Summary of "I Broke Into My Own Car And Got Arrested" – The Ramsey Show Highlights

Release Date: May 13, 2025
Host: Ramsey Network

Introduction

In the episode titled "I Broke Into My Own Car And Got Arrested," Colin shares a deeply personal and challenging experience that intertwines mental health struggles with financial difficulties. Hosted by Dave Ramsey and featuring insights from a Financial Advisor, the conversation delves into the complexities of managing finances amidst personal instability.

Colin's Personal Struggles and the Car Incident

Colin begins by recounting a troubling episode where, due to instability from his bipolar disorder medication, he broke into his own car parked at a shopping mall. This act led to his car being towed and subsequently auctioned off by the tow facility because Colin was incarcerated for approximately 83 days.

[00:06] Colin: "I was unstable off my bipolar disorder medication. I broke into my own car... I was in jail for about 83 days."

The stress of this incident was compounded by the loss of his vehicle, which held significant personal and financial value.

Financial Implications: Car Loan, Towing, and Auction

Colin discusses the financial aftermath of the incident, detailing how his car, originally valued at $41,000, was sold by the tow company for only $21,000. This sale left him with a substantial remaining balance of $20,945. The creditor then took over the debt, presenting Colin with a settlement offer of $8,300.

[01:00] Dave Ramsey: "The tow company didn't do anything wrong. They sold a car that had been sitting on their lot for 83 days to cover the tow and storage bills."

Colin expresses regret over purchasing the car, citing unaffordable monthly payments and questionable practices by Honda Acura during the loan process.

[01:23] Colin: "They sold me the car for $41,000. Couldn't afford a $900 month payment."

Dave Ramsey's Financial Guidance

Dave Ramsey provides a pragmatic approach to Colin's debt situation, emphasizing the legitimacy of the debt and the potential to settle it for a fraction of the owed amount. He advises Colin to consider settling the debt once he has the necessary funds, highlighting that repossession debts can often be settled for around 25 cents on the dollar.

[02:26] Colin: "They just sent me a letter saying I could settle for $8,300."
[02:31] Dave Ramsey: "You're going to have to clear the debt. It is a valid debt and typically a repo debt you can clear for somewhere around a quarter on the dollar."

Ramsey also advises Colin to stabilize his mental health as a foundation for addressing his financial woes, suggesting that healing his personal well-being will enable him to manage his finances more effectively.

[04:45] Dave Ramsey: "The first thing before we worry about healing your numbers, healing your math and your finances is for Colin to get healing."

Mental Health and Recovery

Colin opens up about his mental health journey, revealing that he recently got back on his medications after an 83-day incarceration period. He shares a profound moment of spiritual significance, where he believes he saw Jesus Christ during a car accident, which he attributes to divine intervention helping him stop his car safely.

[03:45] Colin: "I believe I saw Jesus Christ in the hospital in Tampa... He stopped my car in the middle of traffic."

This spiritual experience seems to have been a turning point for Colin, giving him hope and a sense of purpose amidst his struggles.

Practical Steps and Further Advice

Beyond emotional support, practical financial steps are discussed. The Financial Advisor suggests measures like freezing credit with all bureaus to prevent Colin from incurring new debts unintentionally.

[06:39] Financial Advisor: "Freezing your credit with all the bureaus so that you can't open debt because right now it could just take one little slip up and you open a new line of credit."

Dave Ramsey reinforces the importance of budgeting and financial planning as tools to regain stability.

[07:01] Dave Ramsey: "Create your free EveryDollar budget today. The simplest way to budget for your life."

Conclusion

The episode poignantly illustrates the intersection of mental health challenges and financial instability. Through Colin's story, Dave Ramsey and the financial advisor offer both empathetic support and actionable financial strategies. The primary takeaway emphasizes the necessity of stabilizing personal well-being as a precursor to effective financial management, encouraging listeners to address personal challenges holistically to achieve financial peace.

Notable Quotes:

• Colin on Financial Regret:
  "[01:23] Colin: 'They sold me the car for $41,000. Couldn't afford a $900 month payment.'"

• Dave Ramsey on Debt Settlement:
  "[02:31] Dave Ramsey: 'You're going to have to clear the debt. It is a valid debt and typically a repo debt you can clear for somewhere around a quarter on the dollar.'"

• Colin's Spiritual Epiphany:
  "[03:45] Colin: 'I believe I saw Jesus Christ in the hospital in Tampa... He stopped my car in the middle of traffic.'"

• Financial Advisor on Credit Protection:
  "[06:39] Financial Advisor: 'Freezing your credit with all the bureaus so that you can't open debt...'"

This episode serves as a compelling narrative on overcoming personal and financial adversity, offering listeners both empathy and practical advice to navigate similar challenges.