UK CAR REPO BOOM COMING? ( BCA Online Car Auction UK )
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- čas přidán 8. 11. 2023
- In today's video I attempt to buy back a striking Jaguar XF that was once rejected by my customer for a really minor issue and was subsequently repossessed by the finance company.
Will I be able to buy back this car cheaply because the competition will be put off by the lack of MOT and service history, or will the auction madness with budget cars continue?
I hope you enjoy the video, let me know your thoughts in the comments!
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I’ve said this to my friends and family for 18 months…..a car finance crash is coming like the housing crisis of 2008. So many 20ish year old kids in 40k+ cars living beyond their means and every beige household leasing a Range Rover.
yeh but those 20 year olds are living at home, saving what they would have spent on a mortgage and instead spending on a car, so it's not a given unless we start seeing mass unemployment
What's a beige household?
@@JohnHughes2002that boring new-build sort of house that all look the same, cropping up all over the UK
@@Sam-xk9mxMost of those are council houses.
its that chav lifestyle that everyone has copied. they literally finance everything they have. i knew someone spending 500 a month on an bmw and he had so little money he had to finance his cloths lol. proper depressing.
I had a car loan as a young man in the late 1980s, everything was fine until I was made redundant. It made me feel so financially exposed at the time. Fortunately I managed to find other work. But I learnt a valuable lesson and vowed never to buy a car on finance ever again. I kept to my word, one of the best decisions In hindsight for me. Obviously everyone’s situation is different. Great vlog btw 👍🏻😎
Yeah, you get car owners running round in 40k + cars and they only rent a small flat, the rent on the flat keeps going up in price and the value of the car keeps going down, run round in a cheap car, till you have your home and have money in the bank, love to you all, the bank of John.
Wet true…
Also a concern … the families forced into debt forced to borrow to buy CAZ & ULEZ compliant vehicles .. taking unaffordable loans
I was an Inspector for BCA, 13 years service. Voluntary redundancy 4 years ago. I hear they're in talks for further redundancies.
I prefer my new job, Retirement. 😉
I had one.
2008, 2.7 and a Premium Luxury which was specced up.
3 yrs old and bought from Jaguar with, thank the Lord, an extended warranty.
My plan was to keep it for a long time.
Over 2 yrs, it had over £10k of warranty repairs (all catalogued) and then the engine ate itself just weeks out of warranty.
Jaguar wanted over £10k for a new engine and probably more for both turbo’s but the car was that stressful to me that I sold it for scrap.
I’ve owned other Jaguar’s and Land Rover’s and from my experience, I always advise people to……..
…..Never, Ever buy a JLR.
The product is abysmal and the dealers are conmen.
Agreed, Tata has ruined JLR.
Great advice. Terrible reputation
Ta Ta JLR
That's the truth. Whenever I see one on the road I can't help but feel sorry for the poor sod driving it. They think they look cool but they are actually just dim sheep waiting to be fleeced.
@@rollyunicorncan't say I'd feel sorry for people driving up insurance premiums and wanting something to flash their "wealth". If anything, they're deserving of it.
Interesting change Joe. Enjoyed it. I had the same 'nostalgic' feeling re. a couple of my ex wives but lost out, thank God. They were probably due a service as well. 😂 Anyway your subs have shot up this week. Good news. Keep up your good work. All the best.
😂 Nice one. Never look back 👀
Ahh shyttee I thought he was gonna win it.
We had a wholesale motorbike business in the USA we ran over 100 units a month thru the workshop and bought about 70% thru auctions, we used to mark all our bikes in a certain way and we used to get at least 12 to 20 units a month come thru auction that were repos we had had thru our shop before and some more than once!
20 years ago I worked at one of the new Car Supermarket 'dealers' they didn't put a screen price on the cars but a £ figure based on a monthly payment.
Preppping a used Range Rover, I found the original finance papers the owner signed up for with Land Rover, it was £150 a month cheaper for a brand new car than the car Supermarkets was asking for a used vehicle
😂@@hughjanus7354
@@chrisjones2224 But I presume you would need a decent credit rating to buy from JLR.
