My daughter had to have a car after high school to be able to get to a job. She found the job, and there was no other way for her to get a car unless I funded the vehicle loan. We tried and I could not even listen to the swindlers in the payday loan business.
I recieved an offer on my Chase credit card for 4.6% until the balance is paid in full, so I bought her a $4,500 toyota with the card and she has remained faithful paying me $80 every 2 weeks.
We live in the middle of no where, so she had to have something reliable to drive to her Walmart job 25 miles away.
I was nervous about loaning her such a large sum of money, but the alternative was to watch her do nothing.
My daughter does not know I am paying $300 every 2 weeks along with the $80 she gives me on this car to get it paid off.
Did I do the right thing? She just lost her job at Walmart for starting a relationship with her manager. She has an interview at JC Penny. I was a single mother and her dad does not help her
2007-07-31 03:28:39 · 7 answers · asked by happydawg 6 in Business & Finance ➔ Personal Finance
I am paranoid about this loan and want to make sure the loan is paid off just in case my daughter dumps it in my lap. She has been irresponsible in the past and I dont trust her. I will not ever tell her I am paying such large amounts on it. I dont want her to know.
2007-07-31 03:43:44 · update #1
Auto finance is what I do for a living and I agree with john m.
Stay on your daughter and make sure she repays you in full.
From what you say, it seems your daughter sometimes doe's not make sound decisions. Do not bail her out.
2007-07-31 03:42:43 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Why are you paying such a large amount each month.
Extend to loan term and although you may pay more interest you can at least afford the payments.
Talk to the credit card company they will be eager to assist.
Good Luck
2007-07-31 10:34:44 · answer #2 · answered by Rick J 5 · 0⤊ 0⤋
I think you are ebing the best parent you can be. I wouldn't tell her that you have been paying on it though. Make sure she thinks it is her responsibility to pay it off in full. I would give her an ultimatum also. If she can't get a job and pay for it she doesn't get to keep the car it becomes yours. That way she knows you mean business and your not just giving it to her.
2007-07-31 10:33:03 · answer #3 · answered by uteva713 3 · 0⤊ 0⤋
It's certainly not my place to tell you if you did right or not. I will say that I believe you're handling the car's financing well. I would also recommend that you stay on your daughter to make sure she repays you the full balance. There is no value in being carried along at her age. She needs to build confidence in her ability to take care of herself.
I'll bet you're a good mom.
2007-07-31 10:35:24 · answer #4 · answered by John M 3 · 0⤊ 0⤋
Hi,
Hi, you should go for a refinancing to get a better interest rate. This will reduce your monthly commitment to a great extent. You can visit http://www.autoloanguide.info for some useful tips. Good luck!
2007-07-31 11:18:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋
keep paying ,do not let her know. when the credit card is paid off. keep collecting from her till her note is paid off she needs to learn responsibility.
2007-08-01 09:05:12 · answer #6 · answered by I AM BACK 7 · 0⤊ 0⤋
You are doing it out of love but I think it is not an intelligent idea.
2007-08-01 10:52:22 · answer #7 · answered by ud 5 · 0⤊ 0⤋