Hi. This is Dan. You’re watching. I allegedly and I’ve got a good one for you today. I had a bunch of you guys reach out to me in regards to this subject. So I basically pulled over and I’m doing a video on this right away. First things first. The subprime auto market is absolutely falling apart right now, right before our eyes and it’s going to be catastrophic. It’s going to show us exactly how bad the economy is right now.

Before I get into it, please, as always, like the video, hit the subscribe button, make sure you’re subscribed to the channel. And today we have a sponsor, Belly Trim XP, and I’ll talk about them in a little bit. But the subprime auto market is basically for people that have less than perfect credit, okay? Whether you’re self employed, you had bad credit, you had a charge off in the past or a bankruptcy or something negative on your credit, divorce, whatever, your business failed, whatever, you could be somebody that’s right for subprime loans, okay? Now what happens is that you have to pay a premium for your auto financing and people get desperate and people sit there and say, okay, just put me in the car and what’s the payment? Okay? I can afford that payment.

Hey, can you stretch it out? People are taking five year payments, which I’m totally against. You want to finance a car, finance it for 36 months. I’ve had a lot of success with that. I’ve had a lot of success with clients, friends, everybody with that. But that’s what a good number is. These people that are financing cars seven, eight years now, I mean it’s insane. And then when they go to try to sell the car or the car gets into an accident and the insurance company doesn’t want to give them the appropriate amount of money for what they owe in the car, they end up having to they get a check and they still owe the auto finance company.

That’s what people are experiencing left and right now. Here is the thing about this. Right now, as of September, the latest numbers that we have, you’ve got the subprime auto market completely upside down to where people are at least 60 days behind and they are at a 6. 1% of those loans are beyond 60 days. That’s incredible. Okay? They’re basically out for repossession right now. So that’s what you’re going to see more and more of right now.

The numbers are staggering. The repossession people, by the way, if anybody out there is a car repossessor and you are in Southern California and I can drive with you and you can go pop cars. I was told I couldn’t do it because of the insurance. But I want to do this with you guys, okay? I really want to experience this. I’ve worked with a friend that does foreclosures.

I just want to see the science that you guys do behind this. Because there’s a lot to it, and I know it’s just not stealing somebody’s car. So, anyways, as far as the subprime auto market, with what these people are going through right now, it is unbelievable because the loan rates are generally higher. If you have good credit right now, you’re lucky. I’m talking great credit. You’re talking between five and 6% on your auto loan right now.

Gold credit, huge down payment, gold credit, used cars. Basically, you’re looking at seven to 9%. If you are in the subprime market, you could easily be 1416, 1820, 2% and higher for your auto loan. Okay? So that’s the problem that these people are experiencing is that they have massive payments for these used cars, and they’re completely upside down. But the number of people that are at 60 days right now, 60 days behind, two months behind, looking for the third payment, okay, those people right now are at over 6.

1% of all the auto loans right now. The repossessions are staggering right now. And here’s the other thing about this that caught my attention. I thought, wow, I really got to talk about this, is that there is a thing called negative equity. And that is you buy a car, and just because you finance it for 40 grand doesn’t mean it’s worth $40,000. For the first time ever, you saw negative equity for the average car hit over $6,000 per car.

Six grand for the average financed vehicle. That’s unbelievable, guys. So what happens when you get into an accident? Oh, the insurance company is just going to write a check, Dan. They’re just going to pay it off. They are not going to do that, guys. And the insurance companies are haggling more than ever, they are doing everything they can not to give you a full payout. I’ve witnessed it.

I’ve seen friends go through it. What do I do know? Do I talk to a lawyer? What do I do? Yes, it happens. You have to deal with this now. Got a great article below from Nerd Wallet, which is a finance site, and they’re talking about what you can do to get your negative equity down and what you do if you’re in that position that you get into an accident or the car gets stolen or something happens and the car breaks down and you’re just completely upside down with it.

They were using the example of $2,000, which would be kind because, let’s face it, you could walk into you could take a trade in if they gave you $2,000 less than it was worth, you could add that into a loan. Okay, I hate to say that, but people do that all the time. The problem with it is that this negative equity scenario is getting worse because people have less money, people are losing their jobs.

You’re going to see a flood of repossessions in every town, USA. It’s not just going to be in certain areas. Arizona has got a staggering amount of repossessions right now. Great article below talking about this because this is the sign of the times, guys. You have nothing but problems with people that have financed cars that are completely upside down. But this is a sign of how bad the economy is because the average person that is financing their car that has bad credit has to pay more and can’t swing it.

They do what everybody does in that situation. Every single person does this. And what they say is, hey, I’m going to be okay. I’ll make more money. I’ll work harder. Don’t worry, I can pick up an extra shift. What happens when you don’t? What happens when you don’t what happens when these people don’t get the extra shift and they get behind in the car payment? Life happens, guys.

And everybody right now is playing things too tight. They’re playing it too tight with their rent. They’re playing it too tight with everything. And they all say the exact same thing to me, this will end. This is just a temporary fix. It is not. This is a sign of how bad the economy is right now, is that people are completely upside down on these car loans. And you’re going to see more and more of this.

