Posted on 08/04/2022 9:11:56 AM PDT by Signalman
Yep. And these new vehicles loose 20% of their value once they drive off the vehicle lot.
A housekeeper of my mom's is always running from her creditors. She had a new car repoed within 4 months of getting it, and she had trashed it in that short time span.
My fear is Cash for Clunkers II, as the government tries to get as many ICE vehicles off the road as possible.
I have 3 cars and my “fleet” average is (2001+2005+2012)/3 = 2006
Hopefully the dumping of all of those vehicles on the used car market will depress the entire market and get prices back down to where they should be. I’m looking for a used pick-up and prices are crazy (but better than last April). Luckily I’m in no hurry.
“When the bank sells the re-poped vehicle,and the total amount of the loan is not satisfied...the previous owners are on the hook for the remainder of the balance”
There are a few non-deficiency states.
95% never pay deficiency balance and the others are settled at about 60%
(the ones who had co-signers)
I’d like to put my order in for a freshly repossessed 2022 toyota tacoma 4x4 please......any color but that puke peanut butter tan.
Treat it like a gun buy back. Offer $500 more that the dealer.
Or that baby sh!t green color.
“If you can’t pay cash, you can’t afford it.”
That’s my philosophy too. And it’s especially true with a money-sucking, depreciating asset like a car. Taking out a loan to buy a vehicle for personal use is one of the dumbest financial choices out there. I’m sorry, if the only functional car out there that you can afford for cash is a 2008 Corolla then that’s what you should be driving.
You know what the only thing more expensive than getting body art is don’t you?..........getting it removed.
I can afford nice cars, but I still drive a 2003 Honda.
I’m the same way. CASH or pay the entire the amount. Since high school, if there’s something wrong with it, lemon laws say bring it back.
NEVER in my life am I stupid enough to pay for a car on a monthly basis. If cant pay for it now, what makes you think you’re responsible enough to pay month to month?
I don't like the way Honda has gone all CVT. I think they suck.
I personally know the car financing department head for Chase in my city. She explains there is a plot of property in L.A. the size of 10 football fields which houses their repo’s the past year, I kid you not.
I assume it would be to buy from an owner who can't keep up w payments, rather than wait for the repo chain to add their "profit margin" to the price.
All the fools who signed for adjustable rate auto loans are now paying extortionate interest rates.
Too bad. Should have read the fine print.
15,000 cars added to the used car market each day will hopefully bring the prices down closer to sanity.
“There is an upside, however, according to PeQueen.
While used car prices soared during the pandemic, adding more inventory by way of repossession should help bring prices back down.”
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