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The Ramsey Show Highlights

I Have $1,800 In Car Payments At 18% interest

The Ramsey Show Highlights

Ramsey Network

Education, Investing, Business, Self-improvement

4.5838 Ratings

🗓️ 15 October 2025

⏱️ 10 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

Brought to you by the Every Dollar app. Start budgeting for free today.

0:08.7

Me and my fiance, we're in a bind. So we both have car payments and we're both upside down.

0:14.9

So combined our car payments are about $1,800 a month.

0:19.8

Golly. Yeah, I know it's stupid. I know. Are you driving Lamborghinis? What do you drive? I'm curious. No, just basic, you know, a GMC Acadia and an F-150. An F-150 is a 2015, and the Acadia is a 2021. Terrible interest rates. Did you get these at like a subprime i mean did you

0:39.4

i mean do you buy them off a lot it's like a handshake deal off a lot somewhere behind the

0:43.3

now car dealership it was just the credit was so bad so he had his truck before i got my car

0:50.1

my other car that was paid off i loved it it was just down in dirt. And the engine was smoking when I pulled into the dealership.

0:57.0

Okay. Sarah, what, I want you to separate these out. Tell me your car. How much, how much is it worth?

1:04.3

My car is my, I owe 32 on it still. Okay.

1:09.5

My payment is 1100 because we got behind so we had to do this

1:14.3

promise to pay thing. It was 815 but now it's bumped up to 1100. Okay. Um,

1:19.9

2015 F-150 he still owes 20,000 on it and his payment is right at 700. How much you make a year? So combined we

1:30.5

no don't combine it. Don't combine it. Me myself right around 55. Okay. How about him? He's about

1:39.7

52, 53. Okay. What could you sell your car for today? What does Kelly Blue Book say?

1:47.2

I think it's like 17. Have you looked? I have. Okay. And an individual, not dealer?

1:56.3

So not as an individual. I haven't. Okay, so I would do that. So I would give it a couple thousand more because you can usually get more from an individual. A dealer is going to buy it as close to wholesale as possible. So what was the first? What did the number you said for the dealership? 17. Okay, let's just bump it up to 20 just for fun, okay? How much could he sell his for? I think his is valued at like eight. From a dealer. From an F-150, did he wreck it? No, he did not wreck it. F-150s are made of gold these days. Both of our cards have about 100,000 miles. His is about 100. No, that's not. I almost guarantee you a 2015 F-150. I'm going to, yeah, 12 to 15,000. Or you think even more. They're expensive. I buy, I like trucks and they're so, like, it's like cartoon money. It's not $8,000. No, no, dude. I thought that's what it said. So it's also a two-wheel drive.

3:07.8

I mean, there's going to be a bunch of nuances here and there, Nick Naxon. We don't have to go back and forth. If it's extended cab or a, like, a single, like all that stuff. I could almost guarantee you, I could be wrong, that it's worth more than $8,000. Unless it's been wrecked, it was underwater. I will look into that. Yes. And private party too.

3:08.3

Yep.

3:09.1

Okay.

3:10.4

You know if there was somebody that owns a lawn crew

3:11.2

that will roll wrecked. It was underwater. I will look into that. Yes. And private party too.

3:08.1

Yep. Okay. Even if there was somebody that owns a lawn crew that will roll up and give you 10 grand

...

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