I am at drive time and I did not expect to see this. 2024 Dodge Hornet GT 30 or 23,200 $23,200. Do you guys even know what this is?
This is a rebadged. It's an Alfa Romeo rebadged to a Dodge. One of Dodge's biggest failures ever.
Nobody wanted to buy it. They were like 40 grand brand new for some of the trims. And yeah, now it's selling for 23 grand here at the buy here, pay here drive time.
But we have to talk about America's buy here, pay here issue. If you didn't know, it's an issue in the United States. So many people driving vehicles, they have super high interest rates.
That Jeep Patriot you see going down the road is financed for 84 months at 25% interest with bi-weekly payments. It's just a whole crazy thing in America right now. 2014 Jeep Patriot, $14,595.
But nobody goes to this kind of dealership. This is actually owned. It's a sister company of Carvana and it's a huge they can get anybody approved practically.
You know, five grand down you can have repos and everything. 16 grand 2020 Buick Encore 122,000 miles. The problem is the amount of interest.
You know, usery is a real problem in the car business in the United States in 2026. the amount of financing that's going on, the amount of interest that people are paying, all that kind of stuff is just beyond even what it should be anywhere close. It doesn't even make sense in a lot of situations.
$15,000 for this one. It has 99,000 mi. Now, one thing I do say is they actually give a dealer warranty here.
And I think part of it's because they know if the car breaks down, the person's not going to make their payment. It's a buy here, pay here. The key is to keep the car running.
That's the only chance you have for them to keep making the payment. So, they actually have a warranty with their cars, which is quite a surprise because most buyer pay here's, you know, it is what it is, but at the same time, they also want to keep their money coming in. 31 grand, 32,000 for this one.
40,000 mi. So, this one will keep going because, you know, you have another one, Car, it's going out of business left and right. But this one has the huge advantage of Carvana.
So, they have a bunch of money in the back end. So, I don't see them going anywhere. And they do business.
You know, I guess they do have newerish cars. You know, they're not going to sell you a 1990 car for like $20,000, which some of the buy here payers would do. But this 23,000 Dodge Hornet, I mean, what does that turn into at 30% interest?
You know, I don't know what our state maximum is here. Every state normally has some sort of max interest rate. And do you think they should do you think it should be regulated by the state like that where a company can only go so high?
Because if they were open to do whatever, I mean, technically then anybody could probably get approved at some interest rate point. You know, they're willing to take the risk at a 100% interest, but the state restricts it. Most states have restrictions.
You can only go 20, 30, 40%, which is still crazy. You can still I mean, you have repo. You have you haven't paid your bills and you could still get approved for a car loan in the in America.
How does that make any sense? You don't pay your bills, but then you still get approved, but then it's just a cycle of constant over and over again. You can't pay it.
Well, there you go. We got to repo the car, bring it back, and then you still owe on the repo. That'll be on your credit, too.
People don't realize that with a lot of I mean, obviously, they don't care, you know, when you're in that kind of situation. The you just don't care, I guess. I mean, it's just it's a big issue in America.
And it's the people buying the car just as much. But also, we have the customers, you know, it goes all the way around the people buying the car. Obviously, they're the ones buying it, but you also have these companies that are definitely uh they know what they're doing for sure.
They know what they're doing. 20,000 for this Kia Sportage 20,000. It does have a warranty, I guess, but yeah, it's been through it.
You can see the hood doesn't line. I mean, this thing has been through it. But let me know what you guys think.
Do you think it's a real issue in the United States? people taking on way too much auto debt particularly especially even in the buy here pay here class. So people that normally shouldn't be normally banks say no you can't get the loan because you haven't made your payments even they're able to take out 20 30 $40,000 loans sometimes at these buyer payars with super high interest rates and the amount you pay more on interest sometimes than the car than the initial car that you purchased more on interest than the whole 23,000 you spent on this car.
And I'm not saying this particular situation will be like that here. It just depends. Everybody's different here, but drive time is one of the better buy here payers, I guess, if that's a thing.
But it's still, you know, it's a buy here, pay here at the end of the day. Um, but they get people approved. That's what they do.
That's their whole thing is you can get approved. This Dodge Hornet, which you probably never even heard of this vehicle, you can get approved for. You know, that's the reality of the situation.
And overall, it's just it's in general everywhere. Every car dealership, they don't care. They're going to get someone approved at 22 30% interest.
And I mean, it's a big issue. You know, I'm not full. I'm huge fan of Dave Ramsey, all that stuff.
But sure, you can have car payments. It's a responsible way, I guess, to do it to an extent, but still, I mean, if you can't pay cash, can you really afford the vehicle? You know, that's a pretty key simple metric right there.
But also, you have a thing where it's just so much debt, debt, debt going to these cars, especially with these high interest rate loans. That's a whole another thing. From a 3 or 4% loan to a 24% loan.
That's what we're talking here. You know, at these buyer payers, you can have a 20% auto loan. Just imagine the situation you can be in with the amount of interest.
It's crazy. Let me know what you think. Back to drive time.
Checked out what they have. I give them credit for the warranty that they give on the vehicles. That is surprising.
You know, it does have a dealer warranty guaranteed on these vehicles. 2021 Ford F-150. 110,000 mi.
$27,000. So all day long, I mean, look at this one. 26,000 for this one, I'm assuming.
Is it a four-cylinder? 60 63,000 mi for this work truck right here at 265. So they even have some trucks over here.
Lots of options. But man, you got to stay away from those super high loan rates, super high interest rate loans. That's where it gets crazy.
Let me know what you think. Have a great day and stay blessed.
