Auto Loan CRISIS is Getting WORSE
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- Опубліковано 16 жов 2024
- Auto Loan CRISIS is Getting WORSE
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it will blow your mind 😁👍
@@LuckyLopez777 is there a number from Cox we need to look into for fire sales on cars? 3million?
Is this available in Canada?
Serious delinquencies are 2.53%.
Oh it’s bad out there. Back in May the bank approved my son, who only makes $2200 a month, a $1200 a month loan for a Scat Pack Widebody. $64,000. Not a lease, a loan. Shouldn’t the bank had said “hey kid you need to make more money, there isn’t enough here”?. They didn’t. No down payment. Granted he does have close to a 800 credit score. But that’s not the point. So he did it on a whim. He pays us rent, and didn’t factor in that his insurance would cost $416 a month. So he hasn’t made his car payment in two months as the wife and I just found out and he just asked us for a bail out. We said nope. We have our own problems. He’s gonna learn real quick. Was it worth it to screw up your life just to impress your friends a few times and look cool. He already has to get new tires at 3k miles.
As I was typing this, he just asked me if I wanted to take over the payments? I said not on a car that’s only supposed to cost $46k pre Covid pricing.
He bought that car because he got jealous watching UA-cam and TikTok videos all the time. We live in the suburbs and he walks wearing his Yeezys that no one wears anymore beside high schoolers and says” deadass, on god, letssss go”. I have to tell this to you Ethan but you’re white BRUH!
They will just repo it after the 3rd missed payment. He even asked if he could drive our car to work. We both said nope. Apparently, he has been spending his money on going out all the time and has been driving that car close to E all the time because he can’t even afford the gas.
Oh well, he’ll learn!
You had me deadass cracking up with this, no cap. Poor Ethan :/ reminds me of that “still fly” song by the big tymers. They even sing about having no gas for their new e-class.
I’d have to be making at least 100k a year to consider a $64k car. I was making $2200 a month before going back to school and my payment on my Camry is $400 a month. No way I’d consider a Scat Pack.
@@Userxxx840 My grandma has a 2021 Camry XSE with red interior and she pays $262 a month.
It’s the salespeople and loan officers at the dealership. They don’t care as long as they get their commission.
@@Userxxx840 I make almost $100k per year, and my two cars are a 2016 Mazda CX-5 and a 2007 Accord. Both paid off. I see no point in working your tail off just so you can make payments on a nice car. When I have the passive income to more than cover a payment on a $64k car, I might consider getting one. Definitely not a Charger though (built off of the platform of a 1996 Mercedes E-Class btw).
Crazy that student loans are starting again, people had 3 years to get they sht together but instead went for crazy car loans
Facts!
@@JamesDeWalt909 they won’t be
@@TheRealCatofI’m not sure who he forgave then Cuz me and my friends have to pay starting November
pay up@@thecoolrich
Nonsense
I am self employed and have a 832 credit score. It was a total pain in the ass to get a $19,000 auto loan. Took 6 days to get the money. In the past I could get money no problem.
Wow! I just bought my 4runner, self employed, got pre approved before going to the dealership and picked out what I wanted. Didn't even show proof of income. The dealership must have screwed around with your loan.
I just bought a boat and being self employed, my house is paid off. All my cars. Zero debt and I had to put half down on it…. Total pita and took me almost a month of back and forth.
Credit score is a small piece of the puzzle. You need verifiable income. Maybe you should wait until you can pay cash.
@@sicilianr1why not pay cash and remain debt free?
"Don't be stupid" Best advise given, EVER!
Facts lol
Once the unemployment rate goes up, it’s all fucked. I don’t know why more people aren’t speaking about this. Thank you for the work you do!
Because the lay offs haven't happened yet. Corp. Are holding onto their employees for fourth qtr. After 4th qrt there will be lots of cuts and layoffs
Facts!!!!
Because they don't want people to panic. The nation is a house of cards with so many people a paycheck away from financial destitution.
explain 4.9% Q3 record GDP ✌️
@mitchgreen4994 You're not my boss,and that's not my job. It's up to our corporate overlords' reps to explain how they came to that.
