The Ramsey Show Highlights Should I Voluntarily Repo My Car?
Oct 4, 2025
A caller grapples with the consequences of a buy-here-pay-here van purchase and considers voluntarily repossessing it. Dave strongly advises against this, explaining it could lead to greater debt. He emphasizes the importance of understanding payoff amounts versus total payments while urging a more realistic vehicle valuation. Instead of repossession, he suggests selling the van or refinancing. The discussion highlights the dangers of returning financed cars to dealers and the need to accept short-term pain to fix financial mistakes.
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Restarting Budgeting After Giving Up
- The caller admits they stopped budgeting after being disheartened despite advice from a financial advisor who idolized Dave Ramsey.
- They are restarting Baby Steps and plan to save $1,000 as their first move.
Bad Buy-Here-Pay-Here Car Purchase
- The caller bought a Dodge Caravan from a buy-here-pay-here lot for $19.9k and says total payments would be about $34k with interest.
- They estimate a current payoff around $14k and describe continuous mechanical issues.
Get Payoff, Value, Then Sell Privately
- Dave tells the caller to get the actual payoff and the real market value of the van before making decisions.
- He instructs selling it privately and covering the gap with a smaller loan or credit card instead of voluntary repo.