“Your Desperation Got You Screwed by the Car Dealership”

[Music] brought to you by the every dollar app start budgeting for free today um I was uh colon because I have a um a vehicle that basically between the payment and the insurance is about $900 and I'm not really good with finances in the slightest and I'm trying to figure out what the next best step is to kind of get out of it um basically I'm also under I'm basically under it as as well um I definitely not going to be able to get out of it um what I what I paid for certain and the payments are basically really really weighing it down okay what do you owe on the car uh I think the remaining balance is about 25 to 26,000 where'd you get that figure um that's uh based off of the uh buyout from um the loan company that I used okay um is it a lease yes sir okay so the early buyout is they they told you they didn't give you an actual figure but no sir it was just about yeah it was about 25 is from that they kind of roughly get into me yeah okay all right give give them an email or a phone call and tell them you need inwriting what the buyout is this month okay okay then we know what we're dealing with let's you said you think it's around 25 is that what you said yes sir okay and what do you think the car is worth anywhere from 16 to um high like I saw in Kell books anywhere from 16 to 175 um is that trade in or private sale private sale okay how long have you had the car uh two years now okay and what' you pay for it um I believe it came out to 31,000 okay how long a lease is this it was a 80 um 8 84 I believe is what it it was um so how old are you 22 uh feel like it but I'm 28 oh okay yeah all right um what do you make I make about 54 a year okay so both take homes about three grand there's a little bit more with a car um I had to get a coer on it as well um when it all kind of came about um so I've been trying to figure out the best way to kind of get get past all of it so take home after everything is roughly about three grain a month okay you must be getting a big tax refund or you're taking a bunch of stuff out of your check um yeah it's a bunch a bunch of stuff I somehow seem to be owing every once in a while um but between taxes and health insurance it's about 32 fig or takee 31 to 32 that's only 36,000 you should be getting home with a lot more than that on a 54 income something's wrong with your math so you need to um investigate why you're not getting home with more money and understand that and if there's some things you can cancel there like if you got a bunch of ripoff insurance or something that's not your health insurance um at work then let's getting nickel and diamond and if you're getting a tax refund you need to change your withholding and I think you probably are so did you get a tax refund last year no sir you did not well I I ferally I think I got about a 100 bucks oh have you got money going into your 401k no sir okay I don't know where your money's going but there's a problem there's a hole here somewhere anyway um and you're working 40 hours a week doing what what do you do for a living um it's I work as a logistic technician for a marble and granite company okay um it's about 50 hours 50 to 60 hours a week okay all right um well you desperately need um $8 or $10,000 to write a check for the difference in what the car is worth and what the early buyout is agree yes sir and get the car sold that's the answer and so where are we going to get $8 or $110,000 I'm guessing you have no money saved correct uh just a thousand um emergency fund and how much other debt do you have other than this car uh I have a credit card with maybe like a hundred bucks but that's really not all I haven't really used credit cards in my whole life who is the who is this ridiculous lease with um it's with a company called consumer portfolio okay all right um yeah okay your desperation for a car whatever created the desperation I don't know caus you to get screwed and get a co-signer in the process of getting screwed because you've got a horrible loan and you just bought a car and desperately wanted that car for some reason so you're willing to do whatever cuz you're dealing with a subprime lender and they pulled in a co-signer and you probably paid too much for this car it sounds like on top of all that and so you know and all of that was because they saw you coming and you had that stink on you of desperation or impulse or immaturity or something I don't know but something LED you into a really really bad car deal and you made all the decisions so that makes it that much harder to get out of this so uh learn your lessons from it the good news is you learn it at 28 you don't have to do it again right yes sir so when I was your age I was going bankrupt because I was an idiot so I got you beat you just did a bad car deal I lost everything so we both get to learn our lessons and never repeat the lesson okay and that's what I want you to do here man and if you just go back go back and analyze what you were telling yourself you know I was forced no you weren't I I was I no you weren't you got all freaking emotional and bad and and just completely signed anything they put in front of you because you were walking away with that car nobody was stopping you and you drug somebody else to the table with a cosign so anyway put all that in the rearview mirror but but be sure you smoke that pipe before we're done and never do it again now then the way to get out is we've got to go take six extra jobs you're going to be working all the time you're single aren't you um I live with my girlfriend okay uh you're not going to be home much you're going to be working a lot doing anything that will pay you good money that is moral and ethical I want you to go bananas for a short period of time a couple of grand a month extra income coming in and in three or four months have the money saved up to write a check for the difference to sell this stupid butt car and go buy you a $5,000 car for cash and drive it until you can save up the money to be a better car because you don't have a time you don't don't have a $900 payment um going out um and check and see if they put an extended warranty on this if they did cancel it and that'll give you a credit back towards the balance as well CU I think they screwed you on that too they got you with everything else so they probably got you with that one too and so um yeah cancel that that might be a couple Grand off that balance in there as well check your check your take-home pay something's wrong with it we need to get home with more money and if you find another ,000 coming home it'd be about right on your check and um I mean I don't surely you're not paying $1,000 a month for health care you might be um but that wouldn't be a good benefit actually so anyway that's um at the root of this question Dave is I think it's just something that's that you know the politicians sold this so much and so much this idea of there's a way we just make debt go away and people call on the show and it's happened more over the last year or two which is how do I just get out of this you don't and I think that's the harsh method um or the harsh truth that we give you that nobody else will give you there's not a hack around this it's just straight through it it is six jobs for six months and not going home and not going on dates and working and working and working and working and saving this money up and paying this thing off yeah there there's no shortcuts there's no shortcuts you you have dug a pretty substantial hole and you need to get some shovels anybody sends you an email any other programs a special hey you know what we can they can't they're lying to you there's one way through this and that's to earn the money and pay this stupid stuff off and there's not an app you can put on your smartphone that makes this work you just it sucks and you got to dig it out you're going to have dirt under your fingernails and you're going to learn your lesson and you're never going to go back create your free every dollar budget today the simplest way to budget for your life