I Asked Country Music Fans How Much Their Truck Payment Is

Summary

Podcast Summary: I Asked Country Music Fans How Much Their Truck Payment Is

Host: George Kamel (Ramsey Network)
Date: July 6, 2026
Location: CMA Fest, Nashville

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Episode Overview

George Kamel hits the ground at the CMA Fest in Nashville—the hub for country music fans and, fittingly, truck lovers. He brings his signature snark and personal finance expertise to the crowds, interviewing festival-goers about their truck (and car) payments, debt, and money habits. Kamel weaves through honest answers, surprising confessions, and a finance manager’s defense of leasing—using the conversations to debunk myths, challenge the status quo, and steer listeners toward financial freedom, all with a dash of humor and down-home banter.

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Key Discussion Points & Insights

1. Personal Truck & Car Payments: Real Numbers and Real Stories

• Many participants did NOT drive trucks—trucks are expensive! Several younger guests owned cars instead, with notable payments:

  • Female Participant 1: 2024 Ford Bronco, $600/month, unsure about loan balance and interest ([00:30]).
    • "I would say it's a good 600." – Female Participant 1
  • Female Participant 2: 2020 VW Jetta, $346/month, $2,900 left, 2.9% interest ([01:41]).
  • Female Participant 3: 2021 Kia Rio, $291/month, $1,200 left, 7.5% interest ([02:36], [03:05]).
  • Male Participant: 2022 Chevy Silverado, now paid off, original loan $66,000, paid off in ~4 years ([06:30]–[07:29]).

• No payment/paid-off crowd: Some festival-goers either bought with cash or aggressively knocked out their loans.

  • Truck Owner: 2012 Dodge Ram, paid off after one year on a loan ([08:23]).
  • Female Participant: 2021 Lexus NX300, paid cash ([09:07]).

• Finance Manager: 2026 Ram 1500, $502/month… and he’s a finance manager at a dealership, leasing his own truck ([00:02], [11:59]).

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2. Lifestyle Trade-offs: Debt, Investments, & Spending

• Financial Savvy vs. Loans:

  • Some participants were investing simultaneously while paying off cars, like Female Participant 2 who was putting ~$800–$1,000/month into investments ([02:15]).
  • Others regretted their car payments when shown the opportunity cost (see “Memorable Moments” below).

• Life Without Car Payments:

  • Fully paid-off vehicles enabled more aggressive savings, investment, and even early retirement for some guests ([09:53]–[10:46]).
  • "No, I got a little bit of credit card debt, but nothing bad." – Female Participant 2 ([04:06]).
  • Car payment-free living is linked repeatedly to having more financial options and “American freedom” ([10:46]).

• Spending at the Fest: Ranged from $500 for a “girl’s trip” (paid in cash) up to $1,000 for a birthday celebration ([01:27]–[02:07]). Some frugal attendees aimed to spend nothing, packing PB&J and parking miles away ([07:58]).

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3. The Leasing vs. Owning Debate

• Finance Manager's Perspective:

  • Defends leasing as pragmatic for “everyday consumers” who can’t pay cash, and claims rebates and incentives can make leases cheap ([12:21]–[13:13]).
  • Admits that most buyers are underwater and payments are often well over $500/month ([17:13]).
  • Host challenges: "I only tell people to buy a new car if they're millionaires." ([17:15])
  • Discussion on repair costs & why cash buyers don't help dealerships' margins ([13:22]–[14:35]).
  • Calls attention to how most Americans are financially stretched when taking on these big payments ([17:26], [18:01]).

• Host’s Philosophy:

  • Champions the Ramsey method: save, pay cash, avoid interest and being “underwater” ([13:13], [18:20]).
  • Encourages having an emergency fund for unexpected repairs rather than leaning on car loans ([17:43]).

