The Ramsey Show Highlights

Episode: You Financed a Honda for $60k to Drive Uber?
Date: October 13, 2025
Host: Dave Ramsey with a Financial Coach
Guest: Joseph

Episode Overview

This episode focuses on a common financial pitfall—overextending to finance vehicles for gig work. Joseph, a 29-year-old Uber/Lyft driver in San Francisco, calls in to share how he ended up deeply in debt by financing expensive cars to boost his ride-share income, only to find himself upside down on both loans. Dave Ramsey and his co-host provide a candid, tough-love financial intervention, outlining where Joseph's plan went wrong and what steps he should take to recover.

Key Discussion Points & Insights

1. Joseph’s Story: Financing for Gig Work

• Joseph explains he became a full-time gig worker and, following advice from other drivers, financed two vehicles at inflated prices aiming to maximize his Uber/Lyft earnings.
  • Quote:

    "I financed it for 50, 60K. This was in 2020, like the beginning of 2022."
    — Joseph (00:29)

• Initially, Joseph bought a Honda CR-V for about $59,000, but when his earnings dipped after Uber shifted policy (removing 'Uber Green'), he financed a second car, an Acura MDX, putting $30,000 down and financing $54,000 more.
  • Quote:

    "Because I had savings of 50,000. I put down 30,000 to get the...Acura MDX."
    — Joseph (02:03)

  • He now owns both vehicles, as the dealership would not fully cover his CR-V due to negative equity.

2. Shocking Financial Realizations & Tough Love

• Dave is incredulous at the financial decisions Joseph made solely on peer advice.
  • Quote:

    "You got financial advice from other Uber drivers?...You just said that out loud."
    — Dave Ramsey (00:58, 01:03)

• Joseph believed he was making good money ("about $2,700 a week easily"), but Dave points out he never factored total vehicle depreciation, gas, repairs, and hidden costs.
  • Quote:

    "No, honey, you weren't making any money doing Uber and Lyft because you haven't been smart enough to factor in all the losses on your vehicles."
    — Dave Ramsey (03:07)

  • Joseph admits:

    "You're right." (03:13)

  • Dave:

    "By the time you do all of that, you didn't even make money on all this. You've been working for free for Uber." (03:24)

3. Joseph’s Current Situation

• Joseph is now in a traditional job making $22/hour, far less than his subjective peak Uber days.
  • Quote:

    "Currently? Yes, I do have a job...about 22 an hour."
    — Joseph (03:52, 03:55)

• The co-host and Dave drill down on his vehicle situation. Joseph owes more than the current market value—he’s upside down on both cars despite substantial down payments.
  • CR-V and MDX both lost value rapidly, due to high mileage and inflated purchase prices.
  • Joseph’s credit has also suffered due to missed payments.
    • Quote:

      "No, it's. Yeah, it's kind of bad because I'm. I'm late. I've been late for a month."
      — Joseph (06:14)

4. The Hard Math and Car Value Drop

• Dave is especially stunned that, even after $30,000 down on the Acura, Joseph is $6,000+ underwater after just a year and 30,000 Uber miles.
  • Quote:

    "You had to lose $30,000 in value before you got upside down."
    — Dave Ramsey (05:45)

• The financial coach questions Joseph’s math, as the rapid depreciation and high negative equity don’t line up with typical scenarios, even with high usage.

5. Dave’s Action Plan & Warnings

• Immediate advice: Do whatever it takes—multiple jobs, cut expenses—to pay down the cars and cover loan gaps before selling, and avoid repossession at all costs.
  • Quote:

    "I want you to work a bazillion hours and not at Uber. Actually, you got two cars sitting there. You could go make some money with Uber now and pile up some cash really, really fast."
    — Dave Ramsey (06:37)

  • He cautions against letting the cars go back to the lender:

    "If you just turn these cars in, they're going to sell them for 50% of what you think they're going to sell them for, and they're going to sue you for the difference." (07:46)

• Joseph’s location in the high-cost San Francisco market is another negative; Dave suggests moving could ease the burden, but the real key is hard work and urgent expense cutting.

Notable Quotes & Memorable Moments

• Financial Advice Gone Wrong

  "You got financial advice from other Uber drivers?...You just said that out loud."
  — Dave Ramsey (00:58, 01:03)

• Depreciation Reality Check

  "No, honey, you weren't making any money doing Uber and Lyft because you haven't been smart enough to factor in all the losses on your vehicles."
  — Dave Ramsey (03:07)

• The Math Doesn’t Add Up

  "You had to lose $30,000 in value before you got upside down."
  — Dave Ramsey (05:45)

• Dire Consequence Warning

  "You're going to find yourself in bankruptcy and you're going to find out that Uber, your Uber career bankrupted you along with some really stupid decisions."
  — Dave Ramsey (07:46)

Key Timestamps

• 00:28 – Joseph explains overpaying for Honda CR-V
• 00:38 – Dave’s incredulous reaction to $60,000 Honda for Uber
• 02:03 – Joseph describes purchase of Acura MDX after CR-V
• 03:07 – Dave explains "working for free" as Uber driver
• 03:55 – Joseph admits current low-wage employment
• 04:44 – Joseph reveals how much he's upside down on Acura
• 06:14 – Joseph’s credit troubles surface
• 06:37 – Dave's urgent advice: take any work, raise cash, avoid repo
• 07:46 – Dave warns of bankruptcy and repo consequences

Tone & Takeaways

The episode uses Dave Ramsey’s signature direct, sometimes blunt tone—combining tough love, disbelief, and practical advice. The key lessons are:

• Never take major financial advice from peers who aren't financially successful themselves.
• Always factor in total costs, not just revenue, when pursuing gig work.
• The high cost of vehicle depreciation and high-interest loans can easily wipe out gig profits.
• Selling the cars yourself and hustling to cover negative equity is vital to prevent financial ruin.

Final Message:
Joseph’s experience is a cautionary tale for listeners about the dangers of over-leveraging for perceived income opportunities, miscalculating true costs, and underestimating the long-term consequences of car loans and poor financial advice.