F165 mob

@@hermanrogers1325 mob?

The mob only takes 20%

😂

Mhmmm 🧐

@@matilda628 Even if it were taught in school, it would be minimal improvement because its not taught in the home (except where it is). Financially illiterate youth often have financially illiterate parents, who often had financially illiterate parents themselves. People learn through example, not instruction. If we raise kids in an environment full of materialism, instant gratification and image being valued over substance, we shouldn't act shocked when the apple doesn't fall too far from the tree.

Faffy I already learned reading and math from 1-12 grade. I just used the school and public library. Tons of books on personal finance,economics,home buying,etc.. Mom and dad After school and night classes. Online courses Asking math teacher. Glad I’m not brain damaged.

scarpfish Exactly. Majority of the time bad habits are generational.

scarpfish this exactly some people just want nice things and have no self control.

@@scarpfish well said!!

I wonder how does his schedule works

@@godofdestruction3446 it’s actually closer to 36,500k a year. That puts him at making 10hr for each job. Working 12hrs a day for 6 days a week.

Agreed or just take advantage period. Only going to get worse as millions more get desperate to make a buck and survive. Hopefully the majority won’t give in and stay strong and realize we’re all in this world together.

We'll know if he learned his lesson when he doesn't make the same mistake twice.

To be honest, I am devastated. I feel so sorry for this guy.

Good example how dishonest people are out there. How could you do this 25% to ANYONE?!

I was in a similar situation, except my parents tried to talk me out of it. They frontloaded the interest so i was upside down on the loan by the time i made the first payment. Never financing a car again

Yes, yes they did.

More like brain dead

Well I Loan money out at 28% incase you need a loan in the future.

I'll loan ya at 27.5

@@austintomkewitz7206 he will still choose me

I'll loan you 10k for 26.9%

Dam

Man, that is brutal!

I just got into a similar situation with a 29% rate..payoff is 7k 🤦🏾‍♂️thought if I went to a dealership with a healthy downpayment they would give me something reliable at a fair price...found out thr kbb is only 6k on a 08 used car..Never Again!...just gonna pay it off this yr price of this lesson 14k😥

why couldnt you refinance?

@@DrNickRiveria My credit was never good enough.

To live is to learn!

Then a moment a later he says the car interest is really really cray cray🤣

lol, right?

I know, right? LOL

@@And1one757 LOL

😭😭😭😭

Early in the call, Zach told Dave he got "Honey Potted." Perhaps, Dave calling him "Honey" was his way of agreeing with Zach's comment. 🤣

yes, but some states have APR limit laws, that stop banks from charging to much APR on a car loan. I was a sales associate in Indiana at the largest used car dealership in the US and the cape was 25%.

The max is 30%

There’s a sucker born every minute, that’s how it’s legal.

I bought a car to drive uber when I was 24 with no credit history and mine was just around there. Still a dumb idea but 0 credit history...

Liberal democrat

My parents are, too.

@@microspect u can be liberal with good finances, grant chardon e

my thoughts exactly! Smh

I give him credit for calling Dave for advice.

I would re-word #6. Make your downpayment the price for the car.

Then once you do all that leave the dealership and buy cash

He put $2000 down on what sounds like a $9000.00 car. So he had saved, sounds like maybe he planned to get a car closer to the $2000.00 amount and get talked into a car loan without having established any credit. He should have searched online first. Its like he just went down to the used car lot in town and it was run by crooks.

11. buy an old Toyota on Craigslist for $2k and then don't buy a nice car until you're so rich you don't need to finance

Never buy a new car the depreciation on cars means it's never worth buying a new one

😂 😂

Yup that sums it all up! 😂

Rofl

LOL

😂😂😂😂

Him working 70-80 hours a week to only make 33k is what I would be worrying about

When I still lived with my parents around 19 years old I once mentioned to my dad I was thinking about financing a car. He told me "I don't think that such a good idea. I'd rather not have the repo man in my driveway" 🤣🤣. That was his shuttle financial advise 🤣🤣.

Because their credit sucks too.

Steve E yes

Middle class family

Yes buy hear pay hear . If I see that sign I run away .

@@josephcronin4209 *here...not *hear

Ohh 🍯, it can get up to 29% depending on the state you buy the car in😑

Legal loan sharping.

@@howlbigbadwolf 36% in California

Hahaha In Mexico we have an average of 17%, and you could see go up to 30% or 40%

5% is definitely high. But if you don't have any credit, then 5% is amazing lol

I won’t buy a car over 0.99% APR lol

@@miguelcoronel7672 they have cars in Mexico? 30% on a donkey is a lot

@@miguelcoronel7672 in Brazil if you finance thru a bank the normal would be around 20-30%. But if you don't have good credit, it will surpass 50% for sure for a 5y contract. I guess Brazil and Mexico are really alike in this situation.

So true! When I was working 12 hours a day, six days a week, I didn't even have time to do anything much less spend any money. On my day off, I just stayed home and rest, getting ready for work the next day.

Amen

LOL

Haha endearing, yet patronizing

The kid said "eh" because he knew the truth Lol

Arturo Torres He said “I wish”

I hope he is partying. I tell younger people in their early 20’s to party hard within reason to have memories so they don’t feel like they missed out when they settle down. I remember going on road trips and traveling to other countries with my friends during that time.

This is insane.

@@arturotorres6251 You didn't listen clearly. He said "Um..I wish" as in "that's' not me...I'm not partying because I am working all the time". Dave shouldn't assume every 20-year-old parties all the time. I knew some who didn't either back in the day.