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Notable Quotes & Memorable Moments

• George Kamel crunches the numbers on opportunity cost:

  • [05:49] "Ready? I'm gonna pull up our Ramsey investment calculator... Investing your car payment. Instead of trading it in and getting another car payment, we're gonna put that money away to build wealth for you."
  • [05:52] "$1.5 million. Is that a shock?"
    – Host to Female Participant 1 (who was paying $600/month for a Bronco).

• On the wisdom of paying off debt:

  • [06:12] "Bye bye to the car." – Female Participant 1, after realizing how much she'd save by ditching her car payment.

• Real-life utility of a paid-off truck:

  • [07:01] "We have a small farm in Iowa." – Male Participant, explaining why he uses his 2022 Chevy Silverado.

• On the secret to wealth for a couple (no car or house debt):

  • [10:10] "We're cheap." – Truck Owner, explaining their millionaire status.

• The dealership’s inside view:

  • [13:05] "Your average folks buy on monthly payments." – Finance Manager.
  • [18:01] "You know how broke America is more than anyone." – Host.

• The “Ramsey method” in action:

  • [10:46] Host: "When you don't have a car payment, you can invest, you can pay off your house, you can retire early. This is true American freedom right here."

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Timestamps for Key Segments

• [00:07] – Host sets the scene at CMA Fest, introduces the “truck payment” theme.
• [00:30]–[03:32] – Young festival-goers (mainly women) share car payments, loan statuses, and investment habits.
• [05:49]–[06:12] – Financial literacy moment: host walks through investment opportunity cost with the $600/month Bronco driver.
• [06:30]–[07:48] – Male truck owner discusses paying off $66k in four years, frugal lifestyle.
• [08:23]–[10:46] – Older truck owners, couple with no car or house payments, discuss the recipe for financial success.
• [11:59]–[18:29] – Candid conversation with a dealership Finance Manager: leasing, finance reality, and debate with George about what “everyday consumers” should do.

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Episode Takeaways

• Many Americans are carrying big car and truck payments—some well over $500/month.
• Even finance industry professionals lease rather than buy, but admit cash buyers are rare—and not as helpful for dealers’ profits.
• Car payments, especially high-interest loans and rolling leases, eat away at potential investments and long-term wealth.
• Guests living without car payments consistently report more freedom, frugality, and long-term wealth-building.
• The culture of “monthly payment” thinking is deeply ingrained, but listeners are encouraged to challenge it and pursue debt-free living, even if it means driving something older or less flashy.

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Tone & Style

• Upbeat, humorous, and sometimes irreverent. George calls out car payment culture, drops statistics, and jokes with festival-goers.
• Relatable and practical. Real stories from everyday people, not just statistics or advice from on high.

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This episode is a lively dose of financial reality for anyone who’s ever considered how much “rolling in a new truck” might be costing—not just this month, but over a lifetime of missed opportunity.

Transcript

[Host]

What is your truck payment?

[Finance Manager]

502amonth. You're talking to a finance manager of a dealership.

[Truck Owner]

Oh.

[Host]

Today we're here in Nashville at CMA Fest, the biggest country music festival in America. And if there's one thing these boot scootin boys and girls love more than their music, it's their trucks. So today I'm asking our friends in low places or high if it's lifted one very assumptive question. What's your truck payment? But before we get to it, let's give a big old truck. Yeah. To delete me for sponsoring this channel. Game on. What's your truck payment?

[Female Participant 1]

Ooh, I don't have a truck, but my car payment is pretty high. I would say It's a good 600.

[Host]

600 bucks? What's the year, make, and model of this vehicle?

[Female Participant 1]

It is a 2024 Ford Bronco.

[Host]

I feel like that's. That's a truck for ladies.

[Female Participant 1]

Yeah. Yeah, I would say so. Yeah.

[Host]

It's a lady truck. No offense to the guys with the Ford Broncos out there. Very manly, very masculine. What's the balance of this loan?

[Female Participant 1]

That I'm not too sure.

