The Car Market is CRASHING HARD! Fields of REPOSSESSIONS!
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- เผยแพร่เมื่อ 6 ก.ย. 2024
- I can't believe my eyes!! Rows and rows of repossessions!!
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#cars #repossessions #carmarket #economy
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It’s the fall-out from everyone buying over priced cars during covid only gonna get worse .
One correction it was people using government handouts/welfare (stimulus) to do this.
The economy is shit but let's be honest, a lot of people are losing their homes and cars because they simply bought something they knew they couldn't afford...but they bought it anyway. Everyone wants to have the best and newest of everything and have this stupid mindset of " I'll just pay for it later" then later comes and it bites them in the ass. I really just don't get people today. Interest rates just went up here again in Canada, going to see a whole lot more repossessions.
Repos for homes were only 35,155 units in all 50 states. It is only 11 percent more than a year ago. That is nothing. It is about .30 percent, in 2010 it was 2.23 percent. We are far away from the recession of 2008 era.
If you want something new go base honestly
UR DUMB
I work for one of the lenders you metioned in the video. People destroying units before theyre repo'd happens pretty often. While these people think theyre sticking it to the lender theyre just sticking it to themselves. Seen vehicles that were worth more than what was owed but then the buyer decides to destroy it so its worthless at auction. So instead of possibly clearing your account , you get a charge off on your credit for the full balance owed or what the auction selling price takes off from the balance.
Exactly
As far as "sticking it to the lender" that really doesent matter to the buyer. I bought a chev cobalt brand new in 2009 & it was skid happy. So after I slid sideways a few times i knew then I wasnt going to pay it off. Anyway it was my 1st & last new car. So thats that. Sometimes ppl just have to ditch a car & not worry about it.
The market was so overinflated a couple years back. Kind of bound to happen.
I worked at a car lot in 2008. It was horrible. 700 scores with less than a 30% DTI, and they were looking at a 12.9% apr, and that was a good rate!! I really hope we don't get back to that point!
@@jayemrose exactly. An educated buyer is a banks worst nightmare.
I paid 9 percent as a new buyer. My cat damn near costed as much as a Corvette when I was done. I bought a grand prix gtp in 07
While it is true that the cost of living has gone up, a lot of these repos are from people buying cars that they couldn't really afford. If they had stayed within their true budget (which unfortunately might be a Nissan Versa), they probably would still have their cars.
Values have also increased a lot, so monthly payments have gone up as well because of a low down payment. Maybe people suddenly lost a job and then couldn’t make the payment.
It’s also rather concerning that majority of those repos aren’t luxury or recreational vehicles. Vehicles that people would stretch to buy. I would never consider my stretch car to be say a Kia Soul or a Optima or a base Toyota Corolla. A stretch car for most would be something like a Cadillac, a BMW, Genesis, Lexus and so on. The upper market daily drivers. Those used to be the most common repos from people who bought it that really should’ve not. (And obviously sports cars ranging from mustangs, vettes to Porsches). Would’ve never expected a civic, elantra, tahoe, sentra and a malibu to be sitting alongside each other.
@@hillstones I’m sure there’s a whole host of reasons why these people lost their cars.
Nissan Versa is a nice car. My neighbor has one and he said it's the most dependable car he's ever owned.
@@bc_usa I didn't say it wasn't a nice car. My point is that it's not an expensive car or a car that people dream about purchasing.
Love how you give the other TH-camrs credit....I enjoy flying wheels and car questions answered already but appreciate you giving them credit.
This is a dealership that sells to buyers with bad credit so i am not surprised that they have a large repo amount. They probably offer car financing with 20%-25% interest. It is still all about credit scores.
It is getting serious guys out there be safe and budget your money
Im in that same boat my cost of living has gone up exponentially. I pay almost 2k a month just for a place to live not including anything else out here in the midwest. Its insane seeing these things happen shows it could go bad/is going bad.
It’s a very hard time for everyone and I don’t think things financially are going to get better anytime soon. I just hope things don’t get worse. Keep making fantastic videos Randy, always love your content
yeppp so true
Yea it is going to get worse, been keeping up with the rumor mill that there is going to be a lot of layoffs later on this year going into next year. Lowes for example is planning to layoff a third of the company by end of year.