Great video, super interesting. Love this background dealer life type videos. Thanks for making it 👍
Glad you enjoyed it!
totally, your weekly roundup and these insights into the way trade works are excellent look forward to both. Car reviews wouldnt tickle my pickle as much, like yourself ive driven many different cars and a car is a car with different buttons, but can understand how they can be popular. keep up the great work I know how long it takes to edit and make something entertaining for the haters to hate😉 @@ShiftingMetal
I really enjoyed the virtual auction footage Joe, it was something different, and interesting.
It’s a pity you didn’t win the Jaguar back, however it’s best to be sensible when bidding at auction.
As always great video❤.
Glad you enjoyed it 😊
His credit rating couldn't have been all that by being a customer with moneybarn hence they normally deal with people who as a low credit score..
There will be lots more of this over the coming months. People have got lazy and comfortable and borrowed on cheap credit ironically thinking it makes them look posh or rich . Then when interest rates go up they look like a fool on the hill with a vehicle they cannot afford to run. The bubble has burst.
Good fun watching. Reminded me of when I am outbid on eBay and then I reassure myself that I was only in it to raise the price for the winning punter
My bet is that he just couldn’t afford the finance and running costs!
Can’t imagine that type and size of car being cheap to maintain. Too many people on beer money trying to drive champagne cars!
I remember when the E46 3 series came out ~1998, my friend had a new business and got a new 325d on a lease with BMW finance.The company went bust and stopped paying the lease and BMW finance just left it on his drive for 18 months with moss and algae growing on it until the lease was up. I don't think they had invented repossesion then!
Great interesting video Joe ! 👏👍
I would say the owner went in over his head, realised down the line he had stretched too far & wanted to bail out finding any way he could. Repo being the last option.
Great vid mate!👍🏻
Just done a Vehicle check on the number J14 TBY, it is still on a white Jaguar, and was MOT'd on 14/11/23.
Looks to me that the new owner did get the number plate.
The fault with daytime running light etc could be down to water in junction box - a common issue on the XF. You may have dodged a bullet as the repair cost is pretty high.
We like you Joe! Crystal clear , compelling integrity …. Best wishes.
I think there’s going to be an oversupply of newer cars soon as people abandon their 2 car pcps and go back to buying cars from dealers like yourselves. My neighbour has over a Grand a month going out on his two cars. A honda crv and bmw 420. His mortgage is over a grand, double income no kids but he was saying why tf paying that much for 2 cars to get to work? I have lived in my current house 2 yrs and since I’ve been in this cul de sac of maybe 40 houses, I’ve only seen one car change - a dacia duster for a new dacia duster. Most people have tidy cars but far from new but clearly looked after. I like to buy my cars around 60k around 10 yrs old and keep until uneconomical repair. The highest miler I had was a vw transporter 2.4d with 335k on it. Was rotting off its chassis and still sold it. Mechanically was fine, non turbo, mechanical fuel pump. Only heater plugs replaced. Haven’t had a diesel since 1984. I look after my own and 3 daughters cars. All very high mileage 2007-2010 serviced every year by me. Bought a basic code reader which I have reset eml a couple of times. I think cars can do 150-200k before they may need too much money spending and cars in the uk are/were a status symbol. When i lived in Spain for 2 years, 13:08 cars are for a function in the main and although flash cars in the cities, in the more rural areas lots of old Citroens, fiats and Renaults. I have curiously looked at their mileages sometimes as old fashioned speedos and many done 300k kilometres. My neighbour was a Spanish taxi driver and he said his company only ran Citroens ( picassos) and were kept to 500k kilometres then exported to morrocco or Algeria for further abuse. He hated vw audi skoda diesels that he said were very expensive to repair. I foresee berrow motors and others that are really genuine being a runaway success. Who wants to buy a car at click of a mouse. You and your staff Are doing the industry of smaller dealers a massive power of good and creating trust, which is much needed. Your channel is bloody superb mate
There is an oversupply of electric cars already which people just don't want in significant numbers however I don't think ICE cars will be over stocked anytime soon.
A nice insight into the finance repos at BCA Joe. Sometimes, it is better to move on and get the stuff that moves on quickly with a good return. Best tell Toby to have a look at DVLA registrations, but nothing under £250!
