A WOMAN who has been paying off her car since 2017 has revealed she now owes more than the vehicle is worth.
The woman revealed that her loan was supposed to mature in 2023, she has still not been able to pay it off.
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Speaking to The Ramsey Show, the woman admitted to host Dave Ramsey that she did have a high interest loan (18.95%), and had had to pay fees for late payments,
However, she claimed that the numbers still don’t add up.
“I don’t know where they’re getting these numbers from”, the stressed out motorist said.
The woman then revealed that she owes $17,494, which is more than the vehicle is worth.
However, she added she has not received an itemised bill of all of the things she owes.
She believes she still owes money for the car, but is adamant its less than $10,000.
Offering advice to the woman, Dave explained to her that the loan was given to her from a subprime lender, which offer loans to people with bad credit ratings.
“They’re not usually nice to work with”, he explained.
“They’re two notches above a lone shark”.
Dave revealed that the woman has two options to deal with her situation.
Either continue to deal with the “morons”, or hire a lawyer.
He added that he personally would sue the lenders as the sum is so high.
Dave advised she spend one more month trying to get to the bottom of the situation, and agreeing on a figure with the lender.
If she’s still getting nowhere after a month, he advised hiring a lawyer and suing.
The third option, Dave said was for her to “toss the keys” and tell the loan company to “come and get it”.
The woman responded that she is desperate to keep the car, but add that it is not worth the money she owes.
Closing their call, Dave asked the woman if she had learned a valuable lesson from this experience.
“Are you ever going to do this again?”, he asked.
“No Dave, I’ll pay in cash”, she responded.
