PROOF! The Car REPO CRISIS IS GETTING WORSE!
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- Опубліковано 25 вер 2024
- Car repossessions and delinquencies have been exploding over the past several months and it will likely only get worse as we head into this economic downturn. Today I'm bringing out an expert on this topic Brandon from Car Questions Answered. Feel free to go and check out his channel here: / @carquestionsanswered
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People Have STOPPED PAYING THEIR STORAGE BILLS! ua-cam.com/video/OEZvbfS8rJ4/v-deo.html
Loved u collabed with Brandon!!! Was one of his 1st subs, and luv ur channel too!!!! Hope ur time in Cali doesn't cost u ur entire wealth😂
Love to know where you purchase your tank-tops.
@@ZeitwaveUsually we get it from JCPenney 😅others from Brazil, my mom buys them for him.☺️❤️
Very sweet of your mom, Thank you for letting me know.
Yea its bad if yall doing a colab. Idk whats up our government
For a time, I was a used car salesman, and when I went to buy my first new car, my finance manage at the time gave me some excellent car buying advice which plays into what you're saying here. He said - let them tell you about all their add-ons, insurance, etc. And simply tell them "oh that's interesting, but what about the price of the car?" Just passively agree to the accessories without signing anything, while also continuing to ask about lowering the price of the car. Then, once the cost is as low as they're willing to go, because they think they're going to make a killing on the extras, go in with the FNI guy and tell him to remove all the extras. They'll have to keep the car price the same. They'll be PISSED, but you'll get the best deal.
Slick. There is always the 9 buck ads you can run to 'help people get out of their repo loan' and lowball them to take over the loan at their dealer
From my understanding you’re talking about a new car. If dealer already installed all those features, adds on whatever- they not gonna remove them. Or what do you mean ?
@rapidfirerepublic
Could you please give an example of passively agreeing to the extras? There has to be more to it than saying : That sounds interesting to the car salesman.
The car salesman asked me what kind of monthly payment I could make. They kept pushing that question. So, be prepared.
@@irritatedkitty7301 , they always do. I simply say to them "if the price is right, the payment will fall into place". You just have to be more slippery than they are. But again, the easiest way to get them to lower the price is to make them think you're gonna buy everything else. You never say yes, but you never say no. And really, you can say yes, just don't sign anything that locks you into it. It's a game they're playing, and they hope you're not.
Who in the hell would want car payment for $700 or higher? Buy a used car and keep up with the maintenance 🤦
Here in far left Massachusetts used cars cost nearly the same as new
🙋🏿🙋🏿🙋🏿
If you can afford it why not? My car payment was around $1100/mo for 36 months but I got it at 0% interest and nothing down. I could have paid cash but used it to invest in a higher return.
I was looking at the new Dark Horse Mustang and they wanted total like $90k with a $20k dealership up price. I told them if I wanted to pay that much for a car, I’d buy a Corvette. The monthly for the car alone was like $1600 without insurance. I don’t doubt with insurance it would be total a $2500/month payment!
@@Random-rt5ecoh right like your political affiliation has anything to do with the price of a used car
Who coulda thought you could get an honest good used car dealer and the same type of realtor in the same video. Magic right here ✊🏻
However, both of them showed their ass talking about about Ev's.
$700 car payments is INSANE
I would never pay more than 350 for five years. Now, I won't finance one for any reason! Cash only!
You got people out there paying $1500 a month for a truck
I've vowed never to pay over $300/mo. for a car payment. Currently have 6 mos. left paying $221/mo.
Interest rates are crazy right now. I remember mine being 2.9% and they’re up to like 6% now
$700 health care payments are to
Please please please buy cars in cash! My husband and I bought our vehicles cash 5 and 8 years ago, and they are still running great! We have not had any break downs or crazy maintenance bills and we have a Lexus and a Ford. There is nothing like having no car payments. Be smart with your money and realize you do not need a new car at all! They aren’t even made as well as the older cars.
I'll take an older Lexus in 2024. I don't want all the new tech in cars anyway. 2 much.
Spot on! Peaceful life without payments!!
These new cars are made to break down people plain and simple
The problem is that banks won't give you your cash if it's more than 10 g's. They will say : "new federal law."
I paid for a used toyota with cash.❤
I haven't had a car payment and 10 12 years I don't miss them
I paid off my 2017 Ford as soon as possible. Paid it off in about a year. No regrets
Keep it and at least get a Club for your steering wheel. No more Law and Order. It's a free for all.
I'm like you ... 3 years for me. Never going back.
same
@@jimmyboyles2868"Accept no imitations". Get the Club. 😂
People need to quit buying $100K SUVs and 5/6 passengers Pickups to drive kids to school and pickup some bags of mulch twice a year
I agree. It's ridiculous they cost that much, we need to stop supporting it
But soccer mom Karen's will have a panic attack when it starts to rain and their kids need to walk home from school... those $100k SUV's are 100% necessary!
