Abraham is with us in Florida hi Abraham welcome to the Dave Ramsey show hey good afternoon uh Dave I'm 22 years old I work as a sales associate and I recently started listening to your show and I've become a fanatic I mean I did I'm in a bit of a debt situation and I just don't know how to target it okay what's your debt I am sixty three thousand three hundred dollars in debt and you're 20 years old 23 23 okay what's your sixty three thousand on what kind of debt all right well I just
recently started listening to Joe so Dona it's three car loans but it's a little bit of a unique situation because those three cars that I have one is thirty three thousand the second is eighteen thousand three hundred and then the one which is personally mine is five thousand dollars out of three two are under me and my father who recently last year after being unfaithful to my mother left the household and so he left me as the head of the household and so when are you gonna sell the cars the problem is that come on
give me one second so I could get my composure all right so it was a little before I started listening to your show and essentially getting into the finances personal finance so I was a little bit ignorant as to how it worked out so I did essentially lend him my credit so that debt is partially mine but I can't sell those cars because he's using them for his small business he had a big grand idea of opening up a small business which he did and those are his two primary vehicles for work which he uses
so he still paying them the problem is they're not prompt payments and it's just a matter of time before he defaults on one and it basically snowballs into what I'm not looking towards to bankruptcy are you are you on the town the title I am well if I'm the cosign of the one of them on the loan I understand that you co-signed the loan are you on the title are you the owner that I'm not aware of you don't know I don't know okay Wow okay this is not gonna go well Abraham I figured but
yeah so one of two things is gonna happen your dad is gonna bankrupt you or you're gonna have an ugly confrontation with your dad to stop this from happening mm-hmm all right so the only other option he has offered which I still want to go through with but it's the only other I guess feasible option out of the two vehicles you lsn't he only uses one of them for his company use and the other he actually and out to somebody else that does transportation jobs and essentially yeah tolls out the payments of the second vehicle
from that person that he rents it out to his offer was to refinance those two vehicles into one payment and then just paying that off as one vehicle as long as he takes your name off the loan but that's not what he's talking about yeah that's the thing you know here's my offer here's my offer I'm your 23 year old son you should quit screwing me you should sell these cars immediately instead of taking advantage of your own son and setting them up for bankruptcy so if you and you need to find out if you're
on the title and if you're on the title you need to see a lawyer and go pick the cars up and sell them okay because here's what's gonna happen this guy's I'm sorry that your dad is a skunk but your dad is a skunk yeah I'm so sorry I mean it's hard it's a hard thing to go through if you're 43 or you're 23 or whatever three you are to find out that your dad's a skunk but he is and he's not a good man who would do this to their own son after listening to
your show I'm just to get my mom out of debt yeah um she currently has a part-time and yeah Nima my sister in the herd I've been Abraham what city are you in Miami Florida okay are you in a good church by chance yeah I am my little sister is actually well involved in our church I just don't have time I'm juggling right now I understand that wasn't what I was asking I just I'm just trying to find out what's going on in your life because what I need you to do is I need you
holler at that pastor in that church and sit down with him because you need a guy that's that that's a got some more experience to walk with you while you're walking through one of the most difficult things in your life and you just need it you need a big brother right now right yeah and I wish I was there I could do it for you but that this what I'm asking you to do at 23 years old is very difficult and you know and it's very emotional and and your family is going through a very
very hard time and so it's just gonna be good for you to get some men in your corner that have good values that can be there with you and be strong with you and help you to get the things done that you need to do because you need to really figure out what's going on with these cars and get them sold but right it's gonna be a very you know your dad is gonna have a fit and all this kind of stuff and so you're gonna have to have some people in your corner that they
got your back you know nobody's got your back right now yeah I do but I'm on the radio in Nashville so I can't help a lot you know yeah I'm cheering for you I want you to do it because if you know if you if out of the pain of your family separation and the fear of your father's reaction if you do nothing what were you and I both know is he's not gonna pay the payment and eventually the cars going to get repo'd and eventually they're gonna force you into bankruptcy you already told me
that mm-hmm so doing nothing is not a very good plan I tried looking to the option of actually selling on through Kelly Blue Book I was able to get the value of vehicles but that even if we sell it the difference we would not be able to pay back because uh right now what I have saved up is just for my emergency fund I've been looking at your baby steps who are these cars financed with one is financed through ally financial and the other is blue Chrysler Capital so you've got a high interest rate -
that is correct on one of them it's 11 percent and the other I don't remember and every month he has late payments so not only is he paying interest is paying penalties to and around your credit gets worse well thankfully he hasn't gotten to the point where it's past thirty days late I always make sure that I met them till the last couple days the paid on time and he somehow manages but I'm scared of the data I won't be able to manage to make a payment and then that's when it affects my credit yeah
yeah every time he's late every time he's later to flex your credit that's what it comes down correct so yeah yeah you you need to holler at your past it's the pastor of the church that your sisters attending ask if you can sit down with him and see if he can help you get involved in your family situation and be the person that walks with you and gives you some extra strength of a good man standing beside you while you make some of these difficult decisions you'll have to borrow the difference from your credit union
I suspect you can probably do that to cover the deficit but I would rather these cars be gone your dad not be responsible and you personally be responsible for five or ten thousand dollars of deficit then I would you be you know we're talking about $50,000 in debt here on two cars I've not thought about that the credit union option you know all right and and so and I'll tell you what hold on and I'll have Kelly pick up and see if we have a financial coach in the area that can help you and walk
with you as well but you're just you know you're just I'm asking you to do a lot of really really tough stuff to to face down your own father and that's just hard to do man and you know you got to really have some people in your corner to go to ad that's not okay you're screwing me here screwing your own kid who does that and you know some people do sad so hang on Kelly I'll pick up and we'll get you some help
