How to buy a car without getting ripped off (Marketplace)


[ ♪♪ ]>>David: Take a
ride undercover.>>Just looking for a
little commuter car.>>David: Inside
car dealerships.>>$112 bi-weekly at 0%.>>This is the trick.>>The average consumer
sees that they think, “Oh, I can afford that car.”>>David: And the high cost…>>I can’t get out of it. So I have to pay it.>>It’s troubling. I want to go in there and
find out what’s going on.>>David: How not to buy a car. This is your Marketplace.>>David: Jenny’s shopping
for her first vehicle. The biggest purchase of her life
and cost is her main concern.>>Ya, I’m just
looking for cars.>>Oh, okay, sure.>>I’m looking
for a smaller car. I’m just looking for a
little commuter car.>>David: She doesn’t want to
pay a lot and really doesn’t want a big debt.>>And how much was this one?>>David: Jenny is genuinely
looking to buy a car.>>Is it on?
>>Yes.>>David: And recording it
all with hidden cameras…>>This will just
hide everything.>>David: ..’cause she
works for us.>>All right, see you later.>>David: About 2 million
new cars will be sold by the end of 2017. Many of them with the lure of
low payment loans that seem so affordable but are the
dealerships revealing everything you need to know? To find out,
we’re calling in the pros.>>This car just turns
heads everywhere it goes.>>David: That’s Shari Prymak. Mild-mannered
school teacher by day, car buying expert
in his free time. And that $100,000 Lexus? It’s borrowed.>>I get to test drive
new cars every single week. I don’t actually even own a car.>>David: Shari works
with Mohammed Bouchama.>>84 months?>>David: He heads
Carhelp Canada . A popular car buying
service for consumers.>>Oh, yeah, they trust
what I tell them.>>David: They’re dropping by
to analyse the financing advice Jenny’s hearing at dealerships.>>Hi, David, good to meet you.>>David: Hi. Hi, Shari.
All right. We’re going to look at some
clips. [ ♪♪ ]>>I’m looking
for a smaller car.>>David: Jenny’s visiting ten
dealerships in the Toronto area that sell popular
small cars in Canada. She’s barely in the door when
she hears about low payments spread over a very long time.>>David: That focus on payments
is a red flag for our experts.>>We don’t even hear at all
the price of the vehicle at all. All we are getting is the
monthly payments or the weekly payments or the
biweekly payment. I mean, that’s not right. It really is not at all. [ ♪♪ ]>>David: Over and over,
it’s low payment…>>David: ..spread over
a long time.>>David: At most of the
dealerships they instantly offer up loans of seven years.>>And that’s for seven years?
>>Seven years.>>The average consumer
sees that they think, “Oh, I can afford that car.” “I can manage that, no problem.” But it’s just another way of
bringing consumers into the dealership and selling them
something that they really can’t afford.>>David: Car loans
used to be shorter. Like 48 months.>>Get an incredibly low 2.9%
financing…>>David: Then came
the great recession. Money was tight so automakers
teamed up with banks and other lenders to get you buying again
by stretching out payments.>>Plus get zero percent
financing for 96 months.>>David: And it’s working. More than half of new car
loans are seven years or longer.>>David: On nearly every visit,
Jenny is told paying off years early is no problem.>>David: Not true
according to our experts.>>I mean, yes,
you have the right to pay it off, but the majority of
people cannot afford to pay it off.>>David: And why is that?>>The majority of Canadians
are overloaded with debt. So really they can’t
afford just to get suddenly, get $20,000 in one or two
years and pay off the car. It’s impossible.>>David: Dealerships,
though, still suggest it, and seven out of
the ten Jenny visits, start by pushing long loans.>>They really should
be telling the shopper, “This is the price
of the vehicle.” “These are your
different options.” “You can finance for
this much over four years, “this much over five
years,” and so on.>>David: So why
isn’t that happening? Dealers and salespeople in
Ontario must follow a code of ethics and the law. They must be “clear”,
“act with honesty, integrity”. The man who enforces it
all is John Carmichael. We show him the offers. Low payments, long time>>That to me is short-sighted,
just a recipe for problems. For a consumer to make a fully
