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It's noon here in our nation's capital, Washington, DC.
And this is Car Eng Live for Wednesday, September 10th
with your hosts, me, Ray, and, well, that guy, Zach, my son,
right next to me.
I'd ask you how you are handsome, but I've been hanging out with you
for like three hours already.
How are you?
Doing great. Happy Wednesday.
On September 10th, grateful for everyone being here with us.
Today's show, folks, is brought to you
by the Free Windows Sticker Generator back on CarEdge.com.
All you'll do is go to CarEdge.com under Research,
then there's Free Windows Stickers,
or go ahead and do a quick Google search,
Windows Stickers, Free Windows Stickers, CarEdge,
and it'll pop right up.
Sorry to hear there's a little bit of reverb and echo.
Well, we can try the other mic maybe tomorrow,
but yeah, we've both got our little mics
and our tiny cube here.
We'll do the best we can.
We'll keep our voices a little more tamed.
How's that?
Modulate.
All right, we're gonna try and modulate.
The thing that I wanted to start today's show off with, Dad,
Justin on our team pulled together
the 10 best car deals in September.
You and I were just reviewing the data.
We just filmed a video talking about the fall car market.
Yes, the new car market.
There's some winners, there's some losers,
but there's still some deals to be had.
So why don't we run through the top 10 list here
as compiled by Justin on our team,
the best new car deals in September.
You ready?
Okay.
Okay.
Here we go, Dad.
Justin got first.
Yes.
The 2025 Nissan Rogue.
What do you think the offer is on the Nissan Rogue?
Any guesses?
Free.
Yeah.
It's not free.
I mean, you're proud of that one.
It's kind of free,
0% financing for 60 months and $1,750 in bonus cash.
She's improvised.
That's better than free.
That's free plus 17s empty.
In essence, if you finance the damn thing,
they are paying you $1,750 to do that,
and they're not charging you any interest for 60 months.
That's, that's...
Have we just said modular?
I have your budget like you're going louder
and you're going more all over the place.
That's much better than free, ladies and gentlemen.
That's free with $1,750 on top.
So 0% financing plus getting a cash and sentiment
is not that normal.
Many times manufacturers say one or the other, not both.
So I think this is a big deal
that Nissan needs to move your road.
And so they're offering 0% financing
and it's not for 36 months or 48 months.
It's for a five-year car loan,
which is like a long-term 0% financing
plus the cash offer.
So that's the first one on the list
comes from Nissan.
And that doesn't include any discount.
No, from the dealer.
That you can get from the dealer
when you're negotiating for a road.
I cannot believe that first one,
after you said you're going to go modular,
you're going with the,
you know, some things in life are hard to change.
They are hard to change.
Twice when you buy a Nissan Murano,
customers are trying to change their minds
about Nissan evidently.
And hopefully these incentives help 0% financing
for 60 months.
So you can already just compare these two.
Which one is Nissan more desperate to get rid of?
The Murano or the Rogue?
Well, apparently it's the Rogue,
which is I think their number one selling vehicle.
And the Murano, which is completely redesigned,
doesn't seem to be a fan favorite at the moment.
You know, and just looking at that picture,
I can understand why.
So Nissan got two here of the top 10 best deals
we're seeing thus far in September.
And there you go, we've got a third one,
the Pathfinder.
Now the Pathfinder has gotten insanely expensive
over at Nissan,
typically ranging over $50,000.
And that's why Nissan's having to offer here again,
0% financing for 60 months,
and this time $1,000 in cash incentive as well.
So Nissan that representing one of those brands
that has the oversupply of inventory
and is really desperate so far as right now,
these are big incentives heading into September.
Well, they are huge incentives.
And here's the sad reality.
So few of Nissan's customers
are going to qualify for the 0%
Let's break that down.
Yeah, help us understand that.
So they've got these incredibly attractive offers,
0% financing,
but you're saying the sad reality is
most Nissan customers won't qualify.
Yeah, typically when they have 0% interest,
that's for tier one credit.
Now I have heard rumors that if you have a credit score
of 550 and above,
they will treat you as a tier one credit customer
and still give you that 0% interest.
I can't imagine that they could actually do that.
But if they are,
that is a unbelievable opportunity
for people out there with some credit issues.
Break down credit tiers.
