Garage Gazette

VEHICLES => DAILY DRIVERS/GROCERY GETTERS => Topic started by: goodfellow on August 21, 2023, 06:34:53 PM

Title: Dodge Muscle and Chrysler 300 cars -- Repo favorites
Post by: goodfellow on August 21, 2023, 06:34:53 PM

Noticing some interesting data in the high rates of car repos that are going on right now. Lots and lots of Dodge Chargers/Challengers and Chrysler 300s being repossessed at record levels. Apparently these companies (and select banks) were financing cars with very high interest rates and with very high dealer market adjustments included in the financing agreements. What could go wrong?  :41:

The tragic irony is that Stellantis marketed these "deals" in low income communities at a time when everyone was receiving their stimulus checks from Uncle Sam. Fiat Chrysler Financing and the other banks that supported these financing deals are now holding the bag on thousands of unpaid loans. Now the party is over and these cars are being dumped in huge numbers on the wholesale auction market.

Imagine buying a MSRP $65,000 car with a $15-20,000 dealer market adjustment added to the MSRP price, and having a bank qualify low income individuals for such a deal. It's like the 2008 housing debacle all over again, but this time in the automobile sector. There is definitely something wrong with our financial system.

Title: Re: Dodge Muscle and Chrysler 300 cars -- Repo favorites
Post by: slip knot on August 21, 2023, 08:58:11 PM

Gota love the equity credit ratings. :lol_hitting: :lol_hitting:

I'm sure the Fed will jump in and do some kind of bailout again. We seem to reward bad decisions and punish good decisions.

After owning several dodges, I woudn't even be interested in bidding on one of those repos.  Especially not after Pooky and RayRay had their way with it.  :steeringwheel: :steeringwheel:

Title: Re: Dodge Muscle and Chrysler 300 cars -- Repo favorites
Post by: fatfillup on August 22, 2023, 10:55:10 AM

Its really horrendous what car dealers do to low income people.  Very predatory practices

Title: Re: Dodge Muscle and Chrysler 300 cars -- Repo favorites
Post by: stokester on August 22, 2023, 06:16:43 PM

I'm sure the debt will be characterized like student loan forgiveness :38:

Title: Re: Dodge Muscle and Chrysler 300 cars -- Repo favorites
Post by: pep on August 22, 2023, 07:55:41 PM

Quote from: slip knot on August 21, 2023, 08:58:11 PM

Gota love the equity credit ratings. :lol_hitting: :lol_hitting:

I'm sure the Fed will jump in and do some kind of bailout again. We seem to reward bad decisions and punish good decisions.

After owning several dodges, I woudn't even be interested in bidding on one of those repos.  Especially not after Pooky and RayRay had their way with it.  :steeringwheel: :steeringwheel:

LMAO ........................... TRUE

Title: Re: Dodge Muscle and Chrysler 300 cars -- Repo favorites
Post by: J.A.F.E. on August 22, 2023, 11:00:04 PM

Quote from: fatfillup on August 22, 2023, 10:55:10 AM

Its really horrendous what car dealers do to low income people.  Very predatory practices

Not sure about other areas but in LA Nissan pushes hard to the low income demographic. The practices of some of the dealers is unconscionable. But really credit to low income is always predatory. Payday loans, check cashing places, title loans, Pay here EZ credit all just rackets.

Maybe I'm just too jaded and too used to shouting at clouds but no way would I ever pay some blue sky price on any car. Nothing exists I want that bad.