informed decision they need a lot more information
than that.>>David: Should a
potential buyer just be shown the long term options or
should they be told about other options
in front of them?>>Well, my preference
would be they should be shown all options. The more choices the better
able you are to make the best decisions for you
and your family.>>David: Jenny ended up pushing
back a bit, against this idea of just the
seven year loan.>>Right.>>David: And I’d like to
show you a little bit of that discussion.>>David: Do you think that
advice is fair, is it honest?>>It’s troubling. When I have a young person
who’s standing in front of a situation like that, looking for their first car,
I would want to know they are getting a lot better
sales experience. I want to go in there and
find out what’s going on.>>David: Shari has
his own theory.>>Long term loans with low
monthly payments often encourage consumers to buy a more
expensive car because why buy the affordable car for $20,000
when for a longer loan I can buy the fancier car for $30,000
at the same monthly payments?>>David: That is the key to
bigger revenue for automakers and dealers. While a $20,000 car costs
$154 every two weeks on a five year loan. A $30,000 car is just $11 more
a payment but you’re paying for two more years.>>David: That upsell is
happening to Jenny right now [ Laughter ]>>This is the trick. Suddenly you stop
thinking about your budget, you stop thinking
what you can afford. And the way they
do it, well, don’t worry. You can do it for 7 years.>>David: Yeah.>>And your monthly payments
going to be only this much!>>Cars are more complicated
now than they ever have been. There are a lot
more electronics, there are a lot more sensors,
there are a lot more sensitive parts that can be very
very costly to replace.>>The last thing you want to
do is be in a situation where you’re making
payments on your vehicle, at 6th year or seventh year,
and it starts to require costly repairs, and at the same
time it’s worth very little, if you want to sell the vehicle.>>David: In your opinion,
for the average person, what is the best length
of time for a car loan?>>No more than five years.>>I would say ideally four
years but you can stretch it to five years.>>David: Seven and eight?>>No.>>No.
>>No, no, no. If you stretch the
loan to seven or eight, that means you
can’t afford that car.>>Right.
>>Forget it.>>David: Good advice. And she does hear it,
only a couple of times.>>David: Even more rare,
sales people who warn about longer loans.>>That’s great advice. It really is. I’m surprised actually. There is no question
he is telling her the truth, you know.>>David: This is what you
think people should be seeing.>>Absolutely. [ ♪♪ ]>>David:
Insider secrets…>>We’ll give them enough
information to make a decision, but we’re not going to point out
all the negatives.>>You’re
not losing in any way.>>You’re going
to lose your shirt.>>David: The ride continues
on your Marketplace. [ ♪♪ ]>>David: How not to buy a car. [ ♪♪ ]>>David: We’re testing the
advice you get at dealerships about car loans.>>You can always
pay faster, it’s an open loan.>>That to me is short-sighted,
just a recipe for problems.>>David: Problems leading many
Canadians into a spiral of debt they can’t escape. [ ♪♪ ]>>David: 24-year-old
Chantelle Matthews knows all about it. She’s working two jobs to
pay off one massive car loan.>>Basically, wake up,
go to work, and then go to the other job.>>David: Job #1, at a
building supply centre in Bracebridge, Ontario. She’s here from seven to five. End of this shift is the
beginning of the next. How much sleep do you
usually get when you work two jobs like this?>>Between three to four hours.>>David: You must be
exhausted a lot of the time.>>Yes. It does take a toll on you.>>David: Job #2
goes late, at the local pub. By the time she closes,
it’s almost three am. [ ♪♪ ]>>David: Chantelle’s troubles
began when she bought a new Hyundai on an eight year loan. [ ♪♪ ]>>I wanted a vehicle that was
cheap, reliable and you know, half decent, would
last you a while.>>$158 I believe
every two weeks. >>David: Seemed affordable
but the car kept breaking down.>>The fan in the
fan motor went. The alternator went and the
wheel bearings started going and this is all within three months
