Credit FRAUD
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- Опубліковано 19 лис 2023
- Credit Fraud. Bad Credit. Bad Auto Loans Credit Repair
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Any time lending gets tight, the fraudsters get stealing... Sad but true.
Facts!
Right? Including the BILLIONS lost in Covid funds fraud, what a circus! 🎪
The car business has become so ghetto. The entitlement mentality.
This crap happens in cycles. I remeber back in late 90s it was kinda hard to get qualified but come 2001 everyone was ballin out. Jet skis and seadoos were the thing, everyone with a $10 hr job had one or two. Then 2008 happened and everyone was fu*ked. Same thing happening just different circumstances.
This reminds me of the old saying "Some people are born stupid while others work on it".
Very true
That's actually stupid funny. Pardon the pun.😂
oh I was a moron was about to open up a new line of credit for a CC the new Bilt credit card people keep showing off......I was signing up for it luckily was denied! When I read through it a bit more I was like wait a min! WELLS FARGO manages these! like good lord I feel like NEO from the matrix and dodged the bullet before it hit me in the face!
Went to a Dealer yesterday and even the dealer manipulated numbers to get it approved.
its getting tough out there
Hoping "manipulated numbers" doesn't mean charging you a higher interest rate than you should have been approved for.
Dealers always do that. I once had one inflate my income by $500 a month. That was years ago when my income was under $2k a month.
Hearing about how easy it was for people to buy cars is pretty shocking to me. My credit has always ranged in the 700's and I have never been late in payments but dealers have always treated me like I was trying to rip them off. They asked for every little proof that I was a legit buyer. Wtf lol
but illegals that walked thru the border come in get free houses, loans they never pay off. wow replacement migration is going as planned aye?
It’s because a few bad apples 🍎 have ruined the bunch 🤨
And also because you deserve the best rate and they want to keep 2 points of the interest. Finance through a credit union. Or tell them the rate you've already approved for at a credit union.
That's part of the sale tactic
@@internetpointsbank well, that sales tactic is pretty lame. Now I use my local credit union Bank and auto broker to get the cars I want. Lol
Lucky, spot on. Yesterday on CNBC it was reported that "auto loan application rejection is the highest since 2013." Whatever powder Main Street has left, they should keep it dry in 2024.
NO DEBT. people need to walk away from taking on debt for new cars, homes etc.. what happens when people start refusing to buy over priceed, depreciating assets. Lets ask Japan in 1990s... Japan said "hell no, and started offering homes for free outside the city". That's how bad it got.
NO DEBT. Even if it's the deal of a lifetime.
Nah, debt is perfectly fine so long as you can afford to make the payments. Debt boosts your credit score and loan history.
5150 Rule: If it costs $51 and you only got $50....you can't afford it.
Wealty people collect interest....poor people pay it.
That is why it’s called capitalism
I’ve heard you talk about it, but this car insurance thing is running out of control. I haven’t had an accident or ticket in 20 years and my rates for my M4 are getting crazy. A deep dive story on this would be good.
M cars attract a certain type of person. It's a high end sti basically
I did one a month ago. but Im going to do a new one soon
Don't drive an M4 if you don't want high insurance rates
@@LuckyLopez777 I seen that video but it didn’t really hit home until my renewal came up. This has to contribute to people losing cars also who can’t afford both. It’s not something I really ever paid attention too until my wife complained about a car I don’t drive. 😆
If you can afford an M4 you can definitely pay up
I play by the rules and live a humble life. My 2016 Kia soul is fine it only has 40k miles on it. I drive cars till they no longer run. My credit is near perfect I have no reason to lie on any applications. You have to have a clean background for some jobs. My whole life is based on being a Girl Scout.
Lenders are getting so tight! It’s important to be upfront with us right away because lenders need to know and see everything. 6 months ago we could approve good credit borrowers without proof of income. That doesn’t happen these days! We also have had a few people trying to give us fake pay stubs.. like you said, there’s no getting away with this stuff these days! Great video, thank you for sharing!
thanks for sharing
Will the banks report such fraud to the police and pursue charges to make sure people who abuse the system are punishes?
