The Ramsey Show Youtube Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. American households carry $1.66 trillion in auto loan balances collectively as of Q3 2025, according to the Federal Reserve Bank of New York (1). While there may be many different reasons that justify taking on massive auto debt, for Emmanuel from Texas, that justification appears to be a “super difficult mother-in-law.” As he explained to Dave Ramsey on an episode of The Ramsey Sho ...

Core Insights - The e-commerce giant aims to demonstrate that its customers are willing to purchase high-value items alongside regular purchases [1] Group 1 - The company is focusing on increasing the sale of big-ticket items in its product offerings [1] - The strategy is part of a broader initiative to enhance customer shopping experiences and increase average order values [1]

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Core Points - The article discusses the process of selling a vehicle that has a lien on it, emphasizing that while the lien holder has a financial interest, the vehicle owner retains practical ownership [14][24]. - Several methods are outlined for selling a car with a lien, including selling through an auto dealer, executing the sale at the lender's office, having the buyer pay the lender directly, or using an escrow account [26]. Selling Methods - **Sell Through an Auto Dealer**: This method is convenient as dealers handle the lien holder directly, but trade-in values are typically lower than private sales [6][8]. - **Execute the Sale at the Lender's Office**: This is the fastest way to pay off the loan and transfer ownership, but may not be convenient for all parties involved [10][12]. - **Lien Paid by the Buyer**: The buyer can pay the lender directly, which provides assurance that the lien will be cleared, but may delay the seller receiving any excess funds from the sale [13][16]. - **Use an Escrow Account**: This method involves a neutral third party holding funds until the transaction is complete, adding security for both parties, though it incurs additional fees [17][18]. Understanding Liens - A lien holder is a party with a legal interest in the vehicle, allowing them to seize the car if loan obligations are not met [21][23]. - The lien acts as security for the lender, preventing the vehicle owner from selling or disposing of the car without the lien holder's permission [22][24]. - To remove a lien holder, proof of loan satisfaction must be provided, typically by paying off the loan [25].

Core Insights - Preparing for retirement involves not only saving money but also making strategic purchases ahead of time to avoid higher costs and financial stress later Group 1: Key Purchases Before Retirement - Securing healthcare and dental work before retirement is crucial as plans tend to be more expensive and less comprehensive afterward [2][3] - Buying a home before retirement is beneficial due to greater buying power and easier mortgage qualification while still earning W-2 income [4][5] - Completing major home repairs, such as HVAC system replacements, is advisable while still earning income to avoid financial strain later [6] - Purchasing a reliable, low-maintenance car and paying it off before retirement can significantly reduce stress during retirement [8] - Prepaying for bucket list experiences, such as dream trips, can alleviate financial pressure and help in planning for future enjoyment [9] Group 2: Recommendations on Timing - It is recommended to consider moving or downsizing before quitting a W-2 job to take advantage of better financial conditions [5] - Upgrading home efficiency features like windows and insulation is suggested to save on costs, especially since retirees may spend more time at home [6] - From a psychological perspective, spending from savings while still working can be easier, making it beneficial to make these purchases before retirement [7]

Core Insights - The article discusses the financial challenges faced by retirees and suggests methods to enhance retirement savings through selling unnecessary items [1] Group 1: Selling Unnecessary Items - Selling items that are no longer needed can significantly boost retirement savings, with potential high-value items often found in homes [2][4] - Antiques and collectibles, such as old comic books and cultural memorabilia, may be worth more than expected, providing an opportunity for retirees to capitalize on hidden assets [4][5] - A thorough search of personal belongings, including attics and basements, can uncover valuable items that can contribute to retirement funds [5] Group 2: Specific Items to Consider Selling - Cars can be sold to increase savings, especially for those living in areas with good public transportation, which also reduces stress and environmental impact [3] - Homes may become liabilities in retirement due to ongoing costs like property taxes and maintenance; selling a larger home can free up significant funds for travel or savings [6]

