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Divorce and the Big Car Payment

Discussion in 'Model S: Ordering, Production, Delivery' started by ⚡️ELECTROMAN⚡️, Nov 26, 2016.

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What would you do if your marriage was less than perfect.

  1. Cosign with your wife to save $500?

    13 vote(s)
    21.0%
  2. Get the loan in your name only?

    49 vote(s)
    79.0%
  1. ⚡️ELECTROMAN⚡️

    ⚡️ELECTROMAN⚡️ Fritterer and waster of hours in an off hand wayer

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    I'm looking at a 72 month loan from US Bank for 1.74%, but I don't qualify for it unless I use my wife's income, and have her cosign. I can get a loan with Alliant for 1.99% and have the loan in my name only. A lot could happen in six years. Is it worth paying a little more interest to make splitting up our assets easier? I think the difference is about $500 over the life of the loan.
     
  2. Az_Rael

    Az_Rael Supporting Member

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    Are you in a community property state? If so, you might as well save the $500 and have her cosign (since it will be community property anyway). If you aren't, then it's only $500 take the higher rate.
     
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  3. jerry33

    jerry33 S85 - VIN:P05130 - 3/2/13

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    My understanding is that a divorce costs about as much as a Tesla. (Don't know first hand though.)
     
    • Funny x 6
  4. kort677

    kort677 Active Member

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    if you need to ask this question I feel bad for you.
     
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  5. Yinn

    Yinn Member

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    If you're expecting your commitment to your car loan to last longer than your commitment to your wife, then I would say pay the extra .25%
     
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  6. number12

    number12 Active Member

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    Save her credit for another purchase. Not worth $500 over life of loan.

    Also divorce now and save both yourself some time.
     
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  7. JSkrehot

    JSkrehot Member

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    Sad question. If you are worried about divorce, I would say don't buy the car as you have already stated above you don't qualify on your own, so if you no longer have your wife's income and you have to then pay rent/mortgage/utilities on your own and replace 1/2 of what you lost, you won't be affording the payments of the car.
     
    • Like x 5
  8. Krugerrand

    Krugerrand Well-Known Member

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    It's never a bad thing to consider all possibilities. Lots of people don't consider the results of divorce and let's be real; they can get real ugly and lead to personal bankruptcy.

    Having said that, no marriage is 'perfect'. Making financial decisions based on the perfectness or lack of perfectness of the marriage misses the entire point of a marriage in the first place - but that's for another forum.

    The answer for you OP is incredibly obvious; get the loan in your name only. And good luck to you and your wife - you're going to need it.
     
    • Like x 4
  9. Krugerrand

    Krugerrand Well-Known Member

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    Nah. He should get the car and just live in it after the fact. :p
     
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  10. Xenoilphobe

    Xenoilphobe Active Member

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    Get it in her name only.
     
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  11. murph335

    murph335 Member

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    Only if you use attys to negotiate and argue. If you put it all on a spreadsheet, and write it all out together then agree its less than $5k. Hire them to only add atty language that is specific, clear and conscise, and hold up overtime
    Treat it like a business deal and keep the emotions out of it.

    Part ways and use the remaining money on the kids else nobody wins but attys.



    Exactly, dont buy a car or any other assets right now. Infact, reduce expenses and pay off any and all debt while you have dual income.
    Buying a car would be Fiscally IRRESPONSIBLE at this time. Millions of ppl do it anyway though.
    ....Split

    THEN upgrade your life in more ways than one!
    Get that cool house in north scottsdale, that sony tv thats way too big but not just any tv go for the XBR, the girl thats way out of your league, and enjoy some cool cars.

    Hahaha! Good luck!
     
    • Like x 3
  12. JRMW

    JRMW Member

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    I recommend against the car.

    If you have to think about finances AT ALL then my feeling is that you can't really afford this car.

    Tesla is a luxury product. A luxury product should never cause any sort of financial stress. Period.

    Finances are a top cause of divorce. Why add such a potential strain on your marriage?

    Save up, and when you can afford this car with barely a thought, then get it.

    Until then, look at a Chevy Volt or a Bolt. I just test drove the Volt immediately before the S. The Volt was amazing!

    Take the money you save and bring your lovely wife on a dream adventure... or pay down your mortgage, or whatever would make you and your wife happiest!

    I would take a Volt with no stress over a Tesla with stress every time.

    Good luck!
     
    • Like x 4
  13. Kenx008

    Kenx008 Member

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    I think it's always good to think about all the possibilities but I'm going with happy wife happy life.

    Personally I'm purchasing the car with my credit and registering it under my wife's name as a bday present.
     
    • Like x 1
  14. Maximapolak

    Maximapolak Member

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    Either way, she's getting half of it.
     
  15. calisnow

    calisnow Active Member

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    ...son, I got 99 problems but a b_____ ain't one...
     
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  16. murph335

    murph335 Member

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    LOL as a bday present is even a worse financial decision. Gifts are not recoverable in a divorce! This thread went from irresponsible to straight wreckless. Is this for real?
     
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  17. McRat

    McRat Active Member

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    Have her cosign, but get a million worth of life on her.

    Then if things go bad, you can get a Ferrari to match the Tesla.
     
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  18. Xenoilphobe

    Xenoilphobe Active Member

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    Setup a trust fund and put the car in the trust. If you really want to get full protection there are several law firms in Panama where you could setup an offshore entity.. not sure how it works, but for an interesting read. Panama Papers - Wikipedia
     
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  19. BluestarE3

    BluestarE3 Active Member

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    If AP 2.0 works as well as claimed by Tesla, avoiding wrecks shouldn't be a problem. ;)
     
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  20. Drucifer

    Drucifer Active Member

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    Wait. DIvorce first. Car second. You don't want to have to sell you Tesla or part with it under duress.
     

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