of owning a brand new car.>>David: She says the
dealership wouldn’t take it back. Told her to trade
it in for a new one. But the car was now worth much
less than she’d paid for it.>>They said you have to carry
some of it over because you signed for the car. The car has been used.>>David: That difference
between what she owed and what the car was worth is
called negative equity.>>It’s not good.
>>Not good. It costs you and it
costs you big time.>>David: Sure does. It means $17,000 in
old debt was added to the loan for this new car.>>With the two cars,
it was about 50 grand.>>David: $50,000.>>Yup.>>David: You seem
very calm about that.>>I’ve accepted the fact,
because I still have to pay it. I can’t get out of it.
So, I have to pay it.>>David: There are thousands
of Chantelles out there. A quarter of all cars being
traded in for new ones still have money owing on them.>>David: Did anybody
ever explain what negative equity was?>>No. They did not explain the
negative equity to a detail.>>David: Back on hidden camera,
that’s what we’re testing next. How will sales people explain
negative equity and trade-ins?>>David: Yikes! He finally gets to his point. Early trade-ins are a cinch.>>David: Really?>>David: Not how
our experts see it.>>You are going
to lose your shirt. Absolutely. I mean, it’s crazy.>>David: This is all
about negative equity. At three or four years, you owe
more than the car is worth.>>A lot more.>>David: In fact, you owe
more on your car than it’s worth until five and a half
years into a seven year loan.>>No. They’re paying the bank the
money that you owe but they are charging you, they are
adding that to the price of the new vehicle.>>The debt just
keeps on piling on, and it’s very dangerous.>>David: We’re showing
that explanation to Ontario’s auto regulator.>>Yeah.
It’s very troubling. To just say, “We’ll pay
off the loan”, well, how do you pay it off? You don’t just pay off the loan.>>David: John Carmichael
doesn’t like what he sees.>>And this is my worry,
consumers who aren’t able to either understand or manage
that situation and they find themselves in a transaction
that’s going to come back to haunt them down the road.>>David: Do you see this as
following the rules?>>I would challenge both of
what those individuals said on the basis that they haven’t
provided honest information to the consumer.>>David: So why might
salespeople break their rules? We meet a man on the inside. He’s worked in sales
and finance for a decade. Knows about the
pressures at dealerships.>>Sell, just sell the car.
Yeah. That’s what their sales manager
is gonna wanna know at the end of the day. You talked to this person why
didn’t you sell them the car?>>David: We’re hiding his
identity because he still works in the industry.>>No dealership is
going to turn down a deal. We’re not ultimately
their financial advisor. We’ll give them enough
information to make a decision but we’re not going to
point out all the negatives, all the potential pitfalls.>>David: Not– not in your
interest to tell people about.>>No.>>David: The
downside of trade-ins.>>Correct.
Correct.>>David: You may get a new car.
>>Yeah.>>David: But you
may keep the old debt.>>Yeah. You’re gonna get a new term,
you’re gonna get a new payment and, you know, it
goes forever right?>>David: Do you think there
should be definite rules that require a salesperson or
dealership to clearly explain the basics to a customer?>>Yes, at the very least the–
the basics of negative equity so that people are going into
the transaction with open eyes.>>David: We bring
that idea back to OMVIC, Ontario’s regulator.>>In fact, I think, you
actually may have this document — but this
type of document which talks to issues around
negative equity.>>David: Carmichael says
he’s putting the pamphlet into government
offices across Ontario. We turn it into a poster>>I like yours better.>>David: But you won’t see
it in the one place you might expect it. Why isn’t something like that
of this size in a dealership, in a place, where people
are actually buying a car?>>Well, it’s brand new. Happy to do that. That makes sense, I like it. I’d love to see that
on every sales desk.>>David: But you
could require it.>>Well, I don’t know that
dealers are going to go that far with it but
certainly for the consumer, absolutely it’s a
