New Auto Loans getting DENIED
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- เผยแพร่เมื่อ 18 พ.ค. 2024
- New Auto Loans getting DENIED
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The other problem with buying a Mercedes, is buying a Mercedes out of warranty and having to do maintenance on them. There is nothing like having a $650 payment and a $3,000 problem popping up a week before Christmas😅
Christmas is as much of a scam as the Mercedes.
Is it's an S63 etc that's front pads and rotors.
Ouch
@@carlt6932k
In other words: reality is reasserting itself. About bloody time.
Facts!
They've been kicking this particular can down the road for over a decade. There's only so long you can do that for until sh!t starts to implode. And the longer it's done for - the worse the collapse at the other end.
If they'd taken the L in 2008 and allowed for correction then and there, we'd be in a much better position today. Forcing them to be sensible may well have avoided the 'rona frenzy.
We were looking at a new SUV ($45K). Very good income, debt free except for very low mortgage, great credit. We’ve always financed $10-$20K used cars just because of kids and pets and you know how cars can get. Those cars always lasted us many years. Kids are out on their own, finally ready for a brand new car. My wife and I looked at each other and just said, “WHY??? The crap is starting to hit the fan with our economy. We’d rather have more money saved away!” I already have a super low mile 2006 used car identified for $11K, came out of an estate sale. Will just buy cash and watch the expensive trucks burn up their owner’s bank account every month. If the banks stop writing loans for all but the most qualified buyers this will accelerate us into a major recession and it’s going to get real for people when the job losses start to stack up. I’m not against people buying new cars but sometimes the prices are just stupid high.
@@chrism5859enjoy your empty nest years with hundreds more in your account each month because of this choice 🎉
@chrism5859 plus the way i see it the only thing you're paying for ANY new car is the rights as the first owner & the depreciation the moment you drive it off the lot.
Dealers are using this as an excuse to force customers to pay a large down payment. A co-worker went to a local dealer to get a new Chevrolet truck (I know, I also told him never buy a GM product too). He was ready to pay $5,000 down payment, has a credit score over 800, makes $130,000 a year and owns his current vehicle and house with no debts. The dealership told him he needed to pay $25,000 down to get qualified. I told him to bring me the paperwork, they wouldn’t let him but he snapped some photos. When looking at what the finance guy did he marked the truck below MSRP as it was advertised but added $25,000 in fees so the amount they wanted as a down payment wouldn’t even go on the truck, it was going to be cash in the pocket of that sales guy and finance guy. They are still trying to rip people off!
That is their nature, they can't help it
Share the name of the dealership so someone that's not aware of this scam never goes there to buy a car.
This is very true on every dealership if you have 700 or more do not ever ever give away more than 1k do zero down payment even with a lower credit 580-680 never do more than 3500
500-580 never more than 5k
Under 500 buy cash what ever you can afford not financial advice
What dealership??
Name them
Too many people have too nice of cars. Can't tell you how many people have a BMW/Lexus in the parking lot of a townhome complex.
Lots of nice cars in crappy apt complex’s
@@LuckyLopez777 I own a '24 Lexus ES 350, but paid cash for it.
Wonderful story Jason, wow, compelling
A wise man once told me “don’t buy an AMG until you own the garage where you park it”
@@seachickens4u😂
Some people need to get denied to save them from themselves.
some people need to be told "that's too much car for you"
Facts!!!
Them want it even more.
To be honest, I wish a banker had told me that 24 years ago.
Yep if you can’t pay cash then you can’t afford it.
Thats racist and you know it!!!!11111 *frothing mouth*
The bank turning you down for a 100,000+ mile Mercedes is doing you a favor. If you can't afford a luxury cars until it is high mileage you can't afford the maintenance to keep it on the road.
I know 5-6 guys who buy nothing but Mercedes and bmw, do all the work themselves and it costs them a small fraction of what “dealership service” would cost. A Mercedes with 100k miles is no different from any other car to them. Parts can be bought from scrap yards or amazon.
