How Do I Get My Repossessed Car Back?
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- Опубликовано: 18 дек 2021
- How Do I Get My Repossessed Car Back?
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$685 car payment at 19 years old…Painful experience to learn from. Best to learn these lessons when you are young.
I’ve done it. $31k Dodge truck at 19 years old making $35k per year. No one in my life told me not to because I didn’t want to ask them. I knew the answer.
Some can handle it tho
@@kobe2359 handling it and being smart are not always the same thing.
Ouch but lesson learned
Sometimes you have to fall hard to learn..... I've had many failures which have taught me so much......
My respect for Dave went up. He realized that Caleb had huge regret already and went kind on him. Well done Mr. Ramsey and also his companion.
hello david
I really think this kid learned his lesson. I know people in their 30's and 40's who still haven't learned. I have high hopes for him.
I think a lot of people take the whole "fake it till you make it" entirely to heart. That doesn't mean subsidize your youth on your retirement...
Jesus. He doesn’t even MAKE 29k a year but he got a loan for 29k? How does that even happen?
He still owes 29k on it he said! It was probably even bigger to start 😳
Most likely very high interest. The bank was just gambling with the loan. Sometimes a bank will give a 28% interest on someone who makes no money. If they somehow can come up with payments, the bank makes a fortune on the loan.
Greed !! Whoever sold him the car.They were laughing as he was leaving. At the end of the day we must do our homework and listen to wise counsel.
@Teresa Boykin the scary fact is to be approved for a loan like this while only making 2K a month. Thats like the minimum, and they will get you approved for it's scary.
Predatory Lending
Dunno what kind of job you're going to be doing in the military, but I do recommend getting this handled immediately. THIS WILL impact your security clearance if your job does so require it. Also, depending on your leadership, this will also get you in trouble with your chain of command. Trust me, seen it all the time in my 20 years. Get this taken care of yesterday so you don't come into the service with a bad stain on you already it can surely impact your career short term and long term. Help me get this comment to the top for this kid. Good Luck!
That's EXACTLY what I was thinking. If his job requirements a T/S he's gonna have to explain this now. Get it resolved FAST. Pay it off, get a settlement, take action now!
This young man will learn a valuable lesson relatively cheaply.
It totally sucks for the next few years.
Hopefully he learns and builds off of this .
Thanks for your service young man
I’m glad the other guy sitting with Dave also addressed the kid’s comment and perception that a 15k was a cheap car… or the kid would have gone and done another car loan thinking maybe if the payment was less, that he would be ok.
George
I really like Dave’s approach with this call!
A to B transport is all anyone REALLY Needs, ESPECIALLY at 19 ! Whoever sold you that car should be in jail.
You should be buying a car that's dependable for CASH! Dave hits it as usual on the head!
NO More than $4-5000.... Lots of Honda's and Toyota's out there for that price.
I"ve been flipping cars for 40 years.
My greatest pleasure whenever someone messes up is to ask "what have you learned?" That's how a good dad should start everything off. Going right to yelling isn't helpful, nor is bouncing off into a rant.
The same happened to my son at the same age with the same car,Ford mustang and they took it back, sold it and came after him for the balance, but couldn't get anything, You will learn by your mistakes we all do, and he really loved that car
What happens when they come after you and I can’t get anything?
@@Ghost-jy9hk They can either sue you and get a judgement or settle for less than what is owed. They can also just stop collecting on the debt. Depends on who is doing the collecting and if they think they can get anything.
@@Ghost-jy9hk nothing just change all ur stuff that is valuable into someone else’s name.
@aprilm2664 how long did it took to sell?
$685 car payment as a 19 year old kid is a recipe for disaster. Even most established adults cannot afford this. This kid was misguided
But other heads told him not to do it. He was a bit hard headed.
Brutal lesson. Also, who lends $29k loan to a kid making $24k a year???
Sharks
People with no morals
@@devinhawkins249 It's all done via third party so they don't feel any of the guilt, every one involved passes the guilt to the next. It's sick.
Car dealer
@@elie4974 Thanks Sherlock
My highest car payments were around $460, and YES, it was my first car, 20 years ago. Now it's zero.
These dealerships are like predators with the young military service member, especially when they are close to a military base.
"Merry Christmas. All right, let's get on with the problem..."
Dave's smile is great.
I can’t believe that people can be so bad at money that they really think $658 is a reasonable car payment to take on.
Even when I was making $95K a year I wouldn't take on a car loan that high. Could never justify it.
We all have to learn somehow!
@@lynnebucher6537Idk, cars aren’t cheap.
Yea bro the kid ain’t know better. He learned. We’re not all taught about money. That’s why we’re hear learning
Shame on the dealership for giving a loan to someone like that
People don’t fear debt and that’s the problem. Debt is normalized so much such that people take pride in talking about how much debt they have and are adding up. 😁😁😁
It amazes me how many people think that student loans and car payments are no different than that of a utility bill. They just expect to always have them for the rest of their lives.
