Banks Are Taking Cars! Showing News They're Not Telling You! (Video)
In this 20 January 2025 video, host Brandon, a used car dealer shares the ins and outs of the used car market from his perspective. He shares updates on car prices, what’s happening at the dealer auctions and what it’s like being a dealer. His goal is to share information to help customers make the best decisions while buying a car to save money. He does not want car dealers taking advantage of their customers.
The consequences of not paying a car loan can be loss of the car, sued and judgment for the deficiency balance and the repossession and judgment listed in your credit report making it more difficult to get credit, rent an apartment, higher insurance rates and a host of other things.
Delinquencies on auto loans have been creeping up since the economy began reopening after the pandemic, hitting 3.8% in June. That was the highest level since 2010, according to data from the Federal Reserve, which measures payments that are at least 30 days past due.
Each state has a different statute of limitations on car repossession debt, including auto loans, with most ranging from three to six years. After the statute of limitations has passed on your debt, debtors and collectors can still contact you.
https://youtu.be/ksVIjUC4C1I
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