"So Broke I Want To Take A Loan Out Against My Car"

Brought to you by the EveryDollar app. Start budgeting for free today. I'm looking at possibly getting a vehicle equity loan for an attorney. My ex-wife wants to leave with our children, and actually I move out there to Tennessee. So I'm just scared. I'm not sure exactly what to do. Thank you. And their $7,500 retention fee for this attorney is just money I don't have laying around. What do you make a year? It'd be somewhere around $48,000. Um, yeah. Bring home about $3,600 a month. Do you have any money? No. How much debt do you have? Let's see here. Just About just under $4,500. What's your car worth? Yeah, I just did KBB on hold. a It's worth about $11,000. you. Well, I mean, a vehicle equity loan is a very sweet, sugary way of saying title pawn. Right. Which is a ridiculous interest rate. So you're going to the loan sharks. Yeah, they told me about 20, somewhere between 25, 27%. Well, first thing I'm going to do is shop attorneys and see if I can get one to take the case for $3,000 to $5,000 retainer. And because it may be that some letters and just having an attorney slows her roll. Okay? Okay. And it might not be $7,500. It might not be the, you know, you just found this guy. Okay? Um, maybe you can find someone to take a case for a smaller retainer. Um, before I would take on 27% on title pawn and get screwed, I just sell the car and buy a $2,000 car and use the cash to pay the attorney. I figured, I would think you'd probably say something like that. Um, was I just going to say, um, I have shopped around attorneys. Um, this one has seemed to be one of the. The better options, but even they said, Anthony, this might rack up to a $15,000 case, which is, that's another big concern of mine. If I am to sell the vehicle, then I have to go out and try to get some other loan again, but now I don't have. No, no, no, no, you don't. You sell the car for $11,000, you buy a $2,000 car, that puts $9,000 in your pocket. Is the car paid for? Now, when your car's acting up, you deserve to feel confident that it's going to get fixed right. With Christian Brothers Automotive's digital vehicle inspections, you see exactly what their technicians see. So you get the honest info on what you actually need and every repair is backed by their nice difference warranty. That's three years or 36,000 miles, whichever benefits you the most. So schedule service today and get 10% off at cbac.com slash Ramsey, or just click the link in the description. 10% off up to a $250 value. See store for details. Great. So it's all profit to you and you sell. And you take the nine and apply it to get the attorney, and you still have some money left over. So the goal is use the money towards the attorney and use the leftovers to get you whatever car you can get from, you know, Facebook Marketplace. Yeah, just get you some kind of cheap beater car. Because here's the thing. This is going to set, you know, you're creating two problems instead of one. One problem is a big butt attorney fee. But now we've got another problem, 27% interest. And you're going to, you know, you're going to look up and be underwater on this thing in a heartbeat. And they're going to have you in handcuffs, not literally, but figuratively. So if I were in your shoes, I would fight for my kids. I can appreciate that anybody wants to do that. And I still think if I were in your shoes, I would look at other attorneys as well. I'm not in love with attorneys. I've never found one that I loved. So I'm not married to one. Don't want to get married to one. Literally or figuratively? Either one. So, you know, and if he says it might go to 15,000, say, well, really not an option. If you want to get paid, that is because I don't have 15,000 and I don't have any money. This is the money I've got. And so we're going to go as far as we can go for this amount of money because I can't do anymore. And so if you're planning on running this up, um, we, we already are starting with a bad plan. So one more reason I don't like your guy. So, um, yeah, I could, it could, it could run to. $82,000 if you want to fight that long. And if you want to fight that hard, you could do that. But you are going to be in a mess when you do that. You're going to bankrupt yourself with these attorney's fees. So it could be that if you get an attorney that does know how to posture and negotiate and threaten, that you could slow her roll, you know, for a lot less. You know, it may be that just once somebody stands up to her, she goes, Oh, okay, whatever. Uh, maybe she thinks you're not going to. And, um, so, but once she gets a letter and once she gets a filing with, with it, but to come before the judge, then we've got a different issue. So that that's, wow. I'm sorry. You're facing this. It's tough. Create your free every dollar budget today. The simplest way to budget for your life.