theklrdude oo I’m gonna steal that

Except NOW they happen on-line! STAY SAFE!

That's deep

Lol. That’s a good one. I have to remember it. Thx.

Ugh.

Ricardo Chavez same. Sadly we had to learn the sad way.

Same here. I was lucky and my brother took over my payments because he couldn't get a loan of his own. Never bought a new car again.

Upside down bad on my loan

Same here, I’m under about $15K for purchasing a vehicle during Covid. I had no idea I was buying a marked up vehicle. I’ve been feeling like pure SHIT. You live and you learn.

​@@brendaarteaga2664a lot of people got screwed with covid car prices , live and learn.

Single? She sounds comatose. Sounds like she really didn't want to call and now doesn't want to talk. maybe something else going on here. Hard to listen to this.

She sounds "single" cause he can tell she lacks someone to advise and assist her in her decision-making. She also lacks confidence. 🤦🏿‍♂️

@@hirise9419 correct

@@hirise9419 no...its because of her pronoun usage and not mentioning boyfriend or husband.

I preferred the way she listened, some people talk to much and he normally cuts their mics. They actually had a conversation.

That should be illegal to do, but she should also know better!!

Think about it this way though. The dealership's job is to sell the car, but ultimately someone has to pick up the financing for it so the dealership can pitch whatever numbers they want. Capital One or any other finance company should have the common sense to not take that financing deal! All 3 parties involved in the transaction should be at fault starting with Capital One, the dealership, and then the customer!

The dealership doesn't lose because they aren't the ones financing the loan

Maggie Madrid They did their job. They sold her a car. She just don't know math or have any common sense. The problem with this is if someone had told her not to buy a car she could not afford she wouldn't listen anyway. I've met many like her through the years.

It would seem they ripped her off, however, she said she had a previous job which she lost, perhaps the amount she was making in her last job was sufficient to be approved for that 26k loan, her new job only pays 18k, they cannot predict/control the variability of her future income, therefore she's still on the hook for the car, In saying all of that she would probably still get approved even with measly 18k income because the dealership/bank want to make money, they know the loan is secure because the car can be repossessed and sold for money at any time and they can prey on a low income individual and charge exorbitant amounts of interest on the loan.

Godless Melanisia bicycle

Godless Melanisia facts simple math

Basically, she was trying to keep up with the Jones’s despite knowing she didn’t have money. There are much cheaper cars that she could’ve gotten. Heck I make 50k a year and I’m looking into getting a 15k car cause that’s what I can afford.

Esther Estavien I did same I make 30k and got a 12k car 6 years old but good car with 50k miles and 2 how and why would a bank loan money to a car that cost more then you make

Along with that "$1500" car, plan to spend MUCHO bucks keeping it running, unless you're Dave Ramsey!

Its not responsibility of school to teach common sense and street smarts it comes naturally through live experiences.

Problem is most teens don’t listen. But good idea In general

@@Chinunit22 “through life experiences” you mean like the people calling for help?? That made no sense

@@Chinunit22 It quite literally is the schools responsibility to teach kids how to handle their finances. Its a little bit more than just "common sense" lmfao. The fuck are you on.

I sell cars yeah ur not 100% wrong... depends where u go, gotta have common sense too tho

I’m in the same position did you sale it ?

How did you get out of that? I'm in a similar situation

@@intergalacticglobalistslayer have u figured out what you’re gonna do?

@@kjthomas4553 Nope, Car was repossessed and I filed bankruptcy. I hate to say it, but it was one of the best financial moves I made in my life.

@@davidfoulk3078 do you know how to sell a car when u have a loan?

MissEnglish123 I make 50k with 779 credit score and capital one tried to give me a 8% interest rate. They are monsters. Ended up getting 3.3% elsewhere

I have a 19.72% interest rate on my 2010 Ford Edge. It’s worth about $4,100 and I owe $9,500. Capital One is absolutely raping me with this interest rate. There needs to be a way we can work with our lenders to lower that rate...there’s no excuse for this. I’ve made every single payment on time.

@@rashunedwards-miles1221 If you can manage your money effectively, and are not living your life to suit appearances or keep up with others, you'll be fine. Me personally, I would prefer to own a car from new, maintain and care for it well and drive it for 15-20 years. This may not be practical at certain points in your life, so you have to recognize when and where to make other decisions. In 1980/81 I bought an $850 car and drove it 60,000 miles. In 1998 I bought a new $13,300 car and drove it 165,000 miles. The cost of car ownership has escalated considerably since I bought a '64 VW for $350 and spent $200 rebuilding the engine. Today you better think in terms of transportation costing you $1000-$2000 a year, or more.

