I like the little DaveB icon in the bottom right, very nice 👌

@DaveBsellsChevy

Жыл бұрын

Click it to subscribe! I know you are already subscribed though 👍

I always recommend to a client to lease a vehicle. Trade in your vehicle and let it eat up all that negative equity. Your payments will be higher for 18 months but you will be out of a 72 month loan and a terrible situation. Then when your lease is up you won’t have any negative equity because your car won’t depreciate and you can either lease again or just hop in another car in a better position.

@nardeaux2196

Жыл бұрын

Would the lease have to be a newer vehicle or could it be pre-owned?

@davidguarin358

11 ай бұрын

According to many experts is better to buy than lease

@redreadyj8916

6 ай бұрын

Thats literally wasting money 💴

@brob7427

3 ай бұрын

@@redreadyj8916 finance is wasting money ur paying for owner ship for 6-7 years. At least with a lease I’m paying 200-400 a month for 2024 don’t have worry about negative equity or anything.

Dave. A honest salesperson like you is hard to find these days.

Keep it and drive it until the wheels fall off. To many people think they have to keep up with the Jones with cars.

@lelahill9778

21 күн бұрын

What if it breaks down.

Very valuable and practical advice Dave. It is impressive that you are giving your customers advice on what is best for them, instead of pushing them for that extra sale.

The biggest way to avoid negative equity was not to buy in the past year or so. There will be so many people under water once the prices go back to normal.

@TOXIC-jq3ry

11 ай бұрын

Yup, like me

@Venplix

7 ай бұрын

They aren’t going back down

@javadabaron81

6 ай бұрын

So true. You’re talking about me right now😅

I really appreciate you, you made so much sense love it!

Wow, very refreshingly honest video! Liked the stay in your car advice.

Love your honesty about selling ! Most dealers if not all would not tell you this information about being under water or negative equity I have a mint condition 2018 and dealership in town always make offers to trade in for something new and better I can't see paying more then I'm paying for my mortgage just to keep up with the latest and greatest vehicle. Truck or suv.

Thank you for explaining and not making this confusing!

Very well done….I am a financial advisor and this topic comes up from time to time…but next time I will refer this video! Bravo

Good stuff! Getting ready to pick our Bolt EUV tomorrow-really looking forward to it!

Rule number 1. Don't trade in your car. Or at least, don't rely on just the dealer's offer. Try some of the internet buyers. Last couple of car moves, internet buyers have left dealers in the dust for offers.

@Kinja_

9 ай бұрын

Internet buyers like where? Which websites?

Practical advice on an aspect of the car buying process I think many consumers don't think about or understand. The default of the "dealer is screwing me" is probably more of a poor buying position/decision. Keep up the great content!

We need more honest people like this

Great Advice. We bought a low milage dealer demo with Low apr on a loan. We had it for a 1 1/2 years and it had a major failure that could not be fixed. So we traded it in with upside down equity of $2000. We we bought a new car we recieved $2000 cash back and 0% rate. It is the the car we still own today 4 years later and now have positive equity. We decided with the today's market we will wait until it is paid off to start looking for a newer model and things settle down some...Another great Video Dave!!!

Here’s how you avoid negative equity - don’t pay over Msrp - don’t finance longer than 6 years - don’t buy what you can’t afford

@jml9550

7 ай бұрын

Just buy what you can afford in cash. Problem solved.

Thank you so much for that information about negative equity cause I tried to surely trade in my car today and come to find out I have negative that it more is still owed on it than what the trade in price would've been and I'm in the upside down position like you said about that, I done had it for only about 2 years when there is a total of 63 months on it to pay it off, you're an honest salesperson, I wanna thank you for that great advice about negative equity, I sure wanted to get a new car today but it did not work out in my favor,

Went to a Kia dealership, the tried to get me into a niro🗑️ now only Minuites into your vid your telling me to just hold on to it👍🏽 thank you for the advice

Great video! Thanks for your honesty.

You see, here is a major problem with this. I had to get a car during the pandemic when dealers where charging almost $10k market adjustment fees. Only KBB only goes off MSRP. Now I am almost $20k upside down on a car that, thanks to a pay cut at my job, I can barely afford. Originally I was going to push it to 3 years then refinance, now I don't know what to do other than to get a bargin lot special that can absorb the negative equity but put me where I should have been on the car payment to begin with.

