She Paid $153K for a BMW Worth Just $63K

Added: 2026-05-30

[00:00:00]Most people think that financial collapses happen overnight, but in reality, it happens when somebody who is already drowning decides to borrow more water. And that's what we're going to find out today. Stick and stay until the end. Welcome back. My name is MJ. I would love to earn your support. Make sure to like, comment, and subscribe.

[00:00:15]Hit the bell notification. Watch the full video. Let's jump straight in.

[00:00:18]>> Hey, just got my first car. You must be wondering what the heck is the model to make me spend this much. in the street.

[00:00:24]>> You spent 150k on a BMW 530.

[00:00:29]M package. Okay, let's see.

[00:00:32]>> 530i with M package. Comes with automatic parking, basic speaker.

[00:00:38]>> I test drove this car at 10 a.m. this morning and paid the deposit around noon. Then I went to get my license transfer to British Columbia. Drove this home at 6ish.

[00:00:47]So, please wait a day or two before you decide to purchase a car or anything big. So, this car the dealership listed for 63Kish and they gave me a 7-year term loan. I'm financing this car. The interest would be 24K. So, that leads me to over 75K and everything else blah blah blah blah. At the end, oh, um, insurance, I'm going to get to that soon. Um, somehow the sheet just tell me I need to pay for 93K for this 63k car.

[00:01:17]Um, I totally forgot to bargain when I the price of this car. I thought they just sell it as it is. There's no room for it. I only bargain for the um I only asked the sales to wave my dealership fee, which is like 800 something.

[00:01:32]And insurance, the most fun part. Um, with a three-year clean driving record, um, I switched to B2 license, so it's, mind you, it's 2300 less than what they originally quoted me for my Ontario license. It's 755ish for a base rate with the total loss um package options.

[00:01:48]It's going to be 84050ish every month, 10 grand for a year. I hope it's [ __ ] worth it. Insurance in British Columbia and Vancouver is all regulated by government. They have a fixed rate. Um everywhere you go, it's the same price.

[00:02:01]Total loss only cover you for 5 years.

[00:02:02]Uh not 7 years where my terms at, where my car loan terms at. So, if I go with a 7-year loan plan, uh, which is 93K plus, uh, 10K or year on insurance times 5 years, that is almost 150K for a 63K priced used, um, Beamer 5 series touchscreen, which I really hate. Um, originally I never planned to get a Beamer. It wasn't my favorite brand, but >> what the hell it's used?

[00:02:30]Yo, just the insurance and some people's car payments $850.

[00:02:35]Oh my god, I got a headache.

[00:02:41]I just keep going.

[00:02:42]>> What they have in the pre-owned inventory and this is a connection introduced by my manager. I trusted her.

[00:02:46]Well, anyways, um they said I can't pay it off in cash within 7 months. I'm still going to try to pay it off as much as possible cuz I really don't want to [ __ ] pay 150k for this. So, that's basically the story of how much I paid for my first car, aka a lesson. Um, according to my friend, or I guess it's a common sense, if you go get a car, always bargain. Always negotiate the price. Um, they could go lower than you expected. So, I hope I make this car worth 10K, actually 20K, including payment insurance. I hope it's worth 20K a year for me to not take public transit. That's it. Bye.

[00:03:24]Excuse me. This is your first car. So, the car was worth 63K.

[00:03:29]You're telling us fees and everything became 93k. Then on top of that, you're paying $10,000 a year for insurance at $850 a month. That's already some people's car payments. That is that is literally a a brand new car that you're paying used for.

[00:03:46]You're paying 150 in 5 years for a BMW that has been ran through by other people. Where is the collective common sense? This badge is making people make drunk decisions. I'm starting to understand that a lot of spending is basically grief. It's basically grief driving nice cars. The badge, the emblem, the status, the appearance. I I'm lost for words. Let's see what other people are saying. Y'all comment down below. Is this crazy? Somebody said salesman took the whole team to Noble right after. You got jipped. Like literally jipped. You paid 100K for a 70 grand car out the door. And on top of that, it's a BMW. You forgot the five to 6K a year on service. And again, it's a BMW. So, no matter how cool it is, I doubt it makes past 50k without issues.

[00:04:28]Maybe not major, but something will happen. You can bet on it. 530i for 150.

[00:04:33]Ain't no way. The salesman just got generational wealth cuz of you. And these are comments. Like, she's reading this. You just got so ripped off. This is so true. I like this comment. Why can't I afford a house? Yikes. You guys are paying mortgage payments for these cars on the cost of ownership for the long run. Yo, this this just made my blood pressure go up. That's crazy.