One of my neighbors bought a pick-up so large that it can't fit in the garage. These people aren't the smartest.
@@Landstalker1999 or pickup drivers that are trying to impress everyone else down at the factory or in the church parking lot. Everyone of them will tell you allot the time they actually had to carry some wood 🤣
Status symbols and they will say they feel safer in a bigger vehicle.
So many call my husband cheap but he’s always says we over pay for too much, complain on the rich getting richer, well he said if you stop overpaying for houses, cars, food and unnecessary things the rich don’t get richer, they get nervous.The last car payment we had was in 2003, never again, my husband and oldest son an stepson are mechanics and nephew is mortgage loan officer, we’ve learned a lot and we pay too much for everything.
Mortgage loan officer will be losing his job soon, as real estate transactions are down. Mechanics will always have a job, just depends on what they are willing to accept. You're wrong about the "rich getting nervous". The middle and lower class waste so much money on take-out food, delivery, vacations and other things they can't afford while the wealthy have that money invested, making money. It's a different mindset. If you ever become a Millionaire, your perspective will change on everything. It is the "haves" versus "the have nots".
Car mechanics are a blessing in the family ... Saves on cost .. and they usually know where to buy car part cheaper. oohh and the labor cost per hour in these shops..... 😬 😳
@@DIVISIONINCISIONSoon, money won’t matter. It’ll be only food and water.
I was thinking this very thing this morning when I was in the shower. My sister tried to guilt me into purchasing $40 for a tiny container of shampoo. I’m like ‘I’m happy for you that you can afford to do that but $40 shampoo is not in my budget.’ I can’t believe how much people support price gouging. In my sisters case she believes affordable shampoo and conditioner causes cancer. I’m thinking I would make my own shampoo before paying $40 for a tiny container of shampoo.
@@truthseeker1959 I don't see a crash anytime soon. Too much money in the markets right now. What's you're seeing is a recession.
Houses arent selling, cars arent selling...gas and food are the most expensive in history...but yet somehow the economy is doing well... got it 👍 🤪
And inflation is only at 3%. Yeah right.
You have learned well
Soon Jedi you shall be
can be true. US top companies are international . So, most Americans be poor and have strong companies. China and India have big multinationals but also big poor populations.
81 million said things are great.
Houses are selling where I live in Iowa.
25% APR, I’d rather ride the bus
In some areas public transportation is not only more affordable but actually good. I can afford a car but meh metrobus is only $2 and the subway/train in never more than $4 one-way. And in my area the full subway/train system is actually $2 flat on the weekends!
@@shopece8807Good luck if you live in a small town in rural North Dakota.
Obama said working class people shouldn’t have cars or trucks. They belong on a bike or a bus.
🚴♂️
@@shopece8807 none of that is available to rural areas!
if I can't afford to pay for it, I don;t buy it
Missing out on the free stuff. Janet gotz dis one.
People had to choose food over their car payment
For the single parents out there, they'd choose to feed their babies over spending their last few bucks on gas. And I've seen this quite often in my family and other families. It's a sad reality we're all in.
More like alcohol, extensions, fake nails, designer jeans, and door dash..
My last new truck we bought was a 2004 Toyota double cab Tundra. My husband and I have always been able to afford to buy a new truck. Just recently our 20 year old Tundra needed some repairs. We only have 95,000 miles on it. Thought we may replace it given its age. Not today. Trucks are way too expensive. We have never lived in an economy this bad in our entire lives.
Our county, state and federal governments don’t have enough brains to budget. We the people just keep letting government do what they do with our money. City and County budgets should be published in the local newspaper every month.
Who in their right mind came up with property taxes should be based on sales value? It’s just totally absurd in this day and time. I digress.
When trucks are outfitted like a house instead of a barn, you know the market is doomed. WE DON'T NEED NO SHINY, SPARKLY, COMFY TRUCKS...at $69,000.
Nowadays 69k gets you a plain white work truck.
@@found_treasures831 haha. True. I meant $169,000
My 25 year old Tacoma is bulletproof and unstoppable with its manual windows and transmission !
Totally!! I hate what they did to trucks. Only the working man used to own a truck, now they are a status symbol like Mac and Starbucks. I drive a 30 year old half ton pick up and put half ton of stuff in it all the time I worry about it but I refuse to buy even a used ‘new’ truck at 20-30k it’s not even worth it. And you can hardly find an 8 foot bed, they are all 4-6 feet which isn’t conducive to hauling much!
Yah-circa 2000 or so, is when I saw pickup trucks becoming luxury sedans with an extended uncovered trunk.