@chuckmccann8661

2 ай бұрын

What did you do?

VERY solid advice...I'd say this was the best video I've seen yet on this particular topic!

Thanks for the update.

This was EXCELLENT advice !!!👍👍

Awesome advice Dave.

Extremely informative vblog Dave- Educating the perspective buyer about this topic is very useful and important Really appreciate the subject being explained. Thank you!

Great advice Dave

Great advice for people, Dave; I hope they listen to you. I'm the CLO at a financial institution and so many people want to trade within a year or 2 of buying a vehicle and then have substantial negative equity. Unfortunately, there are subprime lenders out there who are willing to finance the new vehicle at very high LTVs and people end up in even worse shape.

Well done! The only honest car salesman out there. Been following you for a while and excellent job with all the videos and advice

Dave; I am often amazed at the information and suggestions your provide. I have always made larger then required car payments. Hence my car loans have gotten paid off 1-2 years early. I have also never been upside down in a loan. My current new vehicle a 2023 Subaru Outback Touring XT, the out the door price was about $44K, of which I had a down payment of $38k. The subvented financing was 48 months at 2.9%, for a payment of $122/month. I pay between $200 and $250 each month. I find it interesting that amount due is shown as $0 due to the fact I am so far ahead. Keep those great videos coming.

@travelingfool9096

Жыл бұрын

That is the way to do it.

@davidryder5082

Жыл бұрын

@@travelingfool9096 why wouldn't you pay cash or just write a check. That's what I do

Great information!

I never hear of this before ! Thanks for telling me! About time to get serious about paying for what you buy

Very wise words! Thank you

Hi Mr Dave I'm finally caught up on your videos and I love the Colorado videos I have one myself but it's an 08 LT model I love the new look for the 2023 Colorado

Wow. They are going to fire you for being that honest!

This is really great dave I know it will be great to be out of negative equity it’s definitely not fun getting a CPO is definitely a way to go that is what my wife and I did with our 19 GMC terrain denali it was going to be a 660 or less but went to 700 cause of credit card payments and 760 for gap and warrenty best thing ever

In some respects this is what happens when you pay over MSRP and have a long loan, it takes the customer out of the market. Bad for the customer and bad for the dealer. They won’t be back to purchase their next vehicle for 5 to 6 years.

Great advice Dave, wish we lived closer I would totally do business with you for cars.

Great video! I learned that in the pre-purchase phase you should not overpay for the vehicle. Don't buy expensive dealer extras like extended service contracts, dealer installed options, etc. Put money down or better yet, pay cash for the vehicle. That way you're living well within your means and interest rates don't matter. If you can't pay cash then you can't afford the vehicle. Post purchase keep the vehicle until it's paid for. Then save the monthly payments for yourself instead of blowing it on another vehicle. "Put negative equity into a lease." Leasing is mathematically the most expensive way to rent a vehicle. Adding negative equity into a lease is amping up the most expensive option like it's on steroids. Utter financial madness. "If you 'want' a new car every 3 years, then lease. You'll always have a payment." Translation - You'll always be giving your hard earned money to someone else and you'll always be broke. Fantastic video!

@DaveBsellsChevy

Жыл бұрын

I may be wrong but I'm sensing some sarcasm here

@johnneufeld6633

Жыл бұрын

@@DaveBsellsChevy No sarcasm. I like all the options you put forth. But some options are better than others.

Don't pay over msrp!

@richardkrenek985

Жыл бұрын

Don’t pay msrp. I want some of that dealer hold back.

@deepthinker999

Жыл бұрын

In the current and recent car market, that is a little like saying don't overeat.

@camil0_uwu235

Жыл бұрын

More like don’t get into overpriced car payments!

@atlaigonzalez5190

9 ай бұрын

Impossible you’re always going to pay over msrp if not interest then it’s tax or gap

@anthonyledington3143

6 ай бұрын

What about when the motor blows after 50k.

