"How Predatory Buy Here Pay Here Loans Are Destroying Lives in 2026"

Added: 2026-05-05

[00:00:00]I'm going to say this. The worst place you can buy a car is buy here, pay here.

[00:00:05]I'm going just say it cuz nobody wants to say it.

[00:00:07]>> Let me be real with you. It's not my fault that you got scammed at that buy here, pay here lot. You made a bad deal.

[00:00:14]>> Take it to your mechanic first and have them evaluate it cuz say this customer would have brought it here and we would looked at it, we would have told them absolutely not. Do not buy this vehicle.

[00:00:22]>> Buy here, pay here. We're going to talk about it. These are some sharks. Let me tell you, we've got to get on the horn and look at some of these bad deals people are doing in the car market. It's like every time I turn around, there's a new scam in the car market, and you got to know about this one. Let's go.

[00:00:36]>> Good morning to the baddest of my bad credit baddies. Let me show you a couple new cars I just got. This is a 2014 Mazda 6. This is available for buyer, pay here, in-house financing. No credit check required. Look at the inside. So nice. Every time we have these, they always go super fast. This is a 2016 SRX. I think this one is probably going today, but you know, if it's still here, come get it. These two Ultimas are here along with this Camaro. Both of these E350s are still available for buy here, pay here as well.

[00:01:08]>> And it's always a luxury car. Look, if you hear a no money down, no credit check, there's a hook in there with some big barbs. Like, it's coming for you and it's going to get you no lube situation.

[00:01:20]And let me tell you, if you're a young person, you better listen up to what's about to come down the pipe because you don't want to buy a limit. You don't want to pay twice for the car and but you want a car. If it's got a Mercedes sticker on it or a Dodge Viper sticker on it or maybe a BMW, it comes with some pain. Let me give you guys a little advice when you're buying a used car, especially you guys who like to go to buy here, pay here, you know, no credit, no problem, no money down, you take the car, no questions asked. Yeah, right.

[00:01:47]Those people do not have your best interest as a customer.

[00:01:52]>> They are just trying to sell a used car for a ridiculous amount of money. If you go to a buy here, pay here or actually any dealership realistically, if they're scumbags, they're going to be scumbags, right? What they do is they get a car, they clean it to the tea. They make it look immaculate. They'll put that shiny Armorall on everything. The dashboard, the seats, the floor, the tires. They'll make it look great, right? Which I personally think Armor looks like. but to each their own. They will make that car look spotless inside and out, including the engine bay. What you don't see is them clearing the check engine code. We just had a customer come in today. She just bought a car from a buy here, pay here, literally temp tag on the car and she's got codes.

[00:02:34]Now, what these places will do is they'll sell you a car and they'll sell it as is. No warranty. You'll take a look at the car and you'll go, "Well, it's a nice car. It runs good. Looks good. Take it." It's because they probably repossessed it twice and then all of a sudden here you are. They got nothing in it. Why don't we shoot again?

[00:02:50]No money down, high interest rate, and see how far he goes for repossess it again. I mean, it's like the conveyor belt of making money. I used to see kids in the army fall for this all the time.

[00:03:00]They're like, they'll come back with a Dodge Viper for a 19.5% interest and they're like, "Look what I got." And you're like, "Man, you're not going to like life. You're already upside down on it. Looks like you're never getting rid of it.

[00:03:14]>> So, this is the reason why you don't buy cars from buy here payers without doing research first. This vehicle was bought, what is this? 200 what price?

[00:03:24]>> 2004 Chevy S10 pickup >> LS.

[00:03:27]>> And they bought it for how much?

[00:03:29]>> Six grand.

[00:03:30]>> Six grand a year ago.

[00:03:33]>> From a buy here, pay here. Yeah. They've been having problems with it. And as you can see, the amount of rust on this vehicle. This is why if you're buying from a buy here, pay here, at least take it to your mechanic first and have them evaluate it because say this customer would have brought it here and we would looked at it, we would have told them absolutely not. Do not buy this vehicle.