good thing to have.>>David: But it
isn’t compulsory. Just hope you can find someone
who can spell it out like this.>>This employee deserves
employee of the year award. Congratulations to him.>>David: So few
though get that advice. Chantelle will be
paying for years to come.>>David: I don’t want to freak
you out but this has changed the early part of your life.>>Yup, and I looked into
getting a house and they won’t approve me because of
how much I have on my car, in debt. So, you can’t basically do
anything until it’s paid down.>>David: How much time do
you have left on this loan?>>About 4 and a half years.>>David: About
four and a half years. What do the next four and a half
years of your life look like?>>Definitely changed now. Basically I have a
baby on the way, and–>>David: Congratulations!
>>Thank you.>>David: Can you work two jobs
seven4 hours a week for the next four and a half years?>>No. I won’t be able to do that.>>David: How are
you going to do it?>>I don’t know yet. I’ll have to figure it out. [ ♪♪ ]>>David: Meantime, we
can’t figure out her paperwork.>>There are a number of red
flags that jump off the page at me right off the bat.>>David: Is this a breach?
Is this illegal?>>It is.>>David: Searching for
answers on your Marketplace. Sign up for our
weekly newsletter at cbc.ca/marketplace. [ ♪♪ ]>>David: Gearing up
for more Marketplace. [ ♪♪ ]>>David: We’ve been
investigating long term car loans.>>David: Sounds like a deal
but salespeople aren’t always upfront about
risks to carbuyers.>>They find themselves in a
transaction that’s going to come back to haunt
them down the road.>>David: It happened
to Chantelle Matthews.>>With the two cars
it was about 50 grand.>>David: $50,000?>>Yup.>>David: She owes that much
because she traded her unreliable car early. The money she still owed was
added to her new purchase. But check out her paperwork. No mention of that
debt or negative equity. Instead there’s “additional
retail value” on her second car, as if she opted for features
like fancy speakers or better seats. I bring that to the regulator. The rules say the
paperwork should be clear.>>The mathematical gymnastics
that appear on this page are astounding to me. This is anything but clear and
in fact when you did send this over to us yesterday, we tried
to figure out what we could and had a terrible time trying to
figure out exactly what the representative had done.>>David: And you guys
are the experts in this.>>Well, that’s the theory,
there are a number of red flags that jump off the page
at me right off the bat. That in fact is
your negative equity. They’re hiding it up on a
line as additional retail value. So they’re putting it in the
value of the vehicle as opposed to showing the actual
debt that’s outstanding.>>David: Is this a breach? Is this illegal?
>>It is.>>David: It’s both?>>Yes and this is
something I’d like to have my people look into.>>David: They are concerned the
dealership may have breached the ethical code and the law,
hid the negative equity, leaving it unclear just
what Chantelle is paying for.>>We are most concerned
about consumers making educated decisions. There are concerns that people
not get in over their head or get into long enough terms that
they’re going to end up with significant debt down the road
that they simply can’t afford.>>So it would be $25.68.>>David: Chantelle
is chipping away. Halfway through
her massive loan.>>Biggest regret,
going into debt that much. Thinking that I could get
out within the 8 years.>>David: Why did you
want to talk about this?>>Just so no one else
makes the same mistake I did. It’s not about my car. It could be anyone. It could be any age,
it could be your mom, your brother, your
friend next door. They could have
the same problem.>>David: And in fact
there’s lots of people, lots of Canadians
just like this.>>And they’re just
drowning in debt. [ ♪♪ ]>>Charlsie:
Attention online shoppers.>>I almost only shop online.>>I look for the best deals.>>Charlsie: A Marketplace test.>>Charlsie: On
your marks, get set, search! Different shoppers,
different prices, for the same room. Oh, my gosh.>>They’re different
on different browsers.>>The more
information they have, the more they can
prey upon your desires.>>Charlsie: The black Friday
special on your Marketplace. [ ♪♪ ]