Because you said tier one credit, you said 550.
So help us understand the basics of this.
Like what are tiers?
Why 550?
What does this mean?
Well, tier one is top credit.
That's usually a credit score
somewhere between 740 and 850.
And this is the auto FICO score.
Auto FICO score.
And then tier two would be the tier just below that.
That might run 680 to 739.
And then the tier three would run like 600 to 679.
And then once you start hitting below 500,
below 600, that's typically considered subprime.
So for every tier, the rates are typically higher.
So if it's 0% for tier one,
it might be 1.9% for tier two,
could be 3.9% for tier three.
And for tier four subprime,
it could be 19.9%.
So there's these incentive interest rates,
but they're just different based on your credit.
And what I, yes.
And what I have heard through the grapevine
is that if your credit score is 550 or above,
they will treat you as if you were a tier one customer.
So for someone who has bad credit,
someone who has a checkered credit history
who would never qualify as a tier one buyer
to get a 0% interest,
this is an opportunity to A, reestablish your credit
and help your credit score go up
and B, take advantage of a 0% interest rate.
Now, granted, you are driving a Nissan,
but you are doing it at a finance rate of 0% interest
and in some cases where they're giving you extra money
towards the deal.
So if that's legit, which again, it's just a rumor.
Yes.
So we don't have a way to verify that right now.
If you're out there and you have a sub 600 credit score
and you go to a Nissan dealership this month,
let us know what credit or what interest rate
you qualify for when they run your credit application.
But if that's legit, it's actually like,
probably the best boost your credit program of all time.
It's mana from heaven.
I mean, it's incredible.
Yeah.
It's incredible.
It really is.
And even if you're not,
even if that's not the reality,
let's say you have to have actual tier one credit,
it's still 60 months, 0% finance,
which right now the average APR is 9% on a new car.
That's a hell of a deal.
That's a hell of a deal.
May I say one thing?
I just saw Charlie's hamburgers made a comment
and I said to you today
that I needed to have a shout out to Charlie's hamburgers
because, well, my brother, Uncle Ken
and our favorite aunt, Aunt Doreen,
got together a week ago yesterday
and went to Charlie's hamburgers in Folsom,
Pennsylvania in Delaware County.
And I mentioned to Kenny that,
well, we have a comment or Charlie's hamburgers
is here every day.
He knows about it.
Maybe one day he'll have to meet Uncle Kenny
and Aunt Doreen
and sit down and have a hamburger.
There you go.
That's fair.
They're always being here.
We appreciate it.
Let's keep going to the list pops.
Absolutely.
The fourth one we've got on the list,
we've got our first EV.
Justin's got the 2025 Chevrolet Equinox EV on the list.
Let's see, what do you think the incentive is here?
Is 0% financing for 60 months?
Now, when it comes to EVs,
we're obviously a huge proponent of leasing them,
not financing them to appreciate very rapidly.
Even with a 0% financing offer,
I think we're still thinking
lease this vehicle, don't finance it.
If you know that you're going to keep an EV
for five, six, seven, eight years
and you don't care about the depreciation,
then by all means buy it
and take advantage of a 0% interest rate.
If you are uncertain,
then by all means,
if you wanna try it to find out if you would love it,
then lease it and let somebody else suffer
that depreciation loss.
And if you're prepared to own an EV for five to 10 years,
I don't know how you got the conviction to do that.
I think there's still a lot of questions
about what these things look like seven years later.
Yeah, obviously we've got some Tesla's
that have been on the road for a decade now,
but it's few and far between for the other automakers.
2025 Honda Prologue is on our list
of some of the best new car deals
you can get in September 2025,
another electric vehicle.
Look at this step, 0% financing for 60 months
or Honda is pushing a $179 a month lease payment.
Obviously there's some specific terms
and things like that with that.
But that being said,
some $200 a month to get yourself in a Honda.
I like Justin's comment here.
At $179 a month,
you'll spend more on streaming subscriptions
than on this lease.
Well, he might be onto something.
So instead of streaming stuff,
just go lease yourself a Honda Prologue.
That's a hell of an opportunity.
And let me say on these special lease deals
that are incredibly inexpensive
to qualify, to have the dealer participate in that program,
it is hard to do.
It could be on a base vehicle that nobody has in stock.