[Host]

40,000, potentially. All right. Do you know your interest rate? I figure if you didn't know the balance, you for sure don't know the interest rate. Okay, Are you underwater on it? Like, do you owe more than the car is worth at this point?

[Female Participant 2]

Maybe.

[Female Participant 1]

Maybe a little bit.

[Host]

But you're looking at me like I'm gonna know the answer. This is fun. Okay. Hey, we're having a good time. We're having a good time. How much do you think you'll spend this weekend in total? This whole adventure? You're on with the girls trip.

[Female Participant 1]

Fingers crossed. $500.

[Host]

500 bucks. Okay. How are we paying for that?

[Female Participant 1]

From my job.

[Host]

Okay. Like money?

[Female Participant 1]

Yeah, money.

[Host]

A credit card?

[Female Participant 1]

Oh, no, cash.

[Host]

Cold, hard cash. Okay. I like it. All right, I'll stop interrogating. What's your truck payment?

[Female Participant 2]

Mine is $346.

[Host]

What's the year, make, and model?

[Female Participant 2]

2020 Volkswagen Jetta.

[Host]

Hey. Okay, so not quite a truck. No, but that's a fun car. What's the loan balance?

[Female Participant 2]

I only owe 2,900 left on it.

[Host]

Let's go. Is she winning so far?

[Female Participant 1]

She's winning.

[Host]

O. Your interest rate?

[Female Participant 2]

2.9.

[Host]

Wow. All right. Okay. How much do you think you'll spend this weekend in total?

[Female Participant 2]

Thousand dollars. One thousand.

[Host]

She doubled you. How does that feel?

[Female Participant 1]

Because it's my birthday.

[Host]

I'm like, oh, they're like they're buying your stuff. That's very nice. You guys are such great friends. Are you investing currently?

[Female Participant 2]

Yes.

[Host]

How much into my 400?

[Female Participant 2]

1k, about every month. Maybe $800. Hey, into my Roth, about 500 every month.

[Host]

We love a girl who Roths. We do ge.

[Female Participant 2]

We. Sir.

[Host]

That's fantastic. She's the one to follow, the one to beat right now. Okay. What's your truck payment?

[Female Participant 3]

I have the opposite of a truck, but my car payment is $291 something.

[Host]

I gotta know what the opposite of a truck is now.

[Female Participant 3]

It's a Kia Rio.

[Host]

No, that is the opposite of a truck, if there ever was one.

[Female Participant 3]

Yeah.

[Host]

Okay. What year is it?

[Female Participant 3]

It's 2021.

[Host]

Do you know the loan balance?

[Female Participant 3]

I'm done paying it in October, so.

[Female Participant 1]

Whatever.

[Host]

Whatever that means.

[Female Participant 3]

Whatever that means.

[Host]

So probably a couple grand left.

[Female Participant 3]

All right, $1,200.

[Host]

She beat you. I like this competition.

[Female Participant 3]

The interest rate is 7 1/2 percent.

[Host]

How did that happen?

[Female Participant 3]

I didn't have W2 income at the time. I bought it and then I forgot to ever refinance it, so it was

[Host]

like a risky borrower situation. They up your interest rate? Yeah, got it. Are you investing currently?

[Female Participant 3]

I have a Roth, but since I've been in school, I haven't been contributing to it.

[Host]

Okay. Still in school.

[Female Participant 3]

I have, like, mutual funds, whatever.

[Host]

How are you paying the car payment?

[Female Participant 3]

I work. I just am not contributing.

[Host]

Got it. All right, that helps. All right. How about you? What's your truck payment? My car payment.

[Female Participant 2]

I actually paid it off in December.

[Host]

Let's go. She wins. Okay, what's the year, make and model?

[Female Participant 2]

It's a 2014 Nissan Sentra.

[Host]

Oh, that's a sweet whip. Okay, that's fun. Are you investing currently?