100 comments on “How to buy a car without getting ripped off (Marketplace)”

  1. Six-String says:

    People shouldnt be dumb enough to not ask for the total price of the car.

  2. Edward Bautista says:

    Did you guys notice that the white folks are more honest then the Indians? Not sure of the raice

  3. Barack Obama says:

    these Mexicans got it wrong. the correct loan length is 0 years!

  4. Phike says:

    Guy: let's say you have 6 kids in the next year or so
    Lady:oh lord I hope not
    Guy: We can work that….
    😂 😂 😂 😂 😂

  5. 45Bigz says:

    “Biggest REGET” LOL

  6. FuXed says:

    Lol are Canadians and Americans that poor, lol!

  7. Chakat Nightsparkle says:

    If anything, If you do not have alot of cash for a decent down payment. If you are looking for a new Car at a $20,000 range. You really want a down payment of around $2500 to $5000. Prefer more around $5000 for a $20,000 new car. But another Option is, Dont always look at New Cars. Try looking at Used cars they are at there. Try picking one thats just a couple years older.

    Also, where they say they would Pay off the Loan. if you trade it in after 3 to 4 years. I would Write that up as a Contract yourself. And then Have the Sells person Sign it, as well as the Manager. Then go in 3 to 4 years later or even 6 months later to try to Trade it back in. Holding that Paper. See them try to add that extra money to a new Loan. Showing the Paper that was Signed. Then saying Nope. You pay off the Loan. If not see you in Court. Cause more then %50% of the Time a Signed Written Contract is Agreement will win Court cases

  8. Chakat Nightsparkle says:

    I think Marketplace needs something like a Donation page. Where ppl can Donate some extra cash to if they will too. That money goes into an account where it can build up over time. Where little bit of that Money could be giving out in small amounts to Ppl like Chantelle. Like a little extra boost to pay down that car payment a little bit. Like if she got $600 thats like 1 less Month she will have on that car payment.

  9. Manny Perea says:

    Did you see how dirty the screen on the tablet was ??🤯🤯🤯

  10. hank fontaine says:

    Its a rip off system

  11. Anthony says:

    I like ten year loans.

  12. Anthony says:

    The broad who works two jobs gets pregnant not married and is in over her head with a car payment for a junk car. She is a real moron who will always be in debt and she wants to buy a house.

  13. Chancellor Asher says:

    Bought a car around $65k for 8 years but payed it off on 3 and half years😂😂

  14. Tony Sta. Ana says:

    That employee who deserves the "employee of the month" is probably in trouble, because sales managers only want sales sales sales, nothing more nothing less so if he's honest about it maybe he has some grudge to the company, maybe he didn't got his bonus or commission

  15. David Pepiton says:

    I would suggest following Dave Ramseys baby steps then getting a loan in the first place

  16. Pat Washum says:

    That car salesman is a loan shark whom should be a shame of himself!!!!!!!!! Best luck to you Chantell !!!!!!

  17. Mike Smith says:

    Like house mortgages, it should be law that the true cost of borrowing be clearly stated when purchasing a car.

  18. Tom Forge says:

    Budget for a 3 year car loan because you have no guarantees beyond 3 years (typical bumper to bumper warranty). From there, you can possibly stretch the loan out to 5 years using your 3 year based amount. (5 years is the typical powertrain warranty – engine and transmission). Also, try to accelerate your loan payments based on the real world drop in your vehicle’s trade in value (check kbb). The accelerated payment will keep you away from negative equity.

  19. DonaldDUHKID says:

    ALWAYS PAY FOR YOUR CARS IN CASH. I don't care if you have to drive a $500 Toyota Tercel. If you don't have enough cash in the bank, you can't afford it. You don't finance a depreciating asset.

  20. Ray Walz says:

    The cost of the loan is only part ONE.
    TWO: The cost of maintainence(Cosmetic upkeep, brakes, lubrication,tires, electrical components ,driveline/ suspension parts and service etc.)
    THREE:Insurance… You must carry enough high cost insurance to protect the lien holder from loss due to accident ..theft etc. If you don't you will be on the hook for any shortfall concerning a claim payout.
    Four…Depreciation… After seven years the vehicle will be significantly devalued from purchsae price and very hard to sell privately. Car lots get a better price for their used/trade in because they finance…private sellers need to receive full price at point of sale.

  21. Mo says:

    Welp no Hellcat for me 😢

  22. Olokunful says:

    My co-worker traded her bmw for a Mercedes. The Mercedes c-class is $32k. However, she owed a lot on her BMW. So now her total new loan is $56k!!! Her note is the same as her rent!

  23. Dangermuffinz says:

    In debt, working 2 jobs, and then she got pregnant. Seriously? A kid is more expensive than that car!

  24. Terry Holloway says:

    Remember people, do your homework on how much a monthly payment you can afford and DON'T GO OVER IT, PERIOD! Don't let some fast talking salesman push you into a payment you can't afford. Keep in mind, if you can't make the payments and the vehicle gets repossessed, don't think your problems will be over. Far from it…

    The vehicle gets taken to an auction and sold for a much lower price. That means the lender will come back and bill you for the difference of what the vehicle sold for and what you owe on it. If you ignore the bill, they will sue you for it and you can add hefty attorney's fees added to the balance. The sad part is, your credit is trashed for 7 years, 10 years if you declare bankruptcy and you are paying off a loan on a vehicle that you don't even have anymore.
    That scenario should scare the hell out of you…

  25. Artemis Zero says:

    The agency that is responsible for regulating this industry needs to have more teeth and go after these sales people who are lying to the customers, and either fine the sales people, the sales person lose their job or license, or the car sales company needs to get the license revoked, or arrested and jailed.

