Divorce and the Big Car Payment

[CHG-ON]

Sounds like your first priority would be to work on the relationship.

I say it because I learned the hard way, not to be critical.

 

[⚡️ELECTROMAN⚡️]

i think most of the shock comes from the fact that you are talking about it publicly to strangers in this forum ...

Oops sorry, my bad. I thought this was the Dear Abby Forum.

 

[⚡️ELECTROMAN⚡️]

Sounds like your first priority would be to work on the relationship.

I say it because I learned the hard way, not to be critical.

Thanks, yes I know. Easier said than done.

 

[bswn1]

I think the answer is spend the $500, but you already knew that didn't you!

 

[⚡️ELECTROMAN⚡️]

That's what I was leaning towards, but I thought it would be an interesting topic for conversation. I learned things.

 

[InternetDude]

If you need 6 years to pay a car off, you can't actually afford it.

 

[⚡️ELECTROMAN⚡️]

One thing I learned was that a lot people on this forum have a tendency to jump to conclusions. Just because I'm sweating over the small stuff doesn't mean I'm poor. Don't worry, I can afford the car. I know multimillionaires that sweat even smaller amounts than I do. There's a reason we are well off and not up to our eyeballs in debt. The Tesla loan will be my only loan. At 2% it would be foolish not to finance it. I could pay cash if I wanted to liquidate some assets and that might be a good idea with the stock market at an all-time high. A fool and his money...

 

[Max*]

One thing I learned was that a lot people on this forum have a tendency to jump to conclusions. Just because I'm sweating over the small stuff doesn't mean I'm poor. Don't worry, I can afford the car. I know multimillionaires that sweat even smaller amounts than I do. There's a reason we are well off and not up to our eyeballs in debt. The Tesla loan will be my only loan. At 2% it would be foolish not to finance it. I could pay cash if I wanted to liquidate some assets and that might be a good idea with the stock market at an all-time high. A fool and his money...

What you said

One thing I learned was that a lot people on this forum have a tendency to jump to conclusions. Just because I'm sweating over the small stuff means I'm poor. Don't worry, I can't afford the car. I know multimillionaires that sweat even smaller amounts than I do. There's a reason we are not well off and up to our eyeballs in debt. The Tesla loan will not be my only loan. At 2% it would be foolish not to finance it. I could pay cash if I wanted to liquidate some assets and live in a cardboard box and that might be a good idea with the stock market at an all-time high. A fool and his money...

What everyone else read....

 

[patrick40363]

Go write to Dear Abby, This is a Tesla forum.

 

[BluestarE3]

Go write to Dear Abby, This is a Tesla forum.

Ah, but while Abby may be expert in matters of the heart between people, would she understand how a person's passion for an automobile (especially a Tesla) may color one's judgment and weigh heavily on one's heart?

 

[⚡️ELECTROMAN⚡️]

What you said


What everyone else read....

You're a very funny guy. I see a few divorces in your future.

 

[Max*]

You're a very funny guy. I see a few divorces in your future.

Nah, been with my wife for 14 years now. You just gotta find the right one (i.e. the one that'll put up with you).

 

[⚡️ELECTROMAN⚡️]

So true. That seems to be the key to a happy marriage.

 

[Canuck]

I asked my wife what she wanted for Christmas. She said "A divorce." I said: "Please make it something I can afford."

 

[jeepn30]

Thanks for keeping it real and sharing your pain with me. Were you guys both on the loan?

We were both on the loan. When we traded in the Nitro, only her name was on the loan for the Caliber. As crappy as it was to see 8k disappear in a couple month's time, it was one less thing to worry about, as my name was no longer on the car.

 

[CHG-ON]

Thanks, yes I know. Easier said than done.

From your mouth to my ears.

 

[⚡️ELECTROMAN⚡️]

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

Carry on.

How do you figure? I'm coming up with $592.46 total interest on an $80,000 loan for a six year term.

 

[Maximapolak]

How do you figure? I'm coming up with $592.46 total interest on an $80,000 loan for a six year term.

At 1.99% it would be almost $5000 in interest at 6 years.

80k / 72 = 1111.11 per month
@1.99% = 1180 per month

So 69x72=4968

 

[⚡️ELECTROMAN⚡️]

Darn it I forgot the at .25% part. The cost difference between the loan at 1.99% versus the one at 1.74%.

 

[Max*]

At 1.99% it would be almost $5000 in interest at 6 years.

80k / 72 = 1111.11 per month
@1.99% = 1180 per month

So 69x72=4968

Close, but with some rounding errors.

Monthly payment @ 1.99% is $1,179.68
Total interest paid is $4,937.26*.

*Depends on how the bank does it. They may make it $1,179.69, since there's a $0.31 discrepancy at the end of the loan with $1,179.68.