[Female Participant 2]

I have a high yield savings that I put like $1,000 a month in.

[Host]

Way to go. That's impressive. What are you saving for?

[Female Participant 2]

Life.

[Female Participant 3]

Life.

[Host]

Like emergency funds? Yeah, Rainy day fund. Do you have any other debt?

[Female Participant 2]

No.

[Host]

So debt free now with savings in the bank. Can any of you beat that?

[Female Participant 1]

No, I got a little bit of

[Female Participant 2]

credit card debt, but nothing bad. Nothing bad.

[Host]

Okay. You have any credit card debt? You sound like you're a cash only girl.

[Female Participant 1]

Honestly, not that much. I only had about two credit cards, but I was always like, credit card, credit card, credit card. And then I was like, eh, don't worry about it. So I want to say maybe like $4,000. Not that much.

[Host]

Okay, so who has the biggest car payment so far? Are you with 600? Yeah, definitely.

[Truck Owner]

Yeah.

[Host]

Okay. And you're not investing right now. Do you have anything in investments or retirement?

[Female Participant 1]

I could, but honestly, this is my. This is my girl.

[Host]

Why are you looking at her? What happened?

[Female Participant 1]

Because she's my banker. She's.

[Host]

She's your banker?

[Female Participant 1]

Well, she's, like, who I go to for all my advice. She's the smartest person I know.

[Host]

Yeah, no, she said she's studying, like, financial analytics or something. I don't want to go toe to toe with her. Okay, well, do you want to know how much you're missing out on by paying that car payment instead of investing?

[Female Participant 1]

Sure. Let me hear it.

[Host]

That sounded exasperated, but I'll do it anyways, just for fun. I think this is for the good of the group and the girlies. Okay, ready? I'm gonna pull up our Ramsey investment calculator. I highly recommend it. All right, so your current age is 26. All right, what age do you think you'll retire at? Realistically?

[Female Participant 1]

Honestly? I have no idea. 57.

[Host]

57. Okay, great age. Great age. What is this, Family Feud? Good answer. Good answer. All right, monthly contribution is gonna be 600. That's your car payment, and you have nothing currently invested, let's say. Okay, let's say. Yeah, I'm gonna go with a 10% average rate of return, which, if you're investing into the stock market, into things like mutual funds, which are big groups of stocks. 10% is what we've seen as the average 10 to 12%. So crunch the numbers. We're going 26 to 57. Investing your car payment. Instead of trading it in and getting another car payment, we're gonna put that money away to build wealth for you. Crunch the numbers.

[Female Participant 1]

Crunching.

[Female Participant 2]

Oh, my God.

[Host]

$1.5 million. Is that a shock?

[Female Participant 1]

No, that is. Yeah.

[Female Participant 2]

That is like.

[Host]

That's what you're giving up if you continue the car payment lifestyle. Are you ready to pay off that car now?

[Female Participant 1]

Honestly, yes. But I don't. I live in Hawaii right now, and I ride my moped, and so I honestly want to.

[Host]

You don't even need the car.

[Female Participant 1]

Bye. Bye. To the car.

[Host]

Sell it to some bro. What color is it?

[Female Participant 1]

It's like a green. Like a seafoam green.

[Host]

Okay. If anybody's interested in a seafoam green, you want a Bronco, Hit us up. Well, thanks for talking with us. Have fun at CMA Fest. Be safe out there. All right. Sir, what is your truck pay?

[Male Participant]

$0.

[Host]

Hey, but you have one. I have a way to go. Paid off truck.

[Male Participant]

Paid off truck.

[Host]

What's the year, make and model.

[Male Participant]

It's a Chevy Silverado. Three quarter ton. It's a 2022.

[Host]

What does that mean when you say three quarter? That's how much it can haul.

[Male Participant]

It's just the size of the truck. You have half tons. Three quarter ton, one ton.

[Host]

Wow. What are the one. What are people doing with the one ton? Just trying to outdo you.

