In the 24 years I owned a car lot, I made every buyer arrange their own financing. I started this from day one. I also never sold aftermarket warranties, I never sold any luxury vehicles, most every vehicle I sold was a lease return 4-wheel drive truck or an SUV with a remaining factory warranty. I had happy customers, and I never lost any sleep at night. I'm sure there was money lost by not selling cheaper vehicles. and selling to those with bad credit, but my health and peace of mind was more important.!
As a dealer I'LL GIVE NO CUSTOMER OR DEALER NO TITLE UNLESS WHOLESALE AND FUNDS PAYED IN FULL. OR ONCE I SUBMIT THE PAPERWORK THRU THE DMV I'LL PUT A LIEN ON THE TITLE IF NOT PAYED IN FULL CAUSE YOU HAVE 30 DAYS. " You silly bro. " I dont play with my money like that or my business. 💯
Craig I know it is another charge but have you looked into one of those services that some dealers use that do all the dmv paperwork that way the title never gets into the customers hands.
You can’t put a lien on a title you no longer own, a bank loan means the bank now owns that vehicle. That would be illegal to put a lien against someone else’s property especially after the bank or buyer took possession and went through the process of getting the title into their name.
Why would YOU put a lien on a vehicle when the bank is financing to the customer? The bank should be the LIEN HOLDER not you. I would keep the title and give it to the customer only when the funds clear on your bank account.
As a dealer owner i scratch my head how you manage to stay in business with those rookie mistakes. I have been watching the channel for a while ave noticed things that you do but never commented, different people different strategies, but to trust a subprime that she will do the right thing and leave yourself hanging with a big amount of money is outrageous
I am wondering how he gave her the title, I have never ever seen a title for a car unless I am paying in full I have never been subprime, was this a subprime perk that she gets the title while still owing the car?
No just the way it works some times when dealing with out of state customers. Prime example-back many years ago(2006) I was working traveling construction. Picked up a long term gig in MS-but originally from NC. Came home for Christmas & went truck shopping. Dealer got the loan done, signed all my docs-but he couldn’t do my title work, so he gave it all to me to have done when I got back to MS. Took everything to the courthouse there, got plates and registration. Dealer calls me 35 days later screaming about why I hadn’t done the paperwork (Westlake) was biting his ear off. Took an additional 4 months for the courthouse to finally track down my NC Title-had been stuffed in a drawer. Luckily they unfroze the dealers funds once I sent them the copy of the registration.
Same in PA. I had an issue getting my title once on a paid off car. I talked to the bank, they told me the office that the title was physically at. I went to the office and demanded my title and I got it, after a month of BS.
It has to go through the DMV system first to get a new title issued with the financing institution as the lien holder. Craig's mistake was handing over the title and not sending it Fed Ex to the DMV office in her town.
How does this customer have the title with a loan attached to it? Standard procedure is to always send the title to the DMV they live at. The DMV will retitle the car in her name with the bank lien listed and send it to said bank. The customer should never have even seen the title at all.
He has mentioned that the girl is from Maine, and he is in New Hampshire. When I have had to do out of state financing I usually have to trust the customer to do the title work as well with lien if I don't have the agent on that state. What confuses me is that why is he not putting a lien on that title now? Because most states allow that.
@@arslanburki3286 yeah it should be illegal and should require the bank or the dealer to handle it. State rules need to change for that one. You can't trust anyone with any title unless they own out right the vehicle. It's crazy though.
I appreciate these videos Craig. Thanks for being open and helping others not make the same mistakes. Sorry you have to hear negative comments from people who deemed themselves perfect in business 😂. Thanks Craig 👍
I'm glad this all worked out for you. I couldn't do what you do...nine months of that nightmare. Apparently she was so bad her own son wouldn't sell her a car. Side note- I hope you can bring back the give a car to a person in need. I really enjoyed that.
You can't figure out that planning and making videos is is time-consuming and that it's difficult to film as it is, in addition to running a business? What a world we live in. Smh
You guys aren’t professional movie makers. Hes making a simple TH-cam video. Geesh you guys complain about the audio is flipping ridiculous. The world is noisy live with it. I don’t have any issues hearing what he said. Just like when you’re at a dealer right next to a freeway and you’re talking to the salesman
@@andydhillon1977right? Like he’s supposed to film everything in a sound studio to soothe these guys audiophile ears. Instead of running his business, he should build a studio for the comfort of his viewers
In Connecticut we don't see the title of the car until it is paid off. The dealer takes care of the paperwork and sends the title to the lien holder. Its not given to the buyer to give to the town hall to process ......
I’ve never ever heard of this happening because we always put a lien on the title and send it to the bank the customer gets a memo title unless they paid cash for it in full
When I was in the business I could tell you stories about a non sub prime bank shenanigans that would blow your mind. To make a long story short the dealership (a major one) jacked up the wholesale cost of the MSRP to the bank with the banks complete knowledge.
