Your Car Loan Is Killing Your Wealth – Dave Ramsey Rant

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You know i’ve had several calls on the show this week of people that were stuck in cars and they had car messes and had made car mistakes and i just i was just reading through a report that just it just depresses me for one it makes me mad for two and it’s shocking for three listen to this americans are seven hundred and eighty three billion dollars on their cars now

That’s bad you won’t know it’s worse thirty four percent of that one-third that’s two hundred and fifty billion dollars approximately is subprime loans now i don’t know if you know what a subprime loan is it’s anything other than a prime loan a prime loan is a very very low interest rate at very advantageous firm but it’s only for people with good credit so what

We have is we don’t only have people that are too broke to buy a car which if you didn’t pay cash for the car you’re too broke to buy the car but not only do we have people that are too broke to buy a car but we also have people that are too broke to even pay their bills on time that are adding to their debt going further into debt to buy a stinking car that’s

Amazing eighty-four percent of people who bought a car in the last quarter of 2013 borrowed the money and they’re borrowing more than ever before the average is up over $26,000 what they’re borrowing to buy a car now you need to understand a car payment is a way to ensure that you stay broke if you live from i’m always going to have a car payment car payments

Are a way of life i’m always going to have a car payment and i always want a newer car because that’s what’s safe and reliable and all these lies and bs that you believe about cars and they’re all a bunch of crap i love cars i’m a boy okay but some of you girls like cars too but you just like them because you think they’re a large purse but we americans have a

Love fair with our cars i’m not against a car eighty-four percent of people that bought a car in 2013 faint financed it and one-third of them subprime subprime they’re paying ten fifteen eighteen twenty four percent you’ve got to be kidding me you’ve got to be kidding me well let me help you with this i will ride a freakin bicycle before i have in the car payment

Car payments are a way of signing up for middle class and staying there now there’s no shame in being middle class unless you’re so stupid that you just stay there on purpose because you have no discipline you have the right and the opportunity and the ability to win with money and build wealth in this culture if you quit doing stupid stuff borrowing money at 18%

Or 16% of 15% to buy a car is way over on the spectrum of stupid borrowing money to buy car is stupid borrowing money and 17% of my car is stupid on steroids baby this is big stupid with a capital s and then scratch your head wonder why you’re broke because you work your butt off to give money to the bank you’ve ever been in the bank have you noticed i got better

Furniture than you’ve got have you notice our building is bigger than your house how the flip you think that happened cuz you give all your money that’s how it happened you give them all your money look in your skyline what are those towers banks quit giving them all your money and then scratching your head wondering why you’re broken and whining and complaining

About wealth inequality goodson it’s unfair the rich get richer and the poor do what eighteen percent on their car what stop it of course you’re gonna be poor when you do that hey when i did stupid stuff it may be poor too so i look different not even better matter of fact i did it with zeros on the end so actually worse but gosh people really i mean this is like

Payday lending for cars it’s so scummy but most of america now feels like they have to have a car cause you’re real worried about impressing somebody at a stoplight that you’re never gonna meet 622 dollars a month over 84 months what are you doing have you lost your mind stop it 34% of people subprime borrowers unbelievable 84% of you bought a car you couldn’t

Afford if you didn’t write a check by the way to buy the whole freakin car you couldn’t afford it you

Transcribed from video
Your Car Loan Is Killing Your Wealth – Dave Ramsey Rant By The Ramsey Show – Highlights