  26. Default Karn says:

    Imagine buying a brand new car 😂

  27. Amir Jinnah says:

    lease what depreciates, buy what appreciates

  28. bthebest says:

    Canada needs Fascism..

  29. ana lyna says:

    According to Scotty Kilmer, only Toyota and Lexus matters. Others just total garbage

  30. Gary Priest says:

    Now this is news making not what Trump is doing every day

  31. Cesar Monterroza says:

    🙄😩wish I’d seen this sooner. But my family needed a car. I felt like I had no choice

  32. Marcus Fullerton says:

    That Lexus wasn't a $100,000… More like 40.

  33. Jayse Clouds says:

    CBC is no better than those dealerships, there is no mention of buying a car cash and being debt free. A car loan for 4-5 years? Insanity!

  34. Ricky Rickardo says:

    What do you want to hear ? Its a high payment. It's not rocket science, divide the total with interest by the number of months you want to pay it off. If you can't afford it then take a longer term or buy a piece of crap for $500.

  35. vasudev reddy says:

    I recently visited Nipash Auto sales here on Queen's road(Brampton).
    That guy tried to ripped me by asking to pay $320 for 84 months for 2018 elantra civic 50k driven though I showed my middle finger to them

  36. jrveloria says:

    I've experienced this 1st hand when I was residing on Honolulu/Oahu Hawaii the dealers would do everything they can to convince you it will work.
    You need to research on the particular car you want, it's msrp , the added on options, luxury taxes, gas guzzlers tax if you're getting a performance V8 car etc.
    The stealerships(dealership) will tell you what you want to hear. But in reality if you don't do your research and financial analysis you'll be screwed.
    Don't buy cars that are unreliable. Proper researching and thanks to Yelp, social media and YouTube. You'll be more aware of what you're getting into.
    One YouTube page I follow is scotty kilmer a mechanic over 50 years ,that doesn't hide the truth about automobile brands, their reliability and how much it will cost for repairs.
    I will never fall for any dealerships/stealerships offers without knowing in details what I can afford to pay. And mainly on the Brand of the car if it's going to end up being a money pit.
    I hope that more people will expose how shady these huge corporations dealership/stealership can be to sell their Brand automobiles.
    Thank you for this informative video. 👍

  37. Omnistar Artificial Intelligence says:

    or just don't throw your money away buying a new car and buy a 3 year old used car for 5,000 dollars less

  38. kisku hona says:

    jenny was beautiful

  39. The Beyonder says:

    Whats with the indians scammers in this show 🤣🤣🤣

  40. The Travel Guy says:

    Don’t they know about Hyundai in Canada? WTH? How could this woman buy a Hyundai and not know it’s a piece of crap no matter what the company pays magazines to say about it? Rubbish autos.

  41. Daniel Dielissen says:

    This is great! Keep it up!

  42. CrushDani says:

    Are there not warranties in Canada?

  43. Abraham Rod says:

    LMAO all the bad dealers are Indian people, known for being scammy.

  44. Active Guard says:

    I got a news flash for you: The moment you drive that new car over that curb you're inegative equity. That bump she went over cost her $5,000. And new cars lose 60% of their value within 4 years.

    So if she paid $30,000 for a new car on an 8 year term, that thing will be worth about $5-10K by the time she actually owns it

  45. Austen Hernandez says:

    Look if u can’t afford the car NOW!!! It ain’t meant to be yours. Now these loans are from the BANK! AKA the GOVERNMENT, and the governments job is to see the auto makers make money, and the consumers mouth SHUT!! What ever is wrong with a system loOk no further then the government

  46. Jacob Kochutin says:

    I'm gonna just go get a 10-speed

  47. Caleb Gore says:

    people need to stop buying new cars and buy a decent used reliable vehicle outright

  48. Dan C says:

    Don't buy new. Value will drop once you start the car. Used versions will save big money and newer cars last long so a car with 20to 30k is just broken in.