[Male Participant]

Pulling pretty big loads, you know.

[Host]

What are you pulling?

[Male Participant]

Tractors, skid loaders, logs.

[Host]

That's legit.

[Male Participant]

Just depends on.

[Host]

Do you have some land like farm? What are we talking here?

[Male Participant]

We have a small farm in Iowa.

[Host]

But is this what you do full time or is this hobby?

[Male Participant]

I work for Tennessee Wildlife now.

[Host]

Fantastic. Dude, you're like a legitimate outdoorsman.

[Male Participant]

I'm not work down here yet.

[Host]

Yeah.

[Male Participant]

I just have a full time job.

[Host]

That's great. How did you pay cash for the Silverado?

[Male Participant]

I still paid it off over time.

[Host]

Okay, so you took on a loan. What was the original loan balance?

[Male Participant]

66,000 I think was the exact number.

[Host]

How long did it take to pay off? $66,000.

[Male Participant]

Right. At four years.

[Host]

That's impressive. Okay. Are you investing currently?

[Finance Manager]

Correct.

[Male Participant]

We are.

[Host]

How much do you think you're investing now that you don't have the car payment?

[Male Participant]

Definitely more.

[Host]

Thousand bucks a month More.

[Male Participant]

Yeah, at least.

[Host]

At least he's being modest, guys. I can tell he's a man of modesty and I appreciate that.

[Male Participant]

One thousand before and the truck was a lot every month.

[Host]

So you were chunking well over 1000 bucks a month at that truck payment just to get rid of it. Wow, that's fantastic. Okay, how much do you think you'll spend at CMA Fest this weekend?

[Male Participant]

Probably $0.

[Host]

How do you do? You're just walking around.

[Male Participant]

We're gonna pay for parking.

[Host]

That'll cost you. You might as well have gone to a concert at that point.

[Male Participant]

We'll eat before we come and all

[Host]

that, but It'll bring a PB&J park for free three miles away. You're a man of frugality.

[Male Participant]

You gotta do that in this world, man. Wow. Yeah.

[Host]

Well, thanks for being here. Thanks for being a real American cowboy in a world of fakes out here. Okay. Appreciate ya.

[Male Participant]

Yeah, thanks.

[Host]

Tell us, what is your truck payment?

[Truck Owner]

I don't have a truck payment.

[Host]

You got a truck?

[Truck Owner]

Yeah.

[Host]

I didn't want to assume, but I also. You look like you had a truck.

[Truck Owner]

I do have a truck.

[Host]

What kind of truck is this year? Make and model?

[Truck Owner]

Dodge Ram 2012.

[Host]

And it's paid off?

[Female Participant 1]

Yep.

[Host]

Did you buy it cash or did it have a loan you paid off?

[Truck Owner]

No, it had a loan for only like a year, then I paid it off.

[Host]

Okay. Did you buy it brand new back in the day?

[Truck Owner]

I did.

[Host]

That's impressive. I don't know what they cost back in 2012, but I'm sure it was still expensive. It was a lot.

[Female Participant 1]

Yeah.

[Host]

Now it's probably double.

[Truck Owner]

Yeah. If not more.

[Host]

That's crazy. Ok, so how'd you pay it off? How'd you pay it off so aggressively?

[Truck Owner]

Just worked hard, put my money to that.

[Host]

Okay, so you took out the loan, but you're like, I'm going to knock it out quick. Was that an intentional decision?

[Truck Owner]

It was.

[Host]

Ok. How about you? Do you got a car payment?

[Female Participant 1]

No.

[Host]

Both of you don't?

[Female Participant 3]

Nope.

[Host]

Was that an alignment decision of like, we're not going to get a car payment? How do you avoid them in today's day and age? Followed the Dave Ramsey plan. And he said you never take out a loan. I had a feeling about you too. You paid cash for your car. What are you driving? You're making model 2021 Lex, an X300. As it should be. She's driving the nicer car, but that truck is. That's a sweet truck.