Thanks Lucky! I've been approaching dealers that have a sports car that I want and one is still sitting on the car I had him discount but not enough to offset shipping and "catch up" maintenance. He's still got it 4 months later. Dealers need to wake up before it's too late as the "wealth effect" is also disappearing.
ALOT OF DEALERS ARE STUCK WITH OVER PRICED inventory
THOSE BIDEN CHECKS DIDNT LAST LONG @@LuckyLopez777
I was glad to hear you talk about personal responsibility. You are the one that is responsible for your your financial stability. You said it perfectly that no one is holding a gun to your head to sign a contract for something you cannot afford. Controlling personal finances is easy and simple. Just stay out of debt by not buying crap you do not need or cannot afford. The problem is we are not living in a "must have it now" society.
Auto makers even have the audacity to say that its interest rates that are killing sales of their obscenely over-priced cars and trucks.
they are hurting. EVs are not selling
@LuckyLopez777 and now it seems Ford and GM are both backtracking on their grandiose EV "commitments" 😂 who knew building EVs was such an expensive venture 🙈
Same ole same old. People cant do math when buying things....and banks...airlines...car companies...and stock market will get bailed out again just like always. Honest hard working people that live within their means have to pay for it. Love your vids.
2008-09: Housing crash/foreclosures
2023-24: Auto loan crash/repossessions
twins
Add Student loans
@@dabble2106except you can't bankrupt away from student loans thanks in part to Brandon.
Nope more like 2023-24 auto loan crash, mortgage crash, massive job losses, rent crisis. The next crash is going to be epic and biblical
Add US government debt so big that just the interest payment is becoming a monster size.
And a major war or two about to break out. Or already in full swing.
Those loan deliquency numbers are scary! Car makers better bring back cash rebates and dealers better discount their cars or sales will drop like a rock! Thank you Lucky for keeping us informed!
thanks for watching
They can bring all the rebates they want, consumers cannot qualify for the loans at the rates that are being offered. The vehicles are too highly priced as is. A person with a 700-770 credit score their loans will be around 5-7% if they’re fortunate and went to a credit union. Imagine bad credit and what those rates would be. Remember vehicles depreciate a lot faster then real estate which is actually worth more in the long run. When you have to decide between food and lights for your family and a car… the car note isnt going to get paid. Uninformed buyers made bad decisions on these car purchases AND the fed WILL raise the rates again.
@@XX-166You don’t speak for everyone.
The government has forced the mans to out price their customer base.
They is doomed... it's over. Who goes broke first ? Ford or Tesla ?
Banks played stupid games. Now they’re winning stupid prizes.
Perfect analogy!!!!!
I was upside down in my home in 2008. Today my home is worth double I paid for it in 2003. Now I have a ton of equity. Thankfully I always signed up for fixed rate loans. . I refi'd in 2020 for a 2.375% loan. I'm in a great place now. A home is not an investment, it's a place to live.
thanks for sharing
Then don’t ever sell your house.
@@leonchen89 I have no plans to do so
Amen!
The only people worried about the value going down bought for an investment and not home.
Values always go up and down. It's a long game.
2020-2022 low rates were a once in a lifetime fluke.
Happy you took the opportunity to refi at those great rates. Glad you stayed in your home and did the right things. You are a good example.
sounds like you did it right and were wise.
Lots of details that Gen Pop doesn’t know about but would gain tremendously in knowing. Thanks for being the voice of reason Lucky, and in the meantime I’ll keep my shitty 2015 car that I hate with a passion and wait for a deal
thanks for watching 😁
2015 is new bro
@@420villain Right bro complaining about a 2015 😂, buddy try an 06
Love this Lucky! I just talked about "Tiers" and "GAP" on my channel as well. GAP administrators are hyper focused on sniffing out fraud right now too! Also, love the Loanbridge!
If your credit score is under 650 you should not be applying for loans but rather working on your credit and paying down your debts.
Hi Lucky
I was very fortunate I bought a 2018 Hyundai Elantra and ended up leasing it. When my lease was up my residual to buyout was $7500, p thank God back at that time these issues now we're not in the picture then. So I ended up buying it I have 41000 miles on it and a $180 car payment. No way will I trade it now. As long as you take care it, it will last a long time. Thank you for all the videos you put out you tell the total truth
What a lot of people don't realize is the bank will sell that car or truck at auction for a loss, you still owe the difference and the bank can report that to the IRS and that difference Will count to you as income and you will have to pay the income taxes on it.