It couldn't require a considerable amount of cash down.
And when they say cash down on a lease,
that doesn't include taxes, tags.
Registration, all that stuff on top of it.
So if you see something advertised
and it's a cheap lease and they go $39.99 down,
it's not $39.99 down.
It's $39.99 plus.
And it's plus tax, title, registration.
And it starts to add up.
And then the dealer has to agree
to participate in that program.
And in many cases, they're not interested.
There's also the reality, Dad.
You mentioned credit earlier.
It's not like everyone's gonna qualify for that.
Exactly.
And leasing is even more dependent
on a high credit score than finance.
Yeah.
It takes better credit to lease a vehicle
than it does to buy a vehicle.
And the reason for that is the leasing company
is assuming all of the risk
because they are purchasing the entire vehicle
on your behalf.
Yeah.
So you have to even have better credit
and the higher insurance.
Yeah.
Coverage.
Let's keep coming here, Dad.
We've got the 2025 Toyota Tundra making the list.
Let's see what's the offer from Toyota.
This is a regional offer.
So this is in the South, Midwest, and Texas.
Yeah.
1.75% financing for 72 months.
That's cheap.
And apparently nobody wants one
in the South, the Midwest, and Texas.
That's why it's so regionalized.
And those areas, that vehicle,
it really is struggling sales wise.
I'm shocked.
Yeah.
1.75% for 72 months is an incredible buy-down.
And it's not like thousands of dollars.
But here's what I want to say to people.
It's not like if you live in Delaware,
you can say, well, I'll go to Texas
and buy it and get the 1.79, 75%,
you know that it is based on your zip code
and you won't be able to utilize that
because you live in Delaware.
Yeah, you used to share stories
about regional incentives.
You have to buy them.
When I was with Acura and it was in Scottsdale,
Californians would have loved to come over
and buy an Acura from us
because our programs were much better
than the program in California.
However, if you had a California address,
you did not qualify for our programs.
And our programs were good in like Colorado, Nevada,
Utah, Texas, New Mexico, and Arizona.
I'm sorry, the folks in other states
just wouldn't have qualified.
So everything's regional.
Yeah, it's all for where you register.
Register the vehicle.
Let's keep going down.
We've got another one here.
Another electric vehicle, Audi,
which we know has a tremendous oversupply of inventory
and also have increased the prices
of their new cars significantly as well.
The 2025 Audi Q6 e-tron is making the list here
with 1.99% financing for 72 months.
All right, it's another insane finance offer.
I would still be thinking about leasing this vehicle
and financing it, but an Audi has made the list.
Add the 2025 Mazda CX-50.
It seems like Mazda had increased their incentives
a little bit, 1.9% financing for 60 months on the CX-50.
This seems like a hell of a deal for Mazda.
Well, it is.
Perhaps if they had been doing that back in March,
I would have gotten a CX-50 and purchased it
instead of a CX-30 and leased it.
Although as nice as the CX-50 is
and I've written in them, it is for my taste a little,
I hate to say this, but it's a little too big for me.
For sure, for sure.
But I'm thinking back to you, Dad,
we had a Mazda dealer on the show recently.
He had an aged CX-50 that he was trying to move on.
CX-5.
That was a CX-5.
Oh yeah, there you go.
CX-5.
But if you find a dealership with an aged CX-50
that are trying to move on from it,
did negotiate a big dealer discount
and then 1.9% financing for 60 months?
Yeah, no, that's a hell of a deal.
That's a great deal for September.
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All right, Dad, then we've got Jeep
getting in on the fun they have to.
This works for both the 2024s and the 2025s.
The Grand Cherokee 4xE, the 4xE lineup at Jeep
has been to a degree a bit of a disaster
in terms of sales.
Yeah, typically big incentives there.
And here you go.
If it's a 2024, you get 0% financing for 72 months.
If it's a 2025, you get 1.9% financing for 72 months.
There is still significant.
I think it's over 20%.
No, no, I'm the amdage has 17%
of their new car inventory are 2024s.
Some of the other Stellantis brands
also have a lot of 2024 inventory.
But seemingly here, Jeep has a lot of quote unquote
new 2024s available for sale,
which is ultimately leading them to have to offer
0% financing for 72 months.