[00:04:54]>> He's a 428 credit score.

[00:04:56]>> That is horrible.

[00:04:59]>> His chances of being approved are going to be based heavily on a couple of things. Ready? How much does he have down?

[00:05:08]>> Okay, that's not enough. He has an Ally Financial that he has passed due on $11,000. So, he's already got a current car loan that he's proving he's not going to pay. Like, he's telling the bank already like, "I'm not going to pay you." So the chances of another bank saying, "Oh, maybe you'll pay us are slim." A lot of times they can buy you into a car loan. Like if somebody has five, six, $7,000 down, the bank will be like, "Well, we're in an equity position on it, so we'll take a shot on them."

[00:05:32]You don't want to spend a whole lot of time on this guy. This guy would need a big down payment. This is not somebody who's going to get approved on another car loan right now, especially with not a lot down. I agree with you. I think you should save some more money down.

[00:05:42]>> Okay, >> cool.

[00:05:43]>> We'll move on to the next one.

[00:05:44]>> Do some of y'all really think and say, "I'm sick and tired of just being tired every year and being in the same position, right?" And being $11,000 behind on a car should be a wakeup call.

[00:05:55]But for a lot of people, I think the reaction isn't to slow down. It's to double down. Like, let's keep going. And my thing is, where is the shame, right?

[00:06:03]At 4 whatever 420, 430, 480. I think he said 480. My thing is like a lot of people don't already buy another car because they can afford it. Like for me, they buy it because they're tired of facing the reality of the one they already couldn't manage. So they look at it as like, "This one is a bad deal. I'm through with it. I don't care for it.

[00:06:19]let me get into another one. But that situation becomes worse because this is when emotions starts making financial decisions. Right? You end up trading one bad payment for another one that's even worse. This financial manager said that he needs more down payment. I would straight up tell him to his face. He's got to stop doing stupid stuff. Like realistically speaking, there's no way to sugarcoat this. This is dumb.

[00:06:42]>> Got banks for good credit, bad credit, slow credit, building credit, rebuilding credit, bankruptcy, repo. What kind of bank do I need to call to get you approved?

[00:06:47]>> My credit's not bad. It's like a 600.

[00:06:49]600 not that bad.

[00:06:50]>> Okay.

[00:06:51]>> Oh, 600 is bad. But number one, why is he talking like that? And why is he dressed like that? It's just something is not adding up. I'm walking away, right? He looks like he wants to be in a music video.

[00:07:04]>> There. I was trading it in. I owe like seven grand on it. You >> got the keys on it?

[00:07:07]>> Yeah, I do.

[00:07:08]>> Check it out. Try and get more than what it's worth. This young man will grab some information.

[00:07:11]>> They had me appraised that six grand for it.

[00:07:13]>> Six grand. How much you owe again?

[00:07:14]>> Seven.

[00:07:14]>> Seven grand. Okay.

[00:07:15]>> I honestly think it's worth one. I mean, yeah, it's a 08 with 170,000 miles on it.

[00:07:19]>> I'm tell you something. They call me Michael Jackson cuz I just beat it, baby. I'm get you more than that.

[00:07:25]>> I like it. He can't be serious. You can just see him, bro. Look at this right here. Pay attention to that smile, bro.

[00:07:31]He really thought he ate with that one.

[00:07:32]Okay, let's keep going.

[00:07:35]So, here's how it works. Let's say 15 grand is what we're trying to get from the bank. You got perfect credit. We use the bank's money. Now, the worse the credit is, the more initial cash investment. My job is to paint a picture to the bank to show you is the least amount of risk. Now, how do I do that?

[00:07:47]The maximum cash down. So, if I've sent it in say 8 to 9,000 down, puts me at a 50% call. What bank wouldn't do it, right? I can get a crackhead finance with 50% LTV. So, I can always go down.

[00:07:58]I can never go up. Meaning, if I send it in with 2K down and it turns it down, weed up our chance with that bank. Send it with 8 N grand down, they prove it, I call them. I got my boy here. You just got him approved with N grand down. We do no money down, right? And we go back and forth like a rocket chair. Might end up on 500, a,000. We don't know, right?

[00:08:12]But if we up our chances, we for good.

[00:08:14]What's maximum cash today without taking no cheese out the macaroni?

[00:08:17]>> I can't I can't take them seriously.