@@ajr993 Sadly, most of the time the legal pursuit is too costly for the return that would be received. (Unless it’s a bigger case and does depend on the exact offense.) They definitely get reported if it’s caught but it just depends on the degree of the offense.
Interesting I've never had a single dealer no matter the brand ever ask for proof of income. Same with when ive gotten outside financing but I guess that was with my current bank so they can easily just see it.
Looking to eventually get another car soon will be interesting if they ask for it
@@guhbe385 If you have a good relationship with your bank/credit union and have done many loans with them, they might not need it. But about 75% of our customers are needing to show proof of income. Best of luck in your next car find!
Financing is hurting all markets. I've been building a PC only using cash for all the components and every where I look there's some kind of financing option on every checkout. I learned very quickly that people are financing these purchases.
Yup, Pizza Hut has an option to finance pizza, how sad is that?
I have one simple rule: NEVER COSIGN FOR SHIT.
If I can't afford it or don't have the credit for it (My score is 850), then I don't need it.
I don't want ANYONE ELSE'S NAME ON ANYTHING I OWN.
Very True!!!
So true bro. I was stupid enough to consign a HOUSE for my brother in 2007 and guess what happened to the house. 😂
I didn’t talk to my brother for a year after that.
Never again will I do that. I work for a wireless company and I see people burned all the time stuck paying for a cellphone their friend and family member stopped paying.
DONT CO-SIGN FOR ANYONE!!
What shocks me the most is how much access the banks and dealers have to my personal life outside of my credit without my express permission.
It is shocking!!
Criminal even
Why can’t a guy like Lucky run for president? Let’s start a movement
I would but they would expose my onlyfans lol
@@LuckyLopez777 😂😂😂😂😂😂😂 boom!
Cuz he’s not lucky enough to change anything
@@LuckyLopez777all the more reason to elect you as president
@@LuckyLopez777and you think Joe and Donald don't have an OF? 😂
Just bought a car on Friday. No questions asked. No proof of income.
Meh the proof of income is not really always a thing even today, my mom a few weeks ago was approved with Ally for an Alfa Romeo nearly a 50k loan 5k down. 780 Fico score, other than proof of insurance they did not bother asking for anything.
Please don't let your mom buy that piece of junk. Alfas are actually some of the worst cars.
My credit card company sent me a letter in March that I pre-qualified for a higher limit. When I called they wanted me to send in several documents including proof of income. I said "Nevermind, you said I was prequalified. I'm not going to jump through hoops to raise my limit". End of story, until I just checked my online statement today and noticed a 250% increase on my limit.... Is that just for Christmas? I never applied for a higher limit. I just don't see the tightening that I keep hearing about.
Thanks for making a great video! The amount of automobile fraud being done by people is shocking. The finance companies dropped their guard. Crazy times.
Hahaha the credit guru said to do everything but actually pay your effing bills on time🤦🏻♂️🤦🏻♂️🤦🏻♂️
Facts lol
@@DontDrinkTheFlavorAid- bruh, you only live once.
@@DontDrinkTheFlavorAid I am constantly wondering where da fuq are these people getting their money, driving thru my gated apartment complex, seeing Maseratis and bmws and Q 5’s-and yes the chargers and mustangs and Escalades, it’s WEIRD!!! And if I’m seeing ’em, they ain’t hiding safe and snug in a garage, which can be rented monthly for $175, oh no, they are UNDER CARPORTS. Owners living with 4 roommates cos rent is $2900 lol. Their payments are easily over a grand 😂!
Seeing all the idiots lose their cars and credit ratings is so satisfying. It's a shame most of them aren't smart enough to learn from it.
This video is a gold mine of great information that would take people years to learn, awesome job Lucky!
Rule #1: Never let the dealer arrange financing for you. They get kickbacks from banks that want dealers to steer good risk customers to them so they can burn the borrower with a higher interest rate. Dealers will almost never arrange financing in the favor of the customer. And don't expect a better deal if you return as a repeat customer because the salesperson will most likely be gone. Even if they are still there it's all about making their sales target for the month.
Lucky: “People are late on their car payments, *and* mortgages, *and* student loans, *and* credit cards … all three of those…”. They’re so late, one of the loans just disappeared! ;-)
Just needling you.