  49. AppleRain says:

    That's why I buy used in cash from people. Never paid over 20k

  50. GamerGirl Kate says:

    My boyfriend still pays for a car bi weekly that broke down 2 years ago. These cars are made to last as long as warranty. After that you get problems.

  51. cpm says:

    my dad bought a few cars in the past and when my dad was gonna buy a new one, he negotiated the price for a car aggressively and I didnt understand why until now…

  52. Mengis Tesfa-Michael says:

    Sensation journalism

  53. CanAmRydr says:

    Why does every dealership there want bi weekly payments? JD Byrider is the only one i've ever seen that does that

  54. Renaissance Fitness says:

    Lol. Y’all think the car industry is shady. Most of you are foolish. Real Estate agents rob you blind.

  55. Blue Ridge Ghost says:

    A 'new' car of any kind wouldn't have wheel bearing issues. A used or abused one may. If a new car has wheel bearing issues, then it should be carried under the new car warranty with the manufacturer. Unless 'new car' means a used car that is new to the individual buying. Rough terrain and potholes can cause wheel bearing problems, but 3 months is much too soon.

  56. Rob says:

    If it's 0%, I don't see a problem. For crying out loud, pull out your phone and devide the amount financing by the term and you're done. It's not the dealers fault people don't do this. Or maybe ask what would 48 months? This is silly.

  57. Agnava Mandal says:

    Use UBER!

  58. Christa says:

    Is there a follow up video showing the outcome of the government investigation? I would have liked to seen the final outcome.

  59. Stan Starygin says:

    I guess we expect consumers to be such morons as to be unable to do 1st and 2nd grade math. And it is the dealer's fault that they can't. Solid stuff.

  60. Domenic Commisso says:

    Why don’t you ever complete the story? What penalties did OMVIC impose on the dealership and the 17k negative equity?

  61. waaazup D says:

    She has quite a bit left to pay on the car working 2 jobs to pay it and has a baby on the way with no man helping her out. That's the problem with a lot of these youth they are not very responsible. Don't get pregnant if you're not ready, don't have kids until you're ready.

  62. harshbarj says:

    Easy. Leave the dealership and go to the nearest bicycle shop. Buy a quality utility bike. Enjoy the savings.

  63. mam362 says:

    how do people really think that a more expensive car wont cost you more than a less expensive car?

  64. 黄豪顺 says:

    Don’t finance it, simple as that. I saved up 5 times the price of the product before spending. I worked for serveral years before getting my Honda Civic, saved around 500k usd, spent 100k for it. Still have 400k in the bank. Don’t finance it, it will save u good amount.

  65. SKP HMU says:

    I watched it but I don’t get it- What is the how to buy – and the ripped off part is ?

  66. Iam Sam says:

    If Canada is so great, why does the government let it's consumers get into so much debt for extended periods of time? 60 mos is the max in the US (for the most part) with one of the most popular options is 48 mos with monthly payments.

  67. Jarred Smith says:

    People quiet buying new vechiles always get one that is at least 2 or 3 years old cause it's alot cheaper and vechiles lose there value fast so buy a Toyota or a Honda cause they last alot longer and if you buy one from a owner and not a dealership,you don't have all those extra bills on it,never buy from dealership s cause they screw you every time.

  68. Infinite Onions says:

    15:46 trying hide his identity but you didn't change his voice

  69. Zachary Thompson says:

    Buying a used car with cash is the best way to go, every time. If you have yours paid off, save money every month so when you finally do need a new car you can just buy it outright. You can save thousands a year for the rest of your life doing this.

  70. knurri says:

    This clown paid $4200 in warranties!!! @19:36. $200 for nitrogen?? $400 for tint that would have cost about $100 from a private installer. She overbought her finances and obviously didn't read the sales agreement before signing. She can only blame herself. Why she didn't buy a used car that she could afford blows my mind. And now to have a kid on the way??? Dumb dumb dumb.

  71. im ok12 says:

    This guy deserves employee of the month… mostly likely he was fired lol

  72. Kiinell says:

    So she gave a new car with a warranty back and then bought another new one. So not only did she make a huge mistake she made it twice in a row. Amazing.

