How to not be upside down on a car
Upside Down In Car Loan - I Need Advice
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faith is with us in Atlanta Georgia hi
faith how are you I'm good how are you
sir better than I deserve what's up I'm
calling in I'm in a car loan that I'm
just desperately trying to get out of
and I'm in a roadblock and I just don't
know which way to go can you help me
I'll try how much do you owe on the car
Oh about 26,000 whoo and what's the car
worth uh about 15 16 who said I looked
up Kelly Blue Book private sale or
wholesale wholesale so did you get
ripped off on the car or did you roll
some negative equity from the last deal
into this car well I had lost my job and
I got behind on the payments about to
the three payments and I just recently
found a job and that's kind of what got
me as here because I'm not making as
much money as I was now I'm talking
about your $10,000 in the hole which is
unusual did you trade a car that you
owed more on than it was worth
when you bought this one some what they
what they did was a full tree that's
what they told me yeah okay ouch so what
is the interest rate on this loan um 13
and what's your income about 15 a month
$1,500 a month here you make $18,000 a
year and they loaned you 26,000 on a car
yeah holy crap you're working 40 hours
I'm working well yeah you can say 40
hours right now what'd I say 60 or
what'd I say 30 Oh
30 all right Wow and you're single I can
tell by the way you
talking right yeah okay all right well
you're right
I hear the distress in your voice and I
hear how scared you are and I understand
why this is a real mess it's a real
problem I'm also going to guess and say
you don't have a lot of credit do you
know I don't I never had who's heart
whose the loan with a Capital One oh
Jesus all right ah do you but do you
have a credit union yeah okay there's
two things that I see that you can do
one of two all right
that are good that are good there's bad
things you could do like toss on the
keys that's not a good idea okay a
voluntary repossession is not a good
idea because they'll sell that car for
13,000 or 12,000 and sue you for 15
grand that we don't want that okay so we
don't we want to avoid a repossession
but your you have bought as you know you
have bought way more car than you can
afford you got ripped off on the
purchase I can tell that by what you owe
on it versus what it's worth and they're
ripping you off on the interest rate so
I mean you got kicked in the stomach the
teeth and the back of the head yes I am
stupid no I'm not saying you're stupid
I'm saying you got ripped off
you got you got hammered with this deal
this deal is horrible horrible so we've
got to get you out of it and we got to
learn our lesson in the process so one
thing we can do is go to the credit
union and talk to them about loaning you
the difference the ten thousand dollars
just on an unsecured loan I think you're
going to have trouble doing that but I'm
going to ask them because I would a lot
rather Oh ten thousand dollars than
twenty six thousand dollars okay and
then you'd have to get you like a little
beater one thousand dollar car okay yeah
just something to get around in until
you get the mess cleaned up here the
second thing we've got to do is we need
to get your income up
and so you're going to be delivering
pizzas or raiding tables or cleaning
houses on the weekends I don't know what
you're going to do but you're going to
do something get your income up because
if you can add a thousand dollars a
month working a lot of part-time hours
or $1,500 a month working a lot of
part-time hours to your income you we've
doubled your dadgum income and if you
did that and lived on what you make now
start throwing that at the car debt you
could pay the car down pretty quick to
where you could sell it but we you know
we do what you're going to have to
you're going to have a year of 60 to 80
hour weeks doing something to get this
mess cleaned up yeah and if you don't do
that you're going to have three years of
cleaning this mess up after they sue you
and garnish your wages so you don't want
to get there by the repossession so I
really want you to get a really good
paying part-time job I don't know again
what you want to do what you've what do
you do for a living now I'm a massage
therapist okay uh can you just gear that
up and start doing some in-home massages
and that kind of thing yeah I'm actually
looking into broadening my on my
practice as of now yeah you're gonna
have to broaden it like double fast
where you have no life where you're sore
from your giving so many massages okay
yeah you have to go crazy for a period
time because that the good news is you
got something there as a small business
person I mean jump on Craigslist and are
wherever you can do this with class and
do it without people misinterpreting the
ads or something like that you don't
want that but you you know you've got
the ability here with your existing
clients and things to you know get
friends and and just work your tail off
kiddo and that's the answer just to get
your income up and then you can get this
thing paid down to sixteen thousand and
get rid of it but right now it owns you
and
for the next year you're going to be
working for it all right that's what the
Bible means when it says the borrower is
slave to the lender I've been right
where you are it's no fun but the good
news is your you got a good career right
there you can you can jack that up and
make some money but you're gonna have to
get on fire you follow me yes sir
now I'll also help you I want you to go
to our class on how to handle money
called Financial Peace University have
you ever heard of that um no not exactly
okay it's nine weeks long you go one
night a week for nine weeks and it's a
class on how to handle money properly
how to get on a budget how to get out of
debt everything to keep you from getting
back in this mess again and I'll pay for
it and give it to you as my gift if you
want to turn your life around yes I do
all right you hold on and I'll have
Laura pick up and we'll give that to you
and then you call me back if you get
scared are you getting a mess or you
don't know what to do but you need to
jack up the number of sessions you're
doing way up double triple what you're
doing now and that'll turn this thing
around for you open phones this hour
triple 8 8 2 5 5 2 2 5 this is the Dave
Ramsey show hey guys thanks for watching
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clips from the show and so you have to
break the cycle you have to flip this
thing on its head and make it behave
you've got to get so fired up and wired
up that you're broke friends think
you've lost your mind
you
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