Great content that we are grateful you keep posting!
It's nice to listen to somebody who knows what they're talking about, thank you! This video was very helpful 😊
I like sleeping soundly at night-no car 🚙 loans for me!
$$$$$
Me either. Car loans are for suckers
Debt free is the way to be! 🤑
Thanks for the shout out for Discover! Such a great company!
I added my daughter as an authorized user on 4 of my credit cards she just turned 18 on September 30th and yesterday she went and checked her credit she said her credit score was a 796 funny thing is the cards are older than she is that I added her to
You're a good father. First thing I'm teaching my kids, if ever have them, is financial literacy.
@@TheRealCatof I definitely try to be my grandfather did the same for me and I figured do the same for her in case she wants something in life as far as buying a house 1 day or getting student loans when she goes to college hoping she'll get into a band program and get a full ride scholarship
There is no evidence of widespread delinquencies in the auto industry. Its like 3% quarter 2 2023. Repos on title loans really shouldn't count because the interest pays the cars value several times a year. Basically they rented it for 200-300% yield.
SIGNIFICANT OTHER
Sign-If-I-Cant
lol. facts
I love that, never heard that one 😂
Banks should always operate the same. Dealers and manufacturers want to sell so they push the envelope at times and take on greater risk. That’s their fault for aggressively going after sales no matter what!
Exactly, who needs credit cards or bank's,...CASH IS KING!!
$$$$$$
The dealers need banks to buy the cars.
This guy is great! Good info!!
I just take the bus in Las Vegas 65 dollars a month.
I always had cheap cars (cheap for me). Hell I’m worth millions now and drive a truck with 242k miles on it. Why? Because it works and don’t need a new one. I use my money to make money.
What about dealerships committing bank fraud? Like, differed down payments not reported to the banks. Among other things...
Most places can verify your info with just your social and ID. No need to print pay stubs if you are a normal legit working consumer with a job that is e verifiable
that's the best going to small credit union nothing else work if you want to be cheap :)
I bought a new car a couple of weeks ago. I was pre approved by my bank and the dealership beat my bank's offer. Nobody asked me for any proof of income. Test drove the car and closed the deal the same day.
Lucky, I’m thinking about moving to Vegas. But I’m concerned with the crazy insurance rates. I have two cars and worried about paying two premiums equaling to a small mortgage 💸. I’ve only had 1 accident in 20 years. 😥
Wow I love this. Same BOT's as all the other money management video's. The exact same BOT and script. Sounds like a new business wave.👍👍👍👍
I just bought a 08’ V8 Mustang Cali special in October, but I got the loan through my own bank. So they KNOW what’s in my account. I also have like 650 credit score. I put like $1k down. My insurance is also through my bank. So I really had no issues. I also pay a credit company to fix my credit. Hopefully I’ll get to 700 credit score soon.
Everybody seems to have perfect credit on this podcast.
Thank God I’m not late on a mortgage or auto payment or insurance because I have neither!!!…just life insurance policies!!!!
I don't even have a credit score. Never borrowed money, never intend to.
I usually pay cash or drive something i am flipping. My opinion is that Lucky gives grest advice
People that "flip" commodities like houses or cars are the worst kinds of people.
When should we expect the market to get better to buy? I’m looking to pick up an Audi r8 mid next year.
I know of plenty of other loopholes that he didn’t even mention that dealerships have no caught on to.
Can you let me know what you mean??
Lucky can you make a video of one of Floridas largest used car dealerships ‘off lease only’ going out of business ?? It shocked Florida !!
@VINwiki did one on Off Lease Only going out of business recently -- ua-cam.com/video/u0sN-u5hpCw/v-deo.html&pp=ygUOb2ZmIGxlYXNlIG9ubHk%3D
Thanks again for the update
No problem 👍
Not sure if you have done a video on this but I’m interested in learning more about being a dealer representative and getting auction access. Or even offering it as a dealer to individuals. What are the risks?
Love it Lucky!!
thanks. you should do a video on CPNS too
@@LuckyLopez777 👍
Lenders deserve what they are going through. They made financing easy, pushing prices sky-high, and now look. I pay cash for all of my cars, and not 10 year old cars, and certainly not some Dodge crap. Once someone finances, they set themselves up to finance their entire life. Save up, buy less of a car and work your way up. A 20 year old kid with a job at a burger joint financing a M340i is stupid.
