I Want To Sell My Car But My Parents Won't Let Me!
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- เผยแพร่เมื่อ 24 ส.ค. 2024
- I Want To Sell My Car But My Parents Won't Let Me!
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Hey Tim! If you end up reading the comments, we are in the Charlotte area - you’ve got a GREAT head on your shoulders, keep up that mentality. Port City Race Cars in Mooresville is currently hiring welders and would love to at least talk to you.
Debt is not a gift.
ask sleepy joe!
I'm sensing some big boundary issues when a parent co-signs their kids car and doesn't put the kids name on the title.
It is also common to do that so you can save some money on insurance
Sometimes well meaning parents just don't know how to be a best help.
She didn't cosign his loan. The kid cosigned _her_ loan for _her_ car...
yeah its kind of disgusting when you realize that legally that's what the situation is
Yikes, he is paying for a car he doesn't even own!!
Yeah, why would he do that? He should be on the title too.
Yep, I would not have done this without my name, and my name ONLY, being on the title.
If he’s not on the title let her have the car and the payment
Mom's name on the title, kid's name and mom's name on the loan. Dude your mom didn't cosign your loan, you cosigned her loan.
The Mom sounds like a control freak. Very strange to put your kid's name on the loan but not the title.
Insurance cheaper?
@@mph5896 If that were the reason then she wouldn't be resistant to selling the car so the son can buy something cheaper.
Michael Anderson not necessarily. She prob want him to have a reliable car so she doesn’t have to cart him around.
He isnt on the loan. He said its just his moms name is on it but he is making the payments. Pretty much he is paying off his parents car
That's the parents way of keeping the kid at home... let's get something clear: not all parents want their children to leave the nest. If he has debt and needs the car, he doesn't have money to look for his own place once he graduates...
Miss a few payments, they will sell it fast.. trust me.
Interest?
Finish school, get a great job, move out, leave the car and loan with Mom.
It's sad how many parents pressure their kids financially
Stop paying and the mom will sell it fast.
So he paying for his mum’s car 😳
if parents want to keep car, sign loan over to them
Its not easy to sell a car with a bank lien on it. Cant make it sound easy to the kid “oh just sell the car”.
Ya. And with his living situation, he could also just pay extra on the car and pay it off. Then he really could sell it at a profit, if he is able to do so.
We had a sister from church with a Jaguar. She was in the military "Navy." She took it in to Jaguar for repair they told her $4500 " Oh I got it from an auction, well miss it's still a Jaguar."
She sold it as is and now drives a different car. Named brand "Luxury" cost money to buy, repair and maintain!
Problem his name on the loan if she doesn't pay for it they can come after the son. Very bad advice.
People still doing car payments even after listening to Dave Ramsey....
I feel so bad for the young man. His parents are irresponsible. I would never put any car in my name for my child ever. Not to mention a car loan and make my child pay it in my name. This is so bass ackwards
19 time to be your own man, move out. Leave the car if you don't want it.
I feel for you in this situation
This sounds a bit confusing; co-sign for a loan but mom's name is on the title? It's probably more likely that the lender's name is on the title (and at their office) and mom's name is on the registration.
while technically true (probably,) it is a difference without a distinction
I think the lender is usually listed as the "leinholder" on the title but SOMEBODY still has to have rights to it once the debt has been paid off. The point is that the caller is stuck with this debt but has no legal rights to sell the car, which is messed up.
In North Carolina, the buyer's name is on the title, but the lienholder keeps it until it is paid off.
Son: mom i spoke to Dave Ramsey and......
Dave: receives email
A 17 grand debt is NOT A GIFT.
The only thing I can think of, is that they were teaching him responsibilities? That's an awful way to do it.
I hate debt, it does make me highly anxious.
Part of the reason the parents want him to keep the car is that they think it will be more reliable for him to get to school and his job. However, car payments don't guarantee that. Lamborghinis break down as much or more than Toyotas and Hondas.
Extremely ignorant Dave following advice. The 27K car is likely something nice with low miles. 10k car would be a 15 year old car with 100k miles. Cars with 100k miles break down way more often than cars with 30k miles
@@daveavemian5940 100k was a LOT of miles for a car when I first started out driving long, long ago. That was about the life of a car. Now 200k is not uncommon. I don't know how much you work on cars, so go ask a mechanic about your theories.
@@daveavemian5940 Engines should generally be able to go about 200k before issues start appearing. Maintenance is a very important thing.
If both names are on the loan, both names must be on the title, otherwise the bank wouldn't fund the loan.