Why did you need to try the other key fob without a battery, instead of just replacing the battery in the one that was dead? That's more confusing than the customer's story
A dealership should never give the title to the person taking the car, they should always give it to the bank that is financing the car. The story does not make sense.
I would have to agree with the commenters. I am just an average person that buys cars and I have never received a title straight away without it first going through DMV.
Worked at a large R.V. dealership that sold to customers that lived out of state. We started using an out of state titling service that the customers paid for. We went from 40% compliance to 100%. Total control!!
I nearly went through something similar. A few years ago, a customer got an Impala from me, then said "I'm going to title it in Arkansas" (I'm operate in Texas). That wasn't an issue, I just gave her an Arkansas Power of Attorney, and asked her to get it notarized. She claimed that she didn't have time, she needed the car now, that the POA wasn't necessary, she would title the car later, that I should just give her the title now. I refused, and she threw a fit. Getting it notarized wasn't an issue, because there was one right across the street, we could look out my window and see into the notary's window, that's how close. To make things more convenient, I called the notary, and she came over, and the customer was still coming up with excuses as to why she couldn't fill out the POA and wanted me to just hand her the title. When she realized she wasn't going to win, she finally relented. She never made a payment, I had to repo her. Then she paid up to get the car back, cut out the GPS, and got repo'd again (not only did she keep the car at her apartment complex where the car was repossessed the first time, she parked it in the same parking spot where it was repossessed the first time, so what was the point of disabling the GPS?)
I would have issued a a temp plate untill the bank paid for the car then issue the title. I think this is what they do in NJ unless you pay cash like I did when I purchased the Siverado from Flying Wheels.
Idk what the legality on this would be, but maybe it'd be a good idea to have a "just incase" key made for repossession purposes when you finance a car.
Craig do not use that bank again. They held the money because the bank can lend more showing their monetary asset formulae. There are lots of (bad credit lenders out there). Use one that works with you. The other suggestion which you know too well is put a lien on the title before handing title out. The old saying nice guys finish last. Do not compromise your work experience and knowledge when a car sits too long on the lot. Have it sit there instead of going through all the baby sitting and bullshit you went through. Lesson learned. Good luck buddy I applaud your courage for sharing your mistakes...
Westlake is a good lender to deal with on ultra deep sub-prime, plus they’ve been in this game A LONG TIME. They are just extremely stickler. But most any other lender would have done similar. Westlake couldn’t legally repo the Expedition since they weren’t listed as lien holder. Unfortunately it’s on the dealers in these situations. I’ve had to repo a many for dealers in my area for stuff like this, bad checks etc. It’s always fun times
I am a MA dealer. In MA the lien thing is almost never an issue. In NH with the small town halls being all loose in how they do business they will forget or overlook the lien. It's hard to drive an hour or two to these NH town to do it yourself (or worse Maine). To the non dealers about the late payment being an issue, first payment after funding needs to be made by the customer or the finance company kicks it back to the dealer. Just the first. Since the funding never happened and she is late now that is an issue
Why would she get the title is she is financing... I've never got the title on a financed vehicle until I paid it off. That is literally the collateral to make sure the loan gets paid.
I'm my state the buyer don't get the original title from the dealer unless it's completely paid for if it's financed the title is sent from the dealer straight to the clerks office in the hands of the person from dealership then couple weeks later the buyer gets the copy of the title with the lien holder on it so there's no way of getting away with a car you don't get paid for from the bank basically here the dealer does the transfer and makes sure everything is done right here
Hi Craig. Jesus, I think you were very lucky this time, bro. It's like that guy who bought that Corvette off you and was short of money 💰, and he was a subscriber 😮. How low can you get. I reckon the bank was out of order holding back money like that. Just be careful, Craig. I'm so happy that everything worked out okay for you because you're such an Honest and Decent Car dealer 👏. It's so hard trying to figure out if you were scammed. They get smarter all the time. Good on Lauren, it's great to have her watch your back. Respect Lauren 🙏. Great video, as always, Craig. 😅👋👋🇨🇮 PS, we love ❤️ your other channel with your brother
When I was still a kid, my parents bought a house and the seller held the mortgage. We paid the house off after several years. These calm, honest and no-nonsense days are GONE. If I sell my house or a car today, I would not hold the loan/mortgage. If the potential buyer cannot get a loan/mortgage from a bank, the deal is simply off. No sense of guessing if the buyer can come up with the next payment or if I'll need to repo the house/car.
I'm an old Private Detective. I used to repo cars at times. I loved the hunt.. Humans are so fun to hunt and track. I always got my my person or the car.
