Auto repossessions going up ! Almost 18% higher .
- Thread starter odie
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It will get worse considering the number of people that paid way over sticker and are really upside down. I would not be surprised to see people just walk away from their loans like they did their houses in 2009. The problem they are going to have is that unlike a house you still owe the balance on the car loan after they sell it.
Yes things are getting tough out there. People have a tendency to over spend on vehicles and will pay over MSRP and are talked into buying dealer ding repair, free washes, paint and fabric protection. Mud flaps and paint sealers are sometimes added in too. Inflation and gas take their toll and lot's of people do not have any sort of emergency fund. Common sense is what is needed when buying vehicles and some people just cannot figure it out. With crazy vehicle prices it's no wonder people have a hard time with their payments.
My wife and I just bought a new car 2 weeks ago. During the finance manager song and dance we saw a sheet with at least 10 items on it along with the monthly cost for these upsells. Everything from wheel and tire insurance to extended service plans and on and on. My sales person always warns them that I dont ever buy any of this stuff and I just politely decline. Its really no more complex than being an informed consumer and realizing you can say NO. We bought a Jeep wrangler in 2010 and when the sales person started getting a little salty I just got up with my wife and we started walking. We never got anywhere close to the door before they realized we were serious and changed their tone.
Working at a dealer is cut throat and a lot of pressure is put on the employees to upsell. I have said for a long time that its where middle managers go to sell their souls.
Working at a dealer is cut throat and a lot of pressure is put on the employees to upsell. I have said for a long time that its where middle managers go to sell their souls.
Not after Chapter 7, they won’t! There’s going to be a LOT of newer vehicles hitting the auctions in the next couple years!
Hmm yes but poorly maintained. If they can’t make their payment do you think they’re having it serviced on time and correctly? And once out of warranty prices for parts and repairs are nuts now. So more likely to be driven with issues. It’s easy to ignore the check engine light and drive it like that for months when you know the repo man is picking it up soon anyway.
The repo man helps you get back on your feet.
If your house doesn't sell for enough to satisfy the judgment the bank can still pursue you for the unpaid balance.
I don't know anybody who has been sued for the difference. I have also read this seldom happens. Think about it-if you can'y pay your bank note you probably have no assets. It would be a waste of money and time to sue. Of course if you see a lawsuit coming-there is this thing called bankruptcy-Chapter 7.
I was very disappointed to see terrible personal financial responsibility over the past 3 years.
Good to see people not paying their car get it repoed….. or kicked out of their house if they are not paying rent or mortgage.
Gov programs to save people from poor choices only makes things worse.
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Sad, but no surprise.
It is sad that many folks are financially irresponsible. However, my checking acct is currently $0 and I don't get paid till the 1st. My income has not increased in over a decade, and my expenses do not include a mortgage, any loans or CC balances. I simply no longer earn enough to cover my monthly expenses. I do have significant non-reimubursed business expenses. I have no tax deductions so I file the short form.
Sure, I can cut out DirecTV, the Disney account and turn off the AC in South FL. But there is not much wiggle room for cutbacks there. I certainly could NOT afford a new car loan. At this point, I've been inflated out to pasture... and I'm having to dip into retirement funds.
My point: If this is happening to me, others who do not plan as well are not going to fare well at all.
Sure, I can cut out DirecTV, the Disney account and turn off the AC in South FL. But there is not much wiggle room for cutbacks there. I certainly could NOT afford a new car loan. At this point, I've been inflated out to pasture... and I'm having to dip into retirement funds.
My point: If this is happening to me, others who do not plan as well are not going to fare well at all.
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Like I was telling you today they opened up a repo yard not far from me, the thing is full with near new vehicles inc Tesla's.
People get in over their heads. I see young guys in $90,000 trucks and think that most of them must have pretty big payments, and for many years. I didn't have that kind of nerve when I was their age, maybe I should have just once for that Mustang GT or whatever. Now, I don't really care anymore, other priorities in life.
....just stupid.
I always wondered **where** are these college kids getting diesel pickups to mod for their "rolling coal" fetish.
This is why I spend a lot of my time, for the last ~30 years or so, saving every last penny I can. Fairly crappy house, only 1 new car ever (sub $14K xB), no expensive vacations, making do with old stuff as much as possible. No “Keeping Up With the Joneses” here! Only reason I have anything…
Inflation has been high the last few years. It's going to mean scaling back of travel plans and monthly expenses for my wife and I.
Lions, Tigers, and Bears Oh no! 
$ 15,000
$ 15,000
Man, do I ever agree with you on that one. I’ve been wanting a RAM 25/3500 Cummins truck, with the mega cab and that beautiful interior. Sadly, those dreams will remain just that. With the way the economy is today combined with my age, I would be shooting myself in the…
You know, the weird thing is that in years past situations like this resulted in rapid distress for the entire financial system. We're even seeing more and more jobs losses too, especially high paying jobs. For some reason today it seems like bad news makes no difference. Why do you think that is? Is everyone receiving some kind of secret guaranteed income that I'm unaware of and missing out on?
Scott
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