This is a huge buy down.
And you said it earlier today.
One of the reasons they offer 0% financing
for that type of term is because there's zero
interest in the vehicles.
And this is how you create interest
for people to come and look at it.
Yeah, but obviously not enough
because it's the 2024s that we're talking about,
but also the 25s have 1.9%.
So maybe they need to do what Nissan did
and let's give you the 0% for 72
plus a $1,750 cash bonus.
Yeah, I can remember everyone,
all these deals that we're looking at right now,
they do not include the fact that you're gonna negotiate
on the out the door price, a dealer discount.
These are just the incentives from the manufacturer,
which we know for the most recent month
that we have data, it's about 7.3%
of what you transact for.
What the price of the vehicle is
is what the manufacturer is offering an incentive.
So you buy a $100,000 car,
on average in the new car market right now,
you're getting $7,300 in incentives.
I mean, some of these vehicles
we're already looking at,
0% financing for 72 months on a $70,000 Jeep
is thousands of dollars.
I mean, it's more than 7% incentive from the manufacturer.
Yeah, these are big offers.
Yes, absolutely.
Okay, we got another one here, dad.
The 2025 Chevrolet Silverado 1500.
Now we know for the 2026 model year,
Chevy increased the destination charge
on this vehicle by 600 bucks.
So the price is going up on 2026 is,
you have a 2.9% APR offer for 72 months right now
on this vehicle, which I think is huge.
Well, yeah, I mean, they're all trying
to create the type of interested need.
They need to create in order to move on
from some of these vehicles.
And, you know, when you start looking
at average price points, you begin to realize
that well, so many of these are just so overpriced
to begin with, that this is the only way
they can attract customers to come look at them.
And obviously the hope is that whatever deficiencies
these vehicles may have,
that the people will overlook them
because the offers are good enough
to well put up with whatever issues they might have.
Now dad, I was trying to find quickly here
and find the article, but I know we had heard
from General Motors that they were actually
going to postpone some production of their vehicles.
I forget if the 1500 was caught up in that.
I don't remember if the Chevrolet Silverado 1500
was caught up in it, but the offers here
kind of suggests that they have an oversupply
of inventory right now.
So not only is there 2.9% financing for 72 months,
there's also 0% for 36 months,
or they have this lease deal at $379 a month as well.
So General Motors has too many Silverado 1500s right now
and are having to incentivize the sale of them.
As Justin said in the article,
the best truck deals right now are over at Chevrolet
with GM products, not Ford, not Ram.
Yeah, you will notice that the bigger the incentive,
the less popular the product seems to be.
There's difficulty in moving that product at the moment.
You don't need to put a big incentive
on something that's flying off the shelves.
Look at the Toyota incentive,
regionalized and an insanely strong incentive
coming from Toyota, so obviously they get it.
It's not like they do that for the RAV4 hybrid.
They're doing it for the Toyota Tundra
in a specific market where they have an oversupply.
Exactly.
Yeah, it makes sense.
Very regionalized.
Let's come here down from Shannon.
Well, happy birthday, Shannon.
There you go, very happy birthday.
Great to spend it with Car-Edge,
oh yeah, happy birthday.
Let's all wish Shannon a happy birthday and a check.
Happy birthday.
Happy birthday.
Indeed.
That's awesome.
Thanks for spending some of your birthday with us.
Dad, I have a couple other things
that I wanted to cover with you today.
First one would be as well,
first I'll do a friendly reminder.
CarEdge.com, if we can help you out with anything,
please, please check out the website.
And again, like I mentioned earlier in the show,
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The big thing that I wanted to talk about
was this news that car dealership got shared earlier
today, let me read this to you, this is pretty nuts.
Auto lenders are getting crushed on repos.
The subprime recovery rate index,
which tracks how much lenders recoup after a repossession
has plunged from about 80% in 2021
to just 37% by mid 2025.
The reason, falling used car values plus rising repo costs,
storage, transport and auction fees
are up 15 to 20% with inflation.
The signal, lower repo recoveries
mean bigger losses pushing lenders
to like the Titan underwriting
and lean harder on technology to limit risk.
This is fascinating.
That is.
Think about this again.
In 2021, a vehicle gets repossessed,
a lender has to take over and purchase a vehicle
or recoup a vehicle for a customer and then sell it.