@@rashunedwards-miles1221 I make 150k and bought a 4k car lol a Porsche too

I made 400k and driving a 4k car and plan to keep it until its wheels fall off.

@@johnpui7484 what do u to make 400k? what business?

@@johnpui7484 is it a Honda?

theelectrokitten I agree. That should illegal to double the asking price for thr car.

Yes, specially the huge car dealerships. They are very aggressive with their car sales.

No. People are free to enter and not enter into contacts. She agreed to the terms. People make mistakes

only idiots get "ripped off"

People are just ignorant of what goes into a car purchase. When I bought my car, I walked into the dealership and straight up told them what my price was. $160/mo for a note and if they didn't meet that, I could just go home (my car worked just fine...I didn't need to buy their car). They beat it by $1 on a five year term and I added in a warranty for $20/mo (in hindsight, was a slight loss but did get a decent size repair done with it). Yes, I took on debt to do it but it got double my gas mileage and that note plus half my previous vehicle gas costs (double the mpg = half the gas bill) was identical to my old gas costs meaning that the transaction cost me next to nothing for 5 years after netting out the savings plus I got a 3 year newer car with better mpg (more savings after paid off in 5 years) and 60k fewer miles. Because of the low loan amount, I paid it off 3 years early. They ended up giving me this deal by giving me over KBB value for trade in even though my vehicle was involved in an accident. I also was buying a previously leased vehicle that was 3 years old and coming off lease just as the new model redesign was released. Therefore, there were a glut of these preowned vehicles on the market and the then new model year model was a redesign making this older model even less marketable. This likely helped grease the wheels for my deal. Few think that deep into it though. Many get wonderlust looking at the new cars and forget that like any commodity, you have to rationalize the purchase.

I should have heeded this advice 10-years ago :(. Oh well; off to the salt mines again.

Smoke Stack put the extra in a Roth IRA. Saving account pays no interest

+Melissa Hale What do you mean you realized it's better to eat out mistake?

+Michael R, I meant our*. I recently found Dave, and we are now beginning our budget. Found Dave not more than two weeks ago. We currently only have two debts, one which we will have paid off in less than two months and the other is our vehicle loan. This lady has been the closes person to our situation with our car. We're upside down, it is our only car for now. While we pay this loan down, we will also be saving cash for another. Our loan debt is 17k and the vehicle is only worth ~8k on KBB.

+Melissa Hale You Can do it you will be blessed for hard consistent work!

@@2007MonkeyGirl I’m in the exact situation except my car is only worth 5k

Oni Zara how long did it take you too pay this off

How much interest was knocked off.

Progressor X How long did it take you to pay it off ?

How were you even taken advantage of?? Either your credit was rough or you were a first time buyer.. You came In looking for a car they found you a cheap one. The bank Is the one who supplied the loan and what you qualified for.. who does the dealership have anything to do with this.

@@a-tonofsun8569 Doesn't sound like they found him a cheap one, just sounds like he didn't research ahead of time.

William Reed Facts.

@Brian Waller umm go away always helps..people need to be more upfront ..hurt they feelings or your finances..you pick

Most money I made selling a new car was 9200 gross profit. 25% of it went to me. :)

How do you go about using a credit union loan on them negotiating without revealing your credit union loan til the end?

@Brian Waller you wasted your time letting him run your credit

Uber sucks for making money, plenty of KZfaq videos that explain better than I ever could.

On that note, the car partially becomes a business expense, right?

You'll be putting MORE in than you will be making.

No. get rid of the car and get more income. shes only working 30...should be 50+

They expect a "magic" solution, like Dave lending them money?

Are you computer savvy ? Try IT

Dont measure success by income. people who make more than 120k call in all the time in horrible trouble.

Try IT easily make 80k-100k

How are you managing the funds that you currently make ??.

@@WISHBONEL7 well much better than I expected. Who knew living within your means would actually work lol. I’m not perfectly debt free but my outgoing is way less than income and is well budgeted in writing every month.

Exactly

So true, wish I would learned this in high school but now 2 years out, I have to resesrch and learn everything myself.

It’s the parents job to teach kids that not the school. The advice Dave gives is more about values decision making more than knowledge. People know their making poor financial decisions yet find a way to justify it.

