I'm Paying 26% Interest on a Car That Doesn't Run!

I'm Paying 26% Interest on a Car That Doesn't Run!
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[@benfrankog6111]

Thanks to Dave, I sold my Mercedes and now take a pogo stick to work.

[@Jupiter88844]

🤣🤣🤣

[@stephensantiago603]

I ride a skateboard

[@13Grneyez]

🤣

[@vadimsbenz]

Lol I did the same thing, sold my Mercedes driving a civic now

[@meMiner]

I wait for snow and bumper hitch. ;-)

[@i-like-turtles4900]

26% is ridiculous for a running car. Sheesh man.

[@cgletts]

Here's the kicker from an insider...the actual effing rate is 59.9 the 26 is advertised rate lolol

[@Royalewithcheesee]

Over 5% for any loan is a no go 🙅‍♂️

[@hornetguy9063]

It's why people need to save up a few thousand and go buy a cheap used car. Most states have lemon laws to protect you from buying someone's POS, and you can also get a carfax report. Short of that, these dealers can charge these absurd interest rates because they know you need the loan. There's way better ways to build credit.

[@christopherrosas2738]

@@hornetguy9063 yes dealers can charge ridiculous interest but you as the buyer should be wise enough to walk away from that

[@hornetguy9063]

Christopher Rosas yup. It drives me nuts when people say things like “these rates should be illegal”. No, they shouldn’t be illegal. Lenders need to make money on a loan, or else they won’t make it. And you never know when someone actually has a good reason to pay 30% APR on a loan. But this being said, 26% APR on secured debt means you can’t afford it, in my opinion (and yours as well). If that’s what you’re being offered, at least walk away from the table and consider your options. Used cars have gone up in price over the years (thanks cash for clunkers for one), and inflation is a thing, so doing what I did in 2011 and finding a cheap $5k car on short notice isn’t as easy now. But you can still find cheap cars that work if you search for it. Check Craigslist or Facebook marketplace. With lemon laws on the books, you’re almost certain to come out ahead financially in buying a cheap car versus buying a more expensive “certified used car” at 26% APR

[@carlamagalini538]

Dude, I couldn't believe my eyes when I read the title.

[@BaconMountainMan]

Right?! lol

[@nevertrustkids]

Dude, for real 🤯🤯🤯🤯

[@RyanBooth3]

It’s probably more common than you would think. Most of those buy-here-pay-here places are selling junk cars that are rigged up just well enough to drive off the lot. Then the customer gets stuck with a high interest rate and a car they can’t afford to fix.

[@kierah16]

Working on my 22% as I write this. 😔 8 grand smh. Will NEVER be doing that again🤦‍♀️ and to think, I thought that was normal at the time.

[@jmc8076]

The highest I’ve heard so far on a recent DR video was 22% thru used car lot scam.

[@Mafiaman677]

Did anyone else put there Dave voice on and started yelling: STOP STOP STOP STOP! WHAT DOES IT TAKE TO FIX THE CAR?! Out of the dudes rambling.

[@jmc8076]

To be fair I can’t imagine being on live call knowing millions could be listening and judging you. I’m not sure I would do much better.

[@lillians.4384]

j mc right!

[@bobbyb7672]

YES!

[@DisabilityExams]

99% of the folks who call Dave about a car/truck would be best off with a used Corolla.

[@Spaceysgurl]

Say it louder for the people at the dealership!

[@Finx436]

Or Honda civic

[@user-og4zv3zo8w]

@@Finx436 Mazda 3, Mitsubishi Lancer, Hyundai Accent, Elantra, are all good. Just avoid Chevy or Chrysler

[@Finx436]

Владимир Чернов avoid American cars in easy way to say it.

[@jqvu87]

not 99%.......100%

[@mannyjeanpierre4062]

Dave was really patient with this caller.

[@andrewpagan]

If your interest rate on a car loan is >20% you: 1) Cannot afford the car 2) Should not get the car 3) Have a high interest rate because you're a risky borrower

[@domjobs18]

Or maybe if you expand your thinking, Me: 273$ payment a month. 18% interest rate, due to no credit history. I've paid every payment on this vehicle since May 2016. My car broke down this week, and refuses to turn on. Realize that not everyone has access to the knowledge you have and stop being so critical of others.

[@andrewpagan]

@@domjobs18 Anyone with eyes and a brain can see a 26% interest rate is urban robbery. If you don't see that, you're blind.

[@knucleballfreedom]

@@domjobs18 all the knowledge is free ... you tube

[@pigeot911]

@@domjobs18 its basic math to know that high of an interest is a stupid decision that will make you broke lol...