This whole car loan business is a mystery to me. I’m 75, have never purchased a used car & never had an auto loan. Pay cash, make “car payments” to yourself - pay yourself interest, NOT the bank. 🤠
You and thousand of sub prime dealerships get scammed and drag the lenders into a messy situation. I won't mention where I work but I've been in this business for 28 years and seen so much wrong doing by the buyer, red flags and firework alerts but you continue to work with them... only to get scammed 😢. It's part of the business we work in. Love the vids, keep them coming and good luck out there 👍
I dealt with such a lender exactly one time. I did all their paperwork for them, got all necessary signatures, delivered the equipment to the buyer and the contract to the financier, and then expected to get paid. The buyer told the financier that they wanted to buy some more equipment from another vendor, so the financier just shredded the contract so they could start anew with the additional equipment. They wouldn't pay me until they got a NEW contract signed by the buyer -- a process over which I had no control and no leverage, as I had already delivered. I was able to bluff the buyer, making him think (erroneously) that I had the ability to repossess if he didn't hurry up and sign the new contract, but if I hadn't, I would have never been paid. It's really the bank who is the bigger risk of cheating you -- never trust them.
Scaring is such a big problem. I have had problems getting food and OTC medicine for my insurance company. Literally, the last five orders I've made four of them there have been items missing from my order. The company that manages the OTC benefits won't do anything about it. My insurance company blames the OTC benefits. And they both blame Walmart who furnishes the products. Basically they are all eating and abetting the crook delivery people that don't deliver the things I've paid for. It's a real shame.
Westlake was taking a risk with me because I had just gone through divorce. I have great credit now. Just got approved for 2- 50k Freightliner commercial trucks. Only 5% down. 🙌 Work hard, pay your bills and eat your vegetables.
I understand the desire to sell vehicles to sub prime buyers as you can sell the vehicle for thousands more than good credit buyer but it works out in the end that you make no more than selling to reliable buyers for less
I’m a dealer in California and never give the customer a title unless they paid cash or deal is completely funded. And it seems like just about everyone does the same. I’m genuinely curious to why you do that? Please explain thanks
How did she get the title? I have bought several used cars so far in my life, a dealer has never given me the title. Is this only for subprime? Cause that is not fair they get titles and we regular credit users dont.
West lake is the worst! I’m sorry to hear you deal with them! They had my credit report marked as late when I wasn’t late. Luckily there was a class action suit and they had to delete all negative remarks they made on credit reports! It was a 24 month loan that was paid off in less than a year! Never late!
I have never had a car payment...! Actually, mortgage excluded, I have never financed anything...! All my purchases are made in full...! All of my lawn service equipment was paid in full...! We use a credit card now in order to get the cash back, but our credit account is always paid in full within three days, per our agreement... To pay any interest on anything is very foolish, again, mortgage/ property excluded...! Thanks for sharing... Keep up your awesomeness...!
I worked in a car lot, several actually over the years. I have seen it ALL. I stopped trusting people in 2001! LOL. I enjoyed selling cars, and I enjoyed the money but the reason I quit is stuff like this. On top of the long hours, I had to look at everyone as a criminal. That was years ago, but I do not miss it. I understand where you are coming from, Craig. You need a vacation! Come down to Atlanta and see our aquarium!
I sold a 2004 Grey Ford Focus to a friend some years back. She was a single mom, really needing something to pick up the kids and get to and from work. Her credit sucked because of her divorce and she had a shitty job at a grocery store. I wrote up a contract stating what the payments would be each month and then signed and notarized it. Filed the title with the state as lien holder printed a copy for her. She made payments fine for the first year then when Christmas time came around, I told her to take a couple months off for payments to give the kids a nice Christmas. Payments resumed in February for 3 or 4 months, and then she said some medical things came up with the kids and she needed to skip a month or 2. I told her I understood, and we agreed payments would resume before end of summer. September comes and no payments. I texted and called a few times over the next week or so and finally got her on the phone. She hadn't made any payments because she bought a newer white Focus. I asked her how since I had a lien on the title and she said it was still sitting in her driveway next to the new car. I asked if she was planning to give the car back to me or finish paying for it and she told me I needed to buy it back from her. Seeing as she had put 15k miles on it and had only paid about 600.00, I told her that wasn't going to happen. After checking with local police about the repo process, they said to just let them know when I was going to do it and have my paperwork in order. So I picked it up with the spare key I had while she was at work one night. Later that night the police called and said she filed a report that I had stolen her car. After a short discussion with the detective about it, she apparently said I stole the white one, which was sitting in her driveway. I confirmed the different VIN's with him and he thanked me for my time and I never heard another word about it.
Quit feeding the rats !! I retired in 2019 after 16 years, owned and operated my own used car business. Business can get complicated but having lenders that will work with you and your customers is imperative. I found a credit Union that did a lot of loans for my customers. Better rates , quick application results . Negative points , they paid no dealer reserve. Back to the sub prime ,rats will eat you while your sleeping !
Westlake financial is a joke. Went through a similar issue with them on a title 5 years ago. They couldn't produce the title and I couldn't register it. My credit score was 810 so it wasn't a subprime loan. I was third in line for the title according to the DMV.
Living in a very small town in Maine, it's completely believable to me that this would sit on someone's desk at a town office for months. Not to defend Denise, but this could completely happen. The town office where I live is beyond horrible. We bought some land with cash in another small town in a different county Maine, and the title literally never was filed for over a year. I never received the tax bill the next year, and there was no record online of us owning the land. It took several letters and calls to straighten that out. The town office still won't admit it was their fault, but the record mysteriously appeared online the day after they received my certified letter.