@@BB-ed4om That's all fine and dandy for the 5-6 guys you know. They have a skill set that will allow them to maintain that type of vehicle economically, maybe even make money, but that is not representative of the hundreds of thousands of others who buy that type of vehicle and rely on repair shops. The most people may think about the cost of repairs, at purchase, is maybe buying a warranty. Some pass on that because of the extra cost and find out latter the mistake they made.
I used to be a mechanic for Manheim in Atlanta. I saw plenty of bank repo'd Mercedes-Benz, BMW and Land Rover vehicles that had mechanical issues. A lot of times, the cars would have shop numbers hanging from the rear view mirror. The repo guys would drop them on our lot straight from the repair facility. That helped me understand why banks are leary of European cars in particular.
you will have job security with all the repos coming in lol
Hey btw we enjoy and appreciate your videos sir
Where are you now? Is it hard working for manhiem? Flat rate?
Scotty Kilmer joins the endless money pit chat
A neighbor of mine owned a used car dealership and once told me "when the car stops so do the payments".
I bought my car with cash and I’m glad I did that after hearing what you’ve been saying. One salesman was mad that we couldn’t agree on couple thousand dollars of difference and just stood up and left me. So I went to another dealership and bought the same car for same price I offered that same day. And the next day the guy called me asking if I still wanted the car. 😂
nice. you should have sent him a pic of the car lol
Lol love it. What did you said to him?
😂
@@Healthylifelexhi❤
I support this monkey branching behavior.
Cars don't cost 28000 dollars anymore either. 42k MSRP SR5 lol used to be 28k
I work in lending, taking applications everyday. Some people are insane, barely making 30k year and wanting a 70k vehicle. I blame the consumer as much as the dealers both parties are at fault, and the banks that let it happen also. We recently increased our LTV to 130% when in reality we should be going down to 110% at most
OMG
Which lending company?
I've seen $23.00 per hour individuals driving brand new Range Rovers . crazy.
I came here to the US about 8 years ago and found fascinating how easy was to "afford" anything with debt in this country. Also found it scary at the same time how people could just be 40k in debt. The problem is most people think they "deserve" or treat themselves with cars/goods out of their range. Just live within your affordability range and enjoy the time at hand. How hard is it?
Well parents have to teach their kids to not be entitled. But everyone is a princess or a prince...
Saying "no" to yourself? Feeling like everyone else has more than you? Very, very hard. But necessary, of course.
People in America aren't remotely poor, they have had insane lifestyle creep. People here now feel that Uber Eats is normal and that if they can't afford to get something through Uber Eats then they can't afford to eat. It's a country of stupid people.
Too many people see people bragging on social media about flashy cars and that makes them want it too
Harder than being a wiseass and claim to know what most people think, that is for sure. 🤭
Sounds like there is a consumer reset happening now. Reality hits!
$$$$
Wife & I each drove half of 220-mile round trip in her car today. I promise you that we each had as much fun and comfort as any driver around us. Her car is a clean well maintained '07 Accord V6 6-speed manual trans, my point is 7 years ago we paid $6,700. cash for it, and it had 57,000 miles. Today it has 142,000 miles, so for the car alone $6,700 div 85,000 miles = $.078 per mile & it is still running perfectly with no end in sight. If I have the need to be a little sporty, I'll just drive my hot-rodded '04 Civic hatch. No car payments from this family for the last 20 years.
Drive good cars like those Hondas long enough and they become classics. BTW buying a nice spare/future ride now before prices go crazy is a fine idea if you have room to store it.
Make sure you stay on top of the timing belt. If it lets go you can kiss the motor goodbye. You're well overdue if you haven't done it yet.
I've been on the lookout for that exact car. The Accords back then still had the best suspension.
@@quademasters249 Timing chain, water pump, & motor mounts done, struts (coilovers? maybe) soon. The hatch has K24A2.