[@zee9709]

@@domjobs18 you can comment on youtube....... basically you have access....

[@brianpitsilides5337]

Dave: What will it take to get the car running? Caller: Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah Blah. Dave: Do you know what it will cost to fix the car? Caller: No

[@nikki1477]

😒just answer the freaking question bro! AHHHHH!

[@michelleprice5945]

so true!

[@blacklily624]

Brian Pitsilides ughhhh right.

[@carloswithac]

Yea, these are the most annoying callers. But he's stressed so I sort of get it.

[@costco_pizza]

@@nikki1477 Ugh. I was rotating my hand in a circular motion telling him to GET TO THE POINT.

[@treeroofgrass]

It would be running if he bought Scotty’s 94 Celica 😂😂😂

[@SSChambers1]

True story. From a Steve. Have a friend, whose name is also Steve. He took a loan on a $7,500 car @ 23% interest. I punched him in the nuts so hard, his grandkids are gonna feel it. He was fortunate enough to have gotten out from under it 6 months later. To all other Steves out there, including the caller, stop ruining our name 🤣. Ride a bicycle before ever considering such a ridiculously high rate.

[@caniggiaful]

Fantastic comment, lol

[@alexc5369]

I have friends named Steve and Dave they both use etoro

[@hornetguy9063]

Found a few cars under $4k on craigslist. No reason that someone working full time can't manage to cobble together that amount in a few months if they need a car.

[@nataliaamos6887]

This was everything I needed. I was actually contemplating asking my credit union for a $15k loan so I can get a newer car. But I literally can’t afford it and that’s OKAY! It’ll be better when I save and own it myself. It always is.

[@bluecollarmoneyinvestingch396]

This is why buying cars with credit keeps you poor! 26% is ridiculous! Pay cash and get it inspected by a mechanic beforing buying!

[@doingthelist1816]

Thanks for this comment. I never even considered that you can take a 2nd hand car to a mechanic before buying 🤦‍♂️ I promise I'm a grown-up 🙃

[@lillians.4384]

doingthelist Lol it’s ok, we all make mistakes. We’ve all been there. It’s never to late to learn.

[@bangladeshirealtor]

doingthelist not every dealer let’s u take it to a mechanic so u have to inquire first

[@jutde]

@@bangladeshirealtor and if the dealer balks at you wanting to take the car to a mechanic to be looked over, find a car somewhere else.

[@bangladeshirealtor]

Justin De you have that right .... that’s too sensible to do for most ppl esp if they are emotionally vested to the vehicle with those exact specs

[@melvingibson4525]

Moral of the story is: learn how to work on cars and buy something cheap with cash

[@ahyan6075]

A car that doesn’t run??? 26% interest rate?? *chevy has entered the chat”

[@austintomkewitz7206]

Rough

[@dedalliance1]

Chevy's run for a long time as long as it's been taken care of.

[@DanielGarcia-zz9eg]

Never take a cheap 3,100 car to the dealer.. You look for a local mom and pop shop

[@sunset6010]

Exactly ! NEVER a dealer

[@harrykam28]

Not even! Go find a cheap mobile mechanic on Craigslist! Even mom and pop shop will charge you an arm and a leg!

[@innergoof19]

@John Lester $40 for an oil change at dealer and then they think I'm paying them to point out things to fix.

[@erock1437]

I can't even listen to this caller, just answer the question straightforward without the extra fluff.

[@costco_pizza]

Ugh. I was rotating my hand in a circular motion telling him to GET TO THE POINT.

[@theelephant2887]

He was stressed out. It's normal

[@erock1437]

ACR I feel you there, I just stopped listening. Stuff like that makes me crazy.

[@LeesaLilHop]

My first car loan had a 25% rate 😭 paid that off with a quickness

[@LatinGhost916]

Thats the only way to beat the apr if you pay it way earlier

[@mtndewdev]

First mistake is he took it to the dealer. Theyre gonna upcharge you for every little thing. Take it to a local trusted mechanic. Buy a $30 obd scanner and scan the codes yourself to find the real issue

[@theyoutubeofmyname]

26% ...... what

[@djpuplex]

Yes buying a used vehicle in Florida is a "experience". I can confirm.

[@freshfreshh8221]

Not true. Only when you have horrendous credit, that's everywhere anyway

[@sami-9233]

Experience like a trip to the pyramids Or more like a sparring session with an Irish guy ?

[@sweetlifemoney7193]

OMG that is insane! I thought the 26% was a typo in the title. I hope this guy gets what he needs, he deserves better!

[@roche4647]

He deserves what he voluntarily agreed to.