Why wait for the repo - man? Now your car will be stolen before they get there. My car stolen Memorial Day. RIP my car. It was a good 10 years. 😥
Sucks.
@@jillw892 Sad part is police no longer come out for stolen vehicles. Took them 10 hours to get back to me filing a report over the phone. They said they have been Defunded. We are on our own.
@@jimmyboyles2868. Sorry to hear about your car being stolen
Sorry thats not 🆒
@@jimmyboyles2868lol if the police told you they’ve been “defunded” they are lying and likely dumb themselves. You can look up your local police budgets. At no point have most departments put ANY effort into tracking a stolen car.
Buy cash. No need to buy a new car. Who you trying to impress?
Costs alot to drive brand new.
Somebody gotta buy brand new and pay the massive depreciation so us cash folk buying used cars have more choices.
Not impressing anyone, my father taught me to buy new for safety sake, less problems.
I buy things for ME not to impress anyone. I dgaf about ppl.
Very few people have cash! Most can't even come up with 500 bucks for an emergency!
My dream car has A/C , Power Windows and Locks , a regular Key with Fob , a Antenna Mast , a decent non CVT Transmission , AM FM CD . I think there is still a market for Basic well built cars and trucks !!
Toyota Tacoma SR access cab built before 2020. I have one,(2019)I despise electronic key fobs. I’m an outdoors guy I surf, skate, snowboard, camp, I cant be crossing a river and be worrying if my key fob gets wet in my zipper pocket. My 2019 Tacoma sr has a actual key and I even made a copy to keep under the truck for only $3 lol
My first pickup was a Nissan in 84 or so. No radio, no AC, 5-speed manual, bench seat. Kept it for over 20 years. Did what I needed which was to let me go to the nursery and fill the back with mulch once a year and haul some wood for the stove.
@@searchforthetruth1998You do know modern keys have chips in them to communicate with the immobilizer don't you?
@@domini384 nope my 2019 doesn’t bro. It’s literally a key with rubber on it for keychain. The old boomer at Home Depot tried telling me that too until his machine said it could duplicate my key and he said “oh”
Beautiful. That’s why I love my 25 year old Tacoma. I clip the key on my BC when I go Scuba diving ! No electronic bull 💩 to deal with ! And wow, even after being submerged in over 60 feet of water for almost an hour it works ! 👍👍 WINNING
I remember when used cars were so affordable and available, people had a good car and a $1000 to $2000 beater for work.
Yeah, it was good until the Cash for Clunkers program killed that used car market. It removed all of the really cheap used cars that people could pay cash for.
Bought my first car a karmann ghia for $1300. Now it’s a classic but sadly I have it no more.
That is twenty years ago here in the Chicago area. Twenty-year-old Toyotas with a blown transmissions ask $3000+.
In the past a person paying cash for a car got a huge discount on the price !
Now, you are basically put off the lot. Cash doesn't "speak" like it used to! These dealers/banks are only interested in multi year buyers.😂
I payed $10,000 in cash
for my 2017 Chevy Colorado LT 4x4
I hate it when they ask me what kind of a payment am I looking for and insult my intelligence.
Like I'm actually going to take 7 years to pay off an auto loan and pay every cent of that interest!
The important thing is the overall price of the vehicle, not the price per month!
They ask because some people are DUMB ENOUGH to answer, in which case they can manipulate the "4 square" (price of new car/value of trade-in/interest rate/loan term) to make it SEEM like a great deal to a naïve buyer.
@@treesnmoguls It's amazing to me how many people truly believe that they got a great deal and those people at the dealership do it all day long and everyday.
People are so gullible!
@@treesnmogulsTotally agree with you! I’ve been asked that question before and I’ve laughed and said that it’s non of their business. All I want to know is what is the best price for the car that I can get. And never tell them you’re paying cash prior to acquiring the best price quote! That comes at the end when they have given you the price that you want.
getting charged more principle for the "privilege" of a longer term is dumb, but it's just a tool. If Im buying a newer car that I know wont have issues for 5 years, then I would definitely take a 72 month 3.5% term loan if I can get 5% for letting cash sit in a savings account. but its all just math and it changes based on the inputs
Nice to see you both together!
Yeah, it is. I watch Brandon as well. 👍
Mike, you keep hitting it out of the park with your shows!! You have been accurately describing what is happening in our economy, and unfortunately, some people don’t want to hear the truth. Our politicians are lying to us. I also have been listening to Brandon’s shows. He corroborates what you have been telling us all along.
- Larry D
Knew a guy who drove a wrecker and he told me that repos were on the rise and that it was a warning that the economy was going soft. I immediately cut down on my spending. He was right!
The economy is great. Repos are up because car lenders had zero percent loans and approved anyone. Don’t take financial advice from a tow truck driver 🤡🤣
I'll drive my paid off 2011 honda until the wheels fall off.
