Make $720/Month With $24,000 Car Note

Make $720/Month With $24,000 Car Note



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Jonah only brings in about $720 a month and owes $24,000 on his car. He calls Dave or advice on what he should do.

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35 thoughts on “Make $720/Month With $24,000 Car Note

  1. He'll learn. Drive a basic car as long as possible. I'm 27, single, make $50k/year and have a 1987 toyota van that runs great, no payments, dirt cheap liability only insurance, cars not even worth $2000. Gets me from A to B and I can save that car payment money each month. Nobody cares what car you drive.

  2. I made this same mistake at 23 yo. Bought a new truck for 28k. Did a “voluntary” repo a year later thinking I was out of the woods. Three months later I received a letter that stated the truck was sold for 12k at auction and that I owed the remainder…at 28% APR. Car dealerships and young people generally don’t mix. I’ll never owe on another car and have since bought all of my vehicles with cash. I wish my 42 yo self could have given that 23 yo self some advice.

  3. Sell the car as soon as possible for as much as possible. Work more to increase your earning. Finish school, work and become successful. Then get married and have a family, get your priorities straight kid.

  4. DUDE!!!! it’s common sense, if you’re making $720 a month YOU CANT AFFORD A CAR THAT EXPENSIVE! It’s not anyone else’s fault but yours.

  5. He mentioned a "mentor" and that his old job was selling stuff door to door. I'm guessing he was in an MLM, and got in over his head

  6. A little back ground from the situation. Before I was at college, I was making over $45K a year and didn't hear of Dave Ramsey until I got to college. I believed that I could pay for the car because I was working over 60 hours a week at my job and getting paid weekly. Something that I noticed in myself from when I first started my Debt free journey is that yes, I made some really stupid mistakes with buying a vehicle that I didn't need. I already had a vehicle that I was paying for and I wanted upgrades. Yes I know. Stupid. I was able to get approved because of having good credit at the time and having a good income.

    Things took a turn when I was let go from my position with no savings. School was already locked in because of financial aid and scholarships. I had an option of going back home or staying in school. I chose to stay in school and make things work. I got a job at the police department as a Student Worker but also working in the retail industry as a floor supervisor. So needless to say, I was making okay money to make the car payment and insurance payment. The very thought of a repo came from a mentor of mine whom I trust because I believe in God. My mentor mentioned the idea as a way pursuing what God has in store for this semester while at college. To some, that might sound like the stupidest thing you have ever heard but frankly, everyone is entitled to an opinion and only God knows my heart in the matter. Doing a repo sounded like a decent idea because if I didn't have a car payment with insurance, I would say over $500 a month.

    As of right know, I got another job. I am looking for a buyer for my vehicle and things are working out. I am glad that I called into Dave's show. I didn't need a poor pity me victim mentality. I just wanted sound financial advise from a different person.

    Thank you,
    Jonah Shalom
    P.S. College is an investment on yourself. You get what you put in. Also, I believed I was called out to this school. The biggest thing I am reminded of is God's Promise. "being confident of this, that he who began a good work in you will carry it on to completion until the day of Christ Jesus" Philippians 1:6 NIV

  7. I believe if you sell your car for less than the bank loan, the bank will not release the title to the next buyer. So this car owner will need to get the loan from the credit union first, and then pay off the bank car loan, and only then will he get his car title to give the next buyer.

  8. Why people buy expensive cars when they have no steady flow of income I will never know. It's common sense to buy within your means. No sympathy for the guy, he should've known better.

  9. Maybe,like this guy, like, should, like, try communicating, like, without, like, saying like every other, like ,word, like lime.

  10. He should deliver Pizzas part time which would more double the money he's making as a dispatcher. If he has no classes during the summer then, then can work full time to further save to make up the difference from a private party sale of the car.

  11. It’s funny to me to see how much banks approve people for auto loans.. I’m 23, have paid off 3 auto loans in my time already, 100% on time payments, 4 years credit history, a decent down payment, 4 years on the job, 700+ credit score, $15+ an hour, etc.. and they wouldn’t approve me for anything over $20K.. lol then these 19 year olds with no job, or work 20 hours a week for $8 bucks an hour get a $25K loan like it’s nothing..? BOGGLES MY MIND..

  12. I got approved for a $30k car loan only making $20k a year 13 years ago. Paid it off and to this day still driving that car. I’m definitely going to get my moneys worth out of it. Never again.

  13. I can say from experience. Dealership lie on their interest of the dealership to make that sale. There might’ve been a lot of profit in that deal, so what they do is double the income of the person buying the vehicle, buyer doesn’t know it cause he has already walked off the dealership with the vehicle. Here my suggestion on buying a vehicle. You buy it cash. Avoid car loans at all cost. If you can’t wait the time to save the money for the vehicle, go to a credit unions where they can write the check to the dealership and you go negotiate the OTD price, the real numbers you deal with them at the credit union.

  14. A lot of you are blaming the car dealership as if they forced the caller to finance the vehicle. IT IS HIS FAULT FOR SIGNING THE PAPERWORK. Y’all are the same type of people to blame others for the stupid mistakes y’all make. No accountability for yourselves.

  15. Let the car go or find a county job as a dispatcher full-time and go to school part-time. Entry level dispatchers make 34k a year in his area.

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