@@XX-166 💯💯💯
I've never had that much money but lately it's been going ok idk how much longer that's gonna last but life is good
If the economy were a hospital patient the doc would be telling you to get your affairs in order
Thank you Randy for taking the time to break down how serious it is with all of the repossession and the weakening economy
You're just seeing this? Lol. I had to close my doors on my sole proprietor used vehicle business here in Southern California in March 2023. Been losing money since the pandemic hit, even tried for government help, but they denied me. Yet they gave millions to fraudulent businesses. Lost my 401k trying to keep the business afloat, I just couldn't keep digging myself into a deeper hole.
Sorry to hear that. So many people are hurting right now...myself included. Good luck to you.
Randy with the Hyundai/Kia USB theft are the cars that use the manual key that can be easily stolen. The push button start you don’t have to worry about that issue! They are doing a software update free of charge
Except that the people doing the breaking in and stealing (aka ghetto kids) are not exactly smart enough to know this. All they see is Kia or Hyundai. Yes your car will not be stolen but it will still need a window and replacement steering column which is costly and there seems to be a long wait as parts cannot be found easy
@@Paopolomololl I own one of these cars the cost of living has gone up let’s be honest. It went up 25 bucks everyone’s insurance has gone up #facts
I knew we were screwed when one lady we were talking to at CarMax was saying how she just bought a used Toyota Sequoia with a 10% APR. When a 2009 Nissan Sentra fetches $3800 bucks with 100k miles for a trade in of course we are in a massive bubble. I think this video is just the tip of the iceberg as far as the economy going downhill.
1.2 million repo just in texas
Their economy is shaky tbh
this year ? or month lol
@@NickJThibault this year
I prefer the shifter over the push button transmission. Manufacturers did that so it would would be another way for you to take it in to have it serviced when it quits working👍
You realize the shifter is just a big button? It’s not connected to anything except a wire and a computer. A button would be simpler.
The did that so the vehicle can be controlled remotely which is a goal of the US government to be able to shut down a vehicle if they see fit.
@@RustyZipper The government does not have control of my 1963 Plymouth Savoy with a 3 on the tree transmission nor do I live in the US. The Mexican government has better things to do than play with citizens cars like they are remote control toys.
This is another data point towards keeping your old, fully depreciated, fully paid off, simple and easy to maintain/repair car going.
(Yes. I sound like Dave Ramsey)
I work at a buy here pay here on the west side of Indianapolis as an automotive technician. Throughout the day we get upwards of three to four cars towed in for repo a day. Blows my mind.
14:24 - Gotta love how blunt randy is lol! Great video sir!!
I work in the repossession industry yes I’ve doubled up so he is speaking the truth
How do we buy a repo car?
You are spot on Randy about the economy. I suspect you are going to see a lot more smaller economy car purchases in the next couple of years. I think a good part of this was people living beyond their means. These car manufacturers are out of control too. A fully loaded Jeep Compass has a 45k MRSP nowadays. Crazy!
I had a 2021 Elantra and I averaged over 40MPG. Very smooth riding car.
Everything you said is right everything has gone up like crazy
What makes a lot of these cars smell is that these people eat in their cars and they let their children eat in their cars. Then they don't clean up all the crumbs and the car starts to smell. Or they go to the Gym every day and they leave their gym clothes in the car all day....
I'm with you Randy I like having a shifter to instead of a button or Knob
Lots of repos doesn't necessarily mean the economy is bad. It can be from the used car market coming down from its over-inflated prices. That means people end up owing more on their car than the car is worth, so they just give it up to the lein holder.
Appreciate all the videos Randy! Times are weird for sure these days but I'm sure things could eventually balance out. Keep it up and can't wait for more content!👍
Googled it and yes it has a CVT. Be next to impossible to find a low end car these days without a CVT.
Not a 'low end' car/CUV brand but Mazdas don't have CVT's and general reliability as good as Hondas, Toyotas.
Not just low end cars. I really want a Volvo suv but they have them as well. Monkey Wrench Mike may have me convinced to get a Volvo car like I had back in the 90s because the Mercedes he is working on reminds me of it.
mortgage costs,food
and rent is sky high
It's for sure a struggle out there brother. Recession on the way? It wouldn't surprise me. But on a brighter note, I hope you are doing well.👍
I've found a 1989 Toyota RV with rare 5 speed column shift. Currently at $3200. Might be interesting as who can remember column shifts. Needs a couple hundred to bring it back. If it doesn't go for too much I might go for it.