My real-estate agent told me the morning we close and sign all the paper work and th3 house is ours. Go straight to the appliance/furniture stores or whatever we needed to get financing on, all on that same day. Cause the closing on our home was gonna cause my credit to tank the next day
When I bought new cars in Vegas to be registered in Oregon, the dealer would send the title work directly to the DMV office in my town. I would then go in there and complete the transaction. This way the customer never has possession of the title.
How did she get the title ? whenever i bought a car the dealer kept title and registered car and title was given to bank.. Once car was paid off i was sent clean title.
Oh and I find it funny, I actually chuckle, whenever I hear people from up North emphasizing there's no rust on the vehicle. Down here in Texas we don't even think about it. 😂
THIS is why every car dealer I've ever heard of handles the paperwork, and THEN sends the title to the buyer, once it's in-hand and it's evident that the lien is listed, etc. This is why people aren't nice anymore, too- too many scumbags out there who will take advantage of you.
I once had to repossess license plates from MY OWN daughter in another state! I felt like a thief, skulking around in the dark. My only exposure to repossession; it was scary.
One solution is don’t deal with subprime customers. Some people without a pot to piss I or a window to throw it out of shouldn’t get a loan. Putting your personal safety at risk repossessing a car isn’t worth the hassle.
First red flag, if her son is a dealer, why is she buying a car from you. Especially when she is out of state.
Beat me too it I thought the same if her son is dealer go get her a wholesale car rather than retail
Yeah. He saw $$$ and overlooked those red flags.
She knew the game and knew how to play it!
👍👍👍
I hope you do better on these vids than you do with Auctions and a dealership.
😂
In the 24 years I owned a car lot, I made every buyer arrange their own financing. I started this from day one. I also never sold aftermarket warranties, I never sold any luxury vehicles, most every vehicle I sold was a lease return 4-wheel drive truck or an SUV with a remaining factory warranty. I had happy customers, and I never lost any sleep at night. I'm sure there was money lost by not selling cheaper vehicles. and selling to those with bad credit, but my health and peace of mind was more important.!
@ricklandon3452 my hat's off to you for running a successful car lot.
As a dealer I'LL GIVE NO CUSTOMER OR DEALER NO TITLE UNLESS WHOLESALE AND FUNDS PAYED IN FULL. OR ONCE I SUBMIT THE PAPERWORK THRU THE DMV I'LL PUT A LIEN ON THE TITLE IF NOT PAYED IN FULL CAUSE YOU HAVE 30 DAYS. " You silly bro. " I dont play with my money like that or my business. 💯
He’s a dumb ass lmao
for real ive never trusted or given a customer or dealer the title before being paid and if its a bank deal i do paperwork and assign lien myself.
Craig I know it is another charge but have you looked into one of those services that some dealers use that do all the dmv paperwork that way the title never gets into the customers hands.
You can’t put a lien on a title you no longer own, a bank loan means the bank now owns that vehicle. That would be illegal to put a lien against someone else’s property especially after the bank or buyer took possession and went through the process of getting the title into their name.
Why would YOU put a lien on a vehicle when the bank is financing to the customer? The bank should be the LIEN HOLDER not you.
I would keep the title and give it to the customer only when the funds clear on your bank account.
Why in the world did yall give the title to her in the first place? Car sales, 101..
this was my first question if she is using a bank why would the title not have been sent to the lein holder?
has to because they dont issue plates at all dealers
Content
As a dealer owner i scratch my head how you manage to stay in business with those rookie mistakes. I have been watching the channel for a while ave noticed things that you do but never commented, different people different strategies, but to trust a subprime that she will do the right thing and leave yourself hanging with a big amount of money is outrageous
My thoughts exactly……
He is a serial
Entrepreneur. has many Income streams
I am wondering how he gave her the title, I have never ever seen a title for a car unless I am paying in full I have never been subprime, was this a subprime perk that she gets the title while still owing the car?
No just the way it works some times when dealing with out of state customers. Prime example-back many years ago(2006) I was working traveling construction. Picked up a long term gig in MS-but originally from NC. Came home for Christmas & went truck shopping. Dealer got the loan done, signed all my docs-but he couldn’t do my title work, so he gave it all to me to have done when I got back to MS. Took everything to the courthouse there, got plates and registration. Dealer calls me 35 days later screaming about why I hadn’t done the paperwork (Westlake) was biting his ear off. Took an additional 4 months for the courthouse to finally track down my NC Title-had been stuffed in a drawer. Luckily they unfroze the dealers funds once I sent them the copy of the registration.
Don’t give them the title next time. Turn it in yourself.
It's not the first time you've had to dig yourself out of a mess after saying, "I never do this."
Another good deed is punished.
I remember the previous video well.
