I Woke Up And My Car Was Gone!

Summary

The Ramsey Show Highlights: Episode Summary

Title: I Woke Up And My Car Was Gone!
Host/Author: Ramsey Network
Release Date: April 19, 2025

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1. Introduction to the Crisis

In this episode of The Ramsey Show Highlights, Robert shares a distressing experience where he discovers his car has been repossessed overnight. The discussion, led by financial advisor George Kamel, delves into the intricacies of car repossession, its financial impact, and potential solutions for those facing similar predicaments.

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2. The Shock of Repossession

Robert recounts waking up to find his car missing from his parking spot, expressing his surprise and confusion.

• Robert: "I woke up this morning and my car wasn't in my parking spot. What we possessed. Yes." [00:11]

George immediately seeks clarification to ensure he understands the situation correctly.

• George: "You woke up this morning and you look outside and the car is not there?" [00:29]

Robert confirms the unexpected nature of the repossession.

• Robert: "It was very shocking." [00:43]

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3. Understanding the Repossession Process

George explains that repossession can occur once a loan becomes delinquent without prior notice of immediate action.

• George: "They can come take your car any time once your loan becomes delinquent. So it's not a giant shock from gonna be honest that you stop making payments. You don't own the car, they do." [01:02]

Robert reveals he was 94 days behind on payments but unaware the car would be taken immediately.

• Robert: "Yeah, they didn't tell me that I was behind, but I knew I was behind for sure. But I didn't know they were just going to come and take it." [00:50]

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4. Financial Implications and Available Options

George outlines the urgency and options available to Robert to mitigate the situation.

• George: "There's still some moves you can make to get this back, but we gotta make sure that you have the money to do it." [01:16]

Robert discloses his limited funds.

• Robert: "Right now? Currently? ... My 500." [01:30]

The advisor highlights that Robert can retrieve personal items from the car without additional charges.

• Financial Advisor: "You can get your personal property back and they can't charge you for recovering your stuff." [01:38]

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5. Steps to Reinstate the Loan

To recover the vehicle, Robert needs to reinstate or pay off the loan within a specific timeframe to avoid further financial loss.

• Financial Advisor: "The next step, other than getting your items, if you can do this, this is the best move, is to reinstate or pay off the loan." [02:15]

Robert estimates the reinstatement cost at approximately $3,000.

• Robert: "Which would be around 3,000." [02:15]

George emphasizes the limited window to act, warning of the car being sold at auction if the payment isn't made within 10 to 15 days.

• George: "You usually have about 10 to 15 days to do this to catch up. Otherwise, they're going to sell your car at auction." [02:17]

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6. Assessing Robert’s Financial Health

A deeper dive into Robert’s finances reveals a monthly income of around $4,200 against $2,000 in expenses, leaving a $2,000 surplus. However, Robert identifies poor budgeting as the root cause of his debt accumulation.

• Robert: "God bless our budget. Probably just missing a lot of things." [07:37]

• Financial Advisor: "Go look at your bank statement. It's going to give you a little book about why you're broke." [07:50]

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7. Strategies to Generate Additional Income

George and the financial advisor suggest aggressive measures to raise the necessary $2,500 within ten days, including:

• Working Overtime and Side Gigs:

  • Financial Advisor: "Can you work overtime? Can you do side gigs?... You got to come up with 2,500 bucks in 10 days." [03:50]

• Selling Personal Assets:

  • George: "Call Uncle Larry and go. Uncle Larry, you got any patio furniture you don't want?" [08:03]

• Alternative Solutions:

  • George: "You are better off getting a bicycle. How are you getting to and from work?" [06:09]

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8. Personal Sacrifices and Relationship Strain

The conversation touches on the emotional and relational toll of financial crises. Robert mentions his fiancée's reluctance to sell furniture, highlighting the tension between financial recovery and personal relationships.

• Robert: "My fiance won't let me sell the furniture." [04:07]

• George: "If you keep this up, George, he's going to have no fiance." [08:35]

The financial advisor even jests about drastic measures, underscoring the severity of Robert's situation.

• Financial Advisor: "I might sell her engagement ring to get out of this..." [08:16]

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9. Conclusion and Key Takeaways

The episode concludes with a stark reminder of the importance of financial discipline and proactive budgeting to prevent such crises. Robert’s situation serves as a cautionary tale about the consequences of falling behind on payments and the necessity of immediate action to rectify financial missteps.