[Truck Owner]

I like it.

[Host]

I like it. What are you using the truck for? Does that have like a utility for you?

[Truck Owner]

Yeah, I had a camper and then a hunt and fish and use it

[Host]

for outdoor activities, recreational stuff. Okay. Do you enjoy that stuff too? Is it more his thing? I like the night camping by the lamping.

[Female Participant 3]

Lamping.

[Host]

I'll be with her then. All right, that's fine. I need a shower. Okay. That's fantastic. So do you guys have any other debt?

[Female Participant 1]

No.

[Truck Owner]

No.

[Host]

Fantastic. What about a mortgage?

[Truck Owner]

No.

[Host]

The house has paid off.

[Truck Owner]

It is.

[Host]

You guys got a little nest egg too. You've been investing.

[Female Participant 2]

Yep.

[Host]

I'm gonna go ahead and guess you guys are net worth millionaires.

[Truck Owner]

Yeah.

[Host]

What do you attribute that to? How do you do that? Cause you guys are still pretty young.

[Truck Owner]

We're cheap.

[Host]

Just frugality.

[Truck Owner]

Yeah.

[Host]

So you make good money and then you just put it away.

[Female Participant 2]

Yeah.

[Host]

Is that the angle? When do you think you'll retire? Based on your current trajectory, are you just gonna work until you die? Because you love it. That's a very specific goal.

[Truck Owner]

It is.

[Host]

How old will you be nine years from now?

[Female Participant 1]

I'll be 59 and a half.

[Truck Owner]

59 and a half? Yeah.

[Host]

So as soon as you can access that 401k or Roth IRA, you're like, Count me in. Okay. I love this. Well, this is a success story, so thank you guys for showing us the way. When you don't have a car payment, you can invest, you can pay off your house, you can retire early. This is true American freedom right here.

[Truck Owner]

It's great.

[Host]

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[Finance Manager]

502amonth.

[Host]

That's very specific.

[Finance Manager]

Yeah.

[Host]

Couldn't get it to 500. Nice even number.

[Finance Manager]

If I could, I would.

[Host]

What kind of truck is this? What's the year making model?

[Finance Manager]

It's a 20, 26 Ram 1500.

[Host]

Whoa. That's a fancy truck. How much you put down on it?

[Finance Manager]

502.

[Host]

That's the money you put down?

[Finance Manager]

Yeah.

[Host]

So what's your monthly payment?

[Finance Manager]

$502.

[Host]

So you put $502 down. The rest was on a loan equaling. Oh, it's a lease. Okay, so there's no loan balance. You know, the early payoff amount, early buyout.

[Finance Manager]

I mean, I could buy out the lease.

[Host]

How much is that, do you think?

[Finance Manager]

It's down to 18. When it originally it was 20,500 for 39 months.

[Male Participant]

Wow.

[Host]

Okay. So what's the game plan, you're just going to keep paying the lease payments and then give back the truck?

[Finance Manager]

Yeah, yeah, I'm a lease. Right. Repeat lease, three years, two years, whatever benefits me most.

[Host]

Okay, so when you say whatever benefits you most, how does the lease benefit you versus just owning a car and driving it?

[Finance Manager]

So when you own a car, I mean, I'm an everyday consumer. I can't just pay cash for a car.

[Host]

What is an everyday consumer? Am I an everyday consumer?

[Finance Manager]

Do you pay cash for your cars?

[Host]

Yeah.

[Finance Manager]

So that you're not an everyday consumer. You got a little bit more money than your average folks. So your average folks buy on monthly payments.

[Host]

Well, here's what I did and tell me if this is crazy. So I saved up, I bought my first car, six grand in cash. Like a beat up old 09 Honda Civic.

[Finance Manager]

Gotcha.

[Host]

And then I drove that while saving up for the next car.

[Finance Manager]

Gotcha.