Won’t be long now.
ok, and then what? are you going to buy a new car, used car, or spend the money for repairs?
Car Manufactures will continue to charge high prices as long as Finance Company’s will give you a loan for it. Same as College tuition, Colleges will continue to raise tuition as long as the Government student loan program will give you loans even though the students will pay be paying them back for 10-15 years or longer for mostly useless Degrees
My two favorite people to watch for the economic breakdown. 👍🏻
I drive a Honda Civic 2008 been paid for 16 years only has 140,000 going to drive it in the ground!!! NO PAYMENTS!!!
The quickest way back on your feet is to skip a few car payments.
😂😂
Literally 😂
Then walk everywhere on your feet. Bad credit. No thank you
@@class1188 Or worse. A lawsuit on top of a repo.
In more ways than one.
If you can’t pay cash for a car then you cannot afford it. Never finance a liability.
Exactly, I know it's not always possible. 🤔
Most people have to finance a home if they buy.
Car payments aren't a bad thing if it's within your budget. You need to know what you can afford. If you can't afford it, don't buy it
@BREEZYM6015 Real estate can be an asset because it will appreciate over the long term. Cars don't unless they're collectibles
@@SafeEffective-ls2pl A car and a house are liabilities, the only way they are an asset is if they are producing more income monthly than they are costing you to have.
Many people don’t grasp this concept. Also by the time you sell you may have more nominally than what you paid for the home but with inflation x loss of purchasing power of the dollar it’s probably a wash. Learn to turn your liabilities into Assets that is the key to financial freedom. Owning a home for the most part is in-fact a liability, as most are costing you money each month. You can turn them into money producing properties only then they are an asset.
Brandon is the first used car salesman I trust. He's going to do very well in our new economy.
No evs eh
Building back better ?
@@hoosierdaddy8002 LOL..I guess you could say that. This poor Brandon got stuck with a not so great name for our current times.
You got that from a YT collab video? You are prime prey...
@@chip6954 One always must do his research before buying a car.
My greatest concern for driving an EV is running short on charge and pulling off the highway at Pretty Prairie, Kansas, only to learn that two other EVs are waiting ahead of me.
The problem with EVs is simply this: It is a car of the future NOT of the present. Good video Mr. Bordenaro
👉🏽😆👎🏼
@@dissident112 yea, with EV's we will have to see if "driving them into the ground" like ICE motors is even a thing. They might become almost worthless around the time of battery death since the replacement costs will be astronomical.
The problem with EVs is simply that they are Lithium ION phone batteries that explode once they get overcharged, old, or worn. There's also the pesky problem that you get 200 miles on one charge and that charging stations are fueled by GAS. Oh, and paying 20K for a battery is NOT a selling point.
Once Charles Kettering invented the electric starter, EVs were doomed. The only reason they came back in recent years was delusional techie FOMO and billions in tax breaks.
Hybrid is the way to go. Cope if you have to!
Just paid off my 4Runner a few days ago. So glad! Now I’m out of debt completely I own my 2008 Toyota RAV4 and I own my 2021 Toyota 4Runner TRD Pro. Was lucky I had a 3.9% rate on it but paid it off early. No debt is an amazing feeling. No debt needs to become the goal for all
Of us and make it the new normal for our society! It’s up to us
Toyota 👍👍
I drive a 250euro Renault Scenic 2002,there was some maintenance needed like:timing belt replacement,waterpomp replacement wheelbearing back...still motering...
it's kinda insane to me that anybody would ever justify having 2 vehicles when they need a loan on one of them.....totally freaking nuts. If you can't buy it twice in cash, you can't afford it.
It's not only that people can't afford new cars. Many people are hanging on to their money, including myself. I'll never buy another new vehicle.
The team up we all wanted AND needed!
Yeah, buying a new car is one of the biggest rip-offs!
It all depends on where you are in life? Financially and what you are willing to spend. I do agree, last couple of year's, the dealership is taking advantage!
I like the looks of new trucks,but not for70,000 bucks or more.
Well said Michael and Brandon You both always speak the truth of what regular citizens are going through not what the media is portraying.
Not sure if it's just around me (panhandle of FL) but almost every dealer around here are still thinking it's covid and have a $3-8K "adjust market price" on their cars with a mandatory lifetime warranty and all the stupid BS add-ons which is an additional $2-4k all while their lots are full. A salesman asked me if I needed some help and I responded with "Me? I think y'all are the ones needing the help,...Y'all know covids over and the car market crashed a long time ago for y'all to still be asking these ridiculous prices on these vehicles that aren't selling, right?" He just put his head down and walked away.