Notable Quotes:

• George on Immediate Action: "You got to come up with another two, five hundred bucks in ten days." [03:26]
• Financial Advisor on Income vs. Expenses: "You make 4200 a month and you only have 2000 in bills. How did you get behind on payments?" [07:03]
• Robert on Budgeting Failures: "Probably just missing a lot of things." [07:37]

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Final Thoughts: Robert's experience underscores the critical need for effective budgeting, timely debt management, and the willingness to make tough financial decisions. The advisors emphasize that while recovery is possible, it requires swift and decisive action, coupled with an honest assessment of one's financial habits.

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This summary is intended to provide insights and actionable advice based on Robert’s real-life financial challenges discussed in the episode.

Transcript

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[Robert]

I woke up this morning and my car wasn't in my parking spot. What we possessed. Yes.

[George]

What?

[Financial Advisor]

No, hold on, Robert, hold on. Robert, speak clearly into your phone.

[George]

We're having a hard time hearing you. Like maybe you're muffled, so let's try a different angle.

[Robert]

Can you hear me now?

[George]

That's a little bit better. So you woke up this morning and you look outside and the car is not there?

[Robert]

Yes.

[George]

Was this a shock to you? Was this shocking or did you expect this?

[Robert]

It was very shocking.

[Financial Advisor]

So there was zero communication beforehand that, hey, you're behind on payments, you don't catch up, here's what's going to happen.

[Robert]

Yeah, they didn't tell me that I was behind, but I knew I was behind for sure. But I didn't know they were just going to come and take it.

[Financial Advisor]

How long have you been behind on payments?

[Robert]

They said about 94 days.

[Financial Advisor]

Okay, well, I mean, they can come take your car any time once your loan becomes delinquent. So it's, it's not a giant shock from gonna be honest that you stop making payments. You don't own the car, they do. And so the good news is this just happened today.

[Robert]

Yes.

[Financial Advisor]

Okay, so there's, there's still some moves you can make to get this back, but we gotta make sure that you have the money to do it. It sounds like you are beyond paycheck to paycheck. How much money do you have.

[Robert]

Right now? Currently?

[Financial Advisor]

Yes, my 500. Okay, now was there any personal items in the car for sure?

[Robert]

Yes.

[Financial Advisor]

Okay. You can get your personal property back and they can't charge you for recovering your stuff. Okay, so do you know where the car went?

[Robert]

I called the finance company that I got the loan with and they told me they gave me the number and in the location I can pick it up and go ahead and put a request for them so I can get those items.

[Financial Advisor]

Okay, so the next step, other than getting your items, if you can do this, this is the best move, is to reinstate or pay off the loan. Obviously, you can't pay off the loan, but to reinstate it, you would have to pay the past due amount on the car plus any fees.

[Robert]

Which would be around 3,000.

[Financial Advisor]

Okay, so now we know it's $3,000. And here's the deal. You usually have about 10 to 15 days to do this to catch up. Otherwise they're going to sell your car at auction to get what they can for it, and then you'll owe the difference.

[Robert]

Okay.

[Financial Advisor]

What was left on the loan?

[Robert]

Sixteen. Five.

[Financial Advisor]

Okay. And if they sell it at auction, it's not going to be, you know, market value, and so you likely will have a pretty big gap that you'll owe. So I'd rather, you see, try to get this thing reinstated in the next 15 days. But that means you got to come up with another 2,500 bucks in 10 days.

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[Financial Advisor]

But that means you got to come up with another two, five hundred bucks in ten days.

[Robert]

Sounds good. Does it sound doable?

[Financial Advisor]

How much do you make in a week?

[George]

What do you. What's doable look like? How are we going to come up with that? Can you share that? I'd like to know.

[Robert]

No, I'm just being optimistic. I mean, make $25 an hour, but.

[Financial Advisor]

You know, can you work overtime? Can you do side gigs? I mean, this is like we. We won't see the bed. We're going to be at work so much.

[George]

Speaking of the bed, I might sell the bed.

[Financial Advisor]

Yeah. Can you sell anything in your life?

[Robert]

I'm sure I can if things in the trunk that I definitely can get rid of.

[George]

Okay. And I'm talking. I'm calling family members, cousins, uncles. You got some patio furniture you want to get rid of? I'll sell it.

[Financial Advisor]

I'd be flipping stuff.

[George]

I can't hear you at all, Robert. You sound like you're inside of a roll of toilet paper to me. It's what it sounds like.

[Robert]

My fiance won't let me sell the furniture.

[Financial Advisor]

Oh, there's a fiance involved? What does your fiance think about all this? This would. This would honestly give me some hesitation as my. My provider gets his.

[George]

Yeah, she.

[Financial Advisor]

Transportation.

[George]

She can't be happy right now.