Same first car 16% interest ,my mom had terrible credit and had no idea that it was excessive

In February i got into a 23% one :( trying to figure out what to do

@@ZyanBeast soooo what did you do ?

Uk?

Daniel Martinez his advices are for people not for Americans

@@ThatSecondaryGamer Costa Rica

Croatia

Czech Republic it works everywhere. Although you do have to take into consideration the percentage for retirement, mortgage etc. might be a bit different.

Still dumb.

At least that money came back.

He is an idiot

Wished I bought more stocks in February. Would be up alot by now.

Right, almost every bad deal in history could be described as a good deal at first that later became bad.

Exactly, when he said this I knew he didn't know how stupid this mistake was and that he doesn't understand not to get debt. Working 75 hours a week he should be able to save money to pay cash on a reliable 10k dollar car.

It’s so bad I swear it’s on purpose. I went through all of junior high, high school and even college without so much as a mention of personal finances. Sure they covering compounding interest in say a basic math class, but it is meaningless then. It only really sinks in when you maybe make an amortization table and see how such and such $10k loan can cost you $25k, or even $30k or $40k...

Wouldn't that be illegal. It's entrapment

jcrowley1985 it’s legal. when I paid extra to get rid if my previous car note , the bank would charge me about $50 in prepayment penalties... It really sucks. But the car is gone now and I’m free

@@linonator ah, still sounds like a scummy practice . I heard with mortgages prepay penalties are illegal so I thought it was the same for all loans

jcrowley1985 Lol I was shocked the first time I saw it .. thought I missed a payment somehow ... But the dealers are great at making you not notice those things . Never again

@@jcrowley1985 that's when the police/government sets you up

He's 20... LOL

There's no reason to be mad.

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STEPHANIE KOPP MEEKS, that's whom i work with look her

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The best decision he made was calling Dave. I hope this experience ignite financial literacy in him so as to rescue himself and also break the generational curse since it is obvious his parents are equally clueless.

No excuse. He could’ve watched KZfaq videos on “how to not get ripped off” or “do’s and don’t s at the car dealership” etc.

Common address in the south

Brian McGrath, thanks I never knew that 👍🏻

Don’t even know or care about the interest rate on my credit cards.

Yeah exactly! Only thing worse would be a payday loan to finance the car!

I use edmunds

Some do flat interest rates regardless of score; but he may have too much negative equity in this

You can dig out of it. You can. Believe in yourself and learn from what happened.

@@BusArch42 thanks man I really need the push

Sounds like we're in the same boat ! When I got the car the salesman had me sign about 30 papers we went over only 3 of them and I still signed the loan idk what I was thinking

@@Maddenfinesser00 the Japanese have a saying, “fix the problem not the blame”. Don’t dwell in the past with its useless guilt and focus on the future - yours is bright. Side hustle etc whatever is needed to get out of the mess you are in. I suggest a chart on the frig so you see your progress constantly.

Who is “they”? Boy has to pay for his own groceries, there is no unity there.

@@thecatnextdoor12 Meant just the kid. Not the family. He's got it good not having to pay for the roof over his head, so he needs to take advantage, save, and use his money more responsibly.

What would be the best option then? Cause I’m kinda of in this situation... but I’ve had the vehicle for a year. Trust me, I’ve thought about returning it or selling.

And that is why SOOO many people make stupid financial mistakes like this. From my experience dealing with idiot friends, ALL they worry about is the monthly payment.... not even worry about the 84 months of paying it.

Michael Sumner facts !

*you're

They have common sense finance advice locked down!💰

Graham talks too fast and loud, it’s giving me a headache.

Toyota Civic.

@@thecatnextdoor12 lol!

The Cat Next Door ....Cringe

1200 dollars 1998 honda civic manual with 220k miles. Starts right up. AC runs cold. Drives fine. 35 mpg. Gf is still with me.

A Toyota Celica! (Scotty Kilmer has great and often hilarious car videos)

like what? I think he will.

@@phatcrayonz he said "it was a good deal" and throughout the call continued this thought. But mostly he didn't understand any of the stuff he actually bought or terms of condition. Especially when he is trying to sell the car for the value of the entire cost of the loan. Which Dave was trying to explain isn't needed. But this kid probably got his first couple jobs making a little money and so he did whatever he wanted. 2800$ a month is a ton for someone living at home. Expenses for bills and maybe even extra 500$ top. He can put 1500 to 1800$ at least towards the car payment. Dave is generous with the 800$. But this kid went into this call trying to qualify himself for buying this car on a loan. He only said that he messed up on the loan negotiation, not that he shouldn't have even taken a loan. Which signifies that he would do this again but try to not have 25% interest.

William Nett wow. I see now.

It didn't sound like the caller really understood what Dave was saying.

I don't necessarily agree with this. Sometimes people need time to think things through. It was obvious that Dave said things he had never heard about so he just wasn't educated. So, he could be the type who would get off the call and start looking stuff up to better understand his situation. I agree he didn't fully understand what Dave was saying at first. Well, that happens when all of this information is new to you. His parents clearly didn't know enough to teach him. So...the hope is that he did do more research after the call and now he is on to recovery.

Travis Edwards yep. Just because you live at home, don’t mean your living there for free.

Nothing wrong with that. I paid for all groceries,helped with utility bills, and mowed when I lived at home after high school without being asked. Still saved and bought a car in 18 months and left for tech school. Was temporary and a lot cheaper than being on my own.

As they should, earning that much. But if they did that probably would have been what he mentioned first instead of groceries. Or the "rent" is less than 200 and he is paying them like 100/month