Divorce and the Big Car Payment

[⚡️ELECTROMAN⚡️]

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.

 

[Az_Rael]

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.

 

[jerry33]

My understanding is that a divorce costs about as much as a Tesla. (Don't know first hand though.)

 

[kort677]

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.

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

 

[Yinn]

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%

 

[number12]

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

Also divorce now and save both yourself some time.

 

[JSkrehot]

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.

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.

 

[Krugerrand]

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.

 

[Krugerrand]

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.

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

 

[Xenoilphobe]

Get it in her name only.

 

[murph335]

My understanding is that a divorce costs about as much as a Tesla. (Don't know first hand though.)

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.

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.

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!

 

[JRMW]

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!

 

[Kenx008]

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.

 

[Maximapolak]

Either way, she's getting half of it.

 

[calisnow]

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

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

 

[murph335]

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.

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?

 

[McRat]

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.

 

[Xenoilphobe]

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

 

[BluestarE3]

This thread went from irresponsible to straight wreckless.

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

 

[Drucifer]

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