Timeline for I am considering leasing a new car for my ex-wife. What can go wrong?
Current License: CC BY-SA 3.0
30 events
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| Aug 14, 2015 at 16:25 | comment | added | stannius | In addition to all the other good advice about the risks, one thing to note is that your purported reward of a cheap lease in 2 years for your son, is actually not a benefit to you at all. As a rule of thumb, taking over a lease is a bad deal. Cars depreciate more early on than they do later, but the lease payment is the same for all four years. The later payments are paying for the earlier depreciation. So you would have actually been paying more than market value for the car you got for your son. | |
| Jan 9, 2015 at 19:35 | comment | added | WernerCD | Likewise, glad to hear of the good call and good outcome. if only I could get my brother-in-law to stop enabling his gold-digger... | |
| Dec 26, 2014 at 4:25 | comment | added | djechlin | re. your outcome... huuuuuuge right call for you, grats. | |
| Dec 25, 2014 at 6:58 | comment | added | NeedAdvice | @WernerCD I updated the question with the outcome. | |
| Dec 25, 2014 at 6:56 | comment | added | NeedAdvice | @AAA I updated the question with the outcome. | |
| Dec 25, 2014 at 6:56 | history | edited | NeedAdvice | CC BY-SA 3.0 |
added 530 characters in body
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| Dec 25, 2014 at 6:49 | vote | accept | NeedAdvice | ||
| Jul 29, 2014 at 14:48 | comment | added | WernerCD | I'd love to know the decision and outcome of this as well. Someone without a car is a second class citizen, but that doesn't mean she needs a new car. A dependable engine with dependable breaks doesn't need to look good. | |
| Jul 29, 2014 at 4:36 | comment | added | djechlin | so what happened | |
| Mar 12, 2014 at 22:47 | comment | added | NeedAdvice | @Ultra At the moment she has a car (which has to be returned next week afaik), so yes, she does come to pick up the children. | |
| Mar 12, 2014 at 11:46 | comment | added | Szymon Toda | There is a chance: she could move to other place. Why to introduce your children to a degradated person in the first place even if it's her mother? How does she comes to pick those children anyway? | |
| Mar 12, 2014 at 3:36 | comment | added | NeedAdvice | @Ultra The reason I "care" (and "care" is strictly in quotes) is that when the kids are with her, they'll be stuck at her place since she won't be able to drive them anywhere. Another reason I "care" is that I hope that she eventually gets a job and becomes self-sufficient. There is zero chance of that happening without a car. | |
| Mar 8, 2014 at 15:54 | comment | added | mnemonic | firstly, it is your ex-wife. secondly, it is your ex-wife and thirdly, it is your ex-wife. within my dissertation, i wrote about solvency analysis and two important terms are occuring --- the alpha and beta error regarding loan lending. (which means that a finanical institute has good reasons to avoid lending money to a few people) if you take this loan, then you must be prepared that everything must be paid by yourself (and not only for a few years --- all the time). apart of that, the insurance refers to your name and stuff like that - who gives you a guarantee that everything works out? | |
| Mar 8, 2014 at 13:45 | comment | added | Szymon Toda | Why you care about ex wife? Why she cant buy a cheap car like every teen does? Leasing goes for companies, your wife is not part of your company. | |
| Mar 8, 2014 at 10:39 | comment | added | Peteris | THere's a very simple rule of thumb with such loans to (ex-)relatives - treat them as a gift that you might get back someday. The basis for the decision is simple - can you afford it and would the deal be okay for you if you disregard all the plans you listed, but simply she got the car and you had to make all the payments for it? | |
| Mar 8, 2014 at 4:44 | history | protected | Chris W. Rea | ||
| Mar 8, 2014 at 3:46 | comment | added | Ben Voigt | In addition to being a risky financial move, you would not be doing your ex-wife a service. You would instead be enabling her financial irresponsibility, and preventing her from finally learning financial lessons, and having to grow up and act like a responsible adult. | |
| Mar 7, 2014 at 19:08 | comment | added | uSeRnAmEhAhAhAhAhA | @NeedAdvice, I'm with Dheer and Joe on this one. It will be in your name, and if anything goes wrong, regardless of who's at fault, it's your credit rating that's on the line. 3K down payment? We can get decent vehicles in Australia for 3K. It would be safer for you, in my opinion, to just get a cheap car outright. If they don't meet the repayments, at-least your credit rating won't be tarnished. And don't count on her word. Get all agreements in writing, and signed and, preferably, witnessed. | |
| S Mar 7, 2014 at 16:44 | history | suggested | longneck | CC BY-SA 3.0 |
removed "co-sign" from title since the question has nothing to do with co-signing
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| Mar 7, 2014 at 16:35 | review | Suggested edits | |||
| S Mar 7, 2014 at 16:44 | |||||
| Mar 7, 2014 at 0:15 | answer | added | djechlin | timeline score: 20 | |
| Mar 6, 2014 at 21:28 | comment | added | Kevin | I wouldn't co-sign for people I love. I sure as **** wouldn't cosign for an ex-wife. | |
| Mar 6, 2014 at 16:09 | comment | added | Yamikuronue | Even if you can't buy a cheaper car outright, check the going rates on car loans rather than leases. You might be able to get a loan that cheap, at which point you'd at least own the car at the end of it. | |
| Mar 6, 2014 at 15:43 | answer | added | WernerCD | timeline score: 24 | |
| Mar 6, 2014 at 12:54 | comment | added | Joe Strazzere | "Her plan is to have me lease an inexpensive car (under my name) for her daughter." That isn't co-signing. It's only in your name, thus for good or for bad it's all on you. It's your credit rating, your money, and perhaps your insurance. | |
| Mar 6, 2014 at 11:38 | answer | added | mhoran_psprep | timeline score: 30 | |
| Mar 6, 2014 at 10:40 | history | tweeted | twitter.com/#!/StackFinance/status/441523599514804224 | ||
| Mar 6, 2014 at 8:39 | comment | added | Dheer | Can you loan your ex-MIL some amount to buy a really cheap car outright with an understanding your loan would be paid back. | |
| Mar 6, 2014 at 7:55 | answer | added | littleadv | timeline score: 82 | |
| Mar 6, 2014 at 7:46 | history | asked | NeedAdvice | CC BY-SA 3.0 |