The BIGGEST CAR REPO CRISIS In US History Is Happening RIGHT NOW
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2024-07-15に共有
In this video, we're talking about how the negative equity crisis could destroy the economy. Dealers charged too much and banks allowed too many bad auto loans. Repos are spiking and people are looking for ways to get out of their car loans.
My name is Brandon and I am a used car dealer. I created Car Questions Answered to share the ins and outs of the used car market from my perspective. I share with you updates on car prices, what's happening at the dealer auctions, and what it's like being a dealer. My goal is to share information to help you make the best decisions while buying a car to save you money. I do not want car dealers taking advantage of you.
Thanks for watching and please feel free to leave any comments you may have in the section below!
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*None of this is meant to be construed as financial advice, it's for entertainment purposes only.
#UsedCarMarket #CarPrices #carmarket #usedcarprices
コメント (21)
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90k for any vehicle is insane
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You need to interview a bank loan officer & ask them how they justified loaning 125%, 130% or 140% of MSRP.
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Once a car owner gets out of the need to keep buying new cars, all these issues are just white noise. Keep an old car in mint condition and avoid all the pain.
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I am 77 years old. When my dad bought a new car he financed cars for 24 months. About 1960 the 3 year loan became standard. In the 1990s the 48 and 60 months came on line. Now payments are like mortgage payments. This is not manageable. The decline in purchasing power is evident.
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My wife worked for a credit union. In one month alone they lost 1.5 million. Her agents were just handing out loans without researching the client. She was so stressed out that she retired.
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This channel convinced me to hold on to my 12 year old car.
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My friend told me that he was sure he could sell for what he owed on his jeep, $23k. I asked if he was sure and we should check KBB. It turns out the car is worth less than half of what he owes.
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This looks like the auto industry version of the housing bubble in 2008
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My truck has 500K miles on it and I'm replacing the engine right now. And I'm a used car dealer. I guess I'm just a cheap old fart. 😄
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If you have to do a 7year loan, you can't afford that vehicle.
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I lived in 2 countries in south america before coming to the US. I can tell you the reason why car prices here are so high is because how easy it is to get financing.
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The old carpenter I started working for in 1973 once told me: "A car will keep a poor man poor". How so very true.
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Its hard to belive that banks will even loan buyers a $100k to buy a new car or truck!
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So all of these people driving there shinny new pickups are paying $800 a month. That is crazy.
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My rule for buying cars is straightforward: If I can't pay for it in cash or with a pre-approved credit union loan within 36 months, then it's not for me.
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I’ve been car shopping for a commuter for a couple weeks. Dealers have cars priced at double the trade in value with 10 year old tires and do not care. Who tells the dealers that used car prices are falling?! Lol
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Insurance costs are crazy
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I have always told people that if you cannot afford to pay off a vehicle in 3 years, you are buying something that you cannot afford in the first place. Nothing worse than having a vehicle out of warranty, making payments, and being faced with a serious repair estimate....
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Brandon is a voice crying out in the auto wilderness.
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I always do 72-months loans and pay them faster, usually in around 3-4 years. My main reason why I do this is if ever I have a rough month and need to cut costs, I know I can lower my car monthly payments without asking for help.