GLUTTEN FOR PUNISHMENT
In Nebraska, when a car is financed, the title goes to the lien holder and when the lien is paid off, the owner will get the title.
Same in Cali
Same in PA. I had an issue getting my title once on a paid off car. I talked to the bank, they told me the office that the title was physically at. I went to the office and demanded my title and I got it, after a month of BS.
Same in CT!
Not in Minnesota. But, if you sell a vehicle that you do not have a clear title on you will be going to prison (literally).
It has to go through the DMV system first to get a new title issued with the financing institution as the lien holder. Craig's mistake was handing over the title and not sending it Fed Ex to the DMV office in her town.
How does this customer have the title with a loan attached to it? Standard procedure is to always send the title to the DMV they live at. The DMV will retitle the car in her name with the bank lien listed and send it to said bank. The customer should never have even seen the title at all.
You make so much sense. Unlike this 25+ minute ramble. ??? wTf.
also, that vehicle is probably in a shipping container 1/2 way to Turkmenistan by now.
Exactly. Such common sense. Wtf is he doing sending her the title??? Dumbest thing I ever heard...
they dont issue plates
@@adammonahan687 you would never do that if you were a tote the note place
This is pure Insanity to me How are these banks letting the customers have titles They're not supposed to have the title until it's paid off....
Thats my question
He has mentioned that the girl is from Maine, and he is in New Hampshire. When I have had to do out of state financing I usually have to trust the customer to do the title work as well with lien if I don't have the agent on that state. What confuses me is that why is he not putting a lien on that title now? Because most states allow that.
@@arslanburki3286 yeah it should be illegal and should require the bank or the dealer to handle it. State rules need to change for that one.
You can't trust anyone with any title unless they own out right the vehicle. It's crazy though.
The dealer made that mistake cause in the deaker class they touch on that. " They don't play that in florida. " 💯 DMV WILL COME FOR YOU. 😮
Happened to me, got a clean title in the mail. Not sure who made the mistake. Only happened once out of many cars purchased
#1 lesson learned: Don’t break your own rules!
I appreciate these videos Craig. Thanks for being open and helping others not make the same mistakes.
Sorry you have to hear negative comments from people who deemed themselves perfect in business 😂.
Thanks Craig 👍
“Actually they are running a train on me” 😂🤣💀☠️
Man rubs that microphone like he's trying to get a genie out of a bottle.
Lol 😂😂😂😂
I think his mike was stuck up his Wasoo!
yup. annoying.
After all that rubbing, I expected a moan.
I use to think commericals and ads were annoying , I looked forward to seeing them during this video
West lake is the worst…they also have first payment default where the dealer has to buy the car back if customer misses first payment🤮🤮
And Craig is the guy who charges people to teach them how to run a car dealership. Smh
The content this lady provided you almost compensates for the huge pain it was.
Holy repetition Batman. Without it this would be a 5 minute video.
No shit what’s with the recuts? These videos are interesting as a look into subprime used car business and substandard editing lol
Get a microphone for your camera. The noise distracts from the video
Best part of subprime is you can overcharge as much as you want for a pos
I'm glad this all worked out for you. I couldn't do what you do...nine months of that nightmare. Apparently she was so bad her own son wouldn't sell her a car. Side note- I hope you can bring back the give a car to a person in need. I really enjoyed that.
Craig, the background rustling noise in this. Idea DROVE ME CRAZY!
Same!!!
Like, I know this isn’t his first video. Come on!
You can't figure out that planning and making videos is is time-consuming and that it's difficult to film as it is, in addition to running a business?
What a world we live in. Smh
You guys aren’t professional movie makers. Hes making a simple TH-cam video. Geesh you guys complain about the audio is flipping ridiculous. The world is noisy live with it.
I don’t have any issues hearing what he said. Just like when you’re at a dealer right next to a freeway and you’re talking to the salesman
@@andydhillon1977right? Like he’s supposed to film everything in a sound studio to soothe these guys audiophile ears. Instead of running his business, he should build a studio for the comfort of his viewers
Dont give the title to the customer, send it directly to the bank.
Your office manager is awesome. She really knows what she's doing. Great videos!
In Connecticut we don't see the title of the car until it is paid off. The dealer takes care of the paperwork and sends the title to the lien holder. Its not given to the buyer to give to the town hall to process ......
Same in Texas., never heard of this.
You want some cheese for that wine
I think only 8 states allow the lien holder to hold a title.
I’ve never ever heard of this happening because we always put a lien on the title and send it to the bank the customer gets a memo title unless they paid cash for it in full
Your office manager is a real gem. She’s good.
How did she get the Title?
That bank is a Crook.
30 day late? And they hold all your money from all the cars? Should be illegal.
And they were being paid interest on the money by the borrower for money they still had. Craig should get the interest.
When I was in the business I could tell you stories about a non sub prime bank shenanigans that would blow your mind. To make a long story short the dealership (a major one) jacked up the wholesale cost of the MSRP to the bank with the banks complete knowledge.
Westlake is an ABSOLUTE PITA. Hands down the most stickler I’ve ever ran across.