  73. Lazy Noodle says:

    Just buy a used car…

  74. LauraNYC says:

    TOYOTA ONLY DECENT CHEAP CAR BRAND !!! Especially.made in Canada !! Scotty Kilmer approves this message😉

  75. Glxse says:

    Aye 2 more years

  76. Sachie Reid says:

    The best way, if you can afford it, is to buy one outright and get the best deal.

  77. evolvng says:

    Can't afford a car, can't buy a house, has two jobs but the most agregious mistake she made was deciding it was a great idea to have a baby. Dealerships being scam artists will always be around and so too will uneducated and uninformed people to fall victims. Education is everything!

  78. Lauren Medlock says:

    I worked at two dealerships and yeah what I've heard lol

  79. Reggie Turner says:

    I love CBC news!

  80. Bitmin dedpewl says:

    IMO I think people should buy cars which they can pay in two years and buy it directly with cash since debt is something that just keeps piling once it starts… correct me if I’m wrong

  81. A Christian says:

    I can fully understand why Canadians are in debt. Most of them are incapable of thinking things through.

  82. Edwin Bermudes says:

    Why buy new when used it might evean have the same tech for cheap

  83. Icehax says:

    I don’t know what dealership these people work at but I work as a salesman and we are very open and honest about pricing. We explain EVERYTHING. There are no hidden fees behind the scene unless they add something like clear bra while they are in the finance office. And while they are in the finance office it’s not a hidden fee it’s clearly explained to them.

  84. Humberto Rodriguez says:

    Jesus Christ look at the rack on her

  85. George Zhu says:

    As a accounting professional, I would suggest explaining this issue to people using fair value and book value instead of negative equity

  86. Filthy McNasty says:

    Never finance through the dealership. Never trust the dealership. Know what you want. Focus.

  87. Tydiggity says:

    How about buy a 2000 dollar car on Craigslist and stop going into debt for a 40 grand car? No? Ok

  88. Steve Nelson says:

    I feel for the girl that got her head chopped off. BUT if you think the car is expensive wait til you child is born.

  89. TJ Jones says:

    I was blessed to have family who can fix there cars and tought me how to. Wheel bearings, alternator, fan motor……I never had to mess with the fan or fan motor so I can't speak to that but depending on space under the hood the alternator should be pretty easy to swap out from looking up YouTube videos and wheel bearing isn't usually horrible…… especially if it's that new and probably rust free!

    I am shocked by the price people pay to have pretty straight forward repairs done. Hope she doesn't give up and declare bankruptcy.

  90. Benjamin Tomassen Nordahl says:

    If a 3 month old car breaks down isn't that covered by the warranty?

  91. Aleksandar Štakić says:

    problems after 3 months???? so she had to trade in her new car? dont these new cars have warranty??

  92. Jordan Gustafson says:

    If you cannot understand basic math, negative equity, and your own finances, then you have absolutely no business buying a car. It is not the salesman's job to tell you not to do something. It is not their job to be your financial coach. Sure, they should not be lying to people and some clearly are, but if you willingly sign into a $50,000 loan, at some point in the paperwork, you saw that number and you saw that payment. You can walk at any time, including in the finance office. It is not yours until you put your signature on that line.

    There are factory warranties, lemon laws, and other programs to fix a car that is three months into it's loan. I don't see a woman getting ripped off by big bad car salesman, I see somebody who is too submissive and a pushover to get out of one car and into another instead of demanding the car be fixed.

    So many people create their own problems and blame literally everybody else for the position they are in…

  93. DesertBlade18 says:

    If you have to own a car, buy a 5 – 6 years old used car in cash, preferably a Japanese one. Cars usually loose more than 60% of their value over just 5 years. Problems solved

  94. 95thRiflesOCI says:

    Mazda dufferin is the only dealership that has honest carsalesmen.

  95. Christian Rico says:

    Nobody:

    Shantel Mathews: “bIgGeSt rUgEt”
    21:22

  96. Rich Elliott says:

    Flashbacks from 2 min ago coming like naruto

  97. Bradley Loveland says:

    I buy my vehicles with cash~

  98. Orenji Productions says:

    Lmao I'm watching this two years after it came out and that girl is probably still paying for that overpriced Hyundai.

  99. Master Jim 2020 says:

    What ever happened with the investigation on the car buying scam? Did it ever get resolved?

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