[00:03:49]>> Didn't we do that with N?

[00:03:50]>> Yes, we did. Yes, we did.

[00:03:53]>> See, now look, they replaced the shackles back here. But like look at all the rust on this. Like it's it's insane like the amount of rust. Like they're going to lose this soon. They're going to lose this one. This is already rotted out. Look at that. Look, you can see there's the bed. the bed liner right there. The bed is rotted completely through crossmembers.

[00:04:12]>> Especially in a Toyota, they rust really quick. Mine's rusting out from uh from hauling kayaks, but it's like I feel like you almost have to start making these car salesmen have a license because you got to be able to go back on somebody when they get somebody like this. And I think because since the federal government doesn't back any of these loans like they do with houses, they don't care. And uh but it's like how far do you want the government to overreach in somebody that wants the car? Like there's two people that want a contract for something and they're willing to do it. The problem is there's so many scoundrels in this stuff.

[00:04:45]>> Let me be real with you. It's not my fault that you got scammed at that buy here, pay here lot. You made a bad deal.

[00:04:51]Not me. You walked in thinking it was easy money. Thought you were getting a deal and now you're stuck paying triple for a car that barely runs. And guess what? That's on you. I don't hide cars.

[00:05:02]I don't push loans you can't afford. And I sure as hell don't mislead anybody. I sell real deals. Transparent, upfront, no gimmicks. So before you come blaming me for your nightmare, remember smart buyers do their homework. You made a dumb mistake. It's not my problem.

[00:05:19]>> How's this guy still in business? One, how's he not getting investigated? Two, how's he still in business? Like Like who goes to this guy now? You know, it's like it's not like you can take it from the car dealership down to a mechanic that day and then just get them to walk through it and then have a certified inspection to go back and be like, "Well, there's all these things wrong with it. Are you going to come off of it?" He's going to be like, "No, I'll sell it to somebody else." And if you've got bad credit, I've done a lot of videos on car car uh sales where like you're in a pickle. You you don't have a lot of money. You you've got you can do it with 27% interest. Your kids got to get to school. You've got to be able to go to work. and uh you can't afford anything else because you can't have a no money down anywhere else. So, you're willing to just take the hit instead of Ubering everywhere. I understand where this is like the situation where the poor just keep getting taken advantage of to the point where finally they're putting trackers on these bad boys.

[00:06:14]That's another thing they're doing. Not only are they prepared to repossess it the moment that they give it to you, they put a tracker on there and then they just come snatch it and then you got to fight them in court for whatever the outstanding is, you know, it's like they they hold all the cards in this and I guarantee you their contract is got so many teeth in it and people are going in there without representation. Not like in real estate at least you get a real estate agent car, sorry, you got to deal with Bozo the clown here.

[00:06:41]>> What's going on folks? It's your boy Steo got me rolling today. Hey, I got my man Drew here approved on this 2018 Mercedes P400. First time buyer, guys.

[00:06:52]As you know, all you need is your ID, piece of mail in your name. Go ahead and shoot me a DM at Steo got me rolling.

[00:06:58]We'll get you rolling on today.

[00:06:59]>> Steo got me rolling right into the dead house. I've hated for the kid. He looks happy. But that's how you never have wealth in your life is going into debt at a young age and instead of that $500 a month going to an, you know, S&P 500 account and in 30 years you could retire off that. Instead, we're buying a car that you're going to have to do maintenance on and it's it's overpriced to begin with.

[00:07:26]>> Volvo has about 97,000 miles. Been having issues with it. The worst part about it, this gentleman owes and it is really rough inside. You guys can see this. It smells really bad.

[00:07:41]This man owes $14,000 on this car. It has $95,932 miles on it. There's a total loss report on the Carfax. I mean, this is as bad as it takes their car to sell it like that.

[00:07:55]>> So, total loss. Click that.

[00:07:59]>> Total loss report in 2023.

