Banks SCREWED UP | Car Repo CRISIS
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- Опубліковано 26 кві 2024
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What is a "loan-to-value ratio"? If you ever plan on buying a car (or a house for that matter!), it is imperative that you know what this is! Lucky for you, Ray and Zach lay it all out for you in this video, including examples and some relevant info about the growing auto loan delinquencies in America. - Розваги
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How do we buy a repo'd car? Are they generally only sold at dealer auctions?
Oh boy, 2:30 of a worthless commercial.
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Sponsor block will skip them.
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My favorite thing is people buy a brand new car.. say a Toyota Crown. They pay over MSRP. Say 55k. In a year they are underwater at least 15k or more. So they trade it in for 40k and buy another new car and think they're ahead because they saved tax on the trade in and got a good deal. That's called the debt snowball. My advice.. just stop it people. Don't use the government as your example of being financially responsible.
That is the Trump way. Just snowball it into a mountain, then declare bankruptcy. 7 times and counting! Best business man ever!
So the banks are going to stop lending to people who can't pay them back? What a concept.
So these at buying geniuses overpaid for their vehicles 2-3 years ago. Then they go back to the dealers now because they are bored, and find out how flipped they are in their vehicles. So instead of honoring the loan contract they signed and continue to pay off their vehicle, they stomp their feet like a child and stop paying, getting a repo on their credit, which makes it even harder for them to make their next bad vehicle purchase. It’s a cycle of stupid
If its a toyota or honda that runs ok, they should stick it out and pay off the loan... but most of these people bought Kias or Jeeps that no longer run or are in the shop every other month.. Cousin has a Jeep that still has a loan for 2 more years, thing keeps breaking on average every 2 weeks after fixing it again, I had to give him my old Mitsubishi suv just so he can keep going to work reliably.
Some people just dont do any research about cars. They just buy it for the looks, while not researching at all about reliability, average cost of maintenance, most common mechanical issues for that model, or the actual value of the car vs what the dealership is asking. They just want the car and dont care how bad they are getting fucked over.
@matthewmcdonald9107 to be fair you shouldn't have to be a as well educated on cars when buying a new car. New cars should be so reliable that a person not knowing much about cars should get 3 years with very little maintenence.
@@matthewmcdonald9107 this reminds me of a video of a guy who drives around a lot for work and bought an Audi from Carmax and didn't know he needed to change the oil regularly. lol
@@Have.An.AmicoDayJeep and BMW are the worst.
Does anyone remember what happened in 2008 when banks loaned too much money on mortgages?
and to people that were ineligible for loans because their credit sucked. Remember when they said it was racist if you didn't give minorities loans when their credit scor was 550?
Yep... I got a great house for a GREAT deal. Just waiting for the cars to start rolling in for the same deal. :)
The difference now is inflation
It will be worse this time with the inflation, huge jump in property taxes, huge jump in insurance rates, outrageously high car payments, less savings, and more debt. Brace for impact. Glad I stayed out of debt and have emergency funds saved. I learned my lesson the hard way the last time around. I was going to be prepard this time around.
Yes, the Republicans looked like idiots for about 5 minutes. Now it is Trumps turn. Giving away over a Trillion dollars to the top 10% on day one of his presidency might not look like such a good idea in retrospect?
My nutritionist told me that ag1 is very dangerous because of the chemical processing. So I decided not to do it. She showed me scientific lab tests indicating some toxic ingredients.
So? Toxic is just code for Bad Ass! AG1! WOOOOO!
Makes you wonder about there judgment in the first place. Promotes poison 👍
Bought a 2024 Camry LE at 11.5% off MSRP and no fees. Happy with the purchase.
How is that 8 speed transmission. The last time I test drove a Camry that 8 speed was hunting for gears during the entire test drive. Couldn't wait to get that car back to the dealership and get back to my car. My 4 speed transmission Buick Lesabre NEVER had a problem with hunting for gears the entire 17 years I owned the car,
You seem triggered Karan that he got a good deal on his Camry GM junk box fan boy
Happy today. Come back in 10 years and tell us how it is going.