Thanks Julien. It probably all worked out for the best to be honest!
@@ShiftingMetal toby probably bought back the car himself.
Great video and content. Gutted you missed out on the car. I was enjoying a mug of tea with my Berrow Motors mug as it arrived today.
Awesome, I hope you like it ☕️
@ShiftingMetal love it, mate, colour is really nice
Flipping cars can be a crazy 😜 thing, love the content as always
Very interesting video looking forward to seeing the next 👍
Thanks Joe😊
My pleasure!
Well done!!! I found that truly entertaining and informative 👍
Glad you enjoyed it!
Hi, Yes Joe good man. I would have too buy it back if the price is right lol. I hate bidding on the Internet. Wow that was away too much money for it with no MOT, I hate when this happens but good Choice to back off, nice one 😅😅 🇨🇮🇨🇮
This was an enjoyable video. I want to watch more of these.
Love your channel, Honest dealer like chops garage, and really like watching the live auction videos more please x
Thank you! Will do!
Good video, i reckon there is going to be a mass of snatchbacks soon when those posers realise they have no money the cars are going to be whisked away, so get the mouse button lubed and ready your gonna grab some right deals..
I miss the days when Joe Public could buy at auction.
Great content Super Joe 🦸♂️👏🏻 Really enjoyed the auction bidding side of it and at that price you defo dodged a bullet on that Jag...👍🏻👏🏻🦸♂️😍
I think you’re right Neil! 👍
Looks to me as a layman the buying situation in the UK (I live in Australia) is fraught with a load of problems especially with finance I myself have nearly always financed my cars through my banking institution and have found the are more accommodating than a finance company.
That will be back through in a few days time, mark my words.....
Interesting behind the scenes video . Subscribed 👍
Downgraded from an a class… then tried to back this one.
Clearly struggling financially before he bought the car
Money barn finance says it all, that's rat poison, 40-odd % interest, pure sub prime
That was a really well put together video, thank you. I am not to sure there is going to be a crash but I agree that some people are really stupid. 😮
‘I can’t imagine it’s done much for his creditworthiness 😂😂😂. I had to laugh at that.
I think that one worked out for the best Joe👍🏻
I think so too!
Used to work for a car finance company an Christ mb customers were paying nearly 50-65% interest no wonder he wanted out
Had a decent deposit so could have had a modest car but wanted to look flash. No one but MB would have them!
@@ShiftingMetal standard champagne lifestyle lemonade money. Remember someone saying that to a customer. Keep up amazing channel mate
You read Toby
I read Tubby ! 😉
So , no great loss ....
Interesting and honest video.
also finance company will now chase him for the remaining cost he owes after car is sold i dont understand he might aswell just of traded it in rather then is credit affected and debt collectors be after him
Great video!
Serious question 🤔 What would you do if the same bloke walked in saying he wanted to buy the car ?
Say no!
Going from an A class to that ain’t a downgrade imo 😂
Sadly people are living well beyond their means. Just see X amount for the finance but don’t factor in the extra costs of owning a car like a Jag. So much of that going on.
Very true, often the tossers on the road giving it he big in their leased Merc / RR are up to their eyeballs in debt loosing sleep at night! avoid that life
It will be back in next weeks auction, that was a wall bid (which they never do honest guv)
Not a lot of tlc for the car from the guy you sold it to. Can’t imagine it was looked after, probably ran it on cooking oil. i did enjoy your video good presentation👍🏻
My sister is trying to reject her car via the finance company for water leaking onto the back seats . Its been in for a repair once which didn't work . Im not sure of her chances 🤷
Hi not sure if I missed it in the video but could you tell Mr the name of the site you was looking at wen bidding on the cars please? And how often is there auctions on like that, thanks 😊
I did the same in the past bought a Repo car back but however the original owner still had one key for the car and We found the car the next day a mile down the road all smashed up with no lock damage.
No way!