[00:08:03]I feel bad for this guy, man.

[00:08:06]This car is worth absolutely nothing to >> Most people doesn't they don't know that you can check all that on your phone when you go to buy a car. They're just buying a car and that's when they just wait for somebody to call come along that's not too savvy. I mean, things have changed so much since I bought a car. I just went down, bought one new, come back from Iraq, paid cash for it, had it ever since. But the idea of going down to a dealership knowing you're in the PRA pit scares me. And I deal with piranhas all day long. All day long in real estate. I deal with the best piranhas. But it's something outside your scope of knowledge. You don't do it every day. So you think you're going to outsmart a car dealer. Put me in the real estate game and I'll run circles around him. But you don't know the terminology. You don't know how all this stuff works. And you got all these tags and taxes and tires and they want to put nitrous oxide in your tires.

[00:08:53]>> Imagine you're hard up for cash and you don't have good credit and you need a car. So you go to this place, Drive Time. You spot this 2023 Nissan Sentra SV for $22,395 with almost 26,000 miles on it. They convince you that this is the car you should buy. You don't have a down payment, so you're financing the entire amount of the car. Do you know what you'll wind up paying for that? That comes out to $5749 a month plus full coverage insurance, which is going to be another $100 to $200 a month, maybe even more depending on your driving record. And this is for 72 months. That's 6 years. And at the end of that term, you will have spent $41,36328 on a used Sentra that came out 2 years ago. So by the time your loan is done, this car will be 8 years old. That's pushing a decade. But here's the real kicker, $22,395 and 41,000. That's a lot of money for a car that costs, let me check, looks like, yeah, $22,265.

[00:09:49]And that includes the $1095 destination fee. Brand new with zero miles. This used Sentra not only will cost you 40 grand, the list price is higher than a newer model.

[00:10:01]>> You know, the re the whole finance game is they're banking on you to drag it out and you're going to pay more for the car than you ever thought that sticker price would actually be. You know, it's like why Dave Ramsey always says cash, pay cash. Like the moment you take on a car note, especially at a young age, it's really hard to build wealth. That's why there's so many new cars running around and everybody's broke. They can get you into the financing because you make x amount a month and then you're just there. You're on the wheel. You'll never get off the hamster wheel. Best thing I ever did as a young teenager. My dad bought me uh an old 81 year old uh 81 GMC truck when I was 15 for like $2,000.

[00:10:46]Box of tools and I drove that thing cross country four times. drove it for 15 years. You know, sometimes we got to go back to the old stuff and and not take on these car notes. These car notes are for the death of people.

[00:10:59]>> Here, pay here dealerships a good idea for bad credit customers. So, most buy here, pay here dealerships sell cheaper vehicle vehicles that has high mileage.

[00:11:10]So, yes, they'll get you approved with a small down payment. You might end up paying very high monthly payment because they're going to split it up maybe to weekly like 250 a week and you're going to end up buying a car with very high mileage unreliable and doesn't even report to your credit to help you build credit. So when you buy a car from a buy here pay here dealership that's your only choice. Get the vehicle checked out by a mechanic for sure and look at the contract very well. Make sure you're not being overcharged cuz sometimes they will overcharge. I >> mean, it's the same thing in real estate where they buy a old junk house and they make you pay more for it because your credit's bad. They give you a crazy financing with a balloon note. You know, they know you're never going to catch the note, planning to repossess it and do it again. At least there's some laws against some oversight, you know, like with the foreclosure in in residential real estate, but with these cars, they're just coming to get you. You know, it's like they built the thing for you to lose to begin with. Contract is built for you to lose. There's a tracker on the car and they're just going to come get it and then the court system is going to side with them. You're dealing with a professional. Be very careful with this stuff. Man, >> I ain't worried about that. We don't need check credit.

[00:12:31]Your peak score is 435. So you think you got bad credit? We ain't worried about that. I told you we don't check credit.

[00:12:37]You worried about the entry rate, man.