In the early 2006 or around then economy started having problems, had a credit card for 15k but capital one got scared and dropped it to 3500
That was very common around that time with many companies who issued credit cards, home equity loans, personal lines of credit, etc.
A nice car costs 300-500 per month to owne operate and maintain depending on how handy you are. How the hell on top of this does one have a $700 payment.
Well, typically if someone had a payment, they have a warranty. But yeah, $700 a month is insane.
How about the #1 reason not to do this crap… because it is WRONG. Fraud, lying about your past credit is… WRONG. Karma is real and its also a B!tch when you go against it.
Facts!!!!
And integrity and truth, seem to be used only when necessary these days, as opposed to 24/7! It’s craaazyy!
The car business and the world is becoming a ghetto.
Siiiiick olll dude!!! 🎉
Figuring out how to obtain more credit sounds like going in the wrong financial direction. BTW the trick to using credit is not an 84 month loan or a 30 year loan but rather a 90 day or 180 day loan. Such as house flipping.
I love watching everything collapse when they tell us everything is fine
I just bought a new car, and the bank didn’t ask me for any documents. They approved the loan based on my credit report and the info I provided them with.
By the way Lucky, Findlay Toyota and Toyota Financial Services have some seriously bad car loans out there I’m Vegas. They did me dirty once and tried to again and I told the sales lady to never bother me again.
So the TL;DR, dealerships have plenty of ways to violate your privacy.
Lucky bro, no one is charging that much for that stuff. An authorized user is $500 Max A CPN is $500 MAX
Vehicles are to the moon expensive in conjunction with interest rates. Smart buyers don’t get in over there head. Banks love lending to these types. Why you ask? Because they pay there bills on time.
If these deadbeats used as much effort repairing their own credit as they do trying to scam the system, they wouldn’t be in such bad shape.
I’m not into paying interest on liabilities.
Bro, what recession? I’ve been hearing this recession shit for years.
i know right lol
I don’t think there will be a recession, but I do think we will see disinflation and a small amount of DEflation.
I was at Costco the other day, the store was packed and everyone's cart was full. So my question is:
Is it a recession when people stop buying or is it a recession when people keep buying anyway, and just complain about how expensive everything is?
True lol
Then you don't understand the game being played right now.
If your credit is above 720 they don’t ask for income FYI. Just bought a car last week
They so trust me! I am a broker in CA they started to ask poi and por!
What ????????????????@@gregsinanyan5689
This happens like every 8 years. It will go back to banks just giving out money.
I went to a Chevy Dealership and the dealership was selling credit tradelines and fake paystubs to get peple approved for cars. They was making more money from selling the tradelines than from selling cars
What is trade lines ?????????????????
@@mikeherber8358 when people add history to your credit profile.
Example, if somebody has a Credit Card from American Express that they have paid on time for 8 years. They can add you to the credit card as an authorized users. Just by adding you to the account the 8 years of on time credit card payments and available credit balance will be reporting to your credit report with all 3 bereau's even though you dont have access to the credit card. People charge like $2000-$3000 for these strong accounts.
Another example, sometimes you can pay a small car dealership to report to the credit bureaus that you bought a car from them and made payments for 5 years on a car even if they never sold you a car. They report false information that you made 60 Car payments on time,
A combination of these credit card ( AU Authorized Users) tradelines and Auto ( installment loan) tradelines can easily boost somebody's credit from 0 to 780 in like 1 week. But they are expensive Expect to spend anywhere from $1000-$10,000 for some reliable tradelines
They were so care free, they didn't even ask for my license for test drives
im even getting asked for proof of income for credit card apps these days. its super weird. guess it is okay, but at what point is it too invasive?!!
So, why are people so desperate to get into more debt?
