare your grammar

[@johnmeoff]

down payment is what they paid at repo auction for the car

[@Kenwood1990]

I feel so bad for people that have to buy from these criminals.

[@blahdood]

Working with poor people is difficult. They deserve the money they make off them.

[@zackrozelle2252]

How do I get out of the loan?

[@supernova4760]

Any buy here pay here that claims to give you a loan for a car is lieing ... you can't write a loan for an asset you already own ... you can only rent it with the possibility of owning it after an agreed amount.

[@tomfoolery5665]

I'll get in touch with you if your still in the business because I'm going to buy a 2010 lexus rx 350 I'll drive it home from there after my guy inspects it with me in your shop I don't really need a loan but hey you never know

[@thisguy3800]

Looking back now, cars were cheap four years ago. We are getting fucked.

[@midwesternmonkey3702]

Bravo, Bravo.....

[@jeffreymorrow4966]

They know you can’t meet that they just want repo it.

[@ericvidal440]

Thanks , i was in that boat in 2006

[@rilyjonez]

Btw. You were not stupid ..it's a lesson for you and those around you to learn from. ..just like I did

[@IMGDirect]

35%?!?!?

[@rilyjonez]

Was on my way out to sign up for this cars but thanks to you I got banks to call figure out a solution first before this as a last result

[@dontlookatme4444]

Would completing the length of the loan improve your credit?

[@slscamg]

Only if they report it to the credit agency. However if your credit is totally destroyed then one good loans won’t help you. You need to go watch some Dave Ramsey videos and turn your financial future around.

[@Gstunfisk]

no

[@kristopherrainbolt2617]

One of the biggest factors not considered is the fact that this is a used lot. That Prius for whatever reason is not even worth 9500. You could probably find that car from a private seller in the same condition for maybe 7K. Think about that vs well over 14k at this lot. Insane.

[@theopolisIII]

I appreciate this, thank you

[@jeffreymorrow4966]

Yes great suggestion cash have car!!!!

[@eriknorris4485]

What if you have collections?

[@lvhenrytv6204]

Thank you

[@CCBear-jc6lz]

Good lord $10,000 or less pay cash. If not, use a local bank, never ever a buy here pay here!! Also, we pd for daughters car. She’s paying us because in college. That math didn’t seem correct. Just saying....it didn’t add up. Hmmm 🤔

[@dannyh998]

Thanks

[@jeffreymorrow4966]

I did not know they could charge interest.

[@tqdinh2]

Who need credit when you have trillions in cash man lol

[@nodak81]

I have a flawless credit history and I can easily afford $1k a month (don't want to spend that obviously) but I can't get jack shit for a car loan. All because I'm self-employed and don't have pay stubs. Nobody cares about bank deposit statements, 1099 forms, etc.

[@slscamg]

Ive been consistently around 800+ credit score and I’ve never, ever had to show proof of income. When you have good credit. They know you’re good for it.

[@pa4o93ir49]

I’m self employed, I’ve always said I’m full time

[@strippingforjesusministrie6161]

how do you negotiate to buy here pay here?

[@jhask64]

Not too much negotiating when you have no leverage. For example you have no credit, and no cash. You are in a desperate situation and they know it. You’re lucky if they sell you a car at 35% interest. ( remember we’re talking about “buy here pay here lots” )

[@nickragonese6654]

If you listen to Dave Ramsey, you don't need credit.

[@betterthanemril988]

Unfortunately you do in this credit crazed world. I wish manual underwriting was a thing. There are times I’ve had applied for financing and have been told I’ve exceeded income standards I’ll get denied due to no credit 🙄

[@EMax1188]

Can you refinance the car once you get your credit up?

[@Kenwood1990]

You can make a living on selling but you do not have to be a crook .

[@jeffreymorrow4966]

I bet it was 2500 at auction and they want 2177 down. But they can’t charge interest 10k is ridiculous don’t mess up and follow chad buy a cash car!!!

[@raphael52]

Dam. Is that interest rate even legal? Dam crooks, taking advantage of people who need help the most.

[@jeffreymorrow4966]

That’s 2/12 years.

[@triple_gem_shining]

I can smell blood and the sharks are circling 🦈

[@Jeez-up8fv]

I wish my dad had 4k to get me a used car

[@Justkevin377]

Skip the first 4 mins

[@tomfoolery5665]

I wouldn't pay the last 4$ and change 😂