[00:08:19]>> Zero.

[00:08:20]>> I was trying to use the truck as >> the truck. Okay. And your girl, you said she's got pretty good credit.

[00:08:24]>> Oh, yeah.

[00:08:24]>> She got a vehicle.

[00:08:25]>> One through you guys. She had 2,23 Ford Escape Active.

[00:08:29]>> How long you had the truck?

[00:08:30]>> Since February.

[00:08:30]>> Okay. So recent.

[00:08:31]>> It was like 9,800. I put two grand down.

[00:08:34]The car payments 300 a month, but I pay extra. I pay four or five to keep knocking that down.

[00:08:39]>> What's up, bro?

[00:08:40]>> That's his profile. I just scanned the truck in.

[00:08:43]>> Did you get paid stuff?

[00:08:44]>> Yeah.

[00:08:44]>> Perfect. Also, his girlfriend.

[00:08:46]>> No, sir.

[00:08:47]>> Y got to get uh >> her information.

[00:08:50]>> Let me go to work. We're going to get you in the Jeep today, Bubba.

[00:08:52]>> I would rather work with this guy as a coworker than a salesman that's just angry every day, sad, depressed, miserable. He's charismatic. He's He's funny. He's bubbly. He's creative. But I'll be honest with you, that's that.

[00:09:05]This deal already feels like it's forced. You have a 600 credit score. You have $7,000 left on the truck. Keep it.

[00:09:10]You're already paying and tackling by paying more every month. You're trying to get their girlfriend involved that's already in a car payment. The situation is sticky already. People keep upgrading lifestyles. They can barely sustain.

[00:09:22]This is it. And my biggest thing is for people that are keep trading these cars like almost being done with the car payment. Is it like therapy for y'all?

[00:09:29]I'll be so annoyed if even the thought comes in to trade in a car that I brought down to 7,000 and I'm almost about to be closed and I think about getting another car with the 600 credit score. You can't afford that car. I have a client right now that the that the wife's car payment is $950. And if you think that bad that is bad, the husband's car payment is $1,950.

[00:09:49]>> I beg your pardon?

[00:09:51]>> What the [ __ ] >> 1950.

[00:09:56]They're paying three grand.

[00:09:58]They better be making 400k. They better be making 400k a year together as a as a household income. They better.

[00:10:06]>> It's an amazing Jeep Rubicon. I would love one of those. It'd help me get up these mountains a lot easier than than my walking, my slow jogging. But $3,800 of car payments for one family. Guess what stage they're in? They are bleeding to death. And it's called the vehicles, but they are scared to sell them.

[00:10:23]They're scared that they're going to get repossessed. So, they take 401k loans to make the car payments. Well, how long is that going to last? It's unsustainable.

[00:10:32]>> How does it make sense? Like we just watched two on the most craziest, diabolical, horrid financial disasters I've ever seen in my life. Somebody paying 150k and now this person paying $4,000 a month taking 401k, right? And this is the reason why 50% of people that make 100k live paycheck to paycheck. And about 41% of people that make 300 to $500,000 are living paycheck to paycheck. This is it. Cars, y'all. Cars.

[00:11:00]This is the definition of what you owe owns you. Keeping up with the Joneses has to be studied. People do this to themselves and then expect the race to end. The race will never end because insecurity has no finish line. And I'm so convinced this is why a lot of people spend decades trying to look rich instead of spending decades to become free. This is it. Insecurity fueled with financial disasters.

[00:11:26]Crazy.

[00:11:28]It's just so sad to see a lot of people make good money, but keep playing the same crazy games, the same crazy bad decisions, the same crazy financial illiteracy. You cannot retire, do anything you want. You're stuck in this paradigm that you've created for yourself. It's so hard for people to feel sorry for people that make money.

[00:11:46]And it shows the level of entitlement.

[00:11:48]Like, do people not understand? Like, you're closer to being homeless with these decisions?

[00:11:54]Like, this is crazy to me. It's just sad because all the videos that we watched, it just showed to me that people will finance an image for 84 months just to hide insecurity for 15 seconds. Don't watch these videos. I really want to interact with you guys, but I'm going to end it here. But make sure to like, comment, and subscribe, guys. We're trying to hit 4,000 subscribers. A lot of you guys are not subscribed to my channel, right? We make good quality content with good commentary. Hype the video. Hit the post notification bell for further videos. Be good. Do good.

[00:12:20]I'll catch you on the next one. Peace.