"I Broke Into My Own Car And Got Arrested"

Summary

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

Release Date: May 13, 2025
Host: Ramsey Network

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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.

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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.

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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."

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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."

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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.

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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."

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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.

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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...'"

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

Transcript

[Dave Ramsey]

Brought to you by the EveryDollar app. Start budgeting for free today.

[Colin]

My car, I was in a shopping mall and I was. I'm unstable off my bipolar. I was unstable off my bipolar disorder medication. I broke into my own car. My car was towed to the tow facility. The tow facility auctioned it off because I was in jail. When the police came, I got scared and I ran. Was in jail for about 83 days. And while I was in jail, the tow company sold the car for 21,000. It was worth 41,000. I shouldn't have bought the car to begin with. They shouldn't have sold the car to begin with at Honda Acura, and they ended up selling the car at the tow company in an auction and then got 21,000 for it. And there's a balance of 20,945. And then Honda Acura sold the debt to a creditor. And I was just wondering if I should pay the creditor or just a repossession on the record. Ready? So I'm not sure what to do.

[Dave Ramsey]

Wow. Okay. Well, I need to help you reframe your story. Okay. The tow company didn't do anything wrong.

[Colin]

Yeah, they didn't.

[Dave Ramsey]

They sold a car that had been sitting on their lot for 83 days in order to cover the tow bill and the storage bill. And, and so Honda, you owed Honda 41,000?

[Colin]

Yeah, I bought the car and I guess, I guess it's a matter if I say it's not. They, they, I was unstable when I bought the car. They said I was a, a, a, a truck driver or something like that when I was an Uber driver to get the loan. I signed off. At times it was unstable. Sold me the car for $41,000. Couldn't afford a 900amonth payment.

[Dave Ramsey]

But I'm trying to just get them. Hold on, hold on. I'm just trying to get the numbers straight, honey. So you have 41,000 owed on the car. The tow company sold it for 21,000. How did they give clear title to it if the loan hadn't been paid off? That's interesting.

[Colin]

I'm not sure.

[Dave Ramsey]

I don't know how Florida law works. I can't imagine that if the car didn't at least pay off the lien. Anyway, I don't know how they got title, but that's a different issue. So bottom line is that they put twenty something thousand dollars towards the debt. And you still owe twenty something thousand dollars on a car that was, in a weird way, sort of repoed, right?

[Colin]

Yeah. They did this. They just sent me a letter saying I could settle for $8,300.

[Dave Ramsey]

There you go. Do you have any money?

[Colin]

I don't have any money till November. I have a settlement check coming in for $5,700 in November. I could probably settle with them and then. Okay, I should do that.

[Dave Ramsey]

Yeah. 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. And so the $20,000 balance, you probably can clear it for around five. Eight was their first offer. You could probably get them down to five, but you don't have five today, so you can't really make them a counter offer today. What you could do is just ignore them and let them get a little bit more sweaty before you have to deal with them. That's not a bad thing. Eventually they're going to get around to suing you for that. Are you working?

[Colin]

I. For the first time in my life I'm not working now. I. Six months out of work. I went off my psychiatric drugs right before I sold my condo four years ago. And I came in at $72,000 and went through four years of hell until I finally realized last three weeks, I'm fresh out of the hospital two weeks ago.

[Dave Ramsey]

So you're out of the hospital two weeks ago now?

[Colin]

Pretty much, yeah.

[Financial Advisor]

Are you stable? Are you on back on the meds?

[Colin]

Yeah, I'm back on the meds now. I take lithium and one other drug but I just, it's. I'm a little shaky right now. A little shaky, but I'm stable. So working through things but yeah, I, I. At 14 years old I started a vending company, had that for 10 years and then worked for in pizza delivery for about another 10 years or so. So it's, it's been a rough ride. I, I believe I saw Jesus Christ in the hospital in Tampa. After I was going 45, 55 miles an hour I fell asleep at the wheel. I prayed to God in Jesus name to stop my car in the middle of track. No, I prayed to help me and I was going 45, 55 miles an hour in Sarasota. He stopped my car in the middle of traffic. I had cars in front of me. Cars aside of me. He had a scratch my body and I've had deployed and only 700 some dollars in Tampa hospital.

[Dave Ramsey]

Holland the, the first thing before we worry about healing your numbers, healing your math and your finances is for Colin to get healing. Okay.

[Colin]

Yeah.

[Dave Ramsey]

And so Whatever work you just did at the hospital and whatever work you've got to do to finish stabilizing your meds to get there, that keeps you, if you can get there and stay there, it keeps you from falling into the traps of buying things, of getting things, getting things stored, getting in jail. It keeps you out of all those traps because all those things set all your financial numbers back on it makes it real tough. And so almost everything you're having to clean up is the result of you being sideways. Right? And so if we can get, if we can help, if you can focus on Colin, focus on what your therapist is saying, get those drugs balanced. And getting them balanced is a trick, you know that. And getting them right to where you have enough energy to live, but you're also not completely freaking manic, which you sound a little bit right now like you are. But I want you to work on healing Colin. And then as you do that, you'll be able to get and hold a job of some kind to create an income. And then you can settle this repossession deficit for somewhere around 25 cents on the dollar. So $5,000 will clean this particular mess up, but you will have seven other messes if Colin doesn't find healing. Yeah. And so, man, we'll be praying for you, brother. Sounds like you've really been through it. And I want you to get, I want you to get stable and get, get straight, straight and narrow and for your sake and just find, find some peace and find some ground you can walk on this solid.

[Financial Advisor]

And another tactical piece of this is adding some stop gaps in there like 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, got another loan. And like you found out, these dealerships, these lenders, they don't care. They'll do whatever it takes to get you another loan. And so put some stopgaps in place to help protect yourself. Wow, that's, that's scary.

[Dave Ramsey]

Create your free every dollar budget today. The simplest way to budget for your life.