I'm proud of him 19 and working and hes smart ... very smart kid his parents don seem. LOL
I think that the mom is thinking that he is safer in this car because a lot of people believe that used cars are nothing but trouble. He was on the loan because of the "teaching responsible debtor behavior" that Dave was talking about, but she had only her name on the title so that her (at the time) underage son didn't misbehave. If he was coming home at 3 am every night she could sell it to teach him a lesson. A teen that knows his parent has no recourse is a terrible thing! The other reason is if the car is in her name, the insurance cost is lower. My parents and I had this arrangement when I was 16 too. But it was a $1,200 car that was paid off, and my parents are very trustworthy, so it didn't matter as much.
your name is not on it, stop paying the loan, let it go into default. Since you don't own anything, move out cause your parents want you to pay for their car, how mean
He should show his mother this video.
It's crazy how quick these personalities have to switch their mind when Dave is around.
His name is on the loan. The bank holds the title.
Mom bought a car to rent out to her son.
Classy.
We did the same thing for both our kids. Main reason if they did it on there own the car insurance is to expensive
Give her- the car and He can do whay he wants. These is more to this
Wait wait wait. You are missing the point if the kids wrecks the car and the insurance isn’t on them and is on the parent good luck getting them to cover the claim as that’s not the insured driver.
This is not a good idea to put insurance on someone’s car when you are not the driver. VERY BAD idea!!!
Ya. And with his living situation, he could also just pay extra on the car and pay it off. Then he really could sell it at a profit, if he is able to do so.
@@The1JBanks Most insurance allows you to add a driver.
Listening to this, while at work, welding. And also a welding student lol.
I feel a lot of people don't actually calculate how much their jobs are paying them for a fulltime commitment
Dave said correction its not your car 😂😂😂
Decent cars don’t exist for 10k anymore. They all have 175k - 200k miles for that price
Not the case. Even with the current prices, I got a 2013 Elantra with just over 100K for about 8,500. It's not anything fancy, to be sure, but it is, most certainly, "decent."
@@nazarenecaffeine Hyundais lose value a lot faster than Toyota or Honda or Subaru. It's practically impossible to get a decent Japanese car for 10K with reasonable miles
@@daveavemian5940 And you also can't get a used Tesla for that price. That wasn't wasn't stipulation, however. He mentioned that all cars under 10k have 175-200k miles on them. My point was to show this is false. What you have done is commit a logical fallacy called moving the goalposts.
He probably wants to get a big diesel truck like a lot of welders do. But could be wrong.
Park the car in a rough section of town and leave the keys in the ignition. Lol
Don't welders have a several-year period of paid apprenticeship? After training but before full license is attained?
They bought too much car, a reasonably affordable car should not stress him like that, these parents sound like real consumers, this is ridiculous
Take her car shopping. Let her sit in some. If she's trying to teach responsibility, tell her this is responsible! Convince her it's cheaper to sell
That’s nobody’s car
It may be that they bought the car before he had his license and that's why his name is not on the title. My Dad had to hold the title on my first car for that reason. (Of course, when I got my license he promptly signed the title over to me.)
Just not a battle worth having right now. You got six months...finish school keep saving as much as you can. Then when you are making $20-25/hr stay at home keep saving when you have about $5k saved up. Then tell mom to either put the car and loan 💯 in your name or you will just stop making payments and go buy a car on your own either way you will get out from under that car and have no debt and hopefully be ready to move out.
2:36 A 30 minute drive could equal 10 miles depending on traffic.
Basically.
hmmmm, think Dave should have gone deeper here. The caller wasn't making sense, and details are lacking. And, am I the only one who heard him talking about how much he liked the car and had to drive so much, etc. etc. Something is off.
Classic case of a car being a curse. All his wealth is depreciating like a rock.
Why you paying for your moms car? 🙄
Awesome video!!!!!
I seriously doubt the car is worth as much as this caller stated unless Mom paid a chunk on the down payment. If so, he is not going to walk away with $10k in cash.
If owing on the car bothers him that much, then I agree, go talk to Mom respectively. Maybe he can sell the car and get enough cash to buy a good used one, or not. However, telling his Mom, "hey, it's your debt, I'm going to quit making the payments" is BS advice.
Bottom line, he's living with his parents. They have set him up with a good car, especially important given the miles he is driving each day to school and work. He probably could not live on his own given his current salary (most likely part time at that). Sacrifice for another year until you complete the program, get you a full time job, go find you a place to live, and then he can drive a hooptie car until his heart is content.
Agree. Not the greatest advice from Dave.
Ya. And with his living situation, he could also just pay extra on the car and pay it off. Then he really could sell it at a profit, if he is able to do so.
As far as car value, it’s possible. We’ve been getting notifications that our little Chevy Sonic is going up in value, so I guess car lots are wanting used cars that bad. However buying another used car will likely cost more.
The "it's your car, I'm not paying" is the nuclear back-up option. It's not meant to be the primary play. He doesn't own the car. It's not his.