[Host]

And I just stair stepped it across a couple of cars.

[Finance Manager]

Answer me this, why you drove that $6,000 car and saved up?

[Host]

Yeah.

[Finance Manager]

How much money did you have to put put into that $6,000 Honda?

[Host]

Not. You mean like repairs and maintenance.

[Finance Manager]

I mean you gotta keep it on the road.

[Host]

I probably did. Maybe 600 bucks worth.

[Finance Manager]

600 bucks? And you drove it for how long?

[Host]

Let's see, 20, 17. Five years.

[Finance Manager]

Five years. So you invested about $100 a year into the car?

[Female Participant 1]

Yeah.

[Finance Manager]

If you break that down, you still paid for it monthly, somehow, some way.

[Host]

Is this an M and a Shyamalan twist? What's going on here?

[Finance Manager]

You're talking to a finance manager of a dealership.

[Female Participant 2]

Oh,

[Host]

dude.

[Finance Manager]

Tell you the ins and outs.

[Host]

This is crazy.

[Finance Manager]

I'll tell you the ins and outs.

[Host]

Okay, tell me.

[Finance Manager]

So instead of financing a car, buying a car like your average consumer, I understand you saved up, you paid cash. Yeah, good guy.

[Host]

But I don't make you money.

[Finance Manager]

Me money.

[Host]

So you hate people like me?

[Finance Manager]

No, no, no, no, no, no. I don't hate people like you.

[Host]

No, hate's a strong word because I think we'd be friends in real life.

[Finance Manager]

I think we would be.

[Host]

We could get a beer together.

[Finance Manager]

I think at the end of the day, everybody has to benefit. And I think in the car world, no, cash buyers aren't the best. But we, we take anything and get it.

[Host]

Well, you could say this, like financing is how dealerships make a lot of their money. Who depends margin on cars these days?

[Finance Manager]

It's not always great, but I mean you come in with your own personal bank financing. That doesn't Help me one bit if

[Host]

I use your financing.

[Finance Manager]

Leasing is another financing term, but that doesn't help me a bit.

[Host]

Leasing doesn't make you guys any money?

[Finance Manager]

No, we're just here to put new cars on the road.

[Host]

How do you make money from a lease then?

[Finance Manager]

You don't.

[Host]

You make $0 when someone leases a car.

[Finance Manager]

Made money with me paying a $500 a month.

[Host]

How that guy get paid? Whoever sold him that car on the lease.

[Finance Manager]

I sold it to myself.

[Host]

That's some real wizardry there.

[Finance Manager]

But I will say though, you fooled yourself in the Chrysler, Dodge, Jeep, Ram World leases are cheap. We run cheap leases.

[Host]

And why is that? Because nobody wants them.

[Finance Manager]

No high rebates and incentives. Oh yeah. So your upfront cost is a lot lower.

[Host]

Okay, yeah. Do you have debt in other areas of your life?

[Finance Manager]

I mean, I own a home, sure.

[Host]

Mortgage. But any other consumer debt, student loans, credit card debt, none of that?

[Finance Manager]

No, we keep it minimal.

[Host]

Just the least we. Are you married?

[Finance Manager]

Fiance.

[Host]

Hey, congrats. That's exciting. When are you guys getting married?

[Finance Manager]

That's a good question.

[Host]

Is that for her to answer or you to figure out?

[Finance Manager]

Us to plan. There we go. Us to plan.

[Host]

I like that. Now what are her thoughts and feelings around money, debt, car payments, all that.

[Finance Manager]

She's like you. She bought her car outright and she refuses to listen to me when it comes to.

[Host]

That's got to hurt your ego a little bit. You're like Mr. Finance Manager and you know the ins and outs. You run the numbers. But is she just debt averse? Because she's like, I'd just rather not have a payment.

[Finance Manager]

She's super like no debt, no debt, no debt.