Lotta banks can't afford the paper they write the loans on. Belly up time
It is called incentive to help them out with a problem.
Why did you need to try the other key fob without a battery, instead of just replacing the battery in the one that was dead? That's more confusing than the customer's story
he is a bit of a goof
They could have used the battery from the test fob.
I do not understand how people in this day and age are still getting scammed.
greed by both parties
A dealership should never give the title to the person taking the car, they should always give it to the bank that is financing the car. The story does not make sense.
I would have to agree with the commenters. I am just an average person that buys cars and I have never received a title straight away without it first going through DMV.
To quote Margot Robbie, in the Big Short, when you hear Sub-Prime, think SHIT.
Naked in a bathtub
Worked at a large R.V. dealership that sold to customers that lived out of state. We started using an out of state titling service that the customers paid for. We went from 40% compliance to 100%. Total control!!
I nearly went through something similar. A few years ago, a customer got an Impala from me, then said "I'm going to title it in Arkansas" (I'm operate in Texas). That wasn't an issue, I just gave her an Arkansas Power of Attorney, and asked her to get it notarized. She claimed that she didn't have time, she needed the car now, that the POA wasn't necessary, she would title the car later, that I should just give her the title now. I refused, and she threw a fit. Getting it notarized wasn't an issue, because there was one right across the street, we could look out my window and see into the notary's window, that's how close. To make things more convenient, I called the notary, and she came over, and the customer was still coming up with excuses as to why she couldn't fill out the POA and wanted me to just hand her the title. When she realized she wasn't going to win, she finally relented. She never made a payment, I had to repo her. Then she paid up to get the car back, cut out the GPS, and got repo'd again (not only did she keep the car at her apartment complex where the car was repossessed the first time, she parked it in the same parking spot where it was repossessed the first time, so what was the point of disabling the GPS?)
People are stupid.
Dealer here. Great story. I guess she showed you!
you can't fix stupid@@mexicanspec
The good thing of the crap situation is that you learn to never accept deals of that kind.
I'm confused about the battery in the key fob deal. Why not just replace the battery?
Dont sell a subprime loan with less than 20% down.
If the bank says it's your car. Then report it stolen. Not a repro
@10:05 I love the Lexus SC400 in the background..! Is it for sell?
I would have issued a a temp plate untill the bank paid for the car then issue the title. I think this is what they do in NJ unless you pay cash like I did when I purchased the Siverado from Flying Wheels.
do you ever switch it up and maybe make like a positive? or good news video? something else besides rants?
It's a car business. That hardly happens lol
He used to make good flipping content with German. Just stale shit now
Hahaha nope 😂😂😂
Good news videos don't get views!
@fbrewx2560 that's the sad part. No one wants to hear good things anymore
25 minutes l will never get back. Talk about repeating yourself! 😅 repeating yourself 😅
Dude loves hearing himself talk.
What! It’ll start with no battery in the fob?!!! I just dealt with the same issue!! Wish I’d known. You’re always teaching, thank you.
Idk what the legality on this would be, but maybe it'd be a good idea to have a "just incase" key made for repossession purposes when you finance a car.
Can you do a follow-up on why she received the title instead of the bank?
no i am tired of hearing about this stupid story
@@kelly00000111111 don't watch.
When dealing with clowns, it often turns into a circus.
A lot of subprime buyers are subprime humans.
Hahahaha 😂😂😂😂
So glad I don’t do retail anymore ugh. That sucked
Craig do not use that bank again. They held the money because the bank can lend more showing their monetary asset formulae. There are lots of (bad credit lenders out there). Use one that works with you. The other suggestion which you know too well is put a lien on the title before handing title out. The old saying nice guys finish last. Do not compromise your work experience and knowledge when a car sits too long on the lot. Have it sit there instead of going through all the baby sitting and bullshit you went through. Lesson learned. Good luck buddy I applaud your courage for sharing your mistakes...
Westlake is a good lender to deal with on ultra deep sub-prime, plus they’ve been in this game A LONG TIME. They are just extremely stickler. But most any other lender would have done similar. Westlake couldn’t legally repo the Expedition since they weren’t listed as lien holder. Unfortunately it’s on the dealers in these situations. I’ve had to repo a many for dealers in my area for stuff like this, bad checks etc. It’s always fun times
"We're gold, I'm going to jack this car" made me giggle.
I financed a Jeep with Westlake Financial in 2017.
Put 30% down, paid it off in one year. Westlake was awesome for me.
If you call her out and you’re legally allowed to do… I guarantee she’ll comply!
I am a MA dealer. In MA the lien thing is almost never an issue. In NH with the small town halls being all loose in how they do business they will forget or overlook the lien. It's hard to drive an hour or two to these NH town to do it yourself (or worse Maine). To the non dealers about the late payment being an issue, first payment after funding needs to be made by the customer or the finance company kicks it back to the dealer. Just the first. Since the funding never happened and she is late now that is an issue
Well done! The effort and passion are evident.