My husband does his financing through his bank. He walks in with a blank check because he’s already set the terms through the bank. It’s the only way he will buy a car now. They don’t like when he walks out with that check. He gets the price that he wants to pay every time. He refuses to purchase right now because the interest rate is too high. He has an 800 credit score so he doesn’t have issues with that. Our car is paid off and we won’t be buying anything until the bubble bursts. He does all of the maintenance with the dealer still and they really want him to sell back to them. We just aren’t in the market now.
Ruining my credit was the best thing that ever happened to me. It made me understand how far i was living beyond my means. If you can't buy it outright, you simply can't afford it. Oh you will be told that you can. You may believe you can. Just because you can make the payment means nothing. Have your wife come down with a life threatening illness. Within six months, the house, cars, and everything your kids want...GONE! And nobody gives a rats ass... Then you start building your kingdom, the right way. I now live in a paid for home and drive three pristine 1990's Toyota's. Life can be good if you play the game properly...
SPOT ON!! Live in PEACE!
Expensive but useful lesson.
🎉🎉🎉🎉 exactly
Very Good 👍 no one has keep up with Jones, because in end they CAN'T DO IT😮
Very good stay or get out Debt ASAP. TOYOTA IS BEST USED CAR
There is a place that won't even tell you prices in Lubbock. I asked how much a car was on their lot. The guy replied with, "How much are you wanting to spend?" I replied, "Do you know the price? I can give you a second to go check if you need to." Him: "Well, tell me what kind of payment you want." So now I'm mad. "Sir, can you tell me the price or no?" but I am clearly no longer asking nicely. Him: "What's your budget?" "Okay dude, fk you." Rolls up window, drives off. My kids: "Mom, you were rude. Why did you get so mad?" If I ask you a question the polite thing to do is ANSWER MY QUESTION, not respond with your own. My finances are none of your effing business. Either you want to sell a car today or not.
I live in Lubbock also. What dealership was this at?
@@joshuawalls9067 The Fiesta off 50th and Q.
@@sofiaperalta9091 girl. Go to honorable auto sales. I just got a car from them. Very good service. 82nd toward Milwaukee
It'll only get worse as people's debt burden increases with these higher rates. I completely agree with Brandon.
Forget about the payment the insurance on a financed vehicle is mandatory full coverage.
Great to see you and Brandon actually together in the video walking the auction lot. Brandon has great information on car auctions and repos.
Bought a brand new 2008 Altima that was repo’d in 2010 and bought a cheap $2000 like this guy sells. I’m doing great financially now, but lesson learned: I haven’t taken out a car loan since, only paid for used cars in cash, and haven’t had a brand new car since that Altima. The plus side is no monthly payment has left me free to pay for regular maintenance and repairs without any stress. Still saving way more than paying the bank.
Miami Vice & Dukes of Hazard collab! Sweet! ❤
I watch Brandon's channel all the time. Great stuff.
Let's go brandon
I knew a lady that had her car repossessed after paying 10 years on it. Whenever the car need repairs; brakes, tranny, body work, etc, the "dealer" fixed the car and added the cost to the original loan which was at 35%. After 10 years she was unable to make her car payment, and it was repo'd.
Sad
Man that's criminal but I guess 'buyer beware' is appropriate here. A person who doesn't understand the consequences of interest is destined to pay a significant amount of it.
Unbelievable! Never heard of such a thing.
That's fucking hilarious honestly. Terrible obviously but it's so absurd it made me laugh. 🤡 World. The real time slow-mo destruction of society on purpose. It's worse than a cartoon.
I bet the dealer sold it to another broke person for the same rate even though the car has been paid in full probably twice after the first 10 years.
Until people refuse the exorbitant prices of cars, the car market will remain overstocked and overinflated. No one wants to buy an EV. they cost more, require you to find some obscure charging station, have few repair facilities and get totaled in normal minor car accidents. Let’s not forget they lose 50% of their value in 3 years.
they lose value so fast because the batteries are still subpar for their application. they go bad too quick to be practical from the stress of high voltage discharge and heavy usage. its all still too expensive to justify the price
Everything is in crisis mode, cars, houses, credit cards, personal loans and the price of groceries. I just watched a video the other day that talked about the people that make 6 figures are starting to shop at Walmart because they need to cut expenses. Our economy needs to crash our dollars are worthless in fact I just read and article this morning that today is the end of the petrol dollar as many nations are refusing to take it for trade, hopefully something better is just around the corner. The BRICS nations with their gold back currencies have dealt a death blow to our worthless dollars.
Read The Bitcoin Standard book and this will all make a lot more sense to you
I've never bought the idea of having a car payment even at one point in life in the early 2000s i was lucky enough in that time to make 82k a year, that was amazing to have that kind of money in 2002. But still never desired any type of NEW CAR, i just bought cars that were affordable and reliable. My parents thought i was crazy and stop being a cheap skate, well in 2024, they know how i was never a "cheap skate" just planning "ahead" plus i liked my vacations more than cars
2017 bought a new car, probably won't buy a new again. Took a part time job to help pay off the loan quicker. Only did the part time for about 8 months, but it helped me triple my payments for those months and knocked off the loan about a year and a half early, felt good.
