Definitely, KBB is a good place to get a rough idea of value. But I have had cars where I got way more or way less than KBB estimated they were worth.

Rather than refinancing, is it possible for her to assume the loan at the current rate? Google mortgage assumption

Will depend on the terms of your mortgage

So my fiance started the application, and he shared my email for me to complete the application. That email I did receive and I filled out the application. But after that the lender would directly send us emails and from then my email had been incorrect. So I'm not sure if she just copied my email wrong since I did get one correct email but it was automated.

You still end up with more money though. If you quit your W2 job, you'll be in the same position as them.

You also know how tax brackets work right? You only pay that bracket's % on income in the bracket. You don't pay 22% on everything.

From experience, no reporting because you’re likely not trying to hide money or do something dodgy. Governments don’t like cash, they can’t trace it. Wires they can trace.

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Depends on how you look at it. If I am competing with businesses making less than $44,725 then they pay 12% tax while I am paying 22-24%. They get an advantage as a result.

Not really a marital status issue. Maybe it is, I’m not a banker and don’t know the laws.

It’s more of an issue where the bank already knows the credit history of one party who will be cohabiting the home, even though they aren’t on the loan.

And he didn’t have to put his social in to open it up?

I completely agree the insured party who lied about the vehicles use has committed fraud not the insurance company or the agent or the underwriter. 100% and driving without insurance is in fact a crime. But you can’t blame an insurance company because someone misrepresented their situation to bypass obtaining the right insurance. Also if an insurance company can’t stipulate the policy terms which the policy holder agrees to when purchasing what stops everyone from lying? Why can’t I buy insurance by the mile say I drive 1 mile a year and pay $1 annual premium now you have to cover me? Come you cannot possibly believe that every insurer should insure 100% of every singe claim if the policy was misrepresented at the time of purchase.

Yeah, most of the documents have been encrypted, but today my fiance showed me the documents that were sent and they had our SSN and it was just attached to the email with no encryption.

> I don't think they care if I'm using the transit benefits for my own use.

The IRS does. The benefit is specifically for commuting, not personal use.

Your family member needs to get his financial **** together. Forget about all the numbers you shared - the big problem is his credit score. He will get eaten alive by the interest rate - and needs to minimize the loan size as much as possible.

My choice for a reliable high mile commuter in a $4-6k range would be a 2010+ Nissan Sentra/Versa. That little engine is bulletproof, as long as you stay away from CVT transmissions.

Once he gets his credit history on track, should be no problem buying a new/gently used vehicle of his choice.

Don't do it...

You're not being punished. This is actually very fair within the context of the US tax system. If you make 50K at your W2 job and 50K from your business, you pay the same income taxes I pay making 100K at my W2.

He is going to have a very hard time and should temper his expectations. Look at police seizure auctions or similar or government surplus sales, as they will be high mileage but you can get them cheap sometimes. Financing may be his only option but he's going to get ruined on the interest rate.

Drunk one may be dependent. My brother flipped his car while drunk, only hurt himself. Insurance paid out and then immediately dropped him

Thanks for the response.

As I said to the other commenter, I don't think I can have much influence over these broader personal finance decisions. He's made it pretty clear that he's not interested in my opinion on that stuff. So I'm trying to just be non-judgmental, and give him the best possible advice on this narrow car question.

There is a breach somewhere here. Lenders aren’t allowed to send docs through email unless you have signed the electronic consent form. But the saving grace is that loan docs are usually encrypted and requires the last four of a social to open and sign them.

So chances are slim that your info is compromised. Check with your lender on how they were sent out.

Wouldn’t wire and travel be the same in term of reporting?

>My question is what would you guys do in this situation?

There is no way in the world I would share a mortgage with someone to whom I wasn't married. Ask your lawyer to tell you all the things that could go wrong here.

Don't take the risk. Make a clean break of things.

And don't lean on family to co-sign a loan, ever.

Thank you!

Thanks for the response. I don't know where the money is going, but I really can't do much about that. He hasn't asked me for help managing his finances, and he doesn't respond well when others try to intrude on that.

He is asking me about what he should do with respect to the car. So I'm trying to give him the best advice I can on that question.

Why do you need to travel with that much cash though? That is a very bad idea, can’t you pay for whatever you’re paying for electronically? What is this event anyways that requires a $10,000 personal loan.

How did they initially obtain your email?