That's correct, it's called loan forgiveness and taxable to the person.
@@davidgee6110 Then you file chapter 7
Lucky! You're 100% right about housing back in 08. I purchased a rental here in the Sacramento area for $146k that had been foreclosed. The previous owner owed close to $400k on that property. The result was that the neighbors' homes were "dragged" down in valuation as a result of that sale and others. As an aside 15 years later this rental is now worth around $450k.
I wonder if it will happen with auto loans
We bought our house as a foreclosure, at around 75% of the going rate in the neighborhood (a difference of over $100K), and the neighbors across the street had just closed a month earlier on their market-rate home. They were a bit pissed that our house pulled down their home value (eyeroll). I wasn't concerned. I knew that our house, and theirs would soon shoot up in value and are currently worth far more, and about the same amount as each other. The difference is that our ROI is far higher than theirs.
All over America the phones are ringing at Grandparents and Great Grandparents homes seeing if the family loan company is open for business.
had to move into my grandfather's house....world got hard, but I plan on buying some land in a few months if I can
I am an Ohio attorney that works for a firm with a collections department that focuses on auto loan clients. BHPHs, regional and national used car financial companies, and a few credit unions. Except for the CUs, it's mostly subprime. You're right, these auto lenders are getting crushed. Our litigation referrals - deficiency balances, skips, insurance losses, and CEVs - have gone up dramatically since the middle of the year. We're starting to get new business from BHPHs and lenders that never used to refer delinquent loans to litigation.
For now, lots of folks are still working, so collecting on the judgments has been pretty good. But if we tilt into recession and unemployment starts spiking, then there will be a lot of judgments lying around waiting to find a means of collection.
Just thought you'd like to know.
People will simply file ch13 or ch7 bankruptcy to get out of all that ligation
Ford tried that on me for a leased vehicle 2017- I pd 3 years into a lease had nothing , paid 3 k deposit and 3 year’s payments! Then ford motor credit wanted me to pony up 10 k on no vehicle plus fees repo fees when I gave vehicle back ! Then they tried sue me I told them I give 3 k leave me alone. They said no so I filed chapter7 (lost job due to sickness)and they got zero which what they deserved for getting nothing! Got rid of all my unsecured debt ! Had no trouble getting credit a year later ! Have 780 fico 6 years ,plenty of credit cards and have a home and a new vehicle paid off ! So I agree lots of bks coming! When it comes to wage garnishment and food you will pull the bk trigger ! It’s done by businesses everyday with no shame ! The banks and dealers try to screw people they hate when you screw them ! Fair game ! Live and learn play the credit game . Have no debt , stay out debt !
They certainly might - especially if they have other large unsecured debts. But you'd be surprised at how many people don't do that.@@tsmith20098
Wow, thanks for the real world observation.
How become repo men?
All these “smart” financial decisions Americans made during the pandemic are finally catching up
Facts!!! $$$$$
Here's the other shoe to drop when it comes to ridesharing. I'm only familiar with Lyft in Chicago but I'll assume this is happening in most markets. Lyft eliminated "Lyft Lux". Basically it was an option to drive a luxury car a notch below a "Black Car" and get paid more per given ride. During the pandemic there were plenty of rideshare guys overpaying & overfinancing Tesla's, Audis, Mercedes, BMW's, Cadillacs, Lincolns, etc. to "make" more money driving with Lyft. But now these Lyft drivers can only make no more than if they drove a 2013 Prius. (Of course Lyft is stating you'll make more money giving regular rides because there wasn't enough demand for Lux, but that's a different fallacy) There are plenty of these drivers who are tens of thousands of dollars underwater on a car that's is too expensive to drive on Lyft as much as needed just to keep up with monthly payments, gas, maintenance & insurance. And now they won't be able to drive Lyft because of repossession? How about those who have multiple cars they lease out to other Lyft drivers? I'm predicting this will add 2-3% towards the total amount of repos in the coming several months.