My good friend is the head of the leasing department at a major for dealer in Canada. He says it is absolutely grim out there at the moment. I was picking up the title for my truck as I had just paid off the lease and had him price me out the exact same truck as my 2019. With the higher interest rates/MSRP/taxes the total came out to just under double what I paid in 2019. I can afford a new truck but the value just isn't there. The prices are so high I just can't justify paying that much for a vehicle. Just the taxes and interest alone was about $30,000 CDN.
On average, a new car can lose anywhere from 10% to 20% of its value as soon as it is driven off the lot. This is due to depreciation, which is the decrease in value of a car over time. Factors such as the make and model of the car, its age, mileage, and condition can also impact how much value it loses when driven off the lot.
100% inflation, thank you FJB!
When two of your favorites on UA-cam collaborate, it feels like getting a dose of good karma 😌❤️
These 2 have the most accurate information on UA-cam
Im afraid they might get “Boeing Whistleblower’ed”…
I’m a fleet vehicle manager for the US government. Our agency head refused to get an electric vehicle, refused a plug in hybrid, and refused a standard hybrid. We got her a conventional gas vehicle. Let that sink in.
Yeah, the government has no problem spending OUR MONEY !!
My son is a finance manager and he can find you a place where you can get 180 months car notes.
My sister in Lavonia Louisiana has a car note at 36% that she cannot ever pre pay.
She could only pay the entire balance off but never any extra principle.
@Joce123 that is criminal and should be against the law.
@@Joce123 my my my….. 15 years to pay off a car 😢
Get the government OUT of the EV/green business. Let markets build & sell EV's. Charging stations build by businesses NOT government.
If I don't have cash for whatever it is I'm looking to buy, I tell myself I can't afford it, and that is that.
I call this method my inner parent. It usually works.
That s unAmerikan
@@jimcrawford3185
I was raised by members of the Silent Generation (post Great Depression), when America was (mostly) sane.
@@Stacey-js1gm
That s old world
Car repo's are like dead beat credit card debtors..... The cost is built into everything you buy...
They'll be dropping prices or they won't sell
Plus people are getting laid off and companies not hiring. No money coming in barely. Market is definitely deteriorating for everyone.
More than that. Some second and third tier dealers (not the majors except for maybe Ford) have installed devices in their cars where you miss a payment they’ll turn that car off wherever you are. It doesn’t matter if your car is in your driveway or at a stoplight at a busy intersection. The car dies due to the kill switch.
Ford actually just got a patent about a year ago where the car will drive itself back to a Ford dealership if the buyer is ordered for repo. It’s only a matter of time before all the car manufacturers are doing this. Just wait for it. How about them apples?
My car is 20 yrs old 220,000 miles. Still drive it every day to work.
Cars rust away here in salt country here in NY in 5 years
When Hurricane Sandy hit a few years back, the storm took my car so I needed another one to get to work. I borrowed money from my pension, setting it up so it would take two years to pay myself back…I was broke and miserable for those two years but, I hate owing anyone anything even to myself!
Read The Bitcoin Standard. You shouldnt have to borrow against your pension. You should just have a pile of digital gold built up
This guy seems like a real expert. Nice to have this kind of interview for free. Thank you Michael.
This was the coolest collab , as a fan of both channels, thanks a lot for this !
How long can a $2,500 used car last without needing repairs? When I was struggling financially, I opted for this route, but I would not do it again. While there's nothing inherently wrong with buying a used car, many vehicles in this price range tend to require repairs. Bringing a knowledgeable mechanic when purchasing a vehicle, preferably from the first owner (ideally an elderly person), can be the best strategy.
6 mos
I bought a car for $700 In the early 1990s added for five years, never had one problem and rarely change the oil
@@stevenlaspes5823 That's a long time ago.. Maybe you were lucky.
@@stevenlaspes5823 Toyota ?
Buy a Toyota that was built in Japan and has good maintenance records.
Also, budget for repairs when you buy the car.
I bought a 2007 Scion TC 5 years ago for $2500. I'm still driving it.
I've had to pay roughly $800 in maintenance and repairs in that time. That's including tires.
All in all, not bad.
Just find the right car and have the understanding that it costs money to maintain.
FYI, I'm affluent. I own my 2011 vehicles and my home. I would never EVER buy an EV. Why? No reason to buy when I bought at peak reliability and minimal chicanery. No way on earth I will buy a new vehicle unless the incentive is there, and esp. w/ EV it's not. No way, EV is a money pit with range anxiety. I've had gas range anxiety. Never would I want EV range anxiety plus car note. You give EV for free, then we can talk.