Paid cash for my rides, never wanted to owe on them, daily is something different and I'm ok with not owning the newest thing to show up on the sale lot
you didn’t have as much fun as I do in my S550 Mercedes guaranteed 😂
Sometimes the correct choice is to fix what you have or pay cash and fix that. Anything that is the same as your house payment is a mistake.
buy a cheap car. and drive it till the wheels fall off
@@LuckyLopez777Lucky you sound like Clark Howard and that’s good.., I drove beaters forever and used to joke when I filled the gas tank the car doubled in value. Once drove a Chevy cavalier with 250k miles totally whipped. GM probably wanted to figure out how it lasted that long!🤣🤣🤣🤣
I have had a lot of really great cars, but believe it or not, a garage kept, 70,000 mile 1966 Cadillac I bought in 1992 for $250 with a bad double u joint was my most enjoyed. It's still around and will probably be here when I am not. lol@@LuckyLopez777
My grandparents always paid cash for their cars. I paid $9000 in cash for car that gets great mpg and looks great too. Americans need to delay their gratification!
$$$$$
Amen 😃👍
If more people did that the system would panic. They need desperate folks to keep the machine in production
I agree in principle, but since the 80s at least our entire economy is based on cheap credit. It has only gotten worse since then. I can remember 10% savings accounts. Now it 0.5% plus an annual fee. They don't want people to save for money because money in savings is not money in motion and they need all the money to be in constant motion. That is what the largests banks and the FED understand, the juggler has to keep all the balls in the air, They have to keep trillions of dollars in motion. They like a few to be debt free just to give the rest a hope that 'someday I will break even also' privately they want 90% of the population to be in every greater amount in debt.
@@laser31415 very true indeed! Excellent comment!
I already knew this. I use to sell cars at Carmax and this is why Carmax’s cars are overpriced because it builds in the margin to offset the cost of paying a subprime lender like Exeter, Santander, Westlake or American Credit Acceptance to pick up the loan. For a good credit customer where there’s no fee - they are more profitable.
Banks do not plan to be left holding the bag.
Facts!!!!
They are part of the plan to crush small businesses and make sure people own nothing and are happy with their pills.
Try forcing a person who came for a Hellcat - into a Dodge Hornet.
Pure comedy
*pulls credit*
Can I interest in you in this pre owned Dodge Dart instead?
GOLD 😮 🤑🤣
With the pack of scats.
Yeah going forward my next car gonna be cash.
$$)
The damage is already done. They should've turn the money facet off 5 years ago.
5 years? More like 10-15 years
Agree 👍. Insanity of easy money, and the idiots who will take it. Then blame you for all their problems.
It should have been turned off before the bush cheney administration when it was being talked heavily. Suddenly 9/11 and an invasion of Iraq. Excuses to print more money to flood the world with which started devaluation of the dollar
They couldnt have done that, they were busy creating the new problem
@@sanangelo7926if you know they're doing it, and won't stop.... Profit from it. I really hate this new meta where people just cry about things but they could easily just make money off of. "big banks are all powerful."then buy their stock." were always at war "then buy their stock. I swear, I live in a country of people that might not actually think ever.
I would say rule of thumb is don’t buy a car costing more than 25-40% of your income. 100% would be nonsense, even if you have no debt.
nutso, I pay 5%...
During the pandemic, police largely ignored expired temp tags. People drove for a couple of years on them. But now, police departments are death on expired tags. They are really cracking down!
Yup just Saw two cars get towed this week that have been parked with expired tags (for several months)
I am so excited I just paid off my car and have zero plans on taking on a car payment for a while.
Amen,mine was payed off last may…never again , no one wants car payments in todays post Covid world , everything has gone up, there’s no wiggle room for a big ass payment anymore…
Thanks for a great cautionary video. This needed to be said! Carry On Sir!
It’s a lack of education. My office is in a lower income area. You could buy a house for $80k. You’ll see 50k cars sitting in the driveways. They spend more on a depreciating vehicle than they will on a house that will appreciate over time.