Reply
wow. thanks for sharing
Don’t do the crime if you can’t do the time… beretta. That’s why you don’t drive rideshare hoping and praying you’ll make enough to pay the over extended car note and still have some profits. Stay in control of your car deal or….WALK until one is financially feasible.
That software is brilliant bro!. Gonna be printing money real soon. So cool to see how you are finding new ways to bring value.
Fingers crossed 🤞
Carpenter I know makes 75k a year. Wife doesn’t work and they have 3 kids .
He just bought a brand new 70k truck. This will not end well
Unless he put at least half down he will end up selling that or losing it….no one should be financing anything at this time..keep what you got ..fix it if need be, a lot cheaper than a 70-80k truck
No way he put half down. They are not home owners , but house renters. I just think many people cant control their buying habits, even if it’s financially stupid .
@@Zoet50 he’s dumb then ….70k with little or no down his payments prolly 1350 a month , but people don’t stick to the 60 month max loan so his loans prolly 84 or 96 months..so he’s at 900 @ month for 96 months ..fool. If you see how much more interest you pay on 72/84/96 months it’s crazy..even at 60 months he’s prolly at or close to 10 grand in interest ….and he’s got kids and is renting instead of owning..fool
We shame people when they buy a 70k luxury car or sports car and yet people spend 70k-100k on trucks and people say "oh look at that humble hard working fella driving a truck, a true American!" Ridiculous! Whether you spend 70k on a sports car or a truck, it's equally frivolous!
@@Zoet50 Does he have his own carpentry business where he can write off the depreciation as a business expense?
Last year, I tried to buy a 2016 mint Dodge Challenger for a gift. The car, being 6 years old and a Dodge, was worth 15k and knowing the market, I offered him 20k and he turned me down flat. He wanted, and got 33 thousand dollars for it. 5 thousand dollars more than it cost new. For a 6 year old Dodge. Really. Today, whoever bought that thing is 16 thousand dollars underwater on his car loan. What bank would lend that for that? HIS! My guess is he's going to be on today's list soon. Yesterday at a dealer I saw a 2017 for 17,500. And you could probably deal it for cash for 15. So we're right back where we started. Thanks Car Max and Carvana for screwing up the entire used car market. You people can't go bankrupt fast enough.
THANKS FOR SHARING
How did carmax cause this problem?
They bought their inventory way over book and inflated the prices of used cars. Carvana was even worse. Today, their inventory is worth about 3 billion less then they paid for it. But in the run up, the two of them effected the entire used car market and the fake chip shortage made it a perfect storm. Car Max did the same thing and the two of them are headed for Chapter 7. It's not a matter of if, but when. @@MrSupernova111
WOW! Thank you for this excellent educational video! I learned a great deal. Carry On Sir!
In the business/investing world, it's common to willingly stop paying when the value drops. It's the lenders responsibility to make solid loans. These value drops are now the problem of banks.
Neighbor just got repo’d definitely gotta watch this and save money for them deals coming soon
If the LoanBridge system could show if a vehicle is reported stolen that would definitely be a great tool for the everyday consumer👍🏽
Reconstructed Title cars can be financed in Massachusetts with a conventional loan.
Reconstructed title cars have to:
1) Repair or replace damage
2) fixed mechanically.
3) new rebuilt Title.
Then, with Rebuilt Title, estimate from insurance company that sold car to Co - Part, and original part receipts along with repaired car it gets inspected by the State Police. If paperwork is not in order, or damage not fixed properly they will fail the car. If it passes they give you a letter you give to the DMV when the customer buys the car and registers it.
Banks will loan on Reconstructed Title cars but they might ask for copy of Title or pictures of damage originally, and insurance companies might do the same. Typically a loan on a Reconstructed Title car is 50%, because if they have to repossess it is worth less than a clean Title car.
Other states have similar laws.
9:21 you wilding lucky 😂, I had to help my girl buy a punk Jetta 17k Jetta. Her credit was decent, and she had the work history. I remember you could walk in with 1500 down and a 650 score and walk out with a Audi SQ5 for 30k and low interest. I think they hit us at like 20% for this Jetta, paying it down QUICK and AGGRESSIVELY
Steve in Florida caught your video and enjoyed it thank you, it's good to see another one of your videos. When might you think will be the best time for some of us to buy a 2 to 3 year auto. I am thinking around 12 of 2024,I know anything can happen. Still dealers trying to add to many add on fees, making vehicles not worth it.
