Black Bean Dip

Ingredients:
1/2 yellow onion, diced
2 cloves garlic, minced
1 can black beans, drained and rinsed
1 can Rotel (green chilis w/ tomatoes)
4 oz. cream cheese, room temperature
8 oz. Velveeta
1/2 cup shredded chedder cheese
3 tbsp. olive oil
Hot sauce, to taste
Salt & pepper, to taste