I Make $2,000 a Month And I Have a $600 Car Payment

Faraz starts off this hour in los angeles hey Feroz how are you good how are your self it better than I deserve what's up just have some some issues with my finances like nature calling the show of course so I have a BMW car payment that you know when I bought I thought I was working in Congress I guess it's a $600 car payment a month and make about $1,200 a month and are you canceling no really I mean where are you making 1,200 a month when you took that car payment when I first jumped into my first car no no the $600 car payment on the Beemer were you making 1,200 a month when that payment was approved I was making about 2,000 and who is the lender all right BMW Financial okay well we've established that their financial people are not as smart as the people that build their cars it's a fine car but these people are smoking crack to give you this loan yep I mean who give somebody a $600 car payment with a $2,000 income their brain damaged man their parents are cousins that's ridiculous Wow I'm scared for you man so yeah you got to get that thing sold don't you yes and I'm negative 15,000 I'm upside down 15,000 because I've rolled a negative equity from my last BMW before that what do you do for a new hours a week are you working just 20 I'm a full-time student how old are you 27 oh my gosh what are you studying uh aircraft mechanics that's good when will you graduate Jim oh good okay so there's a light at the end the tunnel on your income going up substantially right oh right like but this time here you out you ought to be an aircraft mechanic making how much probably about average out here's about twenty to an hour yeah okay about fifty K a year yeah okay yeah okay that'll help cuz you know but I don't have to get out of the mess I don't know how you're doing it I mean how are you eating and keeping this car payment up well I don't have any I live at home so I don't I don't pay rent oh look you on that but I also have ten thousand dollars in credit card that yes and I'm only able to barely make the minimum payments on our first goal our first goal is to tread water until you graduate and get your income way up the second goal is do anything you can in the interim to get your income up and still graduate in May so we're going to pick up more hours different job whatever and try to get more money coming in to throw at this mess as hard as we can my guess is you might be able to clean up some of the credit card debt of course you need to get them out and have plastic surgery right alright and you know get rid of them because we don't want to use them ever again but maybe you can whittle a few of those away between now and May and then when May comes in June you graduate you get out get a much much better income then we've start beating on this car situation maybe we can find a way to get some of the upside down amount covered so that you can get it sold but I don't I don't know if anybody's gonna loan you fifteen thousand dollars right now to sell this car and that's really what you need right correct I was what do you think about making a contractual loan with family members well I I think it turns the borrower is slave to the lender and I think it turns that family member into your master who are you talking about either one of my two uncles that I think are able to do it they're willing to do it now if I were your uncle I would love you enough to not do that for you I wouldn't do that for you I would make you fight through this because I because I think there's a high probability you're not going to pay them and you're gonna damage that relationship or pay them has agreed not because you're not a good guy but because the mathematics of this situation suck beyond belief does that make sense and so I don't I don't want if I'm your uncle I might give you some money but I'm not gonna loan you any money because you are in a mess dude and you're not gonna be able to pay it anytime soon easily you know it's just a problem so yeah I'm gonna just you know do everything you can to increase your income between now and June and then of course in June when it goes way up and let's get rid of that car as soon as we possibly can and you know the good news is you're only 27 and you got the rest of your life to never do something this stupid again I've done stupid stuff at the time I was 28 I was broke man I was bankrupt and I had zeros on the end of the muster but you just did one car and but dude you did it big I mean you killed picker go home you did it and so you got a mess on your hands but you'll get out of this and you will never ever look at a car payment the same way again I hope I hope you've learned your lesson and I hope this is you know that's the problem with pain you know it's it's a great teacher it's a thorough teacher but it's pain and I don't like to learn that way and I'm sorry you're learning that way but dude you're getting hammered and it's all because you set yourself up to be the nail and it's just wow ouch I'll tell you what dude let me do this hold on I'm gonna have Kelly pick up I want you to go through Financial Peace University our class as my guest I wish somebody had given me that when I was your age and shown me how to not ever do this again and so I'll walk with you and get you out help you get out of this cuz you got a mess hold on Kelly I'll pick up we'll get you signed up for that I you know yes that young man has made a really stupid mistake but I got to tell you BMW financial ought to be ashamed of themselves I mean that's just corporate misbehavior right there and you give a 27 year old guy a car loan of $600 and his income is $2,000 you're freaking con-artist I mean that's morally corrupt it's what that is so BMW finance you ought to pick up the phone there's not probably not a lot of guys in Los Angeles named Feroz it's F er a Z I don't know his last name but you ought to pick up the phone just forgive this loan because you guys are absolute crooks I mean you're absolute crooks that's just ridiculous and you know whatever everyone that young finance divisions of these car companies does this stuff and all they see is a you know meat hanging in front of them and they're Rocky Balboa in the meat locker and they just punch it out man you know it's just but it's just a reminder that you know when you're doing business you have to do good business with people you and I can disagree about whether our car payments a good idea but no one with half a freaking brain cell thinks that car loan was morally okay that was not okay as far as his fault - he sat there as a grown man and signed up for that crap but man BMW you ought to be ashamed of yourself this is the Dave Ramsey show hey guys thanks for watching if you enjoyed this video click the subscribe button to get the latest content and check out these other great clips from the show [Music] you [Music]

Channel: The Ramsey Show - Highlights

Views: 1,854,884

Rating: 4.8812194 out of 5

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Id: rzmOYU5Wpdk

Length: 8min 8sec (488 seconds)

Published: Sat Nov 05 2016