[Robert]

Not at all. She's not. She's not happy. She's kind of never been in this situation either before, so it's the first for both of us.

[Financial Advisor]

Is she broke, too?

[Robert]

You said what happened?

[Financial Advisor]

Is she broke, too?

[Robert]

Not as much as me. Not right now.

[George]

All right, but for. I don't mean this in the way it's going to sound, but we got to forget about her for a moment and what she owns. We're talking about what you own and what you can sell because you got to come up with. With more than 2500 because the 500 you got isn't going to stretch very far for what else is going on in your life. I got a feeling.

[Robert]

Is there another option besides reinstating this car?

[Financial Advisor]

No, that's it. I mean, you still owe the money. My guess is your credit shot. And so if you went to a local credit union and said, hey, I need 2500 bucks to reinst my, my repo, I don't know that they'd give it to you. That would be a last ditch effort. I would try.

[Robert]

What about a cash car? No.

[Financial Advisor]

What do you mean?

[Robert]

My car from cash.

[Financial Advisor]

Well, that doesn't fix your repo problem. You're going to owe all of this money unless you get the car back, still owe it current on payments, and then you're. At least the ball's in your court. You could sell it private party and get way more for it and get out from under it. But my guess is you're underwater on this car. You owe 16. What is the car worth?

[Robert]

$4,000.

[Financial Advisor]

There you go. Therein lies the price.

[George]

I see what you're saying. You're just trying. Yeah, you're still going to be stuck with this debt. But again, even if we play this out with your logic and your question, you still don't have any cash. If you buy a car for $500, that's like Fred Flintstone's car. All right? You know what I'm saying? Like that's not a car.

[Financial Advisor]

You're better off getting a bicycle.

[George]

Right.

[Financial Advisor]

How are you getting to and from work?

[Robert]

Using my car primarily.

[George]

I know how starting you don't have a car.

[Robert]

Right, but we're on spring break, so I have like four days until I go back to work.

[George]

Well, there's your next thing.

[Financial Advisor]

You got four days off.

[George]

You don't have a spring break. You need to be working today.

[Robert]

Put in vacation and PTO for these.

[Financial Advisor]

Days, but yeah, I get that. I'd cash out that pto.

[George]

Yeah, I would too.

[Financial Advisor]

I wouldn't be taking any vacation time. That's the last thing you need to be doing right now.

[George]

You need cash. You don't need to be breaking. There are no breaks.

[Financial Advisor]

I would be door to door offering to mow lawns, pick up leaves. I'd be doing anything I could to make 2,500 bucks in 10 days. That's 250 bucks a day. Can you do that? 25 bucks an hour, 10 hours a day. That's what it's going to take to get the car. What was the payment on the car?

[Robert]

600.

[Financial Advisor]

Oh. And what are you making every month?

[Robert]

About 24, 2400 each. Every two weeks? About 48, 42. Around there.

[Financial Advisor]

4200Amonth?

[Robert]

Yes.

[Financial Advisor]

And what are your monthly bills to cover all your expenses, including the minimum payments on your debts?

[Robert]

All combined? Probably a good 1400. Besides the cost, around $2000.

[Financial Advisor]

So you're telling me you make 4200 and you only have 2000 in bills. That means there should be two grand left over every month. How did you get behind on payments?

[Robert]

God bless our budget. Probably just missing a lot of things.

[Financial Advisor]

Yeah, but where'd that money go? What were you spending it on?

[George]

He doesn't know, George.

[Robert]

Yeah, I want to say it's miscellaneous things, everything.

[Financial Advisor]

I'll tell you how we find out. Go look at your bank statement. It's going to give you a little. It's going to give you a little book about why you're broke. It's going to tell you exactly where your money went. Oh, Robert, man, this is not going to be fun.

[George]

It's doable, it is, but you got to work.

[Financial Advisor]

It's a Hail Mary.

[George]

You got to work like crazy. And we told you that for two minutes and you hit us with I'm on a four day spring break, bro. This is a. You got to change your whole intensity right now. You are working like crazy. You are selling everything. And I'm not kidding when I said call Uncle Larry and go. Uncle Larry, you got any patio furniture you don't want?

[Financial Advisor]

I might sell her engagement ring to get out of this, to be honest. We'll get her another one later.

[George]

Whoa, George. Sacrifice heat seeking missile.

[Financial Advisor]

I'm just saying it's what I would.

[George]

Do, you know, what you actually would do.

[Financial Advisor]

And if she loved me, she'd go. All right, this is what we got to do.

[George]

Oh, boy. He's got no car. And if you keep this up, George, he's going to have no fiance.

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