They were getting about 80 cents for each dollar
when they did that.
Yes.
Now they're getting 37 cents on the dollar.
That's crazy.
That's insane.
That would explain why in most cases,
subprime lenders or borrowers are paying
20 plus percent interest on a loan.
Because you need to be collecting that type of interest
in order to cover all these losses you're gonna have.
For sure.
But borrowers have been spending 20% on interest rates
for subprime.
Subprime borrowers have been at those interest rates
for a long time.
I think that's the story at all.
The story is that you're getting half as much money back
when vehicles are being repossessed
and we know more vehicles are being repossessed, right?
So if you're a lender, what do you do?
You turn it right here.
You gotta tighten your lending,
which is the opposite of what we're currently seeing
in the market.
We're seeing lenders be more open
and approve more people for auto loans.
There's a dichotomy of what's going on.
So how does that make sense?
I guess like-
I'm just reporting the news.
No, I get it.
But I guess like so many things in life,
they just don't make sense.
You look at certain situations
and you wanna apply logic to that situation.
And then you realize, well, apparently logic
is really in short supply
because there is no logic being applied.
So it's just, it's fascinating to me
that these type of lenders
see what the handwriting on the wall
and rather than really tighten
their lending criteria,
in many cases they're broadening
and lending the more folks that they shouldn't get along.
And loan-to-value ratios.
You and I looked at data maybe a week, two weeks ago.
It was independent finance companies
have the highest loan-to-value ratios
normalizing 140% plus loan-to-value ratios.
And for those of you in our community
that are educated and informed about this,
you know that that means that you're getting an auto loan
on a $10,000 vehicle,
but they'll loan approvals for $14,000.
Why would I need a $14,000 auto loan
on a $10,000 vehicle?
Maybe I'm rolling in negative equity
from my prior auto loan.
Taxes, fees, dealer add-ons get put onto the...
Maybe I have everything inside of that circle down.
Yes, $100 down.
I've got nothing to put down.
And so we're seeing that
plus access to that credit more available than before.
And then on the other side, what's the output?
37% value being recouped
on the vehicles being re-possessed.
When I read that, I sat up.
I was like, oh man.
And you know the lenders have the right
to come after the borrower
for what's known as the deficiency balance.
Yeah, I've written that.
After they've sold the vehicle at auction.
So the bank repossesses out of the vehicle.
So let's say the loan balance is $10,000
and the bank repossesses the vehicle.
And when everything's all said and done,
they collect 37%.
So they've collected $3,700
on that $10,000 outstanding balance.
That means that there's a deficiency of $6,300.
And the lender is allowed to come after the borrower
for that $6,300 for that deficiency balance.
Now, many lenders don't bother
because well, somebody once said
you can't get blood from a stone, you know.
And if you're already lending to people
that you know don't pay their loans well,
well, it's not like they got 6,300 hours sitting around.
And so you can set up a new payment plan
to address that 6,300.
But what's the likelihood
that they're going to make the payments on that?
They already proved they couldn't make the payments
when they had something in their hands for it,
which was the car they were driving.
So, but that deficiency balance
is the customer's responsibility.
Ultimately, what happens is it all just gets written off.
Yeah, but I think to your point though,
they will go after that.
Oh, they will try, yeah.
They will try.
So it's not like you get your vehicle repossessed
and okay, wash my hands.
No, they're-
Get your vehicle repossessed
and now you've got someone trying
to garnish their wages.
Yes, they're going to try and collect it if they can.
Hey, you got from Igor here.
I've been running the alarm bell
almost every week about repos.
I go to the used car dealer auctions every two weeks.
Auctions two times a week, excuse me, and repos are growing.
I mean, we know it.
It's, you know, you can't, I shouldn't say you can't.
Let me review you.
You shouldn't offer loan to value ratios
of 120, 100, 30, 100, 40, 150% on loans
to people who have, well, bad credit.
There's a reason they have bad credit.
They have chosen in the past
because of some circumstances in their lives
to not be able to make their credit obligation payments
on time.
History tends to repeat itself.
So if you base it on history,
you pretty much know that you're going to be running
into these difficulties
with these people moving forward.
And why, in the old, let me just say this,
in the old days, for some prime borrowers,
we would get approvals.