@@justsomeone6835 Um... how is it a good deal? I am happy that he is happy. But a deal?
I have a 2019 Camry with the 8 speed and no gear hunting.
Banks should just put a cap on all loans for vehicles regardless of credit score or income . That would force prices to get under control.
Why would they do that? They make more money with higher loan values.
Can’t do that. It’s a competitive market and something is worth what people are willing to pay. Look at the Hellcat Demon. I just saw one marked up nearly 100k. With about 70k down and the ratios right for a lender…car sold! Yes, I realize this is the exception but it does happen. NEVER walk into a dealership on a whim, know your trade value and what your credit score brings to the table. Get all that bad debt off your bureau if it’s paid. There can be several hundreds of dollars difference in your monthly note because of challenged credit. Even mid-tier credit rates through some banks are insane right now.
Repos are the worst cars to buy because no one takes care of a car that is going to get repo'd.
I don’t feel sorry for anybody involved. People were stupid for doing this and the banks were stupid for making these ridiculous loans. Play stupid games, win stupid prizes.
I ran into a repo tow truck diver the other day.....He said his business is booming.....he can't keep up with the volume of business he has. Working 7 days a week with no end in sight, he said its better than the crisis of 2008!.....He's in north Florida
I’ve been in a negative equity situation before. I drove it until it made sense which means I paid it off and kept driving it for years.
The length of that commercial was kind of absurd.
that stuff is a giant scam
@@Hardcoreweather1so is this site. Their goal is to sell you a subscription service that anyone with half a brain could do for themselves.
Picture of banks said no during the pandemic vehicle prices would have been lower right now.
Not necessarily. EPA fines and scam carbon credit costs have been passed on to the consumer.
@@richardweyland116 you wouldn't have the mark-ups we have seen because most new cars unfortunately are bought through loans. Therefore if the banks did not back 90 percent of loans something would have to change and that one factor would be price.
Feels like we just can't get a break. I can still remember the financial crisis from 2008 like it was yesterday.
We should have never created the Fed. It is a Frankenstein of unelected individuals.
Because it is still in effect. That thing kicked America's ass harder than Vietnam. Seriously. Bush was an idiot.
I think it’s important to remember that a house and a car are the two largest investments that the average American is going to make.
We live in a country that is desperate to lie about how great the economy is doing by substituting loans and debt for actual savings and cash purchases.
In 2001 through 2008 the government propped up the economy using home loans. It collapsed in 2008.
But then they started doing the same thing again between 2009 and now.
The coronavirus pandemic, pretty much exposed how bad the system was, and in a panic, they double down on their bad lending.
There is absolutely no way that people should have given stimulus checks to spend on new cars. When the car dealers realize that these people had extra money from being home and not having to go to work for so long, they simply raised prices. There was no reason for those factories that made computer chips to close down as they could have easily been using PPE equipment. by closing down those factories, they simply created scarcity of computer ships and drove the price of cars up even more.
So you’ve got someone spending $80,000 on a $50,000 Kia Telluride and all the sudden reality hits and they can no longer afford $1500 payment, the economy starts to collapse.
I won’t even bother mentioning how many Dodge vehicles got marked up in price and we financed during Covid, which are now being repossessed at this point.
A car is NOT an investment. Hardly ever. In rare cases yes, but people buying new cars on credit for 7+ years are underwater the minute the drive off the lot.
It depends.
I'll take a 7 year
Or a lease. Then buyout
But I'll payoff in 6 months. Otherwise pointless
@@mumenrider862 Most people pay way too much for a car just to keep up with appearances. Well, now they will feel the consequences of that foolish decision.
You left out the Trillion dollars Trump gave the top 10% on day one of his presidency.
the USA is dependent on China for chip making, so when COVID hit, China shut down and that held up the chips. Even if the USA had no deaths and had complete control of covid, China still would have shut down. I got $3000 total in stimulus over 2 years. No one bought a NEW car just because they had that 3000 over 2 years.
I bought a 2019 744hp whipple supercharged ford performance 4D 4x4 F-150 with 46,000 miles for $26,000.00. TBF I paid $300 cash & took over the loan because they guy was going to lose it to the bank.