[@philam297]

26% interest is brain damage

[@wwbaker3]

That means the loan originator took advantage of a mentally challenge person.

[@Gus_Chiggins]

Maybe I’m getting old but I can’t understand this guy.

[@jeffreywhitaker5154]

lolol, IDK how old you are, but Im 48 and I thought the same thing!! lol

[@amalHope3]

me too

[@jeffreywhitaker5154]

@RaoulDuke6666 I agree.

[@triciacharles8022]

26% for a car loan?!? The fact this is legal is crazy. Smdh.

[@IreneZGoodman]

I love how Dave thinks a dead car is going to bring $1,000. I've had two cars die on me, and they weren't worth $200. Sometimes I think Dave is out of touch.

[@NeoAndersonReloaded]

I had 2 cars with over 200k and need major work and got 1,200 so I guess ....

[@craigcarter400]

Metal recyclers are only paying $20 a ton right now. I was lucky enough to find someone to pay more like $125 for a 4.25 ton dead crossover

[@kararal-shimary7870]

Never go to a dealer. Find a honest small joe mechanic.

[@Kysen10]

Another caller who cant even answer basic questions without waffling on. What is wrong with people? No wonder they're paying that interest rate probably ran their mouths off in the dealership instead of reading the contract.

[@CerronPritchett]

😂 they do that with everything to busy writing on Instagram and FB and not reading what they should be reading.

[@RyanBooth3]

I’ve never understood why, but American culture seems to take being short/direct as being rude, rather than being efficient. At least in my experience.

[@BetYouHateMeNow]

people like this usually work unfulfilling jobs that force them to turn off their brain and usually this is because the demand is very high and the pay is no good, like customer service 12-15 dollars to help other people solve there issues and you can't even afford to fix yours working full-time.

[@DisabilityExams]

Their finances are as disorganized as their calls to Dave.

[@jimroscovius]

What's with the rambling???

[@Ja50nkAt]

Love my 86 Toyota van my parents bought in 1991 for $5000 with 40k miles. They used it, then my sister, and now me, with 192k miles and going strong. Getting our money's worth out of that fine piece of transportation. Has helped me save thousands over the years, dirt cheap insurance too.

[@shahmask]

We need to find out his budget. He is working 40hrs and was relying on OT. Something very wrong here.

[@todd2456]

How can Dave even understand anything he is saying?

[@kevindudson2344]

Hmm Perhaps cos it's his Job to understand such a DB.

[@jeffreywhitaker5154]

I thought the same thing, this dude is rambling on and on.

[@HoneyDooDoo]

Note to everyone!! Never buy anything from Florida or New Jersey.

[@grubhubguy9629]

Suddenly I don’t feel so bad having a 3.9% interest rate on my car loan 😅

[@Themrleonkennedy1]

Bay federal has 2.24 percent

[@BossYourMoney]

This is such a sad reality for so many people! I wish kids are educated on money management and the side effects of debt from grade 1 in school! I always tell people do the slow boring stuff and you'll be a millionaire no problem

[@cyna1103]

It’s not taught in schools because then the economy would crash without people like him

[@iaimforawesome]

It is taught in schools, but students are sitting in math class complaining about never needing it in real life

[@cyna1103]

iaimforawesome that’s algebra...

[@BossYourMoney]

@@iaimforawesome math is WAAAAAYYY different from money management!

[@NisYT]

When I saw 26% I freaked out

[@paulmaartin]

Could be way worse but with interest that high they know that the car will get repossessed

[@allisonwaters716]

Man he’s nervous, but you can tell he’s a good guy.

[@Sexy40baby1]

Why does everyone run to dealership to get cars repaired? Do u have dealer ship money?

[@bitcoinpysa-cryptominer456]

*"If you cant buy it twice, You cant afford it" -JayZ*

[@innergoof19]

Brilliant businessman. If you have a vision and spend less than you earn, you too can be wealthy. I'm almost done with my 16 hour overtime shift! Four more hours!

[@bitcoinpysa-cryptominer456]

@Nick J i think he invested in BTC too lol

[@Coolbabka1994]

We have the same thing! We have a loan with credit acceptance and interest rates are so hight! Trying to get out from this Loan now 😭😭😭

[@ramiroperez2461]

I hope he gets a Honda or Toyota Corolla next. Getting a car thru dealership is big mistake

[@BlacPhoenix]

Those are the only two kinds of cars I’m willing to buy at this point.