From that, thanks.
You'd submit their credit up.
Yes.
Again, approval, okay.
Yeah, like 80% of loan to value.
So in plus tax and tax.
So if somebody bought a $10,000 car
and with the tax and tax, it's 11 grand,
the bank would finance 8,000.
And the customer's responsibility was to come up
with the $3,000 difference.
Today, the bank is saying, hell,
will finance 13,000 on that $10,000 vehicle
and you can come up with zero.
Well, convince me that that makes good sense.
All right, folks, you got one more story
I want to bring up today.
But before I do want to thank the fine folks
over at Fortune Magazine, dad, I don't know.
If you go to fortune.com this morning,
you have to scroll down just a little bit.
Oh, and whoa, whoa, whoa.
Hey, that's you and me.
That's a couple of, well, that's one handsome guy
and one short fat balding guy.
This 30 year old CEO,
I don't know if this was a compliment from the journalist
or not, this 30 year old CEO says his AI negotiator
can successfully haggle down the price of a car
by thousands of dollars.
A huge thanks to Dave Smith and Fortune Magazine
for putting us on the homepage of Fortune.
This guy, Bob, is talking about the AI negotiator
that you can use back on caredge.com.
And a tremendous thanks to our team
working weekends, working nights.
We got a lot of people busting their butts right now
to get the negotiator stronger, better, faster,
all those fun things.
But a huge thanks to Fortune for sharing this,
what a tremendous moment for us personally
and obviously for our team, for our company.
This is quite the acknowledgement.
So we really appreciate that.
Are you trying to suggest that we are so much more
than just a couple of YouTube knuckleheads?
Yeah, we're trying, man.
We're certainly trying.
All right, Dad, I wanted to turn our attention
to another story.
We don't really do our really got to be kidding me
segment that often anymore.
But this can fall under that.
Thank you, Core Guy.
Zach is unc now.
We'll explain that the pops off there.
Thank you, Core Guy.
I appreciate it.
I can't wait to find out what the hell that is, Core Guy.
Thank you, Core Guy.
I appreciate it.
And yeah, congratulations go to our whole team.
It's really incredible.
We just get to be in front of it.
There's a half of a lot that goes on behind the scenes.
All right, Dad.
Jaguar Land Rover says some data hit in cyber attack.
We know that Jaguar Land Rover is on the IR this year.
They're not producing vehicles.
They've taken the year off, 2025 is the year off.
But to add insult to injury, they also
had a cyber attack that ultimately, unfortunately,
some data got leaked out there.
This could be a good one for our first sponsor to leave me.
Yeah.
But there you go, man.
But you know what the good news is?
What's the good news?
Well, we're talking about Jaguar and Land Rover.
And they never really sold a whole lot of cars.
I mean, maybe over the course data.
How much data could get stolen?
How many people could it affect?
It's not like they sold vehicles and say the numbers
that Ford has or General Motors has.
This is Jaguar Land Rover.
So it is, and I know I'm trying to make fun of it.
It is an unbelievably bad situation
for those whose information was compromised.
But the good news is, it's not that many people
because of the brands that we're talking about.
You've got a fun way of looking at things.
You always have to try to find the positive in everything.
Again, folks, caredge.com, if we can help you out.
If anything, please check it out.
That thanks to Fortune as well really made
our day over here.
We're back tomorrow with more Car Edge Live
will be side-by-side yet again.
So I appreciate my dad being here.
And yeah, let's go get some lunch on robbery.
OK, I'm in.
Are you treating?
I'm treating.
Yeah, buddy!
We'll see you that during tomorrow.
Thank you, everybody.
Ha ha ha.
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About this episode
September 2025 brings some enticing car deals, highlighted by 0% financing offers and cash incentives from manufacturers like Nissan and Chevrolet. Hosts Ray and Zach dive into the top 10 deals, discussing vehicles such as the Nissan Rogue, Chevrolet Equinox EV, and Honda Prologue. They also explore the implications of credit tiers on financing options and the current state of the used car market, including rising repossession rates and their impact on lenders. The episode is packed with valuable insights for anyone looking to navigate the fall car market.
Today on CarEdge Live, Ray and Zach discuss the 10 best new car deals right now in September. Tune in to learn more! Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com
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