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The Ramsey Show Highlights

Let My 3 Cars Get Repossessed?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 9 September 2024

⏱️ 6 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.

0:06.7

So right now, I've finally started with the first and second step. But now I'm at the point

0:12.6

where I have three kids that I, no, I shouldn't have, and I did it. I co-signed for a column,

0:20.2

because you know, if you want, you do one, you got to do the other one.

0:23.6

So I'm stuck with these three car longs.

0:26.3

One of them is about to be paid off in two months.

0:29.6

The other one, she's paying half on it because she said she didn't have all of it to pay the whole card note and I'm paying the other one.

0:38.6

And the third one is just saying they don't have the money right now.

0:41.8

So my question was, I was thinking about just letting the other two cars just go

0:47.9

because I can't afford to pay for neither one of them.

0:53.2

And so would it be a good idea if I just let them read for it and just let it go on my credit?

0:59.2

Well, you're going to have repossession on your credit.

1:01.2

You co-signed.

1:03.4

And then when they sell the car and it doesn't bring what's owed, they're going to come after you for the difference.

1:10.2

I know. That's why I I said them at the point there

1:12.9

yeah you're gonna you're gonna get sued and you're gonna have your credit

1:16.5

screwed up so let's talk about that the one car is almost paid off so it's

1:21.8

not a problem right right okay so the other to the second car they're when you

1:26.7

pay part of the payment what is owed

1:28.4

on that second car the one car is old one of 16,000 on one and the other one is like 14,000

1:38.2

okay and what are they worth the one for 16,000 it's only worth 8,000 dollars shot and the one that 16,000 is only worth 8,000.

1:44.7

Yikes.

...

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