Car prices wouldnt have touched the roof had banks refused to loan with cars for nitrogen and paint protection ..
Glad those banks are punished
Car dealerships will have to continue to drive down prices in order to move inventory and sale the true value of the car. Example: in 2019 I bought a scion tc 2014 for 12k which was still over priced at 72k miles now dealers want 16k an 23k for the same car dealerships have buried themselves!!!!
Banks burried them buy allowing these obcene loans!
One of the trouble with increasing delinquencies is that the other, more responsible customers are the ones who pay for it. The banks aren't going to let delinquencies bankrupt them, so they set loan rates to allow for those losses.
The good thing about the example you have is that a used car at $10k does not have much depreciation left. A better example would have been to do a 132% ltv on a brand new car. That is where you really get into trouble.
if they are still borrowing 110-120%, they should go broke.
This will make other banks more cautious and buyers will only buy cars that they can afford.
Amen!
Banks and other lending institutions are still screwing up. I was on a car site that said it doesn't matter what kind of credit you have, we will work out a plan for you!
The repo cars that banks have sitting in lots all over the country is so high the repo companies have had to buy or lease more lots just to store them all banks are attempting to sell them at dealers auctions trying to get back their money lots of times it rolls through the auction with no sale and waits for the next auction and of course the highest bid is even less, a Credit union in Lewiston Idaho has purchased land and built their own car dealership to sell off the cars rather than sending them to auction
Perhaps banks should decoupling loans from cars. Just a personal loan, based on what you actually can borrow based on income, deducted by expenses, other loans. Just like in Europe
I'm an auto loan buyer with a prominent brand and so many people are upside down in their loan with these extended terms and massive advances. We cap at 140% LTV which seem insane
2008 housing crises
2024 car crises
The Grim Repo
Loan to value is important for sure. What is far worse though and in particular in purchasing brand new vehicles today is plain and simply put just how extreme and over the top the prices are because of the outright greed of vehicle manufacturers (#1) and the same for new vehicle dealers. Adding to it is the overall large amount of just plain and simple "dumb" people who think they need say a $50,000+ vehicle to drive to work, school, shopping, etc. Owning a vehicle is pretty much a necessity for many but it is an expense to be controlled and minimized - not maximized i.e. buy for need and not want.
No feelings of sorrow in anyway for anyone who is getting their vehicle repo'd because they got caught up in terms buying for want and not for need.
Couldnt agree more. So many dumb Americans living beyond their means and the banks are just as stupid loaning money to people that are incapable of being financially responsible.
But they just gotta be slidin thru in dat new whip to stunt on dem haters!
Unfortunately it’s becoming difficult to find cars at a decent price right now, and so many young people would rather drive a piece of shit Dodge or BMW than a reliable Honda or Toyota. Their ignorance will be rewarded.
Good time to be in the repo business.
Yup, have been saying this for 2 years! The standard that ALL banks loans are based on is the VALUE of the ASSET. Since the cost of cars, which are typically a depreciating value asset anyway, have been artificially inflated and did not represent the actual value of said asset, the amount loaned on these assets far exceeded their value. The banks knowingly participated in this scam, and I hope, along with the dealers, that they pay dearly for it. You would think that there would be a law in our country preventing this. As far as I am concerned, it borders on fraud. How much of this was supply and demand vs market manipulation, and financial institutions looking the other way?
Yes, you can have a higher LTV but banks have less risk with the right customers so they will lend over value. What do those customers look like? True prime credit with lower PTI. Where banks and consumers get into trouble is disregarding the risk of high LTV coupled with high PTI. You can have high one or the other but you should never have high of both. Lending with that much risk is irresponsible of both the lender and dealer.
Ray & Zach keeping it real with LVR stat's 😎🎯
your dads gonna get that uncle iroh body transformation when he steps in the gym
Similar to a key cause of the financial crisis - The Community Reinvestment Act.
The Federal government forced banks to lend to Hispanics (my background) and Blacks.
Even if a would-be mortgage holder had a terrible income to monthly loan payment ratio, and terrible credit.