People bought cars they couldn't afford and the banks lent it out knewing they couldn't afford it... Wonder how many more times this will happen?
By Second Quarter next year we will be in a full blown recession if things can even hold on that long major storm coming
Las Vegas room prices and high table limits say money is everywhere. Its 100% sold out for SEMA this indicates no recession.
What are some of the requirements for a conventional mortgage?
The maximum LTV of a conventional mortgage loan is 97% if at least one of the borrowers is a first time home buyer. Otherwise the maximum LTV is 95%.
The minimum mid-FICO for a conventional mortgage loan is typically higher than that of FHA and VA mortgage loans.
For conventional mortgage loans which will require private mortgage insurance (those with an LTV of 80% or higher) the maximum allowable DTI is 45%.
If you have had a previous foreclosure you must wait 7 years in order to obtain a conventional mortgage loan as opposed to 3 years for an FHA mortgage loan.
thanks for sharing
im seeing alot of High end cars with low miles price plummet. I feel like it would be a good time to buy if you can afford the car.
Of course it's going to get worse. A lot of people forgot about their student loans, figuring they would be forgiven. Now they have a several hundred dollar a month bill again and they just bought that $45K car last year. All the money people had from stimulus checks and crazy unemployment amounts, are drying up or dried up. People look at their expenses as their mortgage/rent and utilities. They forget the several hundred they spend on Amazon, the hundreds they spend at restaurants and the higher prices at the grocery store, on top of the higher insurance and taxes for the car. That extra $600/month they thought they had, isn't there anymore. No way that new car is going to make you happier, than being broke will make you sad and upset. Drive cheap used cars and have money in the bank.
i was trying to get a ford maverick through their ford flex program and it was 13%!! WEEEEEEEEEE
$$$$$$$
So truly the name should be Mabreak my savings $$$ for the people with ford flex program, weeeeee.
@@j.l.salayao8055 fo shizzles my nizzles. The dealership was willing to sell at MSRP and no addons. But eh
I got 1.9 percent.
@@rotart12arx3 how? They said nationwide rate is 13%
Anyone upside down $6k+ is just doing insurance job, this is why rates have skyrocketed. Like you said lucky, your insurance rate on the r8 went up over $1200 compared to last year.
Inventories are growing on new car lots and the UAW strike will cause vehicle prices to increase.
I'm a UAW electrician. I've read all 3 now have tentative deals in place, but I gotta be honest, I don't feel right. I mean yeah the money will be nice, but for how long??? The very people we need to buy our vehicles, can't afford the vehicles we make. I'm grateful, but honestly I'm more grateful for my 2 journeyman cards to fall back on because I don't see how this sustains itself.
The number of UAW workers that it takes to build a car is far less than it use to be. Most of the down parts suppliers are non union. There are many parts that are the same like power window switches, door handles that everyone uses. Integrated supply chains in the past are long gone. Much of the intellectual property of how to make components is out sourced to contract suppliers. UAW is not building displays or electronics.
It won't sustain, you're right. The 3 will just build even more Mexican factories and shut down the ones stateside.
20 year auto loans?