I have a confession: I was one of those fools who bought a car they couldn’t afford, but this was back in 2019 right when I was leaving the military. I quickly got behind and through my communicating with the bank they never repossessed the car,… A few months ago I was notified that They were mailing me my lien release, and now I’m waiting on my title to come from the state where I used to live in. It made me laugh when you said the tags were from 2020 because mine are from 2023… But I’m getting my shit together and I consider myself just fortunate that I went through all of this before now when a lot of people are about to be fucked.
Good it's paid off 👍. Now don't be like the rest of these idiots by trading it in for another car loan just to start the process all over again.
4/12/24....THANK YOUR FOR YOUR SERVICE.
I AM AN AMERICAN PATRIOT + HOPE WE CAN GET THIS COUNTRY BACK IN SHAPE.....
GOD BLESS AMERICA + OUR VETS!
@@eileeneclark9011 Your caps lock key is broken.
We make 150k a year and we don’t even spend 50k on new car, we tried to stay bellow 40k
Whether $150K is good or not depends largely on where you live. That $150K is far better in Alabama than in NYC.
@@jerrylundegaard2592here in pa 150k especially with how cheap my house is would be rich lol.
Wow! Very educational, thank you.😊
Financial tip of the day:
Spend LESS than you earn.
Have a great day.
Great insight. Thanks again Lucky! Liked and all that
I appreciate your knowledge. Thank you.
Cars are definitely what keeps a lot of poor people poor.
You continue to amaze me Lucky …..keep up the great work !!
Thanks, will do!
I appreciate this video. I learned a lot. ❤
Not a bad video. This definately seems like a non-franchise dealer. I run indirect lending for a +billion dollar financial institution with hundreds of millions of dollars booked annually. There is no such thing as lending wheel or a lending chart, it's called a decision tree or decision engine. Banks love luxury vehicles, specifically new ones to affluent buyers. Some banks like older cars? No sir. Banks hate used luxury vehicles. As far as emblem numbers, there is no such thing as an emblem number. There are 5 "C's" of credit, period. Keep your PTI under 15% and DTI under 45% and a good bank will jump on it. If a lender charges a contract acquisition fee, or requires recourse, that customer has no business buying a car. These are deep subprime lenders engaging in predatory lending. Would love to see a video on dealer participation, front end gross, and addendums. On a side note, buyers are a fickle bunch. Many hate certain occupations (truck drivers) and often require a garage once you hit a certain dollar amount (MTG tradeline) and the car's monthly payment better not exceed that of the garage😉
Thanks Lucky, learned a lot.👍
Lucky, always bringing the real data. Learning soo much with your shows in my feed. Well-done!
…I drive/own a ‘98 Camry, and a ‘07 Civic LX….but, I live in a newer/bigger/nicer single house in an upper middle class neighborhood. No point of owning a fancy car (or cars) and live in a shack or w/ 5+ roommates tho. Just sayin’.
You’ve got your priorities straight 🎉
Breaking news…… people don’t need leather, sun roofs, massage seats etc . If you can’t afford to pay cash for a luxury car you can’t afford it and a simple car like a base Toyota or Honda will work for you
facts
Capital One offered me a loan if I put 50% down. Income of $75k a year.
Interest would kill u from those prix
Thanks for sharing
Whether Capital One was being fair or unfair depends on the deal you were trying to finance and on your credit/risk profile. If you are trying to buy a $100K vehicle but only qualify for a $50K loan, you would need a 50 percent down payment. If you were trying to finance a $45K vehicle, there would be no down payment required.
It’s either the amount you are asking vs what they approve . Also your credit profile . You can have a good score with just one credit card .
I make right about $90K/yr and bought a used car in 2021 for $40K. Literally the most expensive car I've ever purchased in my life and even I felt sick signing that loan. I cannot believe the amount of people out there making ~$50K year and buying $60K cars. And....the amount of people too that have taken auto loans with zero money down, now upside down and paying GAP insurance. Insanity.
The car market is the new big short.
@ppppanda3009 can't wait till the 6 month stretch iam already seeing dealership getting desperate
Lucky, Thanks for letting us see the reality of a business that many of us have never seen -- from where you sit!