Never buy a car with credit, buy what you can afford
Like-when is the every person supposed to raise $10-35k for a car.. ???
They are not paying their car notes because its now a choice to put food on the table, and pay rent, or pay the car note. Just saw my neighbors 8 yr old car that he bought used repoed a few days ago. He stopped paying for it because his rent went up a few hundred dollars. This shit is out of control.
Extremely sad
My friend has an auto detailing shop next to my electrical shop. He's overwhelmed with the repo's.
I know Brandon said he has to step back from UA-cam a bit, but love the collaboration. Hats off to Michael for making the drive!
Yeah, the clunkers he's been selling have terrible reviews on a lot of sites.
Brandon is super well versed in the car sales industry, as well as a benefit to Michael’s channel. Good job Michael 👍👍
Buy here pay here dealers aren't predatory lenders but instead provide a service for people who have burned every bank and credit and can't finance a wet piece of bread. Not paying your bills doesn't make you a victim.
Prices are not coming down. Greed is going up.
Damn straight. Prices are not coming down at all.
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
Just research the name Angela Lynn Schilling. You’d find necessary details to work with a correspondence to set up an appointment.
I like Peter Schiff's go to statement, which is you need the malinvestments in the economy to fail, you need the high prices that are impossible, to come down, and if that means layoffs and lower stock prices, great, because those high prices and high valuations were illegitimate to begin with because they were unsustainable
🎉🎉🎉 Hey 👋🏼 Michael
I’ve been following the car repo situation for a while now and it just keeps getting worse 😢.
Thank you for covering this.
Just another sign that things are getting worse and worse 😢😢😢
You always amaze me with the new content you come up with.
Hope that you and Lisi are having a great weekend.
Blessings,Carlos ✝️🙏❤️😊🇺🇸
Have a beautiful weekend Carlos!!!❤🙏
Such a treat to see Michael and Brandon in the same location! Thanks to both of you for a great video on a serious subject.
Really enjoyed Brandon’s input. He really knows his subject and expresses well. Learned a lot.
I don't have that problem. Because I will never, ever buy a brand new car. No I will never owe no one money. Because I live alternatively, everything I buy is used and it lasts me for years. That's the way to go. Everybody wants to follow the Jones's. This is the problem, not your paying the price with your fools, not me.
How does one live alternatively?
Not everyone wants to drive around in THE THING 😉
@@stephengeorge3507 That's fine, but you can't afford to buy brand new. That's why all these problems are arising. But I don't have 0 problems, so I'm not complaining.
@BREEZYM6015 Easy downsides live small live due. Van life live a Harvey life is. I'm at home. Have a small room stuff like that. That's alternatively instead, a pain 1500 for 1 bedroom or tooth $1000 a month to an apartment which most people are doing. And they struggling and people have to do 2 jobs just to pay rent. I'm not in that position. I'm lucky. I'm welcome. I feel like it and I still. Live a productive good life because I spend a lot less money which means I have more money. In my pocket and I have emergency funds because of it, most UP will do not because you spend most of your money, paying the high rent.
Agree, The Jones’s are heading off the cliff, no thanks.
Super cool to see you together, I watch both of your shows and never miss a drop. By following both of you I can clearly follow the economic collapse in real time.
This channel deserves to grow in subscriber numbers. Great information.
Breaking news. 50 year contract between the US and Saudi Arabia petro dollar has ended June 9, 2024.
What does this mean?
@@BREEZYM6015 That means the dollar will not have the same value. Anyone in the world can bypass the USD now. We'll see. I guess the dollar won't have the same global trading power.....You better start saving your seeds, stocking up on toilet paper, and learn how to make your own bread.
The Russian Navy will be down by Florida in a few days. The Saudis are smart to distance themselves from anything western. The writing is on the wall.
@@BREEZYM6015 Putin was paying 70% of his buying in dollars before the war. As today's days is estimated that he is using only 20% of his shopping in dollars. Arabia Saudi use the dollar for its shipping and selling ( I do not know what percentage). But now that the deal is over ..that percentage will go down...
Absolutely !! Wake up America. Thank Biden. Chinese backed with gold a d they accumulate. The gold mines . Russia are slick also . Presidential election ??? Maybe not.
Good for Brandon to be open and honest about the lending process and taking time to explain to others
This is great news for private citizens that can purchase at auction cheap
The prices of automobiles are rate through the roof... I just like you to know that the quality of these cars is total junk look at the people's reviews it's just total garbage.. do you think because you spend $100,000 for a pickup truck that it's going to be problem free.. it's total garbage
still driving my 2007 toyota hatchback. never really had a problem except water pump at 150k miles and also replaced struts and shocks, brakes, and one coil pack (computer told me what the code was). not trying to impress anybody. I laugh out loud when I see all the teslas and new suv's. I am in california and they are trying to charge the ev owners by miles driven now because they are not getting enough tax from gas sales. it's a vicious cycle. my license plate frame says "don't laugh, it's paid for".