[@ramiroperez2461]

@@BlacPhoenix yes those cars are cheap and easy to fix

[@ramiroperez2461]

@Atty. Johnny Sins Personal Finance and at Craigslist

[@CaseyBurnsInvesting]

This is Jerry Springer level stuff

[@treeroofgrass]

😂😂

[@NeoAndersonReloaded]

How you not know what it takes to fix ur car ur paying on.. This guy is lost. The auto clerk calls you and tells you.

[@DanielGarcia-zz9eg]

Sounds like a simple fix. Dealer just taken his money. Call up Juan, he'll get you going for a 6 pack

[@jjgonz98]

I’m over here freaking out about having a 5% interest rate on my 30k car

[@jjgonz98]

Bryan J woah bro, chill out the comment was a joke. Haha no need to get all defensive and think your better than everyone. People on here get so emotional over these KZbin comments. If you make more money as you claim you do and can only afford less than 10k on cars then you obviously have other problems to deal with.

[@beastfromtheeast9318]

That’s Florida for you. This state is obsessed with cars and the drama behind them.

[@jmc8076]

Ooph an expensive but hopefully valuable lesson. Not relevant to anything and I don’t usually comment on this but would love to know what make of shirt Dave is wearing for my husb. He consults from home but it would look great on zoom calls!

[@Pokemc0831]

It is probably a bad thing that every time I have something go wrong in life, there are at least 4 Dave Ramsey videos on it

[@heathj7794]

My dad was in a situation similar to this he said he let the bank take it. But that was probably 50 years ago

[@RayBanLacy]

“For 26% I will accept you” 🤣🤣🤣😭😭

[@teesellz7692]

This makes my head hurt 😔 but it’s good he can get pass this fast 💨

[@jordanaubrey-realestateinv334]

Thats illegal in TX crazy to even sign off on that

[@tinah6685]

Can attest to the fact that credit acceptance sucks finally paid them off thank God!!

[@xenakaifinancevideos8650]

26% interest is INSANE

[@MrChickenspit]

I love the comment section roasting this guy. 😂😂

[@TeKnoVKNG23]

These people either have to have terrible credit/tons of debt or they are just getting taken advantage of because the worst I've ever been quoted for an interest rate is 14% and that's when my credit was absolute garbage right after college between 400-500. Can't imagine how bad you would have to be to get 20%+ or maybe they are going to one of those shady corner car lots.

[@jimroscovius]

What will it take to fix the car? Simple question.

[@krassimirpetrov7131]

It’s 26% on a car that’s only worth what the down payment was most likely ! They just repo it and churn it to the next unsuspecting idiot

[@TheLizardKing1967]

It's time to buy a '94 Toyota Celica and drive it forever.. Scotty Kilmer

[@minecraftvideo2547]

o, boy, did you pay using a credit card? like how does that happen

[@bobbyb7672]

Couldn't wait for Dave to hit the mute button!

[@conorcoughlin9065]

New drinking game: Drink every time he says umm

[@Paul-zi5gj]

It's not a rip off @ 26 percent of your credit is bad that's what you get

[@audreychayer7145]

I pay 5% interest on my car and it’s definitely not the best interest you can get.. so I can’t even imagine have a loan on a 26% interest. 😧

[@Ryan_DeWitt]

Like they say, being poor or having horrible credit cost more despite having less money. Although horrible credit people generally bring on themselves.

[@bmaiceman]

My car.... 2007 Dodge CALIBER Is paid for. And has been for a couple years now. So I dont have a car payment... Which is GREAT... However now my car is starting to do STRANGE THINGS.. The check engine light has been on for a year. Best I can figure it's due to the TIPM going out. Which has also taken out my HIGH BEEMS on my head lights... Now the AIRBAG light is starting to randomly come on. I'm afraid I may be looking into the face of critical issues in the future. So im pretty WORRIED.

[@Talkinglife]

nice video

[@Chris-kc2gc]

Insane!!!!

[@BossYourMoney]

I picked myself a $5k used car with cash, with dealer warranty, with free dealer service and I've run it 100k miles since then no problem! Bought it at 15k miles btw

[@RyanSteele92]

$5k for a car with 15k miles? 😅

[@MrTmenzo]

A Kia or hyundai?

[@BossYourMoney]

@@MrTmenzo Ford actually. Its a tiny little car. Figo... not sure its available in the US

[@LoveAngel333]

If you get an unsecured note will that affect your credit?

[@jaypence332]

Is this a BMW?

[@PC-ch1md]

Back in the day I named my car old Davey😁😁😁😁

[@workhardgainbig6784]

Hate when people dont answer questions, they go like bla bla bla

[@tony951jl]

Just buy a 94 toyota celica!

