REPO CRISIS! People Have STOPPED PAYING For Their Cars!

CAR REPOSSESSION CRISIS! People Are Abandoning Their Auto Loans!

My name is Brandon and I am a used car dealer. I created Car Questions Answered to share the ins and outs of the used car market from my perspective. I share with you updates on car prices, what's happening at the dealer auctions, and what it's like being a dealer. My goal is to share information to help you make the best decisions while buying a car to save you money. I do not want car dealers taking advantage of you.

Thanks for watching and please feel free to leave any comments you may have in the section below!

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*None of this is meant to be construed as financial advice, it's for entertainment purposes only.

#UsedCarMarket #CarPrices #carmarket #usedcarprices

[speedyninetyone]

My aunt always trashed her cars and I remember when she had a new minivan under warranty that she took in because the carpet was pilling up. The dealer diagnosis was, “Carpet needs to be vacuumed ONCE in a while.” I had to stifle laughter as she asked, “What do they mean by that?” I’m thinking, “They’re calling you a slob.”

[Guido_Sarducci]

A friends wife manages car repos for her credit union in Reading, PA. The $250 charge has increased to $450 due to higher risk, more trucks, and higher pay to their operators. Another real sign of the times... Another great video! Thank you!

[JenniLudes]

I don't know if it's all just the economy. I think a large part of the issue is that manufacturers and such are price gouging...taking advantage (and still taking advantage) of the pandemic to justify raising prices beyond reasonable. Just look at the profits and what the CEO's are making. Corporate greed taking from the little guy.

[Ka_Gg]

The sequel to "Dude where's my car", coming straight to Blue Ray is "Dude, why'd i touch that car?" - Directed and acted by Brandon

[Arcticfox]

Probably the dealer who owns all those repo cars was charging between 25 to 30% APR. I have a guy at work paying 27%.

[glynnhebert]

Brandon, I work for an auto dealership group in Louisiana. In the month of may, we sold 167 new vehicles (GMC/Buick) of which 72 were 1500, 2500, 3500's. We are presently offering $14, 000 off of Sierra 1500 Elevation and SLT packages and $8k off Denali and Denali Ultimate. Additionally we sold 124 pre-owned vehicles. We are in a city with a population of approximately 175, 000. We are on track to sell as many or more for the month of June. We only have 2024's available and are awaiting 2025's. I enjoy watching you on YouTube. The end of your videos are hysterical.... Keep it going. Tell Alex Hello!

[williampope]

Here in AZ, most of the "Buy-Here-Pay-Here" customers that buy with credit, are those that either have no credit rating or a poor credit rating. These customers are generally living paycheck to paycheck. All it takes is a small blip in their income stream and then the car payment doesn't get paid.

[deanmitchell]

If I had the ability to own a Lexus I would treat it like a prized possession. That makes me so sad to see a Lexus in that shape.

[eddym]

When you buy a used car cross your fingers it wont`t need a repair
because if you can`t fix it yourself, they will rip off in the mechanic shop, and if you
buy a new one they will rip off the same with an inflated price. Greed my friend is
pandemic.
,

[RonKnowsStuff]

My daughter just bought a repo and it was a RAM!! She obviously doesn’t watch your videos or mine!

[paintlady]

Prices are not plummeting at retail level.

[manystylze]

@12:00 My counter argument to this would be salvage yards and auto recyclers... since prices are low and many of the repos have issues, salvage yards will have an opportunity to purchase later year models which helps those of us that work on our own vehicles acquire parts for low prices

[vermeea]

Back in the day we called those things 'beaters'.

[ukivbwl]

Tip for you Brandon, the middle & lower middle class always, always pay the economic tab when the big banks & their sugar daddy, the U.S. Treasury bails them out! Does 2008 ring a bell?

[MX-CO]

Everything has gotten way to expensive, food, insurance, regular cost of living. But in addition to that tje new cars are getting crappier, Not Just the EV's either. The gas cars keep getting smaller motors and more tech, more emissions crap. Its gotten to the point that Even money aside I would rather have an older vehicle thats in good condition than a new one. Imo 2004-2006 was the peak. Ill take a 2004-2006 yukon or escalade with low mileage over anything else period.

[LittleMiaMooTheShihTzu]

I tried to own a car lot one time. I found that I had to be more corrupt to be legal with the DMV & auctions then if I was to just go on craigslist and flip cars personally, it’s a sad messed up way of life that we have allowed to be created. Thank you for your content 👍🏼👍🏼

[andrepiper]

Repo'ing a beat up 250k+ mileage car is a sign of a cost of living crisis.

[melvindavis]

I enjoyed purchasing a truck from you guys a couple months ago. Fastest paperwork ever.
I don't feel sorry for the New Car dealerships that were gouging people for $5k, $10k, or even more for "market adjustments" a couple years ago. I am temped to go to a dealer and make an offer of $10-$20k under msrp and call it my market adjustment because their crap isn't selling and I am not looking for a vehicle right now. Sadly I was in 2022 and had to pay a little more than we should have. But it was a need not want situation.

[goldminer]

The guy at the 1:15 doesnt only kick tires, but the bumpers too!!

[jameshoopes]

You got the point, just in a very roundabout way. The problem, in this case, is that both new and used cars were insanely overpriced. People (with the help of dealerships and banks) got in way over their head. They budget based on the best times, not for when times are more difficult.