'I Was An Idiot,' 60-Year-Old Says As Dave Ramsey Confronts Her $29K Jetta Repo Fallout After Co-Signing For 43-Year-Old Ex

A Seattle pistillate turned to "The Ramsey Show" for guidance aft a co-signed car indebtedness near her liable for a remaining balance.

"I was an idiot," Mary told idiosyncratic concern adept Dave Ramsey. She said she co-signed a conveyance indebtedness portion successful a narration and that the indebtedness remained aft the narration ended. Mary, 60, said the indebtedness progressive a 2019 Volkswagen Jetta with astir $29,000 inactive owed pursuing a voluntary repossession.

She said she earned $61,000 a year, had nary savings, and carried $3,000 successful recognition paper indebtedness portion besides helping marque payments connected the conveyance adjacent though the borrower earned much than she did.

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At the time, Mary said she co-signed the indebtedness successful the autumn of 2021 for a antheral she was dating, who was 43. After the narration ended, she said she persuaded him to instrumentality the conveyance to the dealership erstwhile helium could nary longer marque payments connected time.

As she told Ramsey, the conveyance had not yet sold astatine auction. Once it was sold, Mary said lenders would prosecute whoever signed the indebtedness for immoderate remaining balance.

"If the borrower stops paying, you go the borrower," Ramsey said.

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Mary asked whether she could spot a lien connected a colony her erstwhile spouse expected from a motorcycle accident. She had besides co-signed his Harley, which was paid off, and had substance messages successful which helium said helium would screen the remaining Jetta balance.

"I don't spot that that's going to happen," Mary said.

Ramsey said waiting connected idiosyncratic else's colony was not a strategy and said readying astir wealth controlled by different idiosyncratic did not resoluteness the debt.

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Ramsey said vehicles often sold astatine auction for little than the remaining indebtedness balance, leaving a deficit. He said lenders typically pursued the radical who signed the loan.

He advised Mary to archer creditors she had nary wealth and to nonstop them to the borrower, who was expecting a settlement. If that did not resoluteness the issue, Ramsey said repossession balances were often settled for little than the afloat magnitude owed.