True 😂
It's pretty sad what car salesmen do to kids going into the military. A lot of them get approved to buy muscle cars at 20% - 30% interest rates which is just absurd.
Between the car payment, insurance, gas, speeding tickets, and maintenance the entire paycheck and then some is gone.
The things you own end up owning you.
LOL, that was the saddest "Merry Christmas" I ever heard!
That was what car loan would do to you😄
Yes, not a lot to be "merry" about.
I appreciate the first caller’s authenticity I needed to hear this myself
Me as well. He came across as being honest, direct to the point, and he admitted he made an error after being advised not to make the leap. OK, fair enough. He made a mistake and acknowledges it.
I was stationed at tinker AFB. A young airman in training there went right next to the base to one of the many dealerships to prey on these young kids and bought a car he couldn’t take overseas because after training he was moving to Japan. The training instructor, took him back to the dealer and had them take it back. Too many of these types of places next to our bases. Cash now places is another.
This was great adviceX thank you you all
Stay away from the stealership kids
George roasting Dave 😂😂 he's brave for firing shots and love the banter
I have seen so many new recruits come into the military with a HUGE car payment and super high interest loans. It kills them but it happens so much to these new airmen
Buy your cars in cash. Never get a car loan. That is the most intelligent thing you can do. It’s ok for a house, but you can save the $$ and pay the used car in cash.
Kudos to Dave. He did not beat up the young man. The caller truly sounds like he understands life now. He will grow and learn from this. He'll be a better man for this.
My car payment at 18 was was $350ish back in the year 2000 which was comparable to today’s higher payment. I made it work, worked what ever job I could get. Started a family, went to college, career, but yeah, I don’t recommend it, just makes life harder with a payment. Ended gifting the vehicle to my ex father in law who looked like Dave Ramsey. It was a green 96 Ford Explorer, good times.
Seeing Dave’s face changing at 0:19 cracks me up
I previously heard Dave advise a person in the same situation to take back the car and sell it themselves then settle the remaining balance.
Yes. However, the caller is a military serviceman, about to go away to bootcamp so he wont be around to do that.
Thank you.... 👌🏻✌🏻
“Anyone ever tell you not to buy this car” … “Everybody” 😂 god bless you kid
Your 19 you are good to make mistake. Sometime that’s how you learn for life. You can recover in months and then back to normal. Be safe and sound and thanks for your service. May God bless 🇺🇸 thanks
CHEAP car - 15K?
He cant afford even that.
My boy George again 🤣🤣 " The whys will make you wise"! George, letttssss gooo!
Got Did In Today And Honestly Broke The Soul … But It Most Definitely Is A Learning Lesson For Sure! 😢
Yea I’ve heard people say buying a nice car will motivate me.
I have worked myself out of all of my debt, and now I don’t buy anything that isn’t budgeted for. I will avoid debt for as long as possible.
this is why you never ever ever , buy a car on payments , if you cant afford to pay cash , you dont buy the car . you never take a loan that you are paying interest on to buy something that is going down in value like a rock .
The only reason it would be okay to buy a car on payments is for someone who plans on buying a new Lexus and keep the car until the engine dies. Something like 30 years into the future.
Im so glad i didn't decide to get a $50000 truck on 3.5k/month like i had planned
i'm actually surprised he wasn't coming out of boot camp/tech school and getting into thi payment because thats way to common with the military kids who grew up with no financial education.
Most finance companies do not pursue unsecured accounts like they used to. The low tier however sometimes do.
As a Marine all Military branches need to educate them on Personal Finances.
Anything can be recovered from. You will pay that off in no time and live life unpopular for a few years but you will learn from it and rebound for a promising future!
Is there a limit on how long a bank can make you pay on a loan of a repossessed car?
Wonder what the cost of full insurance a month was on that "stang" probably 250 plus 600 payment. Ouch
Yup, at age 19, "ouch" indeed.
I relate to his experience lol bank to my Camaro last week and I’m trying to get it back too 😩 $660 a month was TOUGH
And get everything in writing before settling.
Who in their right mind gave a 19 year old a $600+ car loan when he makes 2000??? Stupidity
Be clear procedure to get car back from repo ???
$685 that’s insane.
I paid same amount for a 2020 literally same situation.
Nice to know Dave said to only trust his dad in the future when both his parents told him not to do it? Okay Dave
I was guessing that Dave felt the caller would be more likely to identify with his father and less likely to make another big money mistake if his dad advised against it.
I'm sorry that's your take away from this video. I'm sure you'd be silent if he said his mother. Men identify with men better than women. Is that even debatable?
I would like to see George take over for Dave 100% when Dave retires. When it comes to these kinds of questions, it's just out of the other Ramsey personalities' lanes, other than George's.
$700/mo for a mustang LOL
Unbelievable. I was thinking it would at least be a big ol truck
I could use help with a similar situation honestly
Bigger question is how is the banking industry set up to loan someone that money on $685 a month payments on $2000 a month income, that can't be a sound lending strategy.
