When I was a kid +20yo we had to qualify for the loan. We couldn't get a loan for $500 down and $747/monthly payments to the bank on the average income? How are banks justifying approving these loans? It's the financial institutions to blame.
Debt is evil. Except for your main home where you put down 20% cash and only take a 15 year mortgage, if you don't have cash for something, you can't afford it. This is *especially* true for any thing that loses value like cars. Debt is absolutely evil. Avoid it at all costs.
I completely agree. However, you must not live in a major metroplex with no real way of getting around aside from a vehicle. Work can be upwards of 70 miles away and if your car goes down, you lose everything. So, in some cases, the vehicle is just as important as your main home. If you do live in that type of situation, I would love to hear how you manage to commute to and from work.
@@ln6964 I have a 35 mile commute each way to work every day. I save money and buy good used cars for cash. I also keep cars until they have several hundred thousand miles on them. Most of the cars I've owned went to the scrap yard when I was done with them.
Sorry but even for your own home. We live in a debt based society now where everything is debt so it’s very hard to avoid. For real estate it is more acceptable but it’s still evil.
No it's Greedflation the increases in insurance rates. I traded in my tesla model y when the rate went up to $500 a month vs $100. Stating it's a luxury and un repairable. It's a minimum car and it's a certified rebuild. Insurance. That's the hidden cost that we can't control there record profits.
Many Americans think that giving the car back is the end of their debt. They don't realize that the moment they sign the paperwork, they owe the lender the full amount of the loan. Giving the car back after 2 years and having it sold at auction generally leaves you with a remaining large amount of money owed to the lender.
One thing that always stuck fore is when my driving instructor said that driving is a privilege. With that I always keep that mindset and never put my hard earned money in something that is easily taken away if you mess up. Focus on your priorities and spend wisely!
So many people are losing their vehicles since the lenders weren't concerned about whether someone could pay for the vehicle. All the lenders would have had to do is look at what you make and then base that on what you can afford. You shouldn't be paying more than 10% on a car payment than you make per month. If you make 5k per month then you shouldn't buy a car more than $500 per month. The problem with all these people that bought cars they shouldn't have is it's bad for the economy by driving the prices up and making it so the entire financial structure is messed up. The government shouldn't be your safety net it should be you having your own safety net. One thing that's terribly missing is any kind of person's responsibility.
Already sseing this on the auction, cars that before were haggled and over bid on are now being let go for cheaper than seen before due to dead sales on everything rn not just cars.
I just got repo'd because I needed the vehicle to work to pay the loan. Lost the vehicle for 2 months as the engine needed to be replaced. No vehicle, no money = repossession. I'm fucked. My credit was already fucked. I'm poor and keep getting poorer. Nothing I can do about it either. Working more at $15 dollars per hour isn't going to do anything but waste my life. I'll be homeless soon no doubt.
![F.HERO Ft. JSPKK x ลำไย ไหทองคำ x M-PEE - ไม่สนิทบิดหมด (Thai Riders Anthem) [Official MV]](http://i.ytimg.com/vi/kPJZ0UihBfk/mqdefault.jpg)
When I was a kid +20yo we had to qualify for the loan. We couldn't get a loan for $500 down and $747/monthly payments to the bank on the average income? How are banks justifying approving these loans? It's the financial institutions to blame.
Debt is evil.
Except for your main home where you put down 20% cash and only take a 15 year mortgage, if you don't have cash for something, you can't afford it. This is *especially* true for any thing that loses value like cars.
Debt is absolutely evil. Avoid it at all costs.
I completely agree. However, you must not live in a major metroplex with no real way of getting around aside from a vehicle. Work can be upwards of 70 miles away and if your car goes down, you lose everything. So, in some cases, the vehicle is just as important as your main home. If you do live in that type of situation, I would love to hear how you manage to commute to and from work.
@@ln6964 I have a 35 mile commute each way to work every day. I save money and buy good used cars for cash. I also keep cars until they have several hundred thousand miles on them. Most of the cars I've owned went to the scrap yard when I was done with them.
@@ln6964 Keep 2 paid off spares and save money for repairs.
Sorry but even for your own home.
We live in a debt based society now where everything is debt so it’s very hard to avoid. For real estate it is more acceptable but it’s still evil.
You are so close to the truth...
Purchasing a home with debt is the biggest scam in history.
No it's Greedflation the increases in insurance rates. I traded in my tesla model y when the rate went up to $500 a month vs $100. Stating it's a luxury and un repairable. It's a minimum car and it's a certified rebuild. Insurance. That's the hidden cost that we can't control there record profits.
Don't buys cars now if WE hold out the car market will TANK and then rates and prices will ⬇️ fall. 🤔
Easier said than done, but I agree 100 percent
@@deedeesnicksThere's one born every minute.
Many Americans think that giving the car back is the end of their debt. They don't realize that the moment they sign the paperwork, they owe the lender the full amount of the loan. Giving the car back after 2 years and having it sold at auction generally leaves you with a remaining large amount of money owed to the lender.