Why would she get the title is she is financing... I've never got the title on a financed vehicle until I paid it off. That is literally the collateral to make sure the loan gets paid.
Wow! Lauren did a great job!
This is the world we live in. People are extremely selfish.
I'm my state the buyer don't get the original title from the dealer unless it's completely paid for if it's financed the title is sent from the dealer straight to the clerks office in the hands of the person from dealership then couple weeks later the buyer gets the copy of the title with the lien holder on it so there's no way of getting away with a car you don't get paid for from the bank basically here the dealer does the transfer and makes sure everything is done right here
Is that a Selectric Typewriter behind Loren's desk? Maybe you can get her a copy of Word Perfect for her computer. lol.
I wouldn't let anything out of my sight until I had full payment
Hi Craig. Jesus, I think you were very lucky this time, bro. It's like that guy who bought that Corvette off you and was short of money 💰, and he was a subscriber 😮. How low can you get. I reckon the bank was out of order holding back money like that. Just be careful, Craig. I'm so happy that everything worked out okay for you because you're such an Honest and Decent Car dealer 👏. It's so hard trying to figure out if you were scammed. They get smarter all the time. Good on Lauren, it's great to have her watch your back. Respect Lauren 🙏. Great video, as always, Craig. 😅👋👋🇨🇮
PS, we love ❤️ your other channel with your brother
how did she get the title? never heard of someone getting a title before it's paid in full
When I was still a kid, my parents bought a house and the seller held the mortgage. We paid the house off after several years. These calm, honest and no-nonsense days are GONE. If I sell my house or a car today, I would not hold the loan/mortgage. If the potential buyer cannot get a loan/mortgage from a bank, the deal is simply off. No sense of guessing if the buyer can come up with the next payment or if I'll need to repo the house/car.
I'm an old Private Detective. I used to repo cars at times. I loved the hunt.. Humans are so fun to hunt and track. I always got my my person or the car.
Yea I bet you got off on stealing someone’s only transportation. You all get off on it
This whole car loan business is a mystery to me. I’m 75, have never purchased a used car & never had an auto loan. Pay cash, make “car payments” to yourself - pay yourself interest, NOT the bank. 🤠
That's a crazy story I'm glad it was resolved. It sucks that you were put in that position
Your microphone is really scratchy
You and thousand of sub prime dealerships get scammed and drag the lenders into a messy situation. I won't mention where I work but I've been in this business for 28 years and seen so much wrong doing by the buyer, red flags and firework alerts but you continue to work with them... only to get scammed 😢. It's part of the business we work in. Love the vids, keep them coming and good luck out there 👍
I dealt with such a lender exactly one time. I did all their paperwork for them, got all necessary signatures, delivered the equipment to the buyer and the contract to the financier, and then expected to get paid. The buyer told the financier that they wanted to buy some more equipment from another vendor, so the financier just shredded the contract so they could start anew with the additional equipment. They wouldn't pay me until they got a NEW contract signed by the buyer -- a process over which I had no control and no leverage, as I had already delivered. I was able to bluff the buyer, making him think (erroneously) that I had the ability to repossess if he didn't hurry up and sign the new contract, but if I hadn't, I would have never been paid. It's really the bank who is the bigger risk of cheating you -- never trust them.
Scaring is such a big problem. I have had problems getting food and OTC medicine for my insurance company. Literally, the last five orders I've made four of them there have been items missing from my order. The company that manages the OTC benefits won't do anything about it. My insurance company blames the OTC benefits. And they both blame Walmart who furnishes the products. Basically they are all eating and abetting the crook delivery people that don't deliver the things I've paid for. It's a real shame.
No good dead goes unpunished. The customer gets all the vehicle when you get all the money.
Westlake was taking a risk with me because I had just gone through divorce.
I have great credit now.
Just got approved for 2- 50k Freightliner commercial trucks.
Only 5% down. 🙌
Work hard, pay your bills and eat your vegetables.
Thank you for repeating everything 20 times I almost forgot the first time you said it.
I understand the desire to sell vehicles to sub prime buyers as you can sell the vehicle for thousands more than good credit buyer but it works out in the end that you make no more than selling to reliable buyers for less
I love it when this states in the upper East Coast handle act like 200+ miles is far far away. That’s almost a grocery run here in the West. ✌🏽
I’m a dealer in California and never give the customer a title unless they paid cash or deal is completely funded. And it seems like just about everyone does the same. I’m genuinely curious to why you do that? Please explain thanks
How did she get the title? I have bought several used cars so far in my life, a dealer has never given me the title. Is this only for subprime? Cause that is not fair they get titles and we regular credit users dont.
West lake is the worst! I’m sorry to hear you deal with them! They had my credit report marked as late when I wasn’t late. Luckily there was a class action suit and they had to delete all negative remarks they made on credit reports! It was a 24 month loan that was paid off in less than a year! Never late!
Wow!! Great information ! Another great video.