@@ltcmoose2001 that's fine and dandy. Problem is the company's are going to be paying journeyman level wages to people who have little more than a high school diploma or GED behind them. These jobs are not difficult, no matter how much the union lies on tv and social media. Now assembly is different because while you may only be doing 1 thing, you might have to contort yourself to do so. I'm good with assembly line workers getting it. However where I'm at in body shop, that's a whole different animal. Operators there load raw parts usually 1-5lbs on a conveyor or fixture. Some may have a button to push, most don't. There is no way in hell I can justify $40+ an hour for that work. I'm sorry. I just can't. Being an electrician in that area is weird as well as I'm not an electrican by a long shot. At least not what I trained in and had done for the previous 18 years. Body shops have anywhere between 14 and 20 lines give or take. Each line builds up a section of the vehicle until the body is done and sent to paint. At my plant the "electricians" are the ones who clear faults and do some very light maintenance. I have fellow electricians who do not do anything but the bare minimum. Please know this is not an exaggeration. I would say the same thing if I were hooked to a lie detector in the middle of the Vatican. Quite a few have never been through an apprenticeship. As God as my witness most of my coworkers don't have to shower after a shift. This is why I struggle in that place. Most of my work when production is down, I can get done in under 5 minutes. There's reasons why I refuse to play the UAW games and I've told them that point blank. Go fu*k yourselves. I'll do as much work as I want and sign it off as soon as I'm done. Haven't had any issues except I have noticed the ones who don't do $hit won't talk to me. No loss. I apologize for the book my friend, but this ain't going to sustain itself. If you're UAW, work as much OT as you can and bankroll that $hit. Because if these places go under, a whole lot of people are gonna be in deep $hit if they actually have to work for a living and can't just sit on their a$$ all night.
Great,great,great.great content lucky.
As Milton Friedman pointed out, it takes 18-24 months before the effect of monetary policy shows itself into the market. We are not starting to see the effects of the interest rates which were raised very slowly in the hope of a soft landing.
THANK YOU LUCKY FOR ANOTHER VIDEO CHOCK FULL OF GREAT INFO
How does this end?
Cause car prices in some places are still hot. It’s cooler than it was but it’s still hot.
What’s the end result? A car buying freeze? Almost no bank willing to loan money for a car?
So I should hold onto my Carmax puts.
Got it. Thank you sir!
Yolo. and short carvana lol
@@LuckyLopez777 Yassss
I like your videos Lucky, very informative (specially for those not having spare time to follow all financial market news)
Glad I got my scat pack in 2020 before prices shot up. Now I can’t find a similar one for $15k more than what I paid
Looking for a Yukon xl or Suburban, but even with a 25-35k down payment, interest rates are still at 7.8-9.0% will leave me with a 700/month payment because the truck is still at 70k! I'll just hold on to my 19 kia sorrento, 2010 altima, and 2016 Genesis all paid off for!
I took out an Ed Gein loan 2 years ago and became substantially under water on my used vehicle
Is there another variable that wasn’t discussed? On average are used cars and trucks both higher mileage and more worn out than historical averages?
Because of high prices a lot of us put off are normal purchase patterns and have held on to what we have until it’s no longer economical. Aren’t quality used cars and trucks harder to come by?
yeah its part of how the market flipped upside down
When supplies goes up demand does not go down. The price goes down, then the demand goes up because the price gone down. 101 of economics
dude.
Nice job, Lucky 👍🏽
Thanks! 👍
This is what banks should have been doing the whole time. Doesnt the fact that lenders were able to sell the paper off immediately play in? Seems like they were able to take the profit and pass the losses off to whoever bought the paper
This is exactly correct. The Canadian government has been buying billions in sub-prime auto ABS to fund retirement pensions. Desperate for yield... I think we know how that story ends.
Source: I worked for an auto lender selling the ABS to them
Loanbridge, BRILLIANT!!! Congrats…
I saw something about h there’s more people than ever before who are 60 days behind on their payments l, the highest since 1994
i think its a 29yr high
It doesn't matter what the dealers or manufacturers do for incentives, the interest rates are ridiculous.
Facts!!! $$$$$
I think between all you said in this video ,and with interest rates going even higher . Plus the announcement that brands already made about price increases . Even before the new UAW contracts were even agreed to for 2024 . Will drive lots of dealerships out of business . Big trouble ahead . The brands are not going to absorb the new cost of labor next year !
Get ready for factorys getting shut down and moved to Mexico. More automation, and layoffs in the auto space. The uaw brought it on them self's.
The auto industry keeps failing every decade because we allow corrupt uncle Sam bail them out every time.
90K in student loans at 7.2% my new payment is $570 for next 20yrs.
People love to impress the ones that they dislike the most! You've got people especially out here in Atlanta in average apartment buildings driving 2022 Corvettes and nothing against em but I'm sure that their account is near 0 lol.
