My Car Note Is $850 A Month!

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 8 November 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	Brought to you by the Every Dollar app.
0:04.3	Start budgeting for free today.
0:06.3	Hey, so a negative in a car loan that I would like to get out of.
0:13.4	The loan is about $50,000 right now.
0:17.8	And the quotes I've been getting are somewhere around 43 to 44.
0:28.2	And the quotes you got were from who?
0:31.7	One was from Jeep, I think.
0:33.3	The other was from CarMax.
0:34.9	Okay.
0:35.6	All right.
0:36.8	So what kind of car is it?
0:38.2	Jeep?
0:39.7	Yeah, it's a Jeep.
0:40.8	Okay, cool.
0:42.1	What is the exact payoff?
0:45.4	Have you called and gotten that?
0:47.9	Yeah, it's 50,400, 60 something.
0:53.0	Cool.
0:53.6	All right.
0:58.0	Well, there are three numbers when you get ready to sell a car that you can look at. What you were given was a wholesale number or a trade-in value.
1:03.0	So if Jeep or CarMax buys that car for 43, that tells me that they can sell that car for more than that, and that's why they're buying it.
1:13.3	They're adding inventory to their lot, and obviously their goal is to make a profit when they
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