Core Insights - The article discusses unconventional methods for middle-class earners to save money, potentially up to $300 monthly, by exploring creative cost-cutting strategies [2] Group 1: Transportation Savings - Reducing or eliminating car usage can lead to significant savings on monthly payments, insurance, gas, and maintenance costs [3][4] - Alternatives such as biking, walking, or using public transit are recommended to avoid the financial burden of car ownership [3] Group 2: Home Maintenance - Performing minor home repairs can save substantial amounts compared to hiring professionals, with potential savings of $100 or more per repair [5][6] - Basic repairs can be learned through online resources, which can lead to cumulative savings over time [6] Group 3: Wellness Spending - The article highlights the tendency to overspend on health and wellness products, suggesting that consumers should be mindful of their spending in this area [7]

Core Insights - Many retirees are looking to downsize and minimize debt, but financing a car can be a strategic decision even for those with cash available [1][2] Financial Strategy - Retirees should consider "opportunity cost" when managing their finances, as cashing out assets in a high-rate environment can disrupt long-term wealth [3] - Financing a vehicle can help maintain cash flow and provide stability in a financial portfolio, rather than withdrawing from retirement accounts [4] Tax Considerations - The recent One Big Beautiful Bill Act (OBBBA) allows retirees to deduct up to $10,000 per year in interest on qualifying auto loans, applicable from 2025 to 2028 [4] - Withdrawing funds from a 401(k) to purchase a car can increase taxable income and potentially push retirees into a higher tax bracket, making financing a more favorable option [5] Shopping for Loans - It is essential for retirees to shop around for the best loan terms and utilize tools like AI for financial projections and risk evaluation [6] - Keeping loans simple is advised, with recommendations for short-term loans (three to five years), a minimum 20% down payment, and fixed rates [7]

Core Insights - The article discusses new regulations from the FTC aimed at increasing transparency in car sales, effective July 30, 2024, which prohibit dealerships from making misrepresentations about pricing and charging for non-beneficial add-ons [4][16] - A survey indicates a significant lack of trust among Americans towards car dealerships, with 76% expressing distrust regarding pricing and 84% stating a lack of price transparency [2][3] - The incident involving a car salesperson's TikTok video highlights ongoing issues in the industry, where consumers often pay significantly more than the sticker price due to deceptive sales tactics [4][13] Regulation and Consumer Protection - The FTC's new rule aims to combat auto retail scams by enforcing clear pricing and prohibiting misleading add-on charges [4][16] - These regulations are designed to protect consumers, although their effectiveness may be limited [4] Consumer Trust and Industry Reputation - A 2024 survey by KPA reveals that 76% of Americans do not trust car dealerships regarding pricing, and 84% believe there is a lack of price transparency [2] - The Consumer Federation of America's survey indicates that auto sales and repair services received the highest number of complaints from consumers in 2022 [3] Sales Tactics and Consumer Awareness - Common deceptive practices in car sales include "yo-yo financing," where dealers claim financing fell through, leaving buyers with higher-cost loans [2] - The article emphasizes the importance of consumer education and research before purchasing a vehicle to avoid falling victim to these tactics [5][13] Case Study: Kenny Rua Incident - The TikTok video posted by Kenny Rua, where he jokingly claimed to sell a car for $10,000 over its sticker price, sparked backlash and led to his termination from Ziegler Honda of Racine [3][4] - This incident underscores the broader issue of consumer exploitation in the car sales industry, resonating with many buyers who have experienced similar situations [13]

Core Insights - Personal finance expert Dave Ramsey advises against parents buying new cars for teenagers, suggesting it may create unrealistic expectations and hinder their financial future [1] - Ramsey promotes the idea that children should earn their own money to understand its value, advocating for a work-based compensation model rather than allowances [2] - He emphasizes the importance of teaching children to save, spend, and give responsibly, which builds confidence and character [4] Group 1 - Buying new cars for teenagers can lead to a life of unrealistic expectations [1] - Ramsey suggests a matching plan for parents who can afford to help their children buy cars [1] - Children should learn the value of money through work, as it fosters a better understanding of financial responsibility [2] Group 2 - Ramsey believes that children should experience the satisfaction of purchasing items with their own earned money [4] - Teaching children to give from their own resources is crucial for understanding generosity [4] - Learning habits of work, saving, spending, and giving contributes to a child's confidence and character development [4]