[@OneShotProduktions]

Wait...is this Scotty Kilmer's burner KZbin account?

[@tony951jl]

@@OneShotProduktions 🤣 Rev up your engines!

[@deforestbland3015]

His car is a endless money pit😂😂

[@redmanfreeman3391]

Just repair the car. Salvage brings maybe 70 dollars in most places. It’s better to have a broken car with than no car, since you’re going to be 3k in debt either way! 1k.... there’s just no way you’d get that for a BROKEN car

[@binglaude7319]

Do not go to the dealership.... save up and pay cash make sure to bring the car to your trusted mechanic First. If I did it so you can no excuses.

[@jamesfelten5179]

Throttle body is an expensive repair.

[@innergoof19]

Just paid off a credit card balance that had 29.99% (suspiciously like 30%) interest. Crazy.

[@sunset6010]

Eric : feels great, doesn't it ? Like getting out of jail lol

[@innergoof19]

Feels amazing. I looked at card #2 and since paying only minimum while paying other down, I've only paid $1k in a year. Still owe $4100. This month I'm doing what Dave suggests, and will offer them $1200 to close out the debt. Will get in writing and won't disclose my bank info.

[@sidharthchand8072]

You guys should make a video on how to buy a good used car, facebook marketplace to ppi private party

[@foford2010]

There's plenty of videos on KZbin. I'd recommend a Toyota while getting out of debt.

[@Prince-fn7ff]

Been there buddy mines was 23 percent. Man it was a POS. 😩😂🤣 broke down on me after like 10 months with 2 years left in the loan 😢 NEVER AGAIN I’ve Owen so many cars since have always paid cash! Nothing beats cash!

[@quartytypo]

Good for you. This is what's called a life learning experience. You probably won't be doing that again.

[@notafan6]

Out of our three vehicles two of them were given to us. My father gave us the camry (no a/c) for letting him camp in our backyard and my boss gave me my car (worth 1500 with a huge dent in the side) after I took the job he wanted me to take. Could we afford a new vehicle? Yeah, by saving money feels pretty good right now.

[@BangBangBang.]

People from Florida don't talk like this, people from Orlando and south talk like this

[@kashfortheking]

Call the bank and tell them to come get it. That’s really the only rational response to this.

[@ff6605]

I work at a buy here pay here dealership and we charge 19.99 or basically 20% and usually when something like this happens they just voluntarily repo the car although it does go on your history for 7 years

[@dexterm1285]

Then fix it and do it again...

[@ff6605]

@@dexterm1285 basically and they get rich and pay us pennies I can't believe how many people buy cars there it's crazy my cousin got a car for $800 an old green Ford station wagon I'd rather do that then pay them 20% interest it's crazy

[@christianarcos4333]

Ouch

[@dedalliance1]

Might as well just have put it on a credit card lol.

[@Cameihl]

Rice and beans, beans and rice

[@barbaragarcia7383]

Credit Acceptance will repo the car with 3k owed. They only do low notes like that.

[@LetsJamMan]

Some people need to start riding bicycles

[@Jumperman12mac]

Yikes that interest rate....

[@patriotfox7192]

Isn’t there federal laws that limit interest rates to max at 18%

[@cosmomontanaro5759]

$1,000 for a car? That's barely enough for a scooter!

[@ericworthington7299]

Never accept double digits (>10%) on an interest rate for a loanon a vehicle...

[@mikeberends585]

"I'll be honest with you..."

[@Bamapride1985]

Never take an older car to dealership for mechanic. Every little thing that has some wear on it, they will say you need. May need a sensor or something for 100-200 to get back running proper, but the dealership is scared of being sued if they don't recommend every little thing on a 40 point check list. I've been a technician at dealership and other places myself. You wanna have a mechanic that owns his own shop and good reviews on google. Corporate shops have set rates and overhead factored in their prices. Your mechanic needs to be a mid or older age man that hands are stained from years of working on cars.

[@JadeTrading]

Title is already bad enough

[@thomasjefferson5727]

Warranty the bad tb...

[@zunaiandre2341]

Ahhhh!Some people but why?But Why?????

[@cancel.lgbtq.6892]

I used to pay 3.9% and I thought that was too high.

[@sandyseibelhager7131]

Stop paying. Don't do a thing. Wait for them to repo it. They will probably get more for it than you can for salvage. I have sent a car to salvage and I doubt Dave has. They don't give you that much. After they sell it, they will sue you for the balance that is still owed. Once in collections you can settle for pennies on the dollar. So save your money so you can buy that garage sale car and have the cash to settle with collections.

[@MiguelRPD]

Why would you set yourself up for failure like this 😔