My Dad Forced Me Into $184,000 of Car Debt (I'm 21)

In today's digital world, you need ID theft protection that actually works. Protect yourself at Xander.com. I have a hundred and $84,000 car loan debt in my name. Um, what got signed into my name? I didn't know the full details, uh, when my dad made the emotional financial decision. Um, thinking he would make a lot of money. He's a black SUV driver in his car. Uh, last car transmission, blue, whatever. Um, and I thought it was going to go into his name and my truck would go into my name, but it didn't. Um, it was doing fine for the first year, but now he's having to take care of his mom that has dementia. And he, he's been having trouble making payments and he's looking for an investment. So I'm trying to figure out, I'm 21 years old. How in the heck am I going to raise his family with all this debt and missed payments in my name? Let me just clarify. I did. I just need to clarify. It's $184,000 worth of car loan debt, but it's not just one vehicle. It's multiple vehicles. Three vehicles, three vehicles. Can you tell me what they are? Uh, my truck's a GMC Sierra, uh, 1500. Now can I ask your truck? That's not part of the discussion, right? Because that was, you signed for it. That's you. That has nothing to do with your dad. Technically. Yeah. Like it would be my truck if his cars were not in my name yet. Okay. Just when you, when you look at the title of that truck, is you're the only name on it? Or is it got his name on it? Yes, sir. Yeah. I'm the only name in all three. That's yours. You're the only name on all three of these vehicles. Yes. Oh, that makes this way easier. Yeah, brother. It's going, it's going to make, I can give you all this story and hopefully help someone else. Go make Thanksgiving tough. It's gonna make Christmas tough, but this is a pretty cut and dry solution here. Yeah. I had this in February of last year. No, I'm saying what you're going to have to do to make this right on behalf of you and your family and deal with the fallout of your dad taking advantage of you. Um, or you know what, let's, let's don't say that. Like you saying I'm 21 year old man and I signed my name to this thing, but the fact that your dad put you in this situation is, dads don't do that to their sons. It's not supposed to happen like that. And what should be very simple. If he hasn't come to you and been like, let me make this right. I never should have done this. That's the, that's the problem. And the fact that you're calm, he's been trying, what has he been doing? Like he's, he's, he's making the payment. He's doing all that. And he's trying to, he's waiting for an investment for foreign exchange rate crap. And see, that's what I'm talking about. He's still waiting on a get rich quick for it to be fixed. He's playing games, man. Since all three of these cars are in your name, the call will end with us telling you that it's your responsibility to go sell all three of these cars. I can't cover the upside, like 15,000, 12,000 upside notes. So how would I do that? Listen, identity theft doesn't happen because you're careless. It's part of the modern world. Even when you do everything right, criminals can steal your information and turn your life upside down. That's why I've told people for years to have identity theft protection. And the only one I've ever recommended is from Zander insurance. They monitor for fraud. And if something happens, they do the hard work to restore your identity. Go to zander.com and protect yourself today. So what let's go through these one by one. Okay. Um, let's go through your truck. How much is it worth or what do you owe? And what's it worth? Yeah, it's like 62,000. And what is it worth? It's worth. I'm pretty sure they would give me 44 at the dealership. 42. No. If you put on Facebook marketplace, what would you get for it? You need to look at Kelly blue book, private sale value. Shoot. I did not look into that. Like 25 on Texas marketplace. Okay. Maybe 30. Let's that let that's your homework. So piece of homework. Number one for you is you've got to get the value of these on Kelly blue book, private sale. That's the number that we want. So for now, just give us your best ballpark. So your truck 62, maybe you can get 42 for it. Fair enough. Yes. Yes, ma'am. Okay. What about the next one? Uh, Chevy Tahoe that is right now, 76,000. Oh gosh. And it's worth. Yeah. And I guarantee it has 80,000 miles on it. So I guarantee you ain't going to get more than, um, no way. I guess more than 45. Okay. No way. But it's, it still looks brand new. It's just miles on the vehicle. Understood. Okay. So again, that's part of your homework. And then let's estimate the third vehicle. Do it. I can get 40. No, I can't get 46. I can get 36 from it. And there would be a 12,000 upside note. For sure. I've already tried doing that. So you're upside down 12,000. Yeah, for sure. Okay. So I would start here's, here's, here's the thing you have to keep in mind. The purpose here is to go down in debt. That's the purpose. We don't need to drive these vehicles anymore. We don't need to, these are not our point a point B vehicles. So