The market is fucked we are about to hit a ton of defaults. Book values for cars are going to drop like fucking crazy in the next months. The nogs we sell cars to have no provable income, tons of straw purchases, lots of shit slides and I let it. When the market crashes and everything else does we are FUCKED and I will lose my job, may even bring the economy with it.
How can we profit from this? Are there inverse ETFs for subprime auto loans that normies can buy? I'm not in the securitization section of it. But I look at these hilariously bad auto loans all the time and know it's fucked.
Reminds me of the used car sales guy from /o, the loans he'd write were just atrocious and yet normies still signed off on them.
Easton Robinson
How do I long repomen?
Juan Richardson
No idea but I'm just gonna ride out my shitty 2006 korean car until it all crashes and then get something nice when dealers are begging for our money again.
Matthew Moore
You say that but there's a total lack of cars do to raw material shortage because of Russia. People need cars and if you repo it the dealership can easily find someone else to buy it.
Hudson Harris
lmao people arent going to get margin called on their shitty auto loan. This is nothing like the housing bubble collapse where the economy was propped up by a uber leveraged housing bubble.
Henry Torres
Can I find a mint picrel for under 6k after this so called crash? Has to be an M edition with low miles.
People don't get margin called on housing either. That's why it's the infinite money glitch META
Hudson Martinez
>wanting to buy a nogged car
Liam Brooks
Hey I brought a car brand new these normies are retarted for buying shitbox for 10k.
Luke Martin
The average 7500 dollar car is selling for 11000 or so. The dealers are buying the vehicles for more than they are worth even at auction. If you know anything about LTVs subprimes are usually super high on LTV because there is a large fee charged to the dealership. These dealers will own that same 7500 dollar car for 10000 dollars and sell it at 11000, then a warranty and other crap is how they actually make money.
You should see how many nogs without 2 dimes to rub together and a fake job on their credit app get put into cars they cant afford. Also methy white people and beaners who literally cannot go a day without drunk driving or get insurance.
Easton Russell
How can a Neet buy a car with no income? If I show my crypto is that enough for them to give me a loan?
Dominic Phillips
Do you have any clue on how much money we lose on repos? They will literally give 10 months of extensions with 18 payments or so.
Most auto lenders don't even require valid drivers licenses from the customers since Ally got sued a couple years back since it's "racist".
The people getting into cars are literally people that have never paid anything off successfully in their life. If you saw these motherfuckers reports and financial situation you'd think it's hilarious that they are even approved.
Juan Reyes
Crypto wont work. Just go to one of the shitter lots that look sketchy. They will forge a paystub and DL for you if you dont have one. You'll have to pretend to make like 2000 a month and have a decent down payment.
Jack Rivera
If you have a big enough down payment some lenders dont stipulate for proof of income or residence anyways.
Brandon Foster
Also go look at a car lot right now. You will notice all the cars parked sideways and tons of empty space. The cars are parked sideways to give the illusion of there being cars. A big fucking dealer I know had 5 cars new and used on their lot one day in march.
Landon Ward
>people don't own their cars kek, fucking idiots
Michael Gray
Dude ever dealership I see around and there's a lot around me have a total lack of cars and the ones that they do have are used SUV's that nobody wants. I live in SC I'm not sure where your from but here there marking shit up crazy and not giving a fuck. The car I brought was a sports car and it was marked up to but not as much as other dealerships only by about 10% other dealership were marking it up 20-30%. It still is a sellers market here and its gonna remain like that for a few years once all these small mineral companies start filling the void Russia left.
Even at a loss cars are so market up there still bound to make some money and even then they at least keep the down payment if there is one. The biggest looser is the buyer he'll have a shitter credit score then ever.
Yeah it is a sellers market. But nigerius johnson just got 4 months of extensions at a 27% interest rate in the first 6 months of payments. So what is he going to do when he realizes is 24000 dollar loan is 28000 and his car is worth 17000 now that the car prices went down. Whoever is buying the securitzations (probably the retard managing your aggressive 401k) is going to get fucked.
I talk to people in the know every day. They are all saying the same thing. Car prices will drop like a fucking anchor and the defaults will come immediately.
Brody Collins
I have a 2016 car I bought new and got it paid off. It has 50k miles, which is pretty low for its age. I don't like it and want to trade for something else, but I don't know how to do it without getting screwed and paying more for something with higher mileage. I mean, I'm thinking they probably offer me 5k and a used car is going to be 7500 - 10k and mine is in better condition.
Cooper Martin
What kind of shitbox is 2016 with 50k miles and is only 5 grand? Dealers are selling 2018 jettas with 50 thousand miles on them for 20 grand lol. If you only have 7500 to 10k just drive your car into the ground. I bought a new car in march. The dealership doesn't do markups but I had to buy the gay front end add warranty or they wouldn't let me buy. I made them discount it anyways.
Elijah Williams
isnt selling bad finance, repo, rinse and repeat an actual business model?
Its your words over mine and its probably different where you live but there there's an economic boom and when there's a boom happening there's more money flying around which means people wanna buy buy buy. I doubt its gonna go down because like I said there's an insane material storage caused by Russia. And nigerius johnson represents about 2.5% of the overall population so of course there's gonna be 1 dealership loosing once in a while sometimes its business that's all.
