A Couple Owes $115K On A Camper And $50K On A Truck. Dave Ramsey Is In Shock As He Uncovers More Troubling Details: ‘Holly Jesus!’
A young woman named Ashton called:The Ramsey Show“To get help with the financial mess they got into last year. Their story left the personal finance expert Dave Ramsey He was visibly shocked.
The couple, who were 24 when they bought it, bought a fifth-wheel trailer for $115,000, thinking the payments would be cheaper than renting an apartment. “For God’s sake,” Ramsey shouted when he heard the number, but that wasn’t the end of the surprises because the couple also owed $50,000 on a truck.
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Ramsey asked if they were still there living in a camper. The answer made things worse. “No, we don’t,” Ashton admitted. “My mother has a rental house available, so we live in the rental house now. Now we have to have a trailer and a truck.”
A young couple found themselves turned upside down by a huge fifth-wheel trailer and a truck they no longer lived in. They make good money together, but the value of the loans is falling faster than they can repay them. They called The Ramsey Show for advice. pic.twitter.com/8iJ1QvO6CP
“We’re going through Baby Steps and trying to figure out whether it makes more sense to keep the salary low until it turns upside down, or sell it and then pay it forward upside down,” he added.
When the numbers came out, things got even worse. They owe $115,000 on the camper, but it’s currently only worth $90,000. And if they went back to Camping World, the place that sold them the camping world, the bid was only $63,000.
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The camper isn’t small either. It has a washer and dryer, a king-size bed, and is described as a huge fifth wheel. In total, the couple earns about $145,000 a year.
Ramsey couldn’t believe that this type of financing was approved at the age of 24. “And they loaned you $115,000 for a camper,” he said in disbelief.
Thereupon they I owe $50,000 on the truckIt’s currently worth about $42,000 in trade. When co-hosting John Delony He laughed when he heard the numbers. “I’m laughing with you, not at you Ashton.” “No, no, I’m laughing at myself too,” he replied.
Ramsey revealed the hard truth: The camper loses value faster than the loan balance decreases. “The longer you wait to sell the caravan, and every day you wait, the gap between what you owe and its value widens,” he said.