I have never had a car payment...! Actually, mortgage excluded, I have never financed anything...! All my purchases are made in full...! All of my lawn service equipment was paid in full...! We use a credit card now in order to get the cash back, but our credit account is always paid in full within three days, per our agreement... To pay any interest on anything is very foolish, again, mortgage/ property excluded...! Thanks for sharing... Keep up your awesomeness...!
I worked in a car lot, several actually over the years. I have seen it ALL. I stopped trusting people in 2001! LOL. I enjoyed selling cars, and I enjoyed the money but the reason I quit is stuff like this. On top of the long hours, I had to look at everyone as a criminal. That was years ago, but I do not miss it. I understand where you are coming from, Craig. You need a vacation! Come down to Atlanta and see our aquarium!
I sold a 2004 Grey Ford Focus to a friend some years back. She was a single mom, really needing something to pick up the kids and get to and from work. Her credit sucked because of her divorce and she had a shitty job at a grocery store. I wrote up a contract stating what the payments would be each month and then signed and notarized it. Filed the title with the state as lien holder printed a copy for her. She made payments fine for the first year then when Christmas time came around, I told her to take a couple months off for payments to give the kids a nice Christmas. Payments resumed in February for 3 or 4 months, and then she said some medical things came up with the kids and she needed to skip a month or 2. I told her I understood, and we agreed payments would resume before end of summer. September comes and no payments. I texted and called a few times over the next week or so and finally got her on the phone. She hadn't made any payments because she bought a newer white Focus. I asked her how since I had a lien on the title and she said it was still sitting in her driveway next to the new car. I asked if she was planning to give the car back to me or finish paying for it and she told me I needed to buy it back from her. Seeing as she had put 15k miles on it and had only paid about 600.00, I told her that wasn't going to happen. After checking with local police about the repo process, they said to just let them know when I was going to do it and have my paperwork in order. So I picked it up with the spare key I had while she was at work one night. Later that night the police called and said she filed a report that I had stolen her car. After a short discussion with the detective about it, she apparently said I stole the white one, which was sitting in her driveway. I confirmed the different VIN's with him and he thanked me for my time and I never heard another word about it.
Quit feeding the rats !! I retired in 2019 after 16 years, owned and operated my own used car business.
Business can get complicated but having lenders that will work with you and your customers is imperative.
I found a credit Union that did a lot of loans for my customers.
Better rates , quick application results .
Negative points , they paid no dealer reserve.
Back to the sub prime ,rats will eat you while your sleeping !
Westlake financial is a joke. Went through a similar issue with them on a title 5 years ago. They couldn't produce the title and I couldn't register it. My credit score was 810 so it wasn't a subprime loan. I was third in line for the title according to the DMV.
You have a great attitude despite it all, and a great employee.
Living in a very small town in Maine, it's completely believable to me that this would sit on someone's desk at a town office for months. Not to defend Denise, but this could completely happen. The town office where I live is beyond horrible. We bought some land with cash in another small town in a different county Maine, and the title literally never was filed for over a year. I never received the tax bill the next year, and there was no record online of us owning the land. It took several letters and calls to straighten that out. The town office still won't admit it was their fault, but the record mysteriously appeared online the day after they received my certified letter.
15:13
Ahhhhh, I can’t stand that noise anymore. 🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️🤦♂️
My real-estate agent told me the morning we close and sign all the paper work and th3 house is ours. Go straight to the appliance/furniture stores or whatever we needed to get financing on, all on that same day. Cause the closing on our home was gonna cause my credit to tank the next day
When I bought new cars in Vegas to be registered in Oregon, the dealer would send the title work directly to the DMV office in my town. I would then go in there and complete the transaction. This way the customer never has possession of the title.
Experience is what you get, when you dont get what you want. You got some experience
Didn't I watch this a year ago?
Wow! What a terrible tale! The lesson here is that no good deed goes unpunished!
How did she get the title ? whenever i bought a car the dealer kept title and registered car and title was given to bank.. Once car was paid off i was sent clean title.
Oh and I find it funny, I actually chuckle, whenever I hear people from up North emphasizing there's no rust on the vehicle. Down here in Texas we don't even think about it. 😂
There is no such thing as low balling one of those vehicles
Hey Craig, I worry about prime customers being a victim of identity theft so I have to double look over every thing with them
THIS is why every car dealer I've ever heard of handles the paperwork, and THEN sends the title to the buyer, once it's in-hand and it's evident that the lien is listed, etc. This is why people aren't nice anymore, too- too many scumbags out there who will take advantage of you.
I knew comedian Danny Polischuk had a side business. Loving the side hustle.
In sub it's dark.
Thanks for sharing you two's stories.
Just love the car revving noise in the background..
I once had to repossess license plates from MY OWN daughter in another state! I felt like a thief, skulking around in the dark. My only exposure to repossession; it was scary.
One solution is don’t deal with subprime customers. Some people without a pot to piss I or a window to throw it out of shouldn’t get a loan. Putting your personal safety at risk repossessing a car isn’t worth the hassle.