this should be illegal but it makes alot of money

So I knew about this method of making money for a while, but I never meant the customer of these people.

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1. The Dealership Way
- Where you have bad credit individuals agree to pay double the loan value for a car because they need it for work
- They also sign contracts where if the car breaks down then you gotta figure it out yourself
- This way the dealerships make a lot of money, one sold you a used car they got for cheap for a premium, two they get a commission from the finance.

For example:
- A lot of people are not going to buy a house, so the largest expense they re probably going to make is going to be a car
- Some people have very bad credit where you get into subprime loans, and they get a car loan for around 20-25%
- So imagine I’m one of these people and I buy a $15,000 dollar car and finance it over 5 years, do you know how much this would cost me

Total Amount:
- $440 monthly payment and 26k overall on the car in 5 years
- But now the car is only worth 7500 and these people nearly doubled their money from you

Solutions: save up buy a beater car, then save up again and buy a certified used car for cash. ( 7-10k but its worth it)

2. Owner Financing with Insurance way
- Now there are people that should never be driving a car or for example, being a taxi driver
- Because they have such a bad track record, and since they can't qualify for anything, this creates a certain opportunity for an individual with cash and licenses

Let me explain:
- On Saturday I went down the mall with my girlfriend and we took an uber but the uber back was too expensive so we caught a classic cab
- This guy told me his entire life story: he drove a honda civic 2017 worth around 15k according to Kelly blue book
- he a suspended license at one point, several tickets for speeding, and had been in America for over 10 years, and still didn’t know English

Obviously:
- someone with a history of a suspended license and constant speeding should not be driving people around ( but he still wanted to )

So here is the illegal way his problem was solved:
- an Italian guy got him the car, and insurance and the sticker he needed to be a taxi
- now they signed a contract that he would be the car off in 2 years
- now this guy has to pay the Italian guy $400 a week or $1600 a month, not including parking of the car, maintenance and whatever else

Meaning:
- meaning when you break down this math it’s a 78% loan
- and when I explained to the guy that’s crazy, he said two years would be over in no time and that he already signed a contract
- but in reality, those contracts aren’t valid in the eyes of the law ( plus I think he's scared to pull out )

Solution: find another job, you are a dangerous driver and buy a car for cash

3. Biggest Scam in the World is buying a New car, even if you have good credit
- You buy 35k car brand new, with the new car smell ( in 10m its worth 10% less because you drove it )
- In 5 years it's worth around 60% less than what you paid for
- Its usually going to be a very bad idea, and you only buy a new car when you can afford to take the hit financially

Here is what I’m going to do:
- I know year 3-5 cars lose most of their value
- So I go on Kelly blue book and see the current price for cars
- And then I can save up for the car and buy in cash

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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