Auto Loan Crisis 2025

Auto Loan Crisis 2025
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[operationretribution]

Those of us veterans from 08 warned people not to buy crap the last three years, and I have zero sympathy for those who didn't listen.

[zerozeru]

Look at you being slick and showing off a Christmas themed outfit... You've posted great content throughout 2024 keep it up!

[Iconicmarketing]

You are the most underrated car industry expert YouTuber. Surprised you're not at 2 million subscribers yet. Tells me most Americans are in a government-induced coma. You once said something that rang true a couple of times in my life. That is to never let the finance person at the dealership process your commercial loan; they will guarantee to mess it up. Unbelievable how clueless they are in processing commercial loans.

[ashishpatel]

irresponsible consumers ruin it for the rest of society that actually are financially responsible.

[jeffkgraff]

"dealer reserve fee" - hahaha! I worked as an underwriter years ago and the lies that dealerships would push on their applications were ridiculous. Inflated incomes, job times that were not accurate, job positions that were not accurate etc. etc. the way you could tell the finance manager was lying was if he was moving his lips or not.

[tenajones]

2016 Chevy Volt -145000 miles, not one problem, best car I’ve ever had. Bought used, paid cash. Let’s see how far she goes! ❤Sad they stopped making these.

[Plumber]

My wife just bought a new Toyota corolla in august 2024.

The rust on her 22 year old Honda civic got to the point where a hole was forming on the drivers floor pan and it won't pass inspection.

She had 8, 000$ and i gave her other 6, 000$ as a down payment. She also has a 793 credit score.

They don't ask for anything, just wanted to know her credit score/credit history. And where she works.
(for the last 14 years)

No pay stubs or proof of residence.

[AustinF]

Thank you for your commitment to making quality informative videos on the automotive economic landscape. In 2024, you are by far my favorite channel in the space! If you opened a dealership here in NY, I'd work with you any day!

[yuriboguslavsky]

So banks are actually checking if people with no funds can pay for overpriced cars? I don’t see a problem. Can’t pay? Get a better job or buy a cheaper car.

[AndyFL]

I was up at a Ford dealership recently and noticed that the price of new 150 service vans had dropped more than $10k. They are still stupid but not near what they were 2 yrs ago. They had a TON of new Broncos, about a year ago, they had ONE new one on the lot and it was marked up $15k above retail.

[thick_n_fluffy]

So basically, what I am hearing is that the banks and dealers made this mess, and now they want to put all these rules and requirements on buying a car. Sounds about right. Corporate greed is out of control.

[kenknopp]

I will NOT be buying a new vehicle, reason being that there is no value for the money that the industry is asking for their vehicles. It is an absolute disgrace the level of dishonesty and lack of integrity that exists in the industry. In my opinion the auto industry and especially the large dealerships deserve to go bankrupt. A thousand dollars to write up a sales agreement, come on no wonder it attracts dishonest customers. I am entirely debt free and retired and plan on not going into debt ever again if possible. I think that the industry needs a complete reset and learns to focus on affordability and quality. The banks are just as much to blame getting people helplessly in debt and lending so far over the value of the purchase. Credit needs to be tightened up and brought into line with earnings, no tears for dealers banks and individuals who participate in this mess.

[cweezy]

What kills me is when you sit with a finance manager at a dealership, on a vehicle that hasn't moved in over 100+/- days, and they won't negotiate. It's just as bad, if not worse, in the used market. It's like the walls are up and nobody is letting anything go.

[rossdean]

I am 65 and have not had a car payment since 1980. Made an entire working career on three new trucks with a total cost of less than $45K.

[pixelzpusher]

I pay cash for my cars. Never needed a loan.

[jamesquinless]

2008 might as well have been five hundred years ago. We’ve learned nothing from it and we will certainly repeat it.

Greed and stupidity prevail yet again. It’s shameful.

[mph]

I just bought a bank repo. Person paid $22k for it in 2022. I bought it for $3600 after it ran through 3 times. Last week my high bid was $4800, in which they rejected. High bid this week for $3600 in which they took for the same car🙃. I'll dump $1200 into parts into it to get it back in shape and my labor.

[mofomoco]

Last time i bought (2 years ago) they didnt need references. I financed 95% of the car. Not everyone is a 1st time buyer or low end buyer

[ryanrodgers]

While I agree with your premise banks make so much on interest rates they can’t afford not to lend. And as long as idiots spend 70 grand for a pick up truck they will be fine.

[jwelchon]

This situation reminds me of a program Mitsubishi had years ago. One could buy an new car, finance it for 5 years with no money down, and not have to make the first payment for 12 months. Naturally people were not going to make a payment on a car they had been driving for a year. Needless to say, Mitsubishi had to reposes thousands of two to three year old cars for which not one payment had been made.