Navigating the Repo Crisis: How to Avoid Car Repossession | Ideal Media
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- By Dushyant
- (@dishs)
In this riveting video from Ideal Media, those blokes tackle the repo crisis head-on, offering up some bloody good advice on how to navigate this treacherous terrain. They start by explaining the term "being underwater on an auto loan," which is when you owe more on your car than it's actually worth. Blimey, this has become all too common, thanks to the chip shortage that left automakers unable to produce enough vehicles. With limited supply, dealerships took advantage and jacked up the prices, leaving many poor sods financing cars for more than they were worth. It's a right mess, I tell you.
But it gets worse. The pandemic hit, and companies started laying off workers left and right. People without income are less likely to make car payments, especially when they're already drowning in debt. The repo crisis is hitting hard, with a record number of subprime borrowers falling behind on their auto loans. It's a bloody disaster!
Now, if you find yourself in this dire situation, you've got three options. First, you can try to sell the car, but chances are you'll be selling it for less than what you owe. So, you'll have to cough up the difference out of your own pocket. Not ideal, is it? The second option is voluntary repossession, where you inform your bank that you can't make the payments and return the vehicle willingly. It's a bit of a blow to your credit, but it's better than having some bloke in a tow truck snatch your car away unexpectedly.
Lastly, there's involuntary repossession, which is what you see on shows like Operation Repo. Trust me, you don't want to be that guy. Instead, communicate with your lender and see if they can help you work out a payment plan. It's a tough situation, and no one wins if your car gets repossessed.
So, who's to blame for this mess? Should banks be held responsible for lending money to people they knew couldn't afford to pay it back? Or should borrowers have known better? It's a bloody tough question. Let us know your thoughts in the comments, and in the meantime, keep living the ideal lifestyle, my friends.
Image copyright Youtube
Image copyright Youtube
Image copyright Youtube
Image copyright Youtube
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Viewer Reactions for The Repo Crisis Has Started...
Toyota Supra being marked up over MSRP
Importance of being aware of car loan practices
Criticism of high prices for vehicles
Recommendation to call the bank for loan forgiveness options
Warning about getting a car that is unaffordable
Positive experience with buying and selling a car
Concerns about long loan terms and high interest rates
Discussion about corporations defaulting on loans
Suggestion for government to bail out consumers
Personal experience with buying a car and depreciation
Difficulty finding affordable used cars
Lack of sympathy for those who overpaid for cars
Issues with Volkswagen models in South Africa
Ease of buying a car with a loan from a responsible owner
Income disparity and tax advantages for the wealthy
Criticism of Democratic policies and voting choices
Need for financial education
Satisfaction with not having a car loan
Decision to choose a reliable older car
Negative equity in car loans
Tax implications of settling a loan
Humorous comment about identifying as the government
Reminder about student loans coming due
Speculation about Hellcat loans and subprime borrowers
Feeling of being deceived by the system
Perspective that it's an opportunity, not a crisis
Request for a video on buy here pay here
Blaming banks for predatory loan practices
Advice to not buy new cars without the money
Criticism of capitalism and greed
Suggestion to hold banks accountable for loan practices
Recommendation to buy used cars and avoid debt
Encouragement to communicate with dealerships about payment plans
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