I bought a Peugeot partner tepee, and It broke down 2 weeks later, then the paint starting peeling off the front bumper. Then the timing belt and steering went funny, the middle console wasn’t working. The front wheel had been smashed and realised it was a accident car on the front passenger side. I had it looked at by dectra, ECU problem, and the Cambelt and van belt problem. The front steering wasn’t right and making horrid noise. The front passenger spring had compressed and turned, hitting the inner body work. It spent 2 months at the garage and checked by another garage and passed it off. They just tightened the van belt. I have told the finance company i want a refund. I have also recently sent it to Peugeot and there are loads more wrong with it. What do you think? They had many chances to put it right, and now the mot has just ran out. I have only driven 1300 miles in 9 month and 4 of that wait was in the garage being sort of fixed. I was lied to that the springs were changed but they were not. Total joke Cars DIrect in Peterborough! I wouldn’t by a coffee from them. I’m still waiting,
awwww maaan! Gutted ya day get it Joe! 😆 Oh well, plenty more fish in the sea! 🖖 Good luck with all your bidding!
Thanks 👍
Never heard of Money Barn before, but looking at their site they charge 35.5% APR. Seriously what sort of an idiot would take out finance at that sort of rate?
Someone with no other choice - the poor get poorer
A desperate one !!
I think I have the third cheapest car at work out of about 60 people, loads of them are on £400+ finance payments for cars they'll never own, earning 30k, just mental.
Enjoyed that one.
Cars are so cheap in the UK! No wonder they get shipped to Europe for parting out! We have a place in Estonia that imports BMWs from the UK. The issue is they only have RHD steering parts for sale😃
Shipped or stolen 🤔
@@Hermantrueman Shipped. Lots go to Poland as well.The place here shows the complete cars on their website with the UK number plate.
I worked for bca picking up cars and doing checks on them and money barn was the worst haha they didn’t want to know much information from you so doesn’t surprise me there reports are full of red warnings but I can assure you sometimes the driver like me just miss some things because we want to get on the road again
I bought a focus rs repo outta Mannheim’s , looking today the same cars circa 26 grand on eBay and auto trader , I paid £18.2k out the door
I was thinking about buying one should I not bother? are they problematic as long as they had the service at high mileage cam chain and water pump I think needs doing is there much else i should look out for goes wrong with them ? I was looking at the xe xf or xj I want a diesel I was looking at the V6 I can do the mechanics to certain extent as long as I don't need to remove the engine
Quick question, what does cap clean mean.
Legion has it Toby outbid you just to get his plates back 😂
😂
This owner just did a clumsy reverse onto a kerb stone and bent his exhaust tail end. Been there etc etc...
Not replacing that tail pipe/box has cost him an awful lot of money.
The satisfaction of getting back at Toby is worth 1000 at least. You should have bought
I'd watch the electrical isaues on that, could be related to a battery being jumped/disconnected or reconnected in the wrong way. The X250's a bitch like that.
It's a bitch full stop. I had a 4.2, the engine was awesome, the rest of it's cheap junk.
Well Big J sorry to say but I'm hoping you have had some calamities in this video to make me feel better. Just found out today 2 vehicles I've bought have now got catastrophic engine failure. On top of that our sprinter truck I've had to abandon because everytime I set off it throws the hand brake on. Yeah it's as dangerous as it sounds. On the plus I've got my e92 m3 on the road now but no doubt that's gonna be a hard sell this time of year? Not many ppl spending 24k on a 15 year old V8 lol. If you've ever watched matt from high peak and his weekly failures... that's basically everyday of my life 😅
It’s darkest before the dawn. Keep plodding on mate 👍
@@ShiftingMetal wow I like that saying lol
I miss my days out at BCA auctions…..
Maybe sometime who subscribes to the channel bought it as they too recognised it and knew the back story LOL. I'd have charged the full £250 for the plate, Toby or no Toby 😂
Haha, possibly!
Fiesta st 2007.
My little tank! Basically worthless.
I'll never sell it! 170£ service, new battery? 50£.
Flies its MOT every year.
Get primitive guys, it's waaaay worth it.
People like the owner of the Jag know how to play the system, they're just messers and cause a lot of grief/hassle.
He's covered by the consumer rights act of 2015 and his contract is with the finance company as that's who he pays. If he returns the car then he has to have good reason as long as he can prove the fault with the car aren't his doing. It would be a long winded process for him though.
