A Tale About A Car
I plan to tell my husband a lie about his car, but is it lying if I just never bring it up? My husband loves his car - I am not a fan. Not only has it had every mechanical problem known to man, it's now 12 years old and we're completely upside down on it. Completely, drastically, ridiculously, upside down.
Most of this is due to the type of loan on the car. The loan is $355/month, but only about $200 of that goes towards principal. The credit union charges $30/month for title insurance, $70/month for loan insurance and it's a 14% APR. I believe the title insurance was factored in to the original payoff date of 7/2019, but I'm doing rough math and with $6,500 still remaining and only $200ish going towards principle, this dead weight is going to be around for at least 2 more years at this rate.
Now for the lie: I plan to refinance it, without telling my husband. It's his car and he covers the payment but the car loan is through my credit union. My credit union offers a share secured loan at 2%, so I plan to take out a loan for the remaining balance and use it to pay off the truck. I don't plan to tell my husband, because this will drop the payment to about $280 and he's the type to start paying the $280. I want him to still pay the $355 so we can be done with the truck all the sooner.
We're usually crystal clear on financial matters, but I want to keep this under wraps until he's made at least the first three payments at the new rate.
I guess all of this was to ask, where do you draw the line between His and Hers debts and acting on behalf of your significant other? Would you ever refinance without telling him or her? Have you ever done something in the best interest of both of you without discussing it first?
Just curious :)
If he's generally oblivious to details and more of a big-picture kind of guy, how about saying, "You know? I'm really tempted to refinance that blood-sucking high-interest car loan to a better rate so your/our monthly payment pays off the loan faster instead of paying so much in interest. I think doing that would get the loan paid off by ____date without increasing the monthly payment. What do you think?"
Interesting question and responses. Like other have said only you know your husband. I think which way you go depends on how he would react if he found out. Would it be more like “awww that was a good idea to save some money and I wouldn’t have even noticed!” Or would he be upset that it might have been tricky. I’ve “hid” money from my wife before, but it was to surprise her with a gift. Had she “found out” at some point in the middle of saving, she would not have been upset. Lots of variables to consider, and how you go about it, I think.
I've opted for what middle ground I could find here. I'm going to refinance the truck and wait until I have the title in hand to tell him (which I'm hoping is only a week or two). I still want it to be a surprise, but the comments have made me realize an extended, still making payments surprise doesn't sound as jovial 😅Not that I expect him to be ecstatic. His level of concern when it comes to interest rates has me hoping for a solid "Oh, that's nice."