@@markcurry3083 Yeah the parents working two jobs just to stay afloat. Sorry some parents are too busy, burnt out, and they themselves don't know any better. It's more complex than that. If we want a prosperous society and communities shouldn't this be taught in school. I hope to one day hold finanical literacy workshops for the middle shcoolers here in my town because I want them to be succesful or at least not make as many mistakes as possible so they can live a humble, healthy life. It takes a village.

I swear.. Their interest rate is right at 30%. I just paid them off.

+Judith Wallace Check out The Rachel Cruze KZfaq Channel for life and money tips! kzfaq.info

Sorry, I missed the part where she said they forced her to sign the paperwork at gunpoint.

Chris, lighten up. Banks are scams and that's what Carlos is referring to. She fell for the "AMAZING OFFER THAT HELPS BUILD YOUR CREDIT"... Which a lot of people do.

They did to her?? She did it to herself.

dope

Carlos G

My co worker got a 30% loan smh

19%!!! Geez Laweez!

Mine is 15% and I'm 22 #randomcomment

...and 13% ain even that bad in comparison to what I have seen! ...crazy. My interest on my car is under 3% and I didn't want to pay that!

13% is nothing. Im in car sales and Ive seen people walk out with 25%. Its not the dealers fault. It's the banks. I can say that at my dealership, someone making 18k a year and bad credit would NEVER get approved. People like that, I flat out tell them "you're gonna need a cosigner". If by some miracle they do manage to get approved at some horrible interest rate, it's not my business to tell them not to buy the vehicle. I would lose my job if I did that. I'm selling product, not payment. If they really want to take on that responsibility, go right ahead. If you are comfortable rolling over 10k in neg. equity and paying $650 a month on a $20k vehicle, then so be it. I'm a car salesman, not a life coach.

KingQuad Bott lol I can tell by her voice 😂

She would rather pay it off in three years then work overtime..... She was looking for an easy out! Not with those numbers.

No one knows her situation though. Relax lol

Nope

There's always your feet. I even had a time where I lived in my office to save both rent and car.

Feet is not optional when you live 15 miles from work and it snows in the winter where you are.

Depending on the nature of your work living in the office may not be a crazy option either. Been there done that, and I thrived.

Naa ... I ate quite healthy. You can't afford to get sick when you don't have a place to take a sick day.

You're absolutely correct.

Usually on these calls they are flustered because they can't make the payments and are close to losing the car entirely, and that sucks. Obviously everyone will carry negative equity in a car ... well unless they get a good deal on a 3 to 5 year old car... it only hurts when the payments can't be made any more.

Also annoying because you KNOW you're paying thousands of dollars too much. And you think of how much you could have done with all those extra monies

If the car breaks down then what? Pay thousands to fix it AND you can’t get a different one…. That’s the issue

Talk is CHEAP!

"Broaden it with a double wide surprise that your family thinks you have gone insane" ~DAVE RAMSAY

Work a ton throw money at it like a bad headache. Pay it off in a year or little more and look at this in your rear view mirror.

You don't need a Dave Ramsey to tell her that. Maybe she was hoping that Dave could "help" her financially!

🤣🤣🤣

Of course they advised you to let it go. It's easy money for them. You can replace an engine for less than $5k.

Kylie Hutton i understand that one, i make 1200 a month. my payments are 483$ with 17% interest. the car is 21k total as well.

so.... worth it ? Lol

@@StarrixFit so scary 17% interest And I going to nogigate my 4.5 interest rates

@@thefearlesskibaarka9642 the car is fully paid off now and I landed a job where I make double now. So I'm in a much better financial spot. So from 15k a year to 30k

oxymoron?

How many kids actually listen to their parents advice?

Me too. 👍😁

Smoke Stack Luckily, I’m one of them. Always listen to my father words as he is good with money and investing.

A girl has gotta DO what she has to!

@@TheOzthewiz HAHA

😂😂😂😂

alfonso borja she could easily double that 1.5 k a month by doing happy endings 😂😂

Some people have self respect. Dave did emphasize with class.

Whatever it takes

She makes 18k a year. I doubt she's giving many haply endings.

pim1234 sexy too

Scared

And she probably gives GOOD "massages". I wonder if she makes house calls!

🤣🤣🤣🤣🤣🤣🤣🤣🤣

James Richey banks thrive off of financial illiteracy. Could you imagine what a financially knowledgeable Society would look like for a bank?

Becka Jones same I feel your pain

What did you end up doing ?

Yup just keep ur regulars and u should be fine. Find a simp to pay for ur car bill 😂😂

Dave said do it till she’s sore