It's honestly the time to get the cheapest cars together, get them fixed and get to flipping. Most won't be able to afford the inflated car notes so having affordable transportation available will be key to keeping the economy going.
They are not buying those either. I have 6 under 3000... Most have 150K or less, but they have some dings/dents, average condition for the age/miles. "oh no, I can't drive that, the car they repo'd was a 2021" ya well, you got 2500 bucks. this is what you can afford.
100%
@@patriotgarage are any of them EU registable? Sadly trans-continental shipping went trough the roof 😞.
It's been speculated that the car market would come crashing down at some point. I'm not an expert in the market but some good deals could be had if one plays his/her cards right.
Somebody who is behind on payments isn’t doing maintenance on a car. They may even destroy them for spite. My worry is that these repos that were neglected and beat but you won’t know you’re buying one until the hidden damage pops up.
I own a 2023 Elantra and I absolutely love it! The CVT takes some getting used to but I don’t hate it now. It also helps that the transmission in my last car barley functioned though lol.
In terms of the Elantra, the only affected models by the easy thefts from Hyundai and Kia are the keyed ignitions. The push to start models are not commonly stolen.
Kia is offering a fix at no cost.
You are right about the passing the cost on to everyone else. I was a victim of the 2008/09 housing crash and I didn’t have anything to do with buying a house I could t afford. I was driving a truck delivering crap to this co😮Bret and when they stopped buying I lost everything
You still got your phone. 😁👍
@@bc_usa yes and my home is paid for now. I didn’t bury myself in debt like all these yuppies. They are doing it again! The media won’t talk about that. They just sit there lying about how well an inflated economy is doing and brainwashing the whole country with the soap opera in DC!
I watch Car Questions Answered. I love him. He deals in mostly cheap cars. I like that he shows us cars and then tells us how much they went for at the auction. Most of the time he shows us the auction.
You nailed it. Job security means steady income and that's what floats the boat.
All this does is make me thankful that I paid off my 2014 Sentra 6MT a few weeks ago.
"Beats by Dre", absolutely were a thing!! Your videos are terrific. Keep up the good work.
I would definitely sell your house and move into your house in Byers and save money!!!👍 If my mortgage payment went up too I would sell if I had another house that was paid off I could move into.🙂👍
Over the last two years, vehicle prices were inflated because there was no new car supply, people were still buying because they had a lot of stay-at-home cash, they had inflated credit scores
It most definitely was Beats by Dre.
I have that same Hyundai Elantra. Hwy mileage is often in the high 40s. I get 45 all the time on a fwy trip. A few times, without traffic, I've gotten 50 mpg with a bit of surface street included. On a 50 mile trip.
everything goes in cycles. 15 years ago everyone was saying the same things about the housing market and it was a lot of the same issues, people living above their means and institutions lending money to people that do not qualify financially but r given the loans anyway. and as far as job security not existing, I just think a lot of folks got lazy during the pandemic and now everyone wants to work from home instead of getting up off their rear ends and going to work like I did for 37 years.
Police car? HELL YEAH!
You are right about the Beats thing. It did used to say "Beats by Dre" back when Beats were a new thing. It's been a long while since I've seen it though.
Yes, my house insurance doubled too. Thank Mo' Nature for that. She's pissed.
Randy you were right. It was Beats by Dre before he sold the rights to Apple.
Just wait until the student loan payments resume. People went out and bought cars without taking into account their student loan payments and now that all of the other items you noted went up they won't have enough to make the car payments.
That’s what they get for believing lying politicians.
@@charlescurran1289 biden came up with new (and still unconstitutional) plan to pay them out of our money.
Best description ever - “This car smells like ass”. 😂😂😂
Randy you should see the the elantra limited or elantra N you’ll love those much more than the SEL you were looking at 10:46
the n line or the N doesn’t have CVTs it comes with a 6 speed or automatic dct transmissions
im really glad to hear that im not the only one who considers a luxury flagship as needing a V8, if i was going to spend a ridiculous amount on a car/truck/SUV i couldn't justify it only being a V6
I am from Europe. But the USA trucks are really nice. I wish Europe had more of those too. I would love a straigth six.