So get yourself ready. If you want a deal on a vehicle right now, start looking, guys. Talk to the banks, talk to the finance companies. And again, not that you’re going to get the best car because you have to do your due diligence when buying a car. I just spent seven weeks trying to find my son a car and had a guy that was a car flipper that got me the car finally, okay? And it was not an easy task.

So if you think you’re just going to go buy a car, this is the mistake that people are making, is that they’re buying these cars, paying too much for them, and then the car is upside down. So let me know, guys. Let me know what you think about this because I think that this is it. This is the sign of the times. Nobody wants to talk about how bad the economy is.

Nobody wants to admit this. But you cannot finance yourself to oblivion. You cannot just keep refinancing and having payments to the bitter end. You have to pay things off. You have to be out of debt. That is the best way to live. And again, everybody’s got to drive a new car. Everybody’s got to have bigger, better, whatever. No one cares what you drive. No one cares. Okay? The people that care about it are the people you don’t want to be around.

So let me know what you think about this so far. But this is just the beginning of this problem, and it’s going to show you how bad everything is with the economy. And when these repossessions top, you’re going to see thousands and thousands and thousands of cars available right now. Okay, watch. Let’s talk about our sponsor, belly Trim XP. They anticipate that over 75 million Americans are considered overweight and over 40% of those and I’m being kind about that, are considered obese.

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Look@trimwithdan. com, save 51% today. Take a look at belly trim XP. Now let’s talk a little bit more about these numbers that are completely going in the wrong direction. Everything is going up. Everything is pointing to a down market when it comes to repossessions. There is a company called Home Detective and Home Detective goes out and they repossess everything, cars, trucks, boats, planes, everything. And they are hiring right now because they say business is booming.

Business is over the top right now with the repossession festival that we’re living through right now. So get ready for this guys, because you can look at this now again, I’m not trying to have you say, hey, let’s go make money on somebody else’s downfall. That’s not what I’m talking about. I’m talking about how you need to protect yourself right now. You need to get your business in order and your home finances in order because we’re going to go into a very dark period right now.

You need to have food, you need to have things stored. You need to get rid of debt and get rid of high priced autos like this while you still can because this is only going to get worse right now. Now, when you talk about repossessions around the country, arizona up almost 21%. You’ve got the highest level every quarter. It’s gone up in 2023. It hasn’t peaked, it hasn’t slowed down.

It’s gotten worse. And September hit a level to where it was the highest repossession level since 19. 94. 94, guys, not 2000. And 894 more people are behind on their cars. Now, the thing about this, the banks are still letting you do story time and hey, we’ll work it out. Let’s delay it here, let’s delay it there. They’re doing things like that, but it is not working for the average person.

Okay? The repo man is coming. The repo man is busier than ever. These guys are hiring that home detective. They’re hiring as many people as they can right now. Experienced repo drivers only guys there’s. The North American Repossession summit happened in June. Everybody there was hiring. Okay? So this is the sign of the times, guys. This is the sign that things are awful, that things are bad, that you’re going to experience a major, major downturn in the economy, and you need to look at this, but the subprime auto market, and you can sit there and say, oh, these people are all deadbeats, Dan.

They deserve to be paying this. No, nobody deserves this. You guys, the auto industry was going crazy two years ago, guys. I would help people turn in lease payments. I had people that owed nine payments on their lease still would turn the car in and leave the dealership with a check. Okay? I had one guy who wrote me out of Florida and apologized to me because his wife said, hey, we should go do that with the BMW and get rid of it.

This guy on YouTube talked about it and he said, oh, this guy’s an idiot. And this guy wrote me and apologized. I have to apologize to you because my wife told me about this, and I just thought you were insane, and it’s great. So anyways, guys, those days are done. There’s an abundance of inventory right now that’s only getting worse right now. And you can sit there and say, well, when are the car prices going to go down when you want them to go down? Guys, you don’t have to sit there and agree to pay anything for any price that anybody quotes you on anything in this world.

Everything is negotiable. And if you like the tractors I talked about in the last video, if you’re in that industry and you don’t do an ounce of research I did literally about eight minutes of research and found an abundance of tractors and heavy equipment and things like that that people were just upside down on and dying for, to get rid of. Okay, so sign of the times, baby.

You’re going to see more of this. So share your thoughts on this stuff. Let me know what you think about this. I literally pulled over to make this video for you guys because it was crazy. But this, again, every sign that we have that the okay, it’s getting fixed. The economy is doing better. Real estate is doing better. It’s not guys, it is horrible right now. It is completely upside down, and everybody knows it.

And if you have a pulse and you can fog up a mirror, you qualify for these loans. And these people that are getting those subprime auto loans are completely upside down and they’re paying way too much. And now the bank is like, okay, we’re going to come get the car, and they’re going to get the cars, guys. So write me. Hello at I allegedly make sure you’re subscribed to the channel.

And onward and upward, guys. Let me know what else you guys want to see as well, too, because I love stuff like this. And thank you guys, one and all for sending me this stuff. And don’t forget to join the email list. I’ll see you guys soon. .