How else do we buy cars I am locked in 300 a month for 6 years I feel cheated yet I need the car
Looks a lovely car Joe - worth buying I feel
I've had a quick count up , there are more people wanting Gonorrhea than want a Jag.
Fundamental question> Who on earth wants a Jaguar - especially a diesel?
Exactly ford parts bin and versions of Mondeo chassies( what's the plural for chassis)
When I was 17 I bought a mini 850 for £690 , it was from my savings, spent £300 keeping it on the road then dumped it 9 months later for £390
Learnt a lesson , all paid for with savings and a Saturday job in 1985
There was never any credit option back in the day everyone drove shit motors
Some people. What a way to go on.
Why anyone would ever buy any JLR car is beyond me. My neighbour bought a new F Pace. Three months out of warranty, the engine needed replacing. It had covered 70,000 Kms. Meanwhile my little Hyundai i20, bought new four years previously has just covered 170,000 kms without missing a beat.
As soon as you mentioned MoneyBarn, I though you missed a bullet there. 😳
I had a company car and notice its still not Taxed or Mote'd a year later after i gave it back. strange
Depending on the leasing company many cars are held back to wait on boost in second hand market on particular models. Standard practice ? Probably held in a compound with many others.
@@charlesripper2978 yeah but nearly a year later? It was an Audi A4
Nice story !
I'm glad you didn't get it. It's cursed, cursed I tells ya!
Haha, I think you’re right actually!
Ive never heard much Good about money barn I take it they are a sub prime lender that just take on high risk customers at ridiculous apr
They go literally all the time on that …. Literally just the rubber hanger - few quid! 20 seconds work … this industry is in such a mess
Don’t overspend on it like HPA
Best left in the rear view mirror...
Could not agree more. So many have finance on cars, bikes and phones! Big crash coming
How do/can you reject a car to a finance company after 9 months? , how are they liable either?
They’re not but some people think that’s the case and if they refuse to make payments, they have no choice but to take the car back!
You have to have a serious mechanical failure that is deemed as making the goods not fit for purpose. You also have to give the dealer/garage at least 2 attempts to fix the same fault. I went through it with an Alfa Giulietta. The gearbox would jump out of gear, especially when attempting to negotiate junctions. I had to get an independent assessor to assess, at my own cost, to prove the issue was 'worthy' of rejection. They found issues with 1st, 3rd 4th and 6th gears, deemed the car unsafe and not suitable for driving on the road. The dealer and finance company still tried to fight me on it.
I never refused the payments and kept paying for the car whilst this was on going, keeping a record of all interactions. Managed to return the car and claim back a portion of the payments as well as the cost of the report. The ombudsman were worse than useless and did nothing to actually really help us, always siding with the finance company or dealer.
I will never buy a second hand car on finance again. And I will NEVER buy an Alfa of any kind ever again.
The simple truth is that the person who took the car on finance obviously can't afford to pay for it anymore - simple.
I am an old geezer in my seventies. You are the ONLY person online in the motor trade who doesn't sound like a "wide boy"
"To be honest"---"To be straight with you"---"My life"----"Believe me" "Owned by a doctor" --To be totally honest". the list goes on and on. My father and uncle owned garages and I served my time as a panel beater. Never shake hands with a trader without counting your fingers afterwards.
Who would go into a car dealer as a career ,,it's not stop hassle ,😢
Never had a loan or finance on a car, I would sooner save my money and wait, miss a couple of payments and they repossess the car and you've lost a load of money for nothing?? madness
Cars are being carted off daily now where I live.
I had a Czech trying buy my 3yr old bike,he wanted brand new bike at 50% RRP...i told him just to go to the Yamaha
Hello there. I'm new to this great channel. I was wondering, is it common for a used car dealer to have a load for a car? This dealer told me all used car dealers do this. Is that true? Thumbs up
Loan? Yes, very common, I use a stocking loan, it’s nothing to worry about if the dealer is reputable 👍
Thank you for your quick reply. I didn't realise it was legal. It put me off buying the car completely. Also, I'm sure the Jag would have been a nightmare in the long run! I'll be checking you previous and future video's from now on.👍
Good hope repos go up Result will be prices drop ❤😂
Tax expired 12 Oct…
Do not worry you will have plenty of choice, the finance bubble is bursting