Not sure if anyone's said it, but the Elantra SE, SEL, and Limited come with the IVT (or CVT). The N Line comes with a 7 speed DCT. Your best bet if you want an Elantra, get the N Line. You can also get the N Line in a manual. The N Line comes with a 1.8T and the other trims come with the 2.0 Naturally Aspirated
hey Randy, it started in 2006 as Beats By Dr. Dre, shortened to Beats by Dre shortly after and then in 2014 it was sold to Apply and they dropped the By Dre in the title and turned it to just Beats.
The Durango is what some of us want because lowered trucks look silly and we want to tow something without climbing into a poor handling work box. Don't kill the Hemi wagon...some want them for something other than donuts.
Yeah, I thought he was buying them to flip. How many personal vehicles do you really need? Haha
Alot of Hyundais and Kias are getting stolen nowadays.
While the number of vehicle repossessions is rising, it's still below pre-pandemic levels. At Manheim, an auto auction company, the number of repossessed cars increased 11% in 2022.
The vandalizing of repo cars is not necessarily borne by everyone. It is borne mainly by the people with low credit ratings that must pay high interest rates. The purpose of the high interest rate is to cover all the costs of the high default rate, which means repossession.
I am a small dealer, I have been dealing with people who have had their cars repo'd.. 2015s and newer.. They show up with a few hundred bucks expecting me to sell them the best car on the lot on payments.
thats not how it works.
I bid and have bought enterprise wrecked rentals at Manheim weekly here in Atlanta. Your right. They sell even the slightest damaged vehicles They fix nothing that gets damaged. Send straight to Manheim. I’m talking bent bumpers and cracked grills. No airbags blown.
It was Beats by Dre until he sold the company to Apple in 2014.
Many of you are right it's people buying cars that are too expensive I agree
I had a 2019 Elantra, made in Birmingham Alabama, recalled for computer update, then the high beam stopped working because of a part the moves the lights up broke,one dealership messed with me for a year,finally found a dealership to fix that,then you said about the fitment problem and I found many fitment issues, so I traded it with 30.000 miles on it,dealership ask why I was wanting to trade it in,told him I was afraid what will happen when the warranty ran out,got a Mazda CX5,very happy with it very torquey.
Be careful with the Hyundai and Kia brand cars! The 10yr/100000mi warranty, for new is NOT bumper to bumper, it is only for the powertrain. I learned that last night. For used ones, you're right, it goes to 5yr, but again, it covers only the powertrain.
Only vehicle I ever had an engine go out on me was a Hyundai
Watching from KENYA 🇰🇪.much love
Kesho we have maandamo, Randy
Randy...the 10/100,000 Hyundai warranty is only on their hybrid cars. A standard gas warranty is now 5/60K which is still not terrible. Nothing wrong with a CVT if it is properly maintained...they got a bad rap because they originally didn't recommend changing the fluid but they learned the hard way, CVTs are popular because it keeps the engine in the torque band and gets higher gas mileage than a standard automatic. Once you get used to them, they're fine.
I see 24 people that said yes to what ever the dealer asked and didn't care !😂😂😂😂
Thing is the employment rate is better than ever but inflation is killing everything
I want that Durango. I am a responsible Durango owner. I have a 2012. I don't race or do doughnuts.
Was in Santa fe a few years ago , a vendor was roasting chilis. For two blocks it smelled like a Italian restaurant. Made me a little hungry .
I kinda dont wanna believe the elantra console was sliced, a friend of mine had a brand new one, and the pillar trims and even the dome light just fell out by 13,000 miles, Then a headlight burnt out and hyundai wanted $200 each for the whole assembly because its all built in you cant just change the bulbs, The interior quality is just poor on them, also as for the beats on the durango, On my old HP laptop the audio was beats by dr dre and recently i got a free old hp desktop which also said beats by dre
Yeah sometimes it happens by putting something in there you shouldn't. I put rose bushes in the back seat of my BMW convertible and got pricks in the seat. Haha
And we know exactly who to thank for all of it .
@10:05 That's kinda shady though.. buy a wrecked rental car, throw it back together as cheap as possible and never disclose that it was wrecked..
at the copart where i live repossessions are crazy. i just got a newer RV for cheap. & a newer dodge truck for cheap. it going keep happening as well. but for ones someone else say what i been saying, that you don't own that car when you make payments on it. great video
Be safe out there Randy!
