Divorce and the Big Car Payment

[Vitold]

Although Model S is as fast as any sports car however it is not a 'chick magnet' and therefore you have nothing to worry about.

 

[⚡️ELECTROMAN⚡️]

I'm just trying gain some insight from those that may have gone through a divorce and had cars that weren't paid off. My thinking was if we cosigned then I would have to refinance, most likely with worse terms, or pay off the car from the divorce settlement. There's probably no practicle way to protect both parties without eliminating the cosigned loan, but maybe there is. I'm assuming it will be an amicable divorce with the assets being split evenly. The advantage to buying the car before the divorce would be that we would split the depreciation at the time of settlement.

 

[Maximapolak]

Although Model S is as fast as any sports car however it is not a 'chick magnet' and therefore you have nothing to worry about.

Oh yeah? Mine is in production queue and I've already had may requests for a ride.

 

[Kenx008]

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?

I stand by for richer and poorer til death do us part. By definition a gift is given and I do not expect or want it to be recoverable.

 

[PtG62901]

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.

I like the book "His Needs, Her Needs". Good luck.

 

[McRat]

I'm just trying gain some insight from those that may have gone through a divorce ...

It depends on where you sit on the foodchain. I divorced my first wife before she could stuff the entire house up her nose. Corrected for inflation, that was about $250,000 to remove that wart from my arse. A car? Hell, she got a house, a boat, 2 cars, and enough cash to burn $100 bills for firewood for a very cold winter.

It torched my credit, put my kid through the blender, and nearly reduced me to ashes.

A car? If all you have is a car to fight about, you hit the freakin' Lotto.

In the long run, that $250k was the best investment I ever made. Like the old joke, "Why are divorces so expensive?", "Because they are worth it."

 

[Plaid21]

Seriously, divorce first then buy the car.

 

[⚡️ELECTROMAN⚡️]

Seriously, divorce first then buy the car.

That's not an option. The car will be here in a week or two.

 

[BluestarE3]

That's not an option. The car will be here in a week or two.

A quick trip to Reno before then perhaps?

 

[Bishop]

im confused..

are you married and getting a divorce?
Getting married and preparing for your divorce?
already married and worried about a divorce?

If your not married and worried about a divorce should you be marrying this person?
if your already married and planning a divorce why did you marry the person?

 

[jerry33]

im confused..

are you married and getting a divorce?
Getting married and preparing for your divorce?
already married and worried about a divorce?

If your not married and worried about a divorce should you be marrying this person?
if your already married and planning a divorce why did you marry the person?

"In good times and in bad". And there will be some bad times because stuff happens, and it happens to everybody. The trick is that the bad times will dissipate eventually and bring more happy times. We celebrated our 45th anniversary July 2015 by driving the Tesla to Seattle and having a renewal wedding.

 

[Bishop]

Japanese wedding?

 

[jerry33]

Japanese wedding?

Yes. Shinto.

 

[dhrivnak]

I would invest in the marriage first as that will likely have a much higher payback and in more than just financial terms.

 

[fallen888]

Although Model S is as fast as any sports car however it is not a 'chick magnet'...

Oh I beg to differ. It's quite a magnet, for chicks as well as others.

 

[SDRick]

As you know, in divorce they get half. Just be careful, after a while, some have been known to want to get remarried to go after the other half!

 

[reghoustonguy]

Nah. He should get the car and just live in it after the fact.

Truth.

You can live in a tesla, but you can't drive a house.

 

[Max*]

Wow, wow, wow, wow. Hold your horses. If you even finance 80k, it's a $630+ difference, not $500.

Carry on.

 

[bonaire]

Buy a high mileage CPO. They're cheaper and you still get the thrills. For half the cost. And even if you title it to yourself, a divorce could split ownership or even cause you to sell. Depreciation is steep for showroom-new cars after a few years.

As one of my friends says: "it's all about the enthusiasm". With cars and women.

 

[dhcp]

Although Model S is as fast as any sports car however it is not a 'chick magnet' and therefore you have nothing to worry about.

This might be the most true statement I've read on here - the Model S is total nerd guy catnip and total female kryptonite.

Considering the divorce, if you get the car you may want to look up "camping mode" in case it becomes a primary residence.