One thing that always stuck fore is when my driving instructor said that driving is a privilege. With that I always keep that mindset and never put my hard earned money in something that is easily taken away if you mess up. Focus on your priorities and spend wisely!
I could see something similar happening in housing market... soon.
So many people are losing their vehicles since the lenders weren't concerned about whether someone could pay for the vehicle. All the lenders would have had to do is look at what you make and then base that on what you can afford. You shouldn't be paying more than 10% on a car payment than you make per month. If you make 5k per month then you shouldn't buy a car more than $500 per month. The problem with all these people that bought cars they shouldn't have is it's bad for the economy by driving the prices up and making it so the entire financial structure is messed up. The government shouldn't be your safety net it should be you having your own safety net. One thing that's terribly missing is any kind of person's responsibility.
Show me a car that costs 500 per month. There aren't any.
People need to learn how to budget, end of story
There should be mandatory courses on budgeting and economics for people who get their vehicles repossessed or claim bankruptcy.
Okay boomer!
@@mackdye9070 - there should also be courses on how to get your Gen Zer out of the basement.
@@RedEyeCNo tech boot camps. You want something to do? Go dig a 💩er.
How to budget your way out of inflation. Thanks Federal Reserve!
Also car insurance is rising adding more $ to a car payment.
Already sseing this on the auction, cars that before were haggled and over bid on are now being let go for cheaper than seen before due to dead sales on everything rn not just cars.
It's because the put it on credit ... this is most of America works .. show off no matter the depth... but one hick up and boom
Possibly overpriced cars result in payments that people can’t afford.,
Haha I got a cameo in the video at 4:22. Only thing is that it was a prank. Car was sold not repod I got a new lambo 🤙🏽
I'll bet most of the Ferraris, Lambos, GT4s, and Cybertrucks are being repossessed from YT "influencers,"
How do we know that these cars are not cars that have been damaged by floods in Florida?
It means sone showoffs buy expensive cars with other's money
Daily is 2020 f150 and secondary is Mercedes Benz SLK. Both paid off and titles in hand. Best feeling ever.
The WHOLE industry needs to collapse the sooner the better. Everything is through the roof people can’t even buy food.
Just paid off my truck this year, repo man can’t touch me😂
Most useless and stupid comment 🙄
@@mame-lomamee why are you mad? Are you a repo man?
What’s up with the weird pink microphone ?
He thinks its a penis
People would have to go through repossession if banks gave out 120 month car loans. Everybody wins. 😂
Shopping for a good used car, stay away from repo’s and branded titles. Ask me how I know!
What’s a branded title?
Thanks for the economy history lesson that gets repeated at the beginning of every video.
I'm on my fifth lease. I'm paying $50.00 / month more than five cars ago. It can be done. 😎
Lol Is that the BBL drizzy beat?
if they can’t afford they should have. bought it to begin boo hoo
6:16 - nice '68 Pontiac Firebird. Had one exactly like this with the 400CI engine.
I was about to take a $1500 monthly payment for 2024 Tacoma glad I didn’t pull the trigger especial in this economy fuck that
That's twice my mortgage payment. No way I'd ever pay that much for something someone texting while driving is going to run into.
naw. i bought a new 2024 Cadillac XT4 , traded in my 2014 Toyota highlander
i only pay 500$ for my car i cant see myself paying 1000 a month for a car💀
500$ is insane 😮
I can imagine ever paying a car payment and I just bought a 2024 C8, but I dont buy what I would have to finance
We pay 1560 for mortgage . Good luck not financing a house in cali 😂
I just got repo'd because I needed the vehicle to work to pay the loan. Lost the vehicle for 2 months as the engine needed to be replaced. No vehicle, no money = repossession. I'm fucked. My credit was already fucked. I'm poor and keep getting poorer. Nothing I can do about it either. Working more at $15 dollars per hour isn't going to do anything but waste my life. I'll be homeless soon no doubt.
CyberTruck owners are don''t get repo Bro.
Let's not be stupid
Hahahaha.😅
I've never owned a cat I did not buy outright
Did you say upper class is affected by repos? Really? With all their Republican Trump tax breaks. LOL. Welcome to the poor class.
.....Spend it Kids ....SPEND IT!!!! ...Little Guppies in The Ocean!
Vote Trump if you want to afford and car and a house
Yeah, cuz Trump represents the poor. Delusional.
@@ccrozz99 Bidenomics doesn’t work. We can’t afford to vote based on “personality” we need a business man at the helm to fix inflation.
I dont remember struggling when he was president. @@ccrozz99
I don’t think he can fix this. Def don’t think Harris can fix it either.
😂😂😂😂😂😂😂😂 yea right.
Thumbnail is pure clickbait. Starting to really make me hate this channel more than I already did. I'm just here for elon's downfall.
Bidenomics at best!!
And with the federal reserve dropping rates this is going to have a flooded market
And this is becoming a buyers market 🤌🏽🤌🏽🤌🏽 can’t wait
People are sooooo stupid they think Kamala is gonna fix all the mess they made in 4 years 😂😂😂😂😂😂