We're Upside-Down On 4 Cars, What Can We Do?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 4 October 2023

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today's episode features Dave Ramsey & Jade Warshaw. The Ramsey Show Highlights is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, George Kamel & Jade Warshaw. Part of the Ramsey Network. Delivered to you seven days a week. Budget for free with EveryDollar: Click Here Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today. Today's question comes from
0:07.3	David in Oklahoma. He says, my wife and I have started Financial Peace University. Way to go. We're on
0:13.0	Baby Step 2 and we have some questions. Currently we have four vehicle payments and I recently lost
0:18.8	my job. We're living off my wife's salary and unemployment payments.
0:23.8	We keep hearing about people selling their vehicles and buying cheap cars. How is this done when you're
0:29.1	upside down? Very good. We are upside down on all four vehicles and we want to know how to downsize.
0:36.4	We are thinking about surrendering the motorcycles,
0:39.2	but that will end up costing us around 16K after we sell them. Any help would be great as we are
0:45.9	determined to get debt free. Okay, so I actually have a list that they've given me here. So they've got
0:52.3	her truck, which is $852.
0:55.1	Good God.
0:56.3	A month, by the way.
0:58.0	They've got her, oh, no, I'm sorry, that was his truck.
1:00.5	They've got her SUV for $67.
1:02.7	And then they've got two motorcycles, one's $555.
1:07.2	The other one's 408.
1:08.7	Now, he doesn't tell me how far upside down they are.
1:11.7	I'm going to assume.
1:12.4	He thinks he's 16 on the motorcycles, but he's wrong.
1:16.9	Well, why do you think he's wrong?
1:18.5	Well, because he thinks that if he said, that they're going to give him full price in a repo.
1:23.2	If you do a voluntary repo and you take people the keys, they sell your crap on a repo lot.
	...

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