Forced diversity to people who literally have a shit record of paying back money they owe. That’ll defeat racism!!! 🙌🏻
UA-cam channels are great until they become sell outs pushing paid advertising instead of giving honest content.
It seems that they all have become shills for their sponsors.
Is it so bad if the ads are not related to the topic being discussed in the vids? Not really gonna complain cause I never watch without an adblocker anyways and I won't ever buy anything they are selling either.
@@claqyagami6914 I’m not referring to the ads. I’m talking about the cars that they test. Autoblog runs a disclaimer telling about everything that the auto manufacturers furnish when they test a vehicle. At least Autoblog is being transparent.
How can these so called automotive journalists be unbiased in their reviews when they are given free trips, free lodging, etc?
I almost bought a new Toyota Sienna (I special ordered it and waited a while) last summer, but the dealership wanted $25K above MSRP. I walked away but did ask the sales guy to let me know how soon it was bought. It was sold that afternoon. Yeah, I knew then that the market was euphoric.
The market is ALWAYS euphoric, most Americans will always spend any extra cash they have and don’t have
you can get a luxury car they aren’t marking up
The more money Americans make the more they spend, they’ll get a bigger house, newer more expensive car, take more expensive vacations, go to fancier restaurants, buy more expensive clothes, etc,….
I’ve seen it happen every time like magic, I use to be the same
@@diegoharo7943 True. I got a job in the city, made more money, bought a new Tesla. Now I drive 300 miles for just $9 in a 425hp car that is the safest on the road. Soon it will be able to drive me! Too bad the car will only last about 750k miles over it's 20+year lifetime.
Two issues with that story. 1. You absolutely did not "special order" it, as Toyota does not offer such a process for consumers or dealers. 2. The dealership did not ask for, nor did they sell it for, $25,000 over MSRP. I know you had to have felt at least a little bit ridiculous making that up.
dealerships are now offering financing FOR REPAIRS !
Gas cars are too expensive. Buy a Tesla and save money.
It looks like banks need to crack down .
Looks like the banks need to be heavily regulated concerning auto loans.
Agreed. But until our socialized government starts working for the people things will get worse.
Here in Australia, if a borrower is delinquent on a loan, the bank will sell the car and hit the borrower up for the remainder of the loan. i.e. in your example, $6k. Yes, we have more regulation on banks here which is why we have four of the most successful and profitable banks in the world.
Disappointed in the ads in a video that is an advertisement itself. Stay focused on your core and please don't get greedy.
Learn to hit the L key to skip ahead 10 seconds. Hitting it about 15 times in this case took me about 2 seconds. Problem solved.
It's all about RISK vs PROFIT 📈 and the USA taxpayers will bail us out.😅
What do they consider delinquency rate? Over how many days past due? 30 days? 60 days? Makes a difference.
Stick your ag 1 here for auto info!
You should go to Puerto Rico and enjoy the beauty and history of the island! drink piñas coladas, mojitos and fresh sea food!
Santander are crooks. My mother and I lost their butts buying their stock before the bottom fell out.
Can you get someone from the bank to tell us why they would lend more than the value of the car?
I am waiting for the moment you say that even Toyota is having to drastically reduce prices to sell. How much longer do you think that is going to be?
It’s starting now.. nobody’s immune.. wait until summers over
@@edwinrodeo Hope so, but I won't believe it till I see it!
I buy cars and keep for at least 10 years minimum. 😅
Aren’t banks almost instantly underwater given the depreciation that happens the minute the vehicle off the lot? How about all the people rolling in their negative equity? Seems ludicrous for a bank to finance those purchases.
The banks can always write off the loss or they can pursue collecting on the remaining amount of the loan. Just because a car is repoed doesn’t mean you are free of the loan. You still owe what ever the remaining balance is on the loan after the bank sells the car.