if we go to the credit union, like, like John said, if we go get a loan, a personal loan for the difference on these, even though the differences are high, it's still less debt. Does that make sense? If I get a loan for the $12,000 difference on car number three, if I get a loan for the 30 some odd dollar $30,000 difference on a car number two, if I get a loan for the $20,000 different, right. We're still going down significantly in debt. And it doesn't feel good because there's still debt to be paid off. But at least we have eliminated a higher monthly payment and we've eliminated the amount of actual balance owed. Does that make sense? Uh, yes, ma'am. So that's going to be our first thing is we've got to offload these vehicles and then we're going to be stuck with a bunch of personal loans that we have to pay off. And that's not fun. And I think you, you don't have many other options other than to go to your dad. And this is going to be hard because your father has put you in an incredibly difficult situation, but you tell your dad, you can buy this truck, this SUV with 88,000 miles that you've put on it at this price. And I need the money in one week or I'm going to sell it. You can't do that to me. I've got no dad. Yes, I can. This truck is in my name and I have $180,000 in depreciating asset debt. Every day, the assets you hold go down in value, but that dollar amount you owe stays the same. So dad, you can buy this from me. You can go, you can go take a loan out if you want that burden. But I'm guessing that his credit is so bad. That's why he had you sign for all these for sure. Yeah. Cause I was going to suggest to you, I mean what you could do, I don't think your dad is going to do this, but you could have your dad say, Hey, we're walking down to the bank, you're getting a loan for $62,000 and then you're going to turn around and give it to me so I can pay these. Right. But he clearly, he clearly can't do that. That's why he said to you, son, put these vehicles in your name. How, how did you, how much money do you make a year at 21 years old? I make 4,500 a month plus overtime. I'm probably going to push around 75 at the end of the year this year, but I get, I'm at a, I'm really blessed where I'm at. God has definitely put me in a really good position at work, but obviously it sucks because it's the only thing is that when I go trade in these vehicles or trading one, it's like, how are they going to give me a loan when my debt to income ratio is way overscaled? I would be talking to the bank about that. Like, this is the problem. These are going to continue to go down in value and we're going to keep going more and more upside down. This is going to help you and me out. Cause the end result here is one of these gets repoed or all of them. And if these get repoed, then you're hardly getting nothing. Cause you're going to sell it for whatever you can get for it, which is going to be, you know, far less than what I can sell it for, you know, Kelly blue book, private sale. And just so you know how repo works, like let's say you take that car where you're $12,000 upside down on, you go sit down with somebody at a local credit union. You say, here's the deal. I'm 21. My dad took advantage of me. I got a huge mess and I'm doing the next right thing and clear this up. And I know my name is on this. I want a $12,000 a private loan to, so I can take this, pay the difference and get this thing sold. If you don't get that done, they're going to take that car. They're going to repo it from you and they're going to sell it. And then you're responsible legally for the gap between what they auctioned it off at to their friends auction and the balance owed. So they're going to auction it at 20 and you're going to owe 40 or 50 instead of 12. So what we're telling you is this day of reckoning is coming is, and if they say, sorry, sir, we can't give you a loan, say, thank you so much. I fully understand. I'm trying to do the right thing. And then go to the next place and go to the next place. And I have to ask this question. I haven't borrowed money on a car in a long time. Okay. So I'm naive when it comes to this, how I can't wrap my head around how somebody, a bank would give you this much, this much debt against three depreciating assets like this with your income. It was a crazy salesman. Yeah, but he was been, he was doing it for like 30 years. I know, but the interest rates have to be terrible. I'm talking about fraudulent. Uh, praise God. The other two cars are only 8%. My truck though is 18%. So that's why my car loan is not going down. I know I'm trying to stay strong. It's so hard. Yeah, it is hard. Face it. Go right. You have to go right through it, brother. And I hate that this happened, but the thing that you have to accept from this is there's not an easy piece to this. There's no part of this process that's going to be easy or comfortable or light or fast. This is going to be you leaning into something that's really tough and really frustrating and hard for a while. And I hate that for you, but it's just, this is how we learn. 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