[00:12:39]Our interest rate is 4.5%.

[00:12:42]Come see Rick here at Homeless Motors. I got you.

[00:12:45]>> How is it that low? How? There's some way they're going to get you. I saw a guy sell a house the other day. He's going to owner finance it. And there was a caveat of you must have insurance on the house, but the house was uninsurable. Like everything about it was wrong. It wasn't even a floor in it.

[00:13:04]Knowing that you're going to put that money down, okay, you're going to put the down payment and then in x amount of months, he's going to foreclose on you because you can't keep insurance.

[00:13:13]Insurance companies are just going to keep dropping you or it's too expensive for you to keep the insurance. So, if your insurance policy you did get one, let's say it's $3,000 a year and it goes to 15 because the house's wiring is all messed up, everything's messed up, they're just going to repossess the property and there goes your your down payment. Same happens with a car, you know, except for with a car. It's a little different with getting insurance, but the game was rigged for you to fail to begin with.

[00:13:37]>> Since we're looking at buy here, pay here car lots. Somebody told me to check out All Autos in Atlanta, Georgia. Now, for reviews, they got a 4.6 6 out of five stars and that's with 353 reviews and that is pretty good. Let's see what vehicles they offering. The first vehicle we have is a 2016 Chevrolet Malibu LT. They won $16,000 and this thing got 159,000 bodies on it. Woo.

[00:14:05]Moving on. Now, this not a bad buy because it's a Lexus, a 2012 Lexus LS 460. Very nice car, but it got 198,000 bodies on. I know that's not nothing for Alexis. They only want 135. So, this one is low enough to be like, h, I'mma do it. Moving on. This is also not a bad box. 2017 Honda Pilot. 200,000 body.

[00:14:28]16,000.

[00:14:30]That's a lot for 200. I know it's A HONDA. IT'S GOING TO LAST, BUT GOD. And last, but not least, we got a 2009 Infiniti M35. I used to want one of these, but not one with 193,000 bodies on it. And somebody bought >> I mean, think about it. By the time you get that thing paid off, it's going to have almost 300,000 miles on it. It's going to be worth zero. Not to mention, the maintenance is going to kill you in the next 5 years. It's going to you're going to hate life.

[00:14:55]>> Say this. The worst place you can buy a car is buy here, pay here. I'm going just say it because nobody wants to say it. They're going to oversell you a car because they don't use regular banks because a regular bank will not finance that car. They overcharge you for the car. They charge you bi-weekly and there's nothing you can do about it because your credit is so bad and you can't get approved anywhere else.

[00:15:21]>> It's the worst thing you can do. I would recommend for you to build up your credit.

[00:15:26]>> Take care of what you need to take care of on your credit so you can actually buy a car from a A or B DEALERSHIP. NOT BUY YOUR PAYER. YOU WILL >> It's like It's like hard money. That's what they're using. And yes, I know you need a car. I know you need to figure out save up some money. Pay cash for a for a save up some money. Pay cash for a car. Especially if it's a low-end car.

[00:15:50]Do some hustling. Buy you three $5,000 $6,000 car. But the moment you start doing these payments, they got you.

[00:15:57]You're part of it. Like it's hard to get out of it. Then you're upside down on it. then you're paying to get out of it and it's hard to do it. But that's all I got. That's all I got. If you are a young kid and you see a Mercedes, BMW, Dodge, Viper, any any of those luxury cars and it's a no money down run. Okay?

[00:16:19]And and if it's an interest rate over what the normal interest rate is going at that rate, four or 5%, let me tell you, if it's over 10%, you will never catch the loan. There's a there's an old saying in mil in real estate, 10% you ain't catching it. 12% you definitely ain't catching it. 19% that's the end of your financial career. That's all I got.

[00:16:41]I'll see you guys later. Don't forget to like, subscribe, and if you need to buy or sell real estate on G Coast of Florida, Alabama, my email is down below. I'd be happy to help you or find somebody that can. I'll see you guys later.