This happened to me years ago: car salesman tried to convince me that the car he wanted me to buy was affordable because the bank approved my credit application. 🙄
The car was fine, but it was about 8k over my budget. They didn’t have the car I wanted available. What a waste of everyone’s time that day was. I bought a used rental from Hertz in 2018 and plan on driving it until the wheels fall off.
Why does car shopping have to be so abusive for the customer?
get a Tesla. no salesmen if you don't want any.
Lucky, great videos,thanks.
What is going on at CVNA? Was given up for dead in December 2022
Yeah people don’t think.
I make over six figures and felt my 2018 Mustang GT which was $35,000 was a bit much.
I know people that make half of what I make in Hellcats with $1200 plus car notes.
Great video. More videos with these model cars and demos, super cool
Excellent video . Well presented . Thank you.
I was just at the am/pm on pecos and windmill and saw two younger guys in a new 100k plus bmw putting in $2.37 of gas. They paid with change….what’s wrong with this picture!! Thinking maybe it was stolen??
Lost all their cash gambling (?)
This is very true. Guys with $60-$70,000 a year. Salaries are trying to go and buy a pick up truck that is at or above their annual salary. They are either not getting alone or getting a real terrible deal.
Good cars for cash strapped people and really anyone are the Cambry and Corolla base models. Getting all the bells and whistles are what runs the price up. If I was going to get a new car today, those are what I would be looking at and I could pay cash for most anything I wanted. Car status left me about 30 years ago.
Same here. I made the mistake of buying a new toy when I was younger and I'll never do that again. Base model Camry or Corolla is entirely sufficient for getting around town cheap and for a long time.
Cash only for non certified used cars on big dealer lots in Louisville, KY. The same thing happened in 2008.
$$$$$
If you haven’t got the cash you can’t afford it simple as that..
I make pretty good money, have 830 credit score and I refuse to buy a car more than $20k. They still last a very long time.
I wouldn't buy a luxury car any way unless I was leasing. repairs are too expensive.
That depends on the make and model. Something like a Lexus ES is basically a more luxurious Toyota Camry.
I've been seeing a new trend in the smaller lots of the price being advertised as the "cash price". If you need financing, the price goes up by $800-2000. Now I learned it's due to buy fees. The dealer is desperate to offload the car and doesn't want to lose a cash buyer by marking up the car by the buy fee. I've heard having two different prices like this is illegal but many small dealers are risking it.
I consider myself an educated consumer, but I still learn a lot from your videos. Thank you. Keep up the good work!
Student loans all time high and people driving cars that are way too expensive for their D2I.
Paradoxical, no?🤔
Wtf they learn in college? They should get a refund.
Informative! 😊
My wife and I make $225k annually and paid $58k for a brand-new 23’ Lexus GX460. Our kids are grown, and we only have one vehicle since I have a company vehicle. We don't even touch my retirement from the military or use it as income, and yes, it's a significant amount.
Good video. Yes, the banks dealer fee typically Tier 3-5 deals, but they also pay reserve on the top tier deals. Banks also look at payment-to-income ratios. Your monthly PTI should be in the 15 to 20% range max.
I’m in my 50s and I have a decent enough job. Still I drive a 2011 car and it works just fine. When it finally fails I’ll replace it with like a 2017 or something, after the initial depreciation has went out of the value. If you buy a Toyota or Mazda or even older Hyundais you can exist between 100l and 200k miles without much more expectations for maintenance than from 0 to 100k miles.
The system is crazy. The price of cars, AFTER adjusting for inflation is just through the roof and gets worse as manufacturers shove more and more electronic junk into them.
I haven't made a car payment since the early 80s (I'm 74 now). I just run old cars and do the majority of repair an maintenance myself. The only loan I have is my mortgage (so I probably have a bad credit score)
If the bank charges the dealer for the loan why don't the dealers like people paying in cash anymore?
Because. Cash means a lower price. Where financing they have a opportunity to sell the car for more
dealers will add percentages to the rate from the bank. Bank says 6.9 and stealer offers you 8.9 they make the money on the spread and they also make money on the kickback from the bank.