Yeah everything is going up its mind blowing! I couldn't afford my mortgage to go up.. shoot my car payment 900 a month... 😵🤯😞
I've been told that the Stinger is a Genesis-lite. Ditto for the K5.
Unfortunately a lot of these cars are from people who financed a car they couldn’t afford in the first place.
Last year I listened to a young man working at Home Depot telling another worker about his new Escalade. I bet by now his is on the repo lot too.
Seeing as these are all from the same dealer, you can bet the finance manager has a lot to do with all the repo’s.
Randy my 2020 Elantra has a CVT trans, and have no issues at all.. I'm almost at 50k on mine.
that dark red Silverado looks like it's nice
There are certain things you'll never see on main stream TV. There is a narrative that needs to be kept. Best you can do is educate and inform yourself so you can make the right decisions.
Crazy how many repos!! Hyundai is nice! Oh love to have the durgano. Like the Kia. Poor jeep but I’m thinking it can be fixed.
I liked the Durango and the Navigator was freaking gorgeous! I would rather have the V6 for gas mileage. I drove a Navigator for 12 years with a V8 and gas mileage was horrible
What kind of loan doubles your mortgage in 2 years . Interest only ? Adjustable prime rate ?
Sounds janky
Janky?? I’m fixed rate 3% FHA. It’s called increased property taxes and increased homeowners insurance. So much so it wiped out my escrow into the negatives.
I'm on a variable and mine has increased from 4.25% to 7.65% since 2022. Thankfully I've an offset account so I pay no interest and only have $65k left owing.
@@AutoAuctionRebuilds since property taxes and homeowners insurance depend on property value, it sounds like your property doubled in value.
It's not necessarily the loan, but the insurance and taxes that are plugged into it. My homeowners ins and taxes doubled here in Florida this year. Mainly because no one wants to insure roofs here. So the premiums spiked by 60% in some places.
@@AutoAuctionRebuilds my property taxes doubled. Now I am moving to Texas and they are going to quadruple. Haha
Hello Randy. Wow 24 repos from The Key out at the auction. The 2021 Honda is a good looking car. The Mercedes C300 AMG is a good looking car.
RANDY im unsure but if the kia stinger is anything like my 2018 Hyundai sonata you have to put the gas pedal "throwthefloor" lmao there's a built in button you'll feel click witch give you ALL THE POWER
here in Australia inflation is at around 6 or 7 percent ... groceries, real estate and insurance are increasing rapidly. My home and contents insurance has increased 65% in the last two years. Extreme weather events and the high cost of building materials arent helping.
41k views in 12 hours. Good stuff
My dad just got new tags for my van 126 bucks for to years have u thought about doing a road trip with the 1940 Chevy just a idea for a video before u sell it i know u and Mike have to bring the the truck back from your uncles house didn't know if u had any video ideas just wanted to run this one by u good video
Only the Kia and Hyundais with a physical key are the ones lacking the ignition immobilizer. The ones with push button start don’t have the theft problem that is recently reported.
Good afternoon from central Michigan I two watch that same guy you were talking about on TH-cam
Randy there's a free software update for the immobilizer for these cars. And that Smart strain under the hood is the name for the CVT they started in 2020.
The crazy thing I just started watching car question answered
While it’s often a matter of preference, I find I like CVT equipped cars precisely because of the way they drive. Most of the time I drive and accelerate smoothly, usually less than half throttle. And as such, they make less noise. And with rolling hills or around town driving, your not constantly feeling the gear changes. Plus they are really pleasant to have in stop and go constipated freeway traffic. Now if I wanted to drive sporty all the time, I want a real geared automatic transmission with a real torque converter. None of this automatic double clutch stuff. If I want a clutch, I want a manual. I have found that using moderate throttle inputs gives a nice acceleration surge that does not wind out the engine
i agree although the reliabilty issues past 100k miles scare me
Apple bought majority of Beats by Dre so now it’s called beats Randy.
Thank god I live with a rich family whose profession is politics and we also purchase land and work in industries and we don't have to deal with things like what people over here are going through. I feel bad for these people and I hope things get better.
Anyways great video. I have been a subscriber since 2020.