Thank you!🙌🏽

Great video Dave .👍👍👍

@DaveBsellsChevy

Жыл бұрын

Thanks 👍

Thank you Dave for good advice. I have a terrible experience in a car dealer ship, First when we came into the showroom we just want to inquire a Nissan pathfinder 2023 but we are denied for all banks that they inquired and then sales guy suggest to us to take used car Infinity qx60 2020 and he told us that after 8 months we trade in for new pathfinder and "I believe" him. I fond out that the trade in value of the infinity qx60 are very low as of now. First of all I want a brand new car doesn't matter if sedan or SUV as long as it is brand new. Me and my wife go to another car dealer ship and we want to trade in the infinity we have a negative equity. As of now we have $39,000 owe to the bank and the trade in is $21,000 so we have $18,000 negative equity and what happen we are denied again to finance. We went to two of car dealer still we are denied. What is good advice can you share with me in this situation? Thank you

I also keep my car until it falls apart. My goal is to keep it as long as possible after the car loan was paid off.

Don't go to dealers that are selling over MSRP and gouging customers on useless junk on vehicles

Very informative ty

The easiest way of working your way out of negative equity on a car is to just be patient, and continue to pay down your existing car until you are equal. If you are seeking that new car feeling, then go get your car detailed by a professional. At the end, it will be like a new car. Spending $300-400 on a professional detail is a far better option then buying a new car when you are upside down. If you are in a situation where you need something bigger, assuming it's just for a short term period, then renting a car could be an option.

Thank you so much

Thank you for the knowledge hope you get that EV

Just stumbled upon this channel and I got to say, this is hands down the most authentic video I’ve seen on this subject. Keep up the good work man 🫡

Great info T B can do more videos on how to buy a car I see you owning your dealership in in the future Tony B Chevrolet Too bad your not closer to meI would buy a car from you Love this Bow ties 👍🚙🇺🇸

I have a family member that is in love with getting new cars. She has constantly traded in and rolled negative equity over. She’s owned 8-10 cars this past year alone because she “wasn’t happy” with the one she bought. Countless times she had to be bailed out of a situation. I vowed to never do that

@deepthinker999

Жыл бұрын

At some point she will go broke and her financial future will cease to exist. Have her look at the Ramsey Show. I suspect that she will not to watch.

@MrKillerRC

Жыл бұрын

Plus she’s paying taxes and doc fees on every car. 🤦‍♂️

Thanks

He paid over MSRP. TBH, any dealer that charged over during this time was really short sighted- customers that paid over will never come back. But then again, they fell pray to these dealers in the first place. In any event, dealers have worked so hard to gain trust over the last couple of decades now find themselves with that age old “car salesman” perception.

Car payments in general are a bad idea, but if you have to finance for more than four years, that is a CLEAR indication that you can’t afford the vehicle. It’s a shame banks, dealers, and manufacturers even allow 6, 7, or 8 year loans. Leasing is an even worse option… the most expensive way to operate a vehicle. And FWIW, $75k for a 2 year old GM vehicle with 20K+ miles? That’s insane! The fact that anyone thinks this is a hood or even fair price is ludicrous. No reason for that price on a used vehicle.

@deepthinker999

Жыл бұрын

The demand exceeds the supply so the price is what the market will bear. Some dealers were selling (5) to (10) K over MSRP and were getting it. Remember what P.T. Barnum said.

Thanks for the info! Pretty interesting idea with the lease. Turns out the teslas end up costing you just as much if not more than a V8 truck you’re just switching out the gas for the cost of electricity. I’m $15k negative equity on a model X, only one year in but got slapped with a $4k electric bill true up at the end of the year and that’s WITH me having solar.

I would not finance a car. Save up for four to five years and pay cash on something you can afford. Problem is people like to send every dollar they make then use every bit of credit they have on charge cards then complain they can live on what they make. So your advice is going in one ear and out the other

Thank you so much. The video was so helpful. There is a number that I call for more advice

I have a 2014 Nissan Sentra. Buyout price is $23k. I’m currently $15k upside down. I was told the banks interest rate constantly fluctuates so the upside down price could go up or down. My car payment is $500/month. They’re also charging me $160/ month for temporary insurance while I have my own full coverage. It’s been 3 months they still won’t update my insurance. My transmission went out a year after I got the car and it’s $4k to repair so I’m making payments on that. Im young, no dad, have no clue about buying cars. I think I may need a lawyer cause I’m getting screwed.

Thx for getting straight to the point.

I can't believe you only have 22K followers.