Teo of my kids are driving very nice cars that cost less than $10k, and paid with cash. You don't need a fancy new car to drive something that's nice.
What kind of car is it?
Mother knows best
What his parents are doing is not wrong, they’re educating their son in a way. You need problems like this to increase your financial IQ. Instead of trying to lower your expenses you should find a way to increase your income. Some of you will understand what i mean if you have read the book rich dad poor dad. And if you haven’t i recommend you do.
You should do both. Lowering expenses is usually more efficient though (unless there's not much room to lower), because savings aren't taxed, for the most part.
Ya. And with his living situation, he could also just pay extra on the car and pay it off. Then he really could sell it at a profit, if he is able to do so.
He’s about to come up 10 bands on his moms car
I bet mom put down a big down payment to help purchase a car and doesn’t want to lose money if it sells.
This kid is gonna go places
I have a 1996 truck.... but 2006 even 2015 even cars 10 or 12 years.. old is fine theu worln
Proud of him
Cash-flowing his way through school. Smart.
Where do you guys come up with this crap ???
Sell your interest in the car to your mom.
then buy something you can afford.
Honestly there parents made a mistake.u can’t afford a car like that in college because your only work part time,most kids I went to school with had a cash car..maybe when he graduated and made more money.I say sell and use the profit to buy a cash car.
Dont pay is going to cost you more.. move out and all that ..
Wow im so proud him
This is bad advice. The car belongs to his mom. I would stop paying on it and get a cheap thing. If she asks, just tell her it's a strain on your financee.
Know the difference between
a blessing and a stressing.
"I have anxiety and I cannot sleep"
Ironically the same described ailments
will get you a M.M. Prescription. lol
If he is paying for it he has more say in the matter than dave is saying he does. Also he could get a 5k car and save 5k in the bank
I'd love to take this kid's parents to lunch and ask them for parental advise. I have a 3 y/o and i want to make sure she has this kid's mentality. I qas just thinking. He es never going to be poor. Good for.him!!
He can get his own
This isn't good advice. In a way, his parents are paying for the car because he is living with them for free. Free room and board while he is in school. And 17k is a good used car. He will make plenty of money once he graduates and probably will have the car paid off in 16 months. Dave is unreasonable about car expenses.
*Can we all agree that when He uploads our days get better! 💖*
No
Bad advice, I bet they (mom) put a big down payment also since it's in her name she pays the insurance. The insurance plus possible having to pay rent far exceed the car payment.
Moms a grifter
Maybe they will be putting his name in the tittle after he pays for it. But he's playing the pitty me version. It's smart to co sign. No. But if you do matters well have your name on it ..if the person it's irresponsible you can sell the car.
Mommy is going to kick 🦵 out the house 🏡! Bye 👋 your grown man 👨
Buy a Toyota Corolla or a honda civic
How do i call in my question please?
that's the problem in america,where is dad?
His parents are doing him a favor. If he would to be on his own, car insurance and interest would be thru the roof for his age. I don't blame them.
Ya. And with his living situation, he could also just pay extra on the car and pay it off. Then he really could sell it at a profit, if he is able to do so.
Yes exactly! I don't know why Papa Dave is freaking out.
U can get awesome one for 10k
Lol 😆 poor kid
Do u have title
That's the parents way of keeping the kid at home... let's get something clear: not all parents want their children to leave the nest. If he has debt and needs the car, he doesn't have money to look for his own place once he graduates...
This is so true. My mother charged me rent after I graduated high school and whenever I would talk about moving out/finding an apartment, she would tell me how “no landlord will rent to me” or how “I don’t know how expensive it really is”. A couple years moved out, no problems lol.
How about being grateful that his parents helped him buy a new car? Just pay it off, and move on.
Apparently Tim's parents aren't very good at math...
Tim makes $15/ hr ($30k gross per year IF he works full time) and has to pay for a $25k car.
It's not a 25K car, the loan is only 17K. The kid has no expenses...he can easily afford that, that's why he's able to chunk big payments at the debt (if you listen to the call)
Caller rambles
What about jus paying the car off and keeping it?? You don’t need to buy an overpriced used car if this is your only debt
Bad advice. The mother is a control freak, but Dave is setting up this relationship for severe damage. The son could politely ask his mom to sell the car, but telling the mom, this is your car and walking away will freak out the mother to the point she may not want to talk to her son because he doesn't know his place.
Sometimes, for the sake of the relationship you have to put up with stuff temporarily. In the future, it is best only to visit the mom for dinner, have pleasant conversations, but never do business with her.
You forgot to put a colon after advice.
Ya. And with his living situation, he could also just pay extra on the car and pay it off. Then he really could sell it at a profit, if he is able to do so.
Dave Ramsey...what a drama queen.
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