I'm not surprised to learn that EV owners will have to pay a 30 cent per mile surcharge in order to fund a deficit in the Cal-Trans budget....The California State Government created this (Fucktastrophe) and it looks like "The Monster" has turned around to bite them in the ( Ass!")
I literally told anyone looking to buy an EV this was on the Horizon. The greedy sociopaths in Government will never take a pay cut !!
I remember people around me getting into new cars they couldn’t afford they knew but didn’t care it was all about getting the most luxury.
We have a 3 year loan on our truck and we put down 12,000 cash on a used truck. And our payments are almost nothing , we did it to improve our credit because we both had okay credit and now we both have excellent credit. It should be against the law to charge people 20% !
If you can't pay cash for a car, you don't need it...
lol! Own nothing and be happy
That's ridiculous.
If you can t pay cash for food, you don't need it
@jimcrawford3185 That's a bit different, but if you can't afford food, maybe you should get a job. Preferably in a $20 an hr CA fast food place...
@missjohnson7487 it's coming down to that unless the Russian armada that just pulled into Cuba has anything to say about it.
So many people on here saying people are stupid to buy truck's and suvs. I've had nothing but bad luck with cars. Recalls, mechanic costs etc. I currently have a 20k pickup truck I had to finance because I didn't have 10k in cash to buy a decent vehicle back when used cars were skyrocketing in price. I'm glad you found a deal, bought your home before the real estate bubble etc. Be grateful. Some of us are trying to start a life now that it's almost hopeless to even try now. What's next? People complaining about others spending excess money on food? Get real people.
Nothing wrong with a cheaper truck or SUV, the problem is people paying $100k for a truck which is what Ford and Chevy are asking and people are paying. It’s ridiculous.
Taking out a loan is not a bad idea if you know how to budget, use your credit wisely, and pay down your loan quicker than what amortization schedule says.
General Motors cars ?
I had a defense contractor engineer colleague - who after he got divorced in the late '80s and left with only $600/mo to live on (!) started up a used-car business - that I sold my 140K (?, LOL, the speedometer wasn't working for about a year or so) Ford Thunderbird (before it returned to being a cool coupe) with lots of issues for $1400 (as a 3rd-party trade so I got credit for not having to pay that in sales tax on my new car), and he dumped about $500 into it to make it saleable, and sold it for $3995 with $1K down and 36% APR, LOL. A few years later he said that the guy quit making payments because the car had broken down, so he repo-ed it, and was thinking about just shipping it out to the auction, LOL.
BMOC (Big Man On Campus) Syndrome is coming to a screeching halt. The days of look at me, look at me, are over. Having something you cant afford doesn't get you looks anyway.
How many repo's had regular oil changes?
Always wore his letter jacket
Was trying to sell a 96 Ranger for $2200 few years back. A lot of people thought it was too much, but instead they'd rather go to a used car dealership called "Sleazy - R - Us" and pay between $3500 & $4 K. With an interest rate of 25%, plus full coverage ins.
A repo isn't the end of the world for credit. The missed payments prior to are probably more of a menace. Pay it off if still owe after the auction. You'll be ok in a couple of years after that.
This one hit home for me. I watch both of your channels all the time. My wife and I have worked extremely hard to pay off our home and 3 cars . We live well below our means. Last week, someone stole my car right out of our driveway. People with bad credit, no credit, and no money don't care. They will just steal what they can't afford and leave those of us who work hard for everything to deal with the aftermath 😢
Haven't had a car payment in 23 years. 2001 Chevy Silverado 1500 with the 4.3 I bought new in 2001. 78000 miles on truck
Good for you. Our last car payment was in May 1977. All cash since then .We are longtime keepers even in marriage 56 years this year. Call us boring .
5:35 We had one of those, trans failed at 70k, replacement lasted until we junked the car around 180k. It had a lot of Ford parts on it that all failed regularly.
Passed by 2 used car lots in snellville GA. The lots were packed with luxury cars
Poor people buy those cars. My first job was at a buy here pay here for a summer. The poor people prefer the luxury cars. A practical car will rot on the lot. Back then the big sellers were Cadillac’s, Buick Electra’s, Oldsmobile 98’s, Chrysler imperial’s and Lincoln’s.
Not only do you need the out-the-door price, you need everything broken down and to know how to calculate your own payment. Car dealerships are shady AF and will add all sorts of extras in to make extra money off you. I pay cash for vehicles now, but when I last financed I let a Nissan dealership run my credit, I qualified for the special "low finance rate", they still had my payment padded with fees for people with shitty credit, (among other things).