Car Repo's Skyrocket: Underwater Loans

#carloans #repos #economy

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[OrlandoMiner]

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[blafred]

The line "so you could have the best looking car, when everybody wasn't going anywhere" had me on the floor!!!

[cameronjenkins]

Real talk, my neighbor took his stimulus check to the lot in 2021. He paid $95k for a landrover and put $2k down. I was laughing at him, until the repo man came by and took it.

[lizc.]

When he said, You wanted the best looking car when no one wasnt going anywhere!' DAMN. 😅😅😅

[williamhodges]

Got all 3 of my cars paid off. Will never buy from a dealership ever.

Private dealer and keep the maintenance up an your golden.

[a]

Thank GOD! I am only six months away from being free from a monthly car payment.

[SpyderBlackOfficial]

Buying a vehicle is a bad investment no matter what the prices... Buy one real good model that is reliable with low miles & that isn't salvaged if the price is right. Then use it as your daily driver.

[noahknight]

I bought during shutdown, brand new Mustang GT, $10k under MSRP.

I was the only one on the lot buying that day.

Right now it has about 50k miles and I owe less than $9k on it.

[_JohnJohn_]

My wife does not know who you are...but she knows the laugh.

[mida]

My aunt and my cousin both bought their cars at $10, 000 over MSRP for their Honda's. I guess the only somewhat good thing that came out of this is that they traded in their cars for a high price as well. Still can't believe a dealership was able to sell a 2017 Patriot with 112, 000 miles that had SO MANY problems with it, including many incidences where the car left my cousin stranded on the freeway, for $13, 995.

[richhands]

My three favorite channels: Orlando Miner, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥

[nicholasglade]

If you buy an average car and insure it it's going to cost close to $1, 000 a month. Just crazy.

[bullforcetrading]

People paid massively over retail not understanding that when they trade in the car, the dealer is going to offer them wholesale or below wholesale vale. So people took out 72 and 84 month loans to buy a car that they can't get out from under. Not bright.

[natedowns]

All these youngsters buying scats and hellcats don't know how bad the mileage is on those cars 😂

[veritas]

Unfortunately, when you're young and impatient. You'll get yourself in big debt.

[Patrick]

A House, hellcat and a student loan.

Networth negative 500 thousand

Orlando Miner - hahahaha 😂

Me - PRICELESS 😂

[johnsmith-nheh]

Love your straight forward honesty it’s great for people who can handle the TRUTH

[consumerdebtchitchat]

I'm a single school teacher, 56 y/o. 2 weeks ago I purchased a new Toyota Corolla LE hybrid: 26k. I'll be putting 2, 300 (not a typo) month payment towards it. Combined with savings, it will take me approximately 6 (six) months to pay off.

I could have purchased a 40K Camry and taken 2 years to pay off. I compromised with myself by taking my Corolla to Best Buy yesterday and having a professionally installed 4K front and rear dash cam and custom floor and trunk mats throughout 😊😊.

For the last several years I have lived on less than 50% of my take-home income. I totally avoided lifestyle creep.
I became debt free so I could shove a ton of money towards an affordable vehicle.

I'll return to debt freedom again after paying off the car over 6 months.

[kwanzawagner]

Enterprise has inexpensive, well maintained used cars. I only paid 20k for an suv with 58k miles on it. The 48k warranty was only $2500. Payment is under $500 for a 2021 VW Tiquan SE. I love it!

[Swagalious]

In the defense of the hell cat owners. They are a bunch of 40k a year 22 year olds.

Those 70k chargers and hell cats were never going to get paid.