Yeap. Nothing against nice cars, I'm actually happy when people doing well. Good for the country as a whole, but just too many people trying way to hard to fake their lifestyle. At the end that girl you try to impress with that nice car will want to see the matching house.. just to realize buddy still stay at home in his 30s with mama and lives on nuddle 😂😅
Very Informative video. Crazy times to buy anything. Because of all the debt, this is becoming a cash only society
I talked to a dealer recently that told me a guy trying to trade in a Camry that he paid $20k over MSRP. Needless to say he was stuck with the car.
wow. lot of people that bought cars the last 3 years are having the same problem
Who in the living hell would pay 20k over for a Camry? Stupidity
@@LuckyLopez777 I have a Genesis GV60 that I was thinking of selling. Dealers will pay at best $50k. I'll just keep it. I have negative equity and can pay it down but why bother? I did not pay over MSRP. Imagine those that did. Brutal.
There is no crisis. No one forces someone to buy a car. It is a voluntary action. Just be smart and don’t buy. $700 to $1000 car payment is crazy. And remember as the car prices goto the moon so does the insurance. My var which I bought new is a 1997 Honda Del Sol Si. The car cost $17000. It was paid off in 1999. The car has 219,000 miles. It is in great shape. Cars are the worst asset you buy. Depreciation is insane.
Actually my Del Sol is starting to go up in value. Todays car purchases are insane. Don’t be a slave working to pay off a car which depreciates.
Possibly add a section in loanbridge that could bring retail customers that are looking to purchase a specific repo vehicle in contact with the bank with a matching repo.
we cant. most states can sell repos directly to the public. they have to go to auction to get 3 competitive bids
Just as i was going into the car market early 2020, BAM worst time in history to buy a car :'( still have my 01 Jeep cherokee 👍
drive it till the wheels come off. 4.0 6cly are the best
I have a 2000 jeep cherokee that I have owned since 2002. The Wi. winters was not nice to it after all those years plus hitting a couple of deers didn't help either. but my buddy found a rust free twin minus drivetrain in Ky. for $200 and brought it for me. Just need to find time to do the swap. Luckily i have others to drive while I do it.
Negotiated with Honda on a used 2021 Accord w/ 22k miles, got the car at 24.3k dp was 13k, financed 16.7k @ 5.99 w/a 640 credit score and they added incentives.😁
Sounds like a good deal
You didn't negotiate with Honda.
You negotiated with a Honda DEALER. There is a difference.
You got banged
@abel4776 it’s a 2021 don’t you know how to read? It’s already depreciated.
@OneOut1 No dummy I negotiated with Honda for financing dummy… and the dealer gave me a discount on an already discounted used car.
Nice shirt 🤘🏼🔥
thanks. its Express for men
I'm currently in the market for an Audi S5 B8 or B8.5 and these cars, in the province of Ontario, are starting to dramatically come down in price.
These are also more of a summer only car, so I'm wondering if its seasonal demand or if its also the demand for these cars that has completely gone away.
Hopefully there will a few banks, maybe locally, that will go out on a limb and give reasonable interest loans. Obviously, to individual with with good credit and a responsible history.
fingers crossed
I don't see how banks can stop giving out loans all together. They are in the business of issuing loans. I think Lucky nailed it when he said terms with tighten but that's different from a total collapse in lending.
at 3:35 to 3:40, i saw the same thing in 2009 thru 2012... except it was the people okay credit who forsook their underwater mortgage, and moved into a 5th wheel in some campground with anonymity, sometimes getting by months before the financial folks get wind!
Lucky: What are your thoughts on the 3rd qtr GDP growth? Do you worry that the growth is mostly due to consumer spending? Also everyone keeps saying we are heading towards a recession yet GDP keeps either staying steady or growing.
Counsumer debit is my biggest worry. there is no liquid money out there. i feel once people credit is uesed up we are F*cked
GDP is up due to deficit. It’s near Christmas as well. And I wonder which piece of plastic they are putting that on…
Xmas means debt…it’s lost its reason. It’s about family, friends, eating together and watching Xmas movies. But now it’s about “how much money I spent…..” bragging or bitching about.
