I've Been Paying On My Car For 8 Years (And Owe More Than It's Worth)

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Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 5 August 2025

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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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
0:06.0	hi and he's calling because i have an issue that's going on with my car situation
0:11.1	the vehicle i purchased and it is still not um cleared even after the year number seven
0:17.4	okay explain to me what you're talking about.
0:21.9	Okay, so I have a 16th Ford Fusion that I've been paying on since 2017.
0:28.3	At this point, my loan was supposed to mature back in 2023 of April.
0:33.2	We are now in that 2025 on July, and I owe more than what the car is worth, and I need to
0:39.3	figure out what I actually owe in terms of all these late fees and expenses that
0:46.0	were taken out.
0:47.6	Okay.
0:48.0	So basically the bottom line is...
0:49.7	Is it a Ford Motor Company loan, or is it a high interest rate loan?
0:55.8	High interest rate loan.
0:57.5	Okay.
0:57.8	So you're dealing with a subprime company and you had a bunch of late fees over the years?
1:02.0	I did.
1:03.5	Okay.
1:04.8	And those have not been paid.
1:06.6	So they've been added to the balance?
1:09.0	They have.
1:10.0	Okay.
1:28.4	Is that what the balance is then? Or, I mean, is there something else wrong? Not to my calculations, no. The amount that they're coming up with, I don't know where they're getting this numbers from. I have a full printout of all of my payments and late fees and the repossession that was on the account. And it they repossessed the car they did for one day okay how much they tell you you still owe
	...

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