A Houston man owes $184,000 on three vehicles he never drives after his father failed to transfer loans as promised.
A 21-year-old Houston resident earning $75,000 annually has accumulated $184,000 in auto debt across three vehicles he does not drive. The loans, cosigned at his father’s request, include a GMC Sierra 1500 with $62,000 owed against a $42,000 value and a Chevy Tahoe with $76,000 remaining on a $45,000 vehicle.
The father, who promised to transfer the loans into his name, has since missed payments while pursuing foreign exchange trades. One loan carries an 18% interest rate, while the others sit at 8%. The caller faces potential repossession, leaving him legally responsible for deficiency balances and credit damage.
Financial advisors on the show recommended selling the vehicles privately and using credit union loans to cover the $37,000 in negative equity gaps.