Lucky: I share your concerns about consumer debt as well. Even more worrisome is housing costs both housing prices & rents. The financial experts rule of thumb was no more than 30% of your income should be spent on housing costs🤣🤣🤣. Housing costs continue to rise & our leaders do nothing to help. It’s obvious that the free market has failed, it’s only solution is higher prices & genterfication. I know you are against price controls in general but at what point does price controls become a necessity due to people no longer being able to afford housing & basic living needs?
I have been seeing vehicles on Facebook and Craigslist for sale as PARTS, ads says nothing wrong with car or truck, just selling as parts vehicle! no title!!! Crazy!
On my Instagram Instagram, I post pictures like that all the time of people selling cars with 300,000 miles rebuilt title blow smoke but still want $20,000 for it
Bad times coming-buying a depreciating asset on credit is financially irresponsible. Save your money and buy a cheap beater (with ca$h)and learn how to fix a few things!
Middle class Americans buying expensive new vehicles 🚗 keeps them from ever accumulating real wealth!! Love your vids Lucky 🍀
Facts1
We own nice Cars but I still run a Beater box daily, But I'm also a Mechanic, More people need to learn how to properly maintain Vehicles as to keep up with this lifestyle...
Has the delinquency rate become much worse for prime loans as well as subprime loans?
Across the bord its going up
ANY LOANS ARE IN TROUBLE if you weren’t smart at the signing.
Exactly what I’m thinking Lucky only you have the causes
This answered all my questions I was going to ask you
Forgive the student loans. Eom
Good insights and advice appreciate u
Thats the MACH5 from speed racer behind you on the wall ..racer x who was secretly speeds brother!!!
You should interstate with a gps system - every BHPH uses them for collateral default -
Handles tow lots 24/7 location information best part is the AI stop / start technology ....
Wired and wireless work well
Is it going to come out a wash ? They already collected 20k in payments for a 40k suv..that was sold for 60k. 20k for said suv at auction they still got 40k.
for perspective...... im the bank. we are now offering personal loans (always have) from 8% to... are you sitting down.... you better be. 40% apr. and i have no influence over the rate but let me tell you, nobody is getting the 8% and im just declining them when it comes back to something stupid. fortunately we really dont care about those so nobody complains. but just food for thought
You car you tube guys really need new content to talk about. You have covered this topic multiple times. We get it!!
I’ll tell ya what’s hard, boat loans! They made me put half down and I have zero debt, everything is paid off.
Basically bank money is frozen
Thus the economy stops churning
And thus banks make less profit too
It all trickles down
Crazy times
My credit is over 800 score, but I don’t want to finance any cars, cash only
In states like Florida for instance if you lose your car you are gonna lose job as well because public transportation is weak at best..very sad
"in states like Florida" everything is so flat you can ride a bike to work. This never occurs to an average American Joe tho.
@@90DatteRo good luck on I-4 corridor..
In theory your supposition is correct in reality for most.. not so much!!!
@@jimlarkin7859 didn't know cycling infrastructure is so bad in FL. It's quite decent here in Bay area (yet, so far away from the European one)
@@90DatteRo sadly yes I live in Central Fl 45 plus years and unless absolutely no options stay on the trails..
Pre cell phone/ smart phones much better…
Kudos to anybody making this commute on a bike safely… hats off to you!!
Dang I'm not going to buy another car then for a while. It feels like dealerships aren't interested in selling cars anymore.
The best is yet to come
Facts!!!
Also consumer credit card debt has reached $1 trillion for the first time ever
Congratulations on your amazing software idea
People and institutions not owning their losses is coming back to haunt all of us.
People should never be allowed to borrow over 100% of the value of the car. We don’t need to continue to bail out these dealers by overpaying just to pad their bottom lines
Better yet people need to start putting 10-20% down on a vehicle if they want to finance this rest, can’t afford it? Then you can’t get a loan for the rest
100%. Letting lenders stuff pork into the loans should not be allowed. All these sketchy lenders take advantage of dumb consumers
Thank you, Lucky excellent explanation.
You are welcome!
Wondering if those are real bank straps of $100 dollar bills on your desk for this clip...
they are movie props. 😁
Credit Crunch is definitely coming. G wagons $109k over MSRP is nuts. Aston Martin dbx is the future use exotic bargain. Exotic repos are going crazy. 40% cut in 18 months.