Any logical reason why you can't sell a car you bought new?

[BusynMember]

As you all know (and I apologize for the repetition) 35 has taken me to the brink lately and I am fighting to get back to normal and I think it's going to work. I'm so stressed out that I've been telling him things the way they are an d not how he wants me to talk (all positive) and that makes him tell me to go to hello and to hang up on me. I'm so fed up I want to scream. He doesn't do anything I suggest and that's fine, but he SWEARS at me for suggesting these things and that's NOT fine.

I digress: I do have a question about cars. My husband and I always purchase old cars, money down. He's a mechanic so they run for a good three years if not longer so I know nothing about buying a new car. Ok, here's the question.

Can 35 sell his Camaro that he bought while married? He claims he can't. He may be renting to own it, but I think he bought it and still owes on it. I'm trying to get him to sell some of his stuff to save up for a new lawyer because his father is threatening to cut off the money and I believe he will. My son has no extra money for his case. I gave him suggestions on saving...move to a cheap apartment, sell his car, get rid of the internet, get rid of the cell phone for now...if he's t hat desperate to keep his son, he needs some extra money even at a risk to his personal comfort. He keeps saying "I can't" or "That isn't going to pay for a lawyer." But the car? I don't get it. It's very impractical, not made for long distances and eats up gas.

Does anyone agree with him or can anyone explain to me what he might mean?

Today he swore at me and hung up which means he's on his own for a few days as I am "grounding" him for bad language. He was at work and said, "People can hear me. YOU'RE going to get me fired." I said, "35, that's ridiculous. I don't control what you choose to say" and that's w hat set him off.

I need a few days off. Maybe I can just continue to tell him the hard truths and he'll stop calling me because he doesn't want reality from me.

Back to the car. I'm curious. Anyone know what he's talking about?

 

[TeDo]

Not sure if the divorce is or isn't final for 35 or if that is even the issue for 35 when it comes to the car. My sister and brother-in-law went through the same issue with a motorcycle when they divorced. Both their lawyers told them they cannot "dispose" of ANY marital property until the divorce was final and the divorce decree gave them permission to sell it. If that is the case with 35, he could 1) have to give the ex half of what he sold it for (not 1/2 of any profits) or 2) pay every dollar from the sale (not the profit) to the ex if she claims she wanted it and was going to fight for it.

I found with my sister and brother in law that divorce law really does have a lot of "rules".

 

[BusynMember]

Doesn't have anything to do with the divorce. Long over. I can never understand what he's saying when he tells me why he can't sell his car.

He really paints himself into a corner where he thinks he can't do anything to free up some money. I'm g lad he's angry at me now. I don't want to talk to him. But I'm curious about the car thing. I thought one could sell ANY car at ANY time, but again I never buy new cars.

 

[InsaneCdn]

Depending on the purchase agreement, there may be huge penalties to paying out the loan early.

 

[BusynMember]

Ok. Well, that makes a little bit of sense then. However, this care is costing over $1000 a month with the high insurance rates of a sports car (sigh).

 

[TeDo]

It could also be a car lease. In that case, he can't sell it until the lease is up because it still technically belongs to the seller. Once the lease is up AND he buys it, it's his to sell. Until then or if he chooses not to buy it when the lease is up, the car isn't his to sell. I leased a car once so I know how those work.

 

[LucyB]

Does he have another car? St. Louis does not have great public transportation, so he probably does need to keep one car. Can he lower his insurance rates by increasing deductible or dropping collision? My daughter only pays $600/month for a nice one bedroom apartment near South County Malll. Her lease is up and she is moving out of state, so I know the complex will have a one bedroom available August 1.

 

[witzend]

I suggest you look at "get out of my lease early" at edmunds.com and Kelly Blue Book - kbb.org. It sounds as though 35 has leased the car, and he can end the lease early with a fee, (exorbitant), look to have someone take over the payments with a little money down, (he's never going to get his money) and they have other ideas there. Then you can understand better how difficult it is for someone to get out of a lease. He won't get any money out of it and it will ruin whatever credit he had.

This doesn't sound a lot like detachment, though. Is your husband doing any more than "get your act together or I'm cutting you off"? Since husband is the one dealing with money, maybe it would be better if he got together with 35 and had an honest look at the finances to determine what can and can't work. Threatening to cut him off can't be helping. It seems as though it should either be that, or leave it alone - no piecemeal fix this or fix that. Or, just refer 35 to a credit counselor.

 

[witzend]

It could also be a car lease. In that case, he can't sell it until the lease is up because it still technically belongs to the seller. Once the lease is up AND he buys it, it's his to sell. Until then or if he chooses not to buy it when the lease is up, the car isn't his to sell. I leased a car once so I know how those work.

That's technically correct, but he could find a buyer for the car who would buy out his lease. To do that, he finds out what the early payoff amount is, that money goes to the lessor (dealer), and whatever is left goes to him. In that case he acts as intermediary for the leasing company. He doesn't have to tell them he is selling it or who he is selling it to in order to get the information, to start with he only needs the early payoff amount.

 

[DammitJanet]

well if he is buying it outright, the fact is he if probably underwater on the loan anyway. that means he probably owes more for the car than it is worth right now so even if he sold it he would have to pay more to the loan than he would get from a private individual. Now if he can go to a dealer and trade it for a small, cheap and reliable car he may come out better because they would pay off his loan. I would wait until he saw one of those ads for "we will pay off your car no matter what you owe" deals. we get those or the "drive in any car and get 8000 trade in" ads.
"

 

[BusynMember]

All right. Thanks to all. I'm pretty sure it's a lease so that would explain it.

He never gets behind in his bills, but he struggles in order to keep them current. And I do mean STRUGGLES.

 

[Dixies_fire]

If he goes to the same dealer and trades in for a different ie: cheaper car to lease he could do that no problem. But that is not the cash injection that selling a car is. But from what I know of leases they are a very easy way to get ripped off. I don't think leasing is for the middle class I think it's for rich people who just want to turn it in when it loses its joy value. I don't think the lease would be dealt with in the divorce decree because mostly only deals with things you actually own to divide the property, so him turning it in to the people who actually own it could not be illegal. For example no one ever fights over a rented house in a divorce, other then possibly rent the other person did not pay.

 

[BusynMember]

Ex had a car. This was his car. She got the family car, the practical one. This car is useless, but he's stuck with it and it was his decision to buy it. I'll never understand why middle class folks buy fancy sports cars...they don't do well on snow and, have lousy gas mileage, and you pay through the nose for insurance.

35 is NOT his mother's son. I'd never waste my money on something that expensive and impractical. Don't get me wrong. I think it's FINE if you can afford it, but it was always a big struggle for him to keep this kind of car. He was kind of a money snob though (one who likes to LOOK more prosperous than he is) and now it's biting him in the butt. I doubt he'll ever buy a sports car again.

 

[DammitJanet]

I would never lease a car because you never own it. The only time you might want to lease is if you want a new car every year because sure as the sun rises in the east, you are going to go over the miles you are allowed and the cost of the car is idiotic. when you lease a car, even for a low price like $230 a month or something...or even those advertised $159 a month for 3 years....you end up paying 5700 bucks for a car and any additional money for extra mileage you went over and damages...then if you decide you want to keep the car, they will let you buy the car for retail value which is normally something like $10,000 or so, over the blue book value. Its insane.

 

[pasajes4]

I think it is an excellent idea to not talk to him for a few days or longer. You are racking your brain trying to give him sugesstions to come up with the money. He does not seem willing to give up his life style or comforts in order to do so. This has to be a source of great frustration for you.