Although common sense, wondered what it would look like on the authorized user scenario if the cardholder proved lousy with credit. Thought at least one purchase must be made on the AU's card for it to be counted on the AU's credit report, unless they removed that requirement (back to how things were before 2007)
its was easy and crazy back in the day
Nope. No charge needs to be made. When my daughter was 17 or 18, I put her on like 10 of my credit cards (because I didn't want to cosign on impending student loans). When the cards arrived, I showed them to her and said, "this is the last time you'll ever see these," and I locked them in the gun safe. 3 years later, and her score is in the 790s. She has 2 cards of her own (which she knows I'll go ballistic if she doesn't pay them in full each month).
@@petereinert7581 You shouldn't support the killing of school kids by owning a gun
@@petereinert7581 I get that and totally respect it. I initially wrote a longer comment remarking my dad had me as an authorized user on a card I'd think he has long since closed. (RIP when AMEX would grandfather new cards to that earliest AMEX card's open date.. which applied too if you were an AU on somebody else's card!) I similarly helped my younger brother initially build his stellar credit by making him an AU on a card now 15 years old, as my parents didn't trust him to be responsible with one. I lucked out there, since then it's been over a decade since he had access to the card. (The Amazon I use infrequently to the point it's usually only after Chase sends me a letter saying buy something or it's closure time.) And he's happy it still shows on his report, although any address change I do also shows on his report.
I ❤ your channel good info
People will do anything to get out of an honest days work and saving their money.
sad but true
2024 is going to be a ball buster. $33 trillion deficit is not sustainable. People are maxed out with their credit.. Affording a place to live and money to buy food will be a family's top priority. If you've got debt, concentrate on paying it off, now more than ever.
They'll blame Biden for their irresponsible spending too.
Bottom line? Be "too legit to quit."
Facts !!!!
Lucky always talking that "big money" talk with that Lemon Tree haircut.
I did a lot of research and reading...and fix my own credit..Its not hard you know your credit better than anybody that call them self a professional...#didyourself
Word of the day is frugal.
$$$
Thanks Sir Lucky😊
Banks deserve all the delinquencies. You lend money to a bunch of bums what did they expect?
Very educational
Wait, what? Companies like Plaid can just directly view someone's private bank account balance and history??
Also remember that a company cannnot charge you up front to fix your credit.
2 years it took me to fix my credit on my own.. I went from a 520 to 780 .. easy peasy
Dont forget that dealers have been ripping people off too.
Sounds like you talking about Bandman Kevo when you spent the $200 😂😂😂
@8:45 'Bob Smith from GA' buys it then it ends up in Houston TX with 'Henry Smith'...No need to beat around the bush, just say Tyrone Williams 😂!
🤣🤣🤣
700 is good? I gotta screw up a lot to get down there.
Never miss
Thanks for watching 😁
Will the recession effect the Porsche 911 market as well?
Stop using debit and you will be fine. Credit score will make no difference
Back when I was ignorant about credit, dealers and banks did some of the shadiest shit with our car loans. I was always surprised with how they approved us for some of shittiest looking loans. The wildest one was 147% LTV on an Infiniti QX60 back in 2017 for my birthday lol second wildest was 143% on a 2018 Sonata turbo loaded to the gills. My wife signed on that one with her mom. We threw the car away, mother in law washed her hands from it and they never bothered her. That repo is 4 years old and she still bought a condo and new car last year.
Hey Lucky, do dealerships attach a gps tracking device to new cars? If yes, where is it located, and is it illegal to remove it?
I know if it's a lease. It would be considered a rental. You cannot remove it on a lease. If you finance the car Go back and look at your paperwork. You might have signed something where you cannot remove the GPS Read everything, including the small print before you remove the GPS You still might get a call Saying something is wrong with the car and they will just reinstall another one. They are very inexpensive. That's what happened to me after I took mine out. I removed that one too. They gave up. As far as placement It has to be seen by a satellite So usually underneath the top of the dash There should be a red yellow and black wire coming out of it. Pretty easy to trace it. I used to work as an aftermarket Installation Tech ,But I'm just a guy On UA-cam so do your research
Dont listen 2 Lucky. SCAM your way 2 the top 😂
YOLO $$$$
I pay cash for my mansions. Broke people shouldn't finance houses
i came here for a tutorial for credit fraud towards a car loan :(
according to government statistics economy is doing great
Soft landing 😁
While we're about to be on war with three different enemies