I’ve been leasing cars since the 1980’s and enjoyed having a new vehicle every 3 to 4 years. But you can have the same problem in a lease, as I’m sure you’re aware of. So I kept my vehicles and maybe with 2 or 3 months left on the lease I would start looking for a new one. I would think anyone who bought a vehicle in the last 2 years has got tons of negative equity. Paying 5, 6 or 7 thousand over asking price 9s just nuts. I think the dealers may pay a dear price for gouging people like that. Now that’s just my opinion and none of that is your fault, it’s the dealers. Have a good one and it looks like this shortage may be coming to an end and hope you have better results on your sales.

@Bonsai-Miata2020

3 ай бұрын

Most people go past the allowed mileage, so leasing with cost of capital another way of saying interest makes no sense

Great

In my experience dealing with dealerships and trading in well over 15 cars some dealers are more aggressive then others. Some dealers will offer some crazy incentives and be in a position where they need to sell X amount of inventory in that month in order to receive manufacture perks and will offer thousands more for your trade just to meet a quota.

@viperviper5

11 ай бұрын

Yep

The best way to avoid upside down is put more money down and stay away from large my term financing such as 5 plus years.

I got a new car in June. Then, my employment situation changed and I now drive a lot more. Sucks.

2008 was just houses this time it’s going to be a lot more. repo man is coming for a lot of people soon. Live within your means people 💩 is going to get crazy.

Dave can you talk more about allocations and how they work with your pending orders?

@doggy911

Жыл бұрын

Right, always go to the dealer that has some of the car you want allocated. If the dealer doesn’t have any allocated, go to the next until you find one. If they don’t have any allocated you’ll probably never get one.

At the same time dealerships contribute to negative equity because people bring in their cars, dealerships always lowball them and roll more negative equity in the new loan but then they sell trade in on their lot for 5 to 10k more

I have a 2014 Kia optima sx turbo and I'm halfway into the loan I'd love to keep it but I'm at 70k miles and it's starting to give me problems, also I've seen for my model year after 100k miles it goes down hill with engine failures, I feel like it's a ticking time bomb. The whole reason I got a car from the dealership was to not have to worry about big problems but it's happening anyway, so now I'm looking to trade it in for something reliable like a camry or accord

When I tell you I was at a car dealership. and they boosted up the price on the hyundai veloster. They didint tell me there was an after market exhaust I took it back cause my engine light was on then they had to end up getting back the car out me in a different one now im stuck with a Kia forte 2018 s that I still have to pay off 26 thousand dollars 😭😭😭😭

I’m trying to get out of a 2021 Malibu RS with 26K miles on it, because I want a Bolt! Sadly I don’t qualify for any tax rebates. Im not upside down thankfully.

Don’t buy more car than you can afford, don’t take too long to pay off a car, don’t buy new cars so often.

Dave can you do a video on buying a car With bad credit tks

I paid 5k over sticker on a used Jeep truck a year ago in dealership add ons. I owe 51k and the most a dealer offered for trade in is 37k yet Kelly blue book says my trade in value is 40-42k. I just want an economical car with a lower payment. I didn’t know you could roll over negative equity into a lease. Is it possible to lease in my situation?

Good video Dave. 👍

@DaveBsellsChevy

Жыл бұрын

Thanks

Dave, you have earned a lot of respect for your honesty on this issue. Wish there were more car salesmen in this world like you!

@deepthinker999

Жыл бұрын

Ditto that.

Dave, what are your thoughts on the push for expanded public transportation? Do you think our country would be better with improved walkability and public transport options. I know I do.

@DaveBsellsChevy

Жыл бұрын

Wont really work anywhere other than big cities. Im 30 minutes outside NYC and could get no where without a vehicle.

10:19 This dude is going to become A KZread Sensationalist 🤟

Well that just proves my point. The person with the fancy car at the stoplight is broke. I work is Morris County, I know they are snickering at my 2012 Honda Fit with close to 200K. Oh well, really been looking at the Bolt, with the milage I drive (100 a day), would charging it every day be an issue? From what I hear you should not always charge to 100% ? The Suburban is nice, what engine does it have? Tow ratings? Might trade the Express 3500 with the 6.0 to tow the airstream trailer one day.

@doggy911

Жыл бұрын

The Bolt is your Fit on steroids. Chevy will install a level 2 charger for free in your garage. You can drive it 200 miles a day, it’s good for 259 . Charging it to 80% will get you the miles you need. In 5 or 6 hours your ready for another day. With the state and federal rebates you can not go wrong.