Some subprime finance companies are charging insane dealer fees to take the loan. I’ve seen 20% and don’t want to even finance the wholesale amount . High insurance rates is making it very difficult to make deals
Banks don’t charge dealers, it’s the other way around. The banks pay a commission to the dealer to incentivize the dealer to give them the loan opportunity. The banks all compete against each other to make loans. They usually have quotas too. They’re begging the dealers for the top tier customers etc.
Bottom line: Dealers hate cash deals b/c they make more money on financing although some dealers will pass along the bank spiff to make the price of the deal even cheaper if they’re really trying to get a customer to take a car deal.
Furthermore, dealers also have incentives from the OEM’s to get the customers to take OEM financing which is another reason why dealers hate cash deals.
It’s ironic, but cash is trash at a car dealership unless of course you have a 525 FICO with 3 repos, then and only then is cash King.
The smart play is get the best price buying financed then pay your new toy off in cash the next day. Business is war. Be devious because your opponents are.
Great information. I was wondering if you could do a video regarding purchasing multiple work vehicles. I plan on starting a small business providing courier services within the Philadelphia area.
always good stuff
Heyyy Lucky! I love what you do. I'm thinking of starting a dealership with my buddy here soon, but I was wondering if there's a chance I could have a conversation with you about it? Or atleast maybe if you could make an updated video about the cons/pros, what to excpect, etc.
Much appreciated!
Keep up the content 💪
No mercy for dealerships. I & many people have gotten screwed by them. I lost 18k ona lexus with bad head gasket and they just acted like they knew nothing about it...
I love any instance where the dealer gets screwed over by someone who never registers, insures, etc. because they sweat through with the sale when all the red flags were there.
Is it really a surprise now that banks aren’t giving out loans like they do lollipops and got some standards they are having issues? I don’t know anyone who can afford a $700+ car payment. That’s insane. I’m 54 and most halfway decent cars cost as much as I could buy a house for 30 years ago. We are also in the midst of a credit crisis so there is that too…it’s still an insane market and it will never get any better with the constant rise of car prices.
its crazy out there
"Yes, but our donuts and hotdogs fee is now only $1995, and we can get anyone financed/finessed, EVEN YOU!" @@LuckyLopez777
Thanks for the video. I didn't know that dealerships have to pay banks to take the loan. Is that also the case, for example, if you were buying a Dodge and got approved by Chrysler Capital?
Depending on the captive lender, they’ll give you a rate
I was just approved at 5.99 with CarMax. So still lending a bit I guess. They pulled my credit and to my shock had an 832, 😂. I was thinking mid 7’s. I stay way under budget and it’s only a 12 month loan. Needed a loan due to purchasing a few very large items that tied up cash. Cash flow isn’t an issue. People are insane with cars. My car represents nothing about my net worth. My watches may give people a hint though, 😂
Nice $$$
We are in Vegas for shows often, would love to meet up but that would just be strange and awkward. Met Hoovie and a few others at Pebble beach and was like, um… hey, cool show. Conversation ended 😂
6% is insanely high for a 832 credit score. Did you put anything as a down payment?
I offered, bought a few homes the same week so maybe that was a concern. Just checked credit and it’s at a 782 :-(
I would ask to refi but don’t care. I’ll pay off in full in 2 months
You see some of the nicest cars in trailer parks. Peoples cars worth more than their house!
I'm always smarter after watching your videos.
I second that, very educational, good teacher.
Great video, learned a lot!
Glad to hear it!
If you're denied a 6×6 G Wagon is likely you couldn't afford it so just thank the lender for saving you the repossession plus headache 😂
.thanks for info
We've got so many flakes out there with no life skills; the best part of many of them ran down momma's leg. I saw all of those old temp tags running around St Louis. BTW, I figured that if I was in that situation, I'd buy the the best Pontiac Vibe that I could find; a Matrix without the Toyota Tax.
Wells Fargo been stopped the auto loan department
If you have decent credit you have a bank and get pre-approved there.