@@SP-gu7lq as a bank I wouldn’t be a fan of financing depreciating assets that were purchased with $10k in market adjustments or large negative equity, I’m sure those loans get higher interest rates charged on them. People getting their vehicles repoed most likely have crappy credit to begin with so probably not getting them to pay off anything
How in the Hell did Insurance companies agree to insure UPSIDE DOWN Loans?
they dont unless you have GAP
Idiots signed the contracts. They should not be able to walk away from the car because it's worth much less than the loan balance. Laws need to be in place to make them liable for the balance.
They will have a loan balance that they have to pay back with fees and penalties. It will follow them forever, like and eviction.
My friend just bought another dudes car by simply taking over the loan. Repo was in his future and he didn't want that hit. Not sure how all that works.
normally an additional fee and approval by the title holder for the new lender to assume the loan
Looking to get into a lightly used M car soon, what’s everyone’s prediction on the used market 6 months from now?
Id say new cars go down, used cars go up, unless its ready to be crushed.
BMW M trims rarely ever lose significant value. If its in good condition, you are still paying top dollar, with premium repair costs for M parts. You can still get a fast beemer with lesser trims with a non M car. 340i or 335i can boogie.
As long as the lenders are willing to cover the total cost of a car with massive add-ons
then sooner rather than later they lenders karma will catch up with them.
Leaving the buyer with a bad credit history.
This is what i call a lose, lose situation.
When the market collapses, everyone gets caught up in it that was stupid enough to pay
more than a car is worth.
The tax portion of vehicles should never be allowed to be financed, simply so buyers feel the pain of how much the government is robbing them.
Where do you find the loan value on a used car, so you don't over pay?
I went into the Mercedes/Porsche dealer to buy a used car. They ran my credit and told this old heavy equipment operator I could LEASE anything on the lot. You gotta be kidding!
I would like a list of youtubers that are not selling AG1. I bet it is short.
AND yet Santander’s stock has gone up over the past year…WTF???
Not sure about your “RECALL CRISIS.” I serve on the board of a decent sized credit union. We have thousands of vehicle loans on our books. There are just two repo units sitting on our main parking lot. Our default rate is less than 1/2 of 1 percent. Crisis???
Love your UA-cam channel. Watch everyone. I understand the need for income and YT gives you the opportunity to expand your income through advertising . All is good except it's a double whammy! UA-cam has to get their advertising in and now you. The question is this, "Who's time are you using to making this extra income? Of course it's both but you benefit from it directly and you assume the viewers will too if they buy the products. With any business decision there are potential rewards and potential risks. There are also choices. For me it's the choice of having to listen to these interruptions or not watching the vids at all. You Tube is a great source of entertainment and knowledge. Advertising is at the bottom of my list of things I enjoy. Hopefully I am the only one that takes this position and I hope both enjoy the venture that you share.
Replace the word auto with home mortgage and history just repeated itself.
I am getting ready to buy a car soon, and I soon will have enough saved for a large down payment. Will it soon be an advantage for me to buy a used car or even a new car? I have been comparing the prices between a new and used car and see very large difference in prices.
Personally I’d wait a little while, maybe in the fall. Definitely buy on the last week of the month. Dealerships try clearing the books
@@edwinrodeo I am in no rush.
Good luck on your Iron Man race.
I've heard about that it's like it's like kachava. That's a good one also.
1 minute of this video is an ad! That’s a 10 percent ad rate! 10 percent of my time devalued just like that.
This reminds me alot of the Sallie Mae/Freddie Mac scandal with mortgage crisis.
Guess what? I have car lots that do leases and they sell it for way more than 32% markup, if the auto loans were like the mortgage market it would collapse like the housing market did in 2008
I wonder if there is a CBS. Like a mortgage backed security. How many of these car loans have been sold off to other banks, etc. I assume they package them up and sell them off. Could be pretty toxic stuff.
150% has got to violate every loan underwriting principle in the books. If a bank did that they were basically shooting craps with the depositors assets.
Great channel, you guys!
I can't stand it when both of you have your Shure microphones UPSIDE DOWN!
One thing I love is Ray's watch collection!
Keep up the excellent work!
The greed train is going to derail. Don't feel sorry for any of them.
Just saw a managers special on a Willie's Wrangler in enumclaw Washington $12,000 off msrp
Woohoo! Another Bank Failure. FED to drop rates to 0% on Monday.