@Kinja_

9 ай бұрын

Who cares? They have something they enjoy. 😂

Rolling the negative equity into a new lease would be good if they kept the terms of the lease - but won't they just adjust the selling price to include the negative equity? Therefore your lease payment won't be what's agreed, its agreed standard lease price plus prorate amount you owe,

All scat pack co signers bout to come watch this video.

I have 100k value car for only a year but now I need something 15k will I still fall in the trap since I don’t want something new or expensive?

Great advice and information

@DaveBsellsChevy

Жыл бұрын

Thanks

Bravo! Very sound advice! I really like the ending where you told people to live within their means. I wish more people were living up to that premise. So are you going to trade in the bolt for that new EV pickup? 🤔😱😂

@DaveBsellsChevy

Жыл бұрын

Thanks for watching! I'll be keeping my Bolt forever as a daily. The Silverado EV would be a business move.. own it for a year making content then sell it to buy a C8 ERay and do the same thing.... at least that's my idea.

@paulm6481

Жыл бұрын

Dude that is not America. That is why we get loans to purchase things.

Dave would it be possible to make a video about third party warranties?

@deepthinker999

Жыл бұрын

Great Topic !

Excellent advice.

@DaveBsellsChevy

Жыл бұрын

Thanks for watching!

I thought it was a bad idea to put money down when purchasing a depreciating asset. Is that not correct?

I got one for u! 2018 chevy equinox lt awd 1.5L gotta get my name off it due to divorce wanna trade in for a truck im 5k upside down as stated got to get my name off it bc of a divorce would a lease be a good option

Thank you for all the Good info. I have a 2012 Mitsubishi Outlander Im 10k underwater! It is starting to slowly need repairs that I cant afford. I am not sure If I should keep repairing it or trade it?

@jml9550

7 ай бұрын

You will be further upside down trading it in. Better just quickly pay it off and repairing it.

I love my vehicle but I am paying way too much and desperately want to get into something with a lower payment, however I’m upside down in my loan! What do you recommend?

@lindseyjackson8694

Жыл бұрын

I’m in the same position. Paying too much a month for my car but want a lower payment. I’m also upside down on my loan. But he said that you can make extra payments towards your car loan. Anywhere from 20$-100$ or even more if your income allows you to do so. I’m going to take his advice and do that.

Pay your insurance in full and total it. Get the gap coverage as well. Works like a charm. Ask me how i know!

@jpierfilms6730

Жыл бұрын

How would you total it?

I messed up and now im just trying to get rid of the payment without getting a new car. I dont the vechicle amymore

I paid off almost 15000 what if I get a used car under that? Wouldn’t it be paid off once everything is transferred even though I still owe but my car dealer said they will use that money I already paid to the car I choose so I’ll be able to have lower monthly payments. Another question if this is so why should I put down when it is already paid off if I stay in the price range under 15000

Love the Content Dave B ❤🔥

The dollar amount of negative equity gets paid one way or another.

I’m upside now but I’m happy with my 2019 vehicle but I’m having a hard time trying to refinance because of year, miles, and price. My credit is better now a year n half later and I’m trying to have a better DTI to increase my pre approval home loan. Any advice?

@tyo8223

10 ай бұрын

pay extra towards the principle of your car loan, refinancing your car will do nothing to help you DTI

Yeah I owe 28k on my car and they want to give me 20 so ima have 8k ne and ima lease because I honestly can’t make my 670 a month car payments rn and want to lease to get out of it, I’m only 19 and I feel like I ain’t making any money, don’t regret making the mistake

I bought my truck 2021. A 2019 Toyota Tundra at a little higher price than it was probably worth (that's when there was a chip problem in 2021). Paid 44k. Got a decent rate of 4%. In May, resale price (private seller) was around 39k to 43k. A month later, it was 37k to 39k. 3 weeks ago, it dropped to 26k to 29k. How does the resale price (in the best reselling vehicle on the market) drop by 15k, give or take in a matter of 5 months?

@jml9550

7 ай бұрын

First you paid way overprice, then economy slow down with now high interest rate, which means all car price, home price goes down due to demand slowing way down.

the automakers & advertising agencies have fooled so many into thinking that ALLWAYS having a big car payment is normal. ITS NOT!!!