Greedy and scummy lenders.
Yes . Same with student loans. They are still making them.
The whole squad told him no lol
They’re in a rough spot
Back when I was a kid, late-70's and early-80's... The first Sgt would drag a young airman down to the commissary and put them to work in their spare time. Bagging groceries for tips. That's how they'd get caught up on their truck (or car) payments. Ah, the good old days.
I was making $55k and got dumb a bought a new sports car. Luckily when I wrecked it I was above water on the thing.
Insane car debt...I am 100% debt free and never bought a car for over $17k. I dont understand the fascination with big car debt many have.
Life is crazy we have to pay to be born and pay to be buried… I learned 1st hand about repo this morning but like always I prevail
I LOVE LOVE LOVE how Dave said “I’m gonna go with your Dad. Such a good wholesome dude in a world that’s doing the opposite way.
Everybody who get repo aren’t broker lenders do terrible practices
Smart people learn from their mistakes. Wise people learn from other people's mistakes.
George " The Kind Of Future You Want To Have"... Amen!
The Why's will make you Wise 😌
What do you do when the company that repossesses the car then loses it?
As a child growing up. If your parent said something an you ask why.. a slap comes with that..😂
Repossessed is a funny word at quick glance
Dave's advice here did not take into account he is joining the military. He will not be able to ignore those debt collectors and 'settle' for pennies because he is a low paid young man. They will garnish his wages and he will have no choice but to pay it.
Why?
Very alarming that he thinks 15k is a cheap car especially on a military salary at his age
I know a 21 year old who is in the military and bought a 2021 Tesla. Her payment was more than my rent. I think it was for 52 months. My rent is $525
@Metal Mantis she is not. she said i need to get out of my payments. she realized of course after she bought it. i think we all make mistakes like this at some point in our lives. some not with a car, but at some point we all have to learn. i had to learn too. but i do appreciate this show.
I know I'm late, but I was waiting to hear what kind of car it was. Oh, man -- a 2018 Ford Mustang. Nice, but that car payment! And he's only 19, so what are (were?) those car INSURANCE payments like??
19 years of age and bought a Mustang GT damm his insurrance was at least between $200-400.
How did he get approved for this car loan though??
yeah...especially once he told them his future salary.
The $685 payment, does that include insurance ??
Nope
Poor guy. Most people make a lot of dumb mistakes when they are that young. This too shall pass.
Uh oh, George called a Dave Ramsey quote a "verse".
You pay the piper !!!
Aka: The repo man.
Fear the repo’er
They won't be able to come after him for the difference?? He's in the US military! Isn't that almost guaranteed money?
Mad money on a car especially for a teenager
At this point, the only way this caller can get this car back is to walk in the door with a sack full of $100 bills.
I think part of the problem is these kids want to be cool and are trying to uphold some type of image.. they need some real education about financing vehicles and when to do it and when not to do it.
You actually cant buy the car, we already established that hence the repossession
Their chemistry is getting stronger! Agreed?👇
Painful.....
What's with all these military guys and expensive cars? Seems like every one I've heard of has a car they can't afford.
Wait u can’t get your car back after it’s repo
Sounds like the typical E2 living in the barracks that spent their whole paycheck on a car. Glad he realizes the fault of his ways.
All military services be aware of car lots post graduation etc. as they are preyed upon and you will see the ones who immediately drive away from tech school in their new sports car. Just don’t do it.
Dave has said something to the effect of "There's five miles of stupid on each side of the road outside a military base." He's referring to these shady businesses that prey on young military members. I don't know if they're doing it in boot camp/basic training but there should DEFINITELY be some briefings on financial responsibility and not falling into the trap that those shady businesses are waiting to set on vulnerable folks. These briefings should also point out that young people starting out in the military need to stay within their budgets when it comes to high ticket items like vehicles and to avoid the temptation to buy a muscle car or pickup truck with payments that exceed a certain percentage of their monthly take home pay. I'm sure these briefings could include real life stories of military members (with names changed to protect the gullible) who've made mistakes along that "five miles of stupid".
You're not going to get it back. You're leaving for the service, the bank WILL come after your paycheck, since it's guaranteed money on the difference. The service Will make him pay it off. He won't be able to bankruptcy it. CONTRARY to what Dave just told the guy. Especially since you're going to be deployed, find a junker that you can work on in the base shop.
I had my car totaled out less than 30 days of reporting to new duty station. Walked away with 130 dollars. Called myself lucky.
The caller never mentioned filing for bankruptcy. We are talking about a bank repossession here. I dont believe your paycheck can be garnished for a bad debt unless it has been court ordered. And that would be way down the road for this caller, if the debtor even bothers with filing a lawsuit.
Join the military they said.
Get your dream car at 18% APR!!
👌
I made $1600 every two weeks as an e3 back in 2005. What rank is he that he only makes $2k a month?
Probably just enlisting or was doing something else before enlisting.