My portfolio would enjoy that. I'd run out and buy an RV before they ran them back up
Link?
@@breckfreeride First Republic Bank
@@jaym9846 so a bank failed... How does that mean 0 rates?
It probably means another round of bailouts that they will just grab off the magic money tree, sending us deeper into debt and kicking the can a few more feet down the road towards the cliff!
Keep schooling them Ray.
100k sounds more likely than 10k and $32k underwater sounds more likely
Came for discussions on banks- got an energy drink ad...Dislike and no subscriber earned...Anyway, Santander is just a badly run bank in general with years of problems-they're an outlier. The online banks like Ally can handle the higher delinquency rate due to their cost structure. They are experimenting with their models and no doubt they're doing just fine. The big well run banks run a higher tighter ship. No surprises here at all.
Meh took ag1 for 4 months and noticed no change
Chug the entire bottle of AG1 for the ad! Entertain me!
I recommend Brazilian Jiujitsu. Burn 1000 calories in an hour of rolling
I can't believe banks get themselves in this trouble. People getting loans, that shouldn't get loans, because they have low FICO scores, but they get loans. Sounds pretty stupid.
Agree the banks screwed up however knowing you owe more gjat you car is worth can't be why there are so many defaults. It could be inflation and not really being able to make the payments from the start of the loan. As far as $6K underwater, that would pretty much apply to all Lincolns
Why aren’t dealer holdbacks ever discussed in any of your videos?
Getting to commercial😢
Don’t pay interest on depreciating assets…. That’s just INSANE…. If you can’t pay cash, you can’t afford it….. don’t buy things you can’t afford
Both the borrower and the lender were mow Ron's for entering into these loan agreements.
8:19 so its at where its always at. when the ENTRIE undustry goes to 10%, THEN you've got a story. otherwise...you just have a couple banks in bad areas.
supplement ads? am disappoint, zach.
People are such fools on cars. For something that depreciates like cars. It is the biggest pit ever created. How dumb can you go? I guess the
answer is pretty bad! For what ? Ego!
When you start promoting AG1…..then tis my time to exit!!
I’m pretty sure banks aren’t doing those types of loans anymore. Don’t ask me how I know… but I do
Yes, they are.
Smh!!!!
So much gloom and doom.
Lighten up !!!
I remember when the sports leagues wanted nothing to do with gambling. I'm 70 years old and now all It does is destroy people's lives.
Y’all coming to Puerto Rico? Y’all should visit car dealers and see how they rip people off , but it’s vacations so enjoy our beautiful island 😁😁 wish I could meet you guys
Nothing but commercials and bs anymore!
*Excellent !!! Thank you for the concise and to the point update I really do have a question. For some of us newbie in trading looking for where to start up what's your suggestion.... I've been trying to grow my portfolio of $58k for some time now, my major challenge is not knowing the best entry and exit strategies... I would greatly appreciate any suggestions*
I would suggest to reach out to Morris and start copy trading. what impresses me most about Morris is how well he explains basic concept of winning before actually trading for you. And letting you use he's trade signals. And he will also teach you how to trade as he trade for you. This goes a long way to ensure winning trades.
Please I'm a beginner where can someone reach Mr Morris?
@Morris280...
He's mostly on Telegrams, using the user name.
Thanks for this info I'll linking up to your coach. Appreciate the info❤️
You guys are awesome 😎
You underwater alot more because the actual cash value of $10k the dealership paid 20% maybe 30% plus recon for the car so there's another $3k you just got screwed out of.
You should never pay junk fees Ray. Walk away if you can't negotiate the junk fees off the car deal. Junk fees also include the DOC fee.
What's that? You mean there really is a sucker born every minute and 2 to take him? This stuff should be taught in high school. Parents used to teach it to their kids, but obviously not enough of them.
you keep paying on it because one day you are going to need the credit to finance another car. Keep it and keep making the payments and eventually you will be right side up again. I think it was very short sighted of the auto industry to sell these cars at such mark ups, because you need today's customer to be able to trade up in 2 or 3 years and be tomorrow's customer.