I just went and bought a 21 Camry. I literally hate dealerships and I’ll probably keep this car for 10 years because I don’t want to go back. The finance guy completely changed my loan and tried to force add ons. He also wouldn’t give me the paperwork to take home and review. I asked for a 48 month loan and he changed it to 72 months. I only financed 10k at 8.4% but I’m so pissed at the whole situation that I’m thinking of just paying the car off on the first payment. These guys are either super desperate or just highly unethical people. I can see why people have such high payments. They are straight up taking advantage of people and jacking up the economy one sale at a time.
That is part of the reason why all my cars have been bought from private owners. Also meeting the previous owner will tell you a lot of how well the car was taken car of.
Im a small business owner and banks pass me by...
Woodside approved me fast at a good rate when i bought my Porsche.
(Not an ad 😊)
Just came from a video of Jay Leno driving that M1A. Interesting to hear the story of the car.
Thanks for coming. I love jays channel
If you need certain LTVs to buy a house, it shocks me that banks don't require 20% down for cars. 80% LTV is perfectly reasonable especially for something you will lose a ton of value on. It would be healthy for the consumer to make such a mandate. Expensive cars would have to come down in price.
That would hurt everyones 401K's so that will never happen. Just keep passing the blame down stream, then sleep easy at night.
I hope everyone's 401k isn't concentrated solely in publicly traded auto makers and car dealer companies. Besides, any big automaker can borrow money and do their own loans to consumers at any terms. I'm saying banks should only back 80% LTV. Last new car i bought was a VW Golf and they just took my word that i had income and financed the whole thing based on my fico score alone. Zero income verification!@@jpscharged
Sounds like this is what they are starting to do….gone are the days of sign and drive 0 down these vehicles are so expensive now to have a manageable payment and only go 60 months max on a loan you need 25-35000 down…which most can’t do , so they get away with 5 grand down on a 74000 truck go 84 months band still have a 800 payment…but what they are missing is that interest charge for adding 24 more months past 60 payments is not worth it and the banks are making out…
Thanks for the guidance on the 3 factors in buying the car
Didn’t know about the bank fee to the dealer. Is this a factor in dealer mark-ups?
My Honda CRV gets the job done!! Will be driving it until the wheels fall off
Capital one finally told me no after 2 loans before. I was shocked at first. Maybe don’t need a telluride. Thanks capital one.
Please explain to me why someone could take a car and not even make the first 2 I payments and not be charged with auto theft?
Good information brother
The economy is tough on everybody except for batman, who ended up getting the G wagon at the end of the video.
I’m just glad I got my 2024 Lyriq AWD!
But I had an 850 FICO and $15,000 down so it was EASY!
Let’s hope you don’t crash it because that $15k is bye bye forever
Great information.
Thanks for watching!
We bought a clean well maintained 2015 Volvo XC90 w/ 130k for less than 10k a couple months ago. It drives like a dream and has nice upgrades. Took a lot of looking to find something under 10k that wasn’t a Sentra with a transmission ticking time bomb but we’ll be happy to get 200k miles out of our Volvo.
Since really 2006, Americans have gotten used to "cheap" credit and are buying goods, from vehicles to cell phones that are WAY outside their economic ability to afford.
This seems spot on, in 2019 i was denied for an Alfa Romeo Giulia at an Alfa Maserati dealer but was approved with flying colors on a lower mileage C class. I can only guess the banks felt better about the MB reliability and likelihood of it holding up during the finance period. It's been solid and i'm done with it this year, a great dad mobile. But i am a car nerd and i respect other peoples insistence that MB's, Euros are dumb bc... sometimes the ARE lol
I have been buying new cars my entire life of 60 years.I have never spent more than $30k on any new car I have purchased.I dont buy suvs or trucks,which are grossly overpriced,and is where the dealers make all of their money.Thats why a lot of manufacturers have quit making affordable sedans and coupes,the profit margin is too low.
Good Educational Content
Car dealers in Central Minnesota (market area population over 100,000) have changed their advertising message to how fantastic they are at putting together creative financing to get you into a car. (fyi)
nice