I'm A Teenager With A $10,000 Car Loan!

I'm A Teenager With A $10,000 Car Loan!
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• The Ramsey Show (Highlights):

[koaladoeseverything]

Dave: "your an idiot".
The Kid: "Its all wheel drive"

[jayj]

5800 down??? That was enough to own a different car with no strings attached!! Smh.

[PreciseVids]

Don't listen to your mom. People take advice from famiy members as gospel. If a family member is making 40k a year & 80k in debt, don't listen to them, DO THE OPPOSITE OF WHAT THEY DID

[ColiniesClips]

Man, recently I've had to help support both of my parents at 17 (newly 18) and I can tell it really really hurts my Father. I will not repeat his mistakes

[colinprouty]

Dave is pretty predictable. This kid must not listen to Dave very often because it was easy to see coming.

[SugaryPhoenixxx]

OMG this kid was me! I financed $7, 500 when I was 17. & put an $800 sound system in it. Honestly looking back on it, I think it was the best thing for me. That loan really taught me the value of a dollar, when I did not know. Paying off that first loan taught me to be conscientious of my money, & taught me how hard it is to be in debt. I am debt free now, & I still own that Mustang. =) Life lessons learned.

[bradnimbus]

That's a case of a parent believing a newer expensive car is a safer more reliable way to go

[mph]

$500 speakers, HA! Thats all I have to say about that.

[MrJameslb]

Should've just bought a 5k car that he could buy in cash.

[rosalynnweaver]

He is not the parent! Mom needs to grow up and not make her son get in debt, to the point he will file bankruptcy by 21.

[ThistleKing]

Couldn't imagine that. I'm 18 and shake my head when I hear a peer at my college talk about their financed 10-20K car

[timewing]

Dave, I wish you had this talk with me 15 years ago when I financed my first car and started pouring money into it with speakers and exhaust and the rest of the works.

[insomniacmuffin]

Such a heartbreakingly common cycle - parents who are poor decision makers with money then depending on their underage children's 'income' to squeeze by, rather than ensuring they are focusing on school and growing their minds. This was my situation at 15, skipping school to work so my parents could make rent but still afford cigarettes and socializing with similar types of people. Credit cards and vehicle loans taken out in my name (at 15!) by my parents while I was too young to even have a license, ruining my credit before I was even old enough to be finished Highschool. There should be a system to prevent this type of financial abuse of children, they cannot advocate for themselves at that age - the cards are well and truly stacked against them.

[jamesjohnson]

Dave hit with him with some love. Even though this kid started out in the hole, he is 17. He can still turn it around. I hope the kid listens. Sometimes you have to remove any emotional attachment you have to your family and make a logical descion. Just because someone squirted you out does not make them right.

[floridas_own]

I cringed when he was done with his question because I knew Dave was gonna give it to him. Lol

[davidheaton]

I think alot of us were equally stupid with money at Sams age. Hopefully he can learn from his mistakes early and have an amazing financial peace moving forward.

[raftika]

At age 19 in 2016 I decided to buy a 2011 Camry le for 10k with 2k down and I am now 1, 600 away from paying it off and have a credit score of 782 according to credit wise.. I’m planing on buying a home in the near future and I am working on making my credit score grow even more and save for that down payment for a home that I will hopefully be able to rent out 🤞 I feel like if you have 10k in cash you’d be better off investing 8k and spending 2k on a down payment. My interest rate on my Camry was 4.63% and I did not use a co-signer.. no late payments. Helped me establish a good credit score so far.

[mystorymylife]

When I was his age I had a 1, 000 car. When I was a senior in high school I got a 3000 truck and I was extremely happy. There is no way my dad would have co signed for a 15, 000 car. I don't think he even had a 15, 000 car.

[lisaamalfitano]

Ooh my heart hearts for this sweet boy helping his family financially when be should be worrying about what his plans are for the weekend.

[rickvangils]

High school teaches you how to solve complex algebra problems which you'll never do ever again in your life. Yet it doesn't teach you basic money management. So stupid this world we live in.