[Host]

Oh, I like her. You think she'll convince you to get rid of the lease and just buy a car in cash?

[Finance Manager]

No, she loves the truck and will never let me not drive a truck.

[Host]

But the truck lease has nothing to do with own. You could own that truck in cash. You could save up. You're a well to do finance manager. You're telling me you couldn't save up?

[Finance Manager]

You're right, I could. And if I pay cash for the truck, what's going to happen in two years? I'm going to put money into servicing.

[Host]

It sounds like you bought a truck. That sucks, dude.

[Finance Manager]

I could have bought a Ford.

[Host]

I could have bought a Chevy. At the end, you probably should have bought a Ford.

[Finance Manager]

None of them are gonna stay on the road without servicing.

[Host]

Here's my guess. Most people with a $500 a month lease are not investing 500 bucks a month. Prove me wrong.

[Finance Manager]

So you're okay, I would say.

[Host]

You told me the everyday consumers got a lease because they don't have the cash. So how could they have the cash to invest?

[Finance Manager]

On average, the person who buys the vehicle that I drive has a thousand dollar plus payment. So that gives me the access. Yes. To invest that other $500 into my investment accounts. And. But if you. You have to be a smart buyer. A lot of people aren't smart buyers. And I do this because I'm a finance manager. So I'm a little biased, I'm a little swayed. But if there is smart ways to buy cars, new cars, and there's smart

[Host]

ways, I tell you something crazy. I only tell people to buy a new car if they're millionaires.

[Finance Manager]

Yeah, that's a rough idea.

[Host]

That's crazy. You ever get those Dave Ramsey people that walk into your office and go, I don't do debt, man.

[Finance Manager]

The people who have to finance these

[Host]

cars, they have to. They're forced gun to their head against their will. They got to finance a 20, 26 freaking truck.

[Finance Manager]

Someone. No, no, no, no. It doesn't have to be a new truck. You as. As you selling.

[Host]

I say buy the car you can afford.

[Finance Manager]

Buy cash. What happens when something breaks on that car and they can't afford to fix it?

[Host]

Well, you have that happen. I teach people to have an emergency fund.

[Finance Manager]

Yeah, it sounds good.

[Host]

It sounds great. It is fantastic. You should try it. You got some money in the emergency fund, right?

[Finance Manager]

Oh, of course I do. But at the end of the day, from someone who sells and sees credit and customers, bank statements, not everyone.

[Host]

You know how broke America is more than anyone.

[Finance Manager]

Thank you. And you know, just like I know

[Host]

they can't afford, I think car payments and leases are part of what's keeping them broke.

[Finance Manager]

Could be. It could be. Or the 7% interest loan on a

[Female Participant 3]

used car, the interest rate is 7.5%.

[Host]

That happens too.

[Finance Manager]

It could be a million different things.

[Host]

See a lot of people underwater on cars too, these days.

[Finance Manager]

Yeah.

[Truck Owner]

Yeah.

[Host]

Can't be underwater on a car you paid in cash. Checkmate.

[Finance Manager]

You can't.

[Host]

Life hack.

[Finance Manager]

You can't. You're right.

[Host]

I rest my case, your honor. No further questions.

[Finance Manager]

I like it.

[Host]

That was fun, man. Thanks for talking. Well, I survived the chaos, and I talked to a lot of country music fans who have some big old car payments and some big old truck payments. But the good news is a lot of them are saying, hey, I'm working on paying this thing off. There's a few thousand left. I'm going to get this thing done and stay out of debt. And some people were happy to have their car payment with no plans on ever getting rid of it, including some car leases. And on the flip side, I met a lot of people who either paid cash for their cars or paid that bad boy off and never looked back. And that's the inspiration I needed today. So it's far past my bedtime, but don't let the party end for you. Watch this next video where I went to downtown Franklin to ask people what their car payment was. Click here or use the link in the description. That's it for today. Thanks for watching. We'll see you next time.