I am paying a car off. Is this the right way to go about it?

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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

I am paying a car off. Is this the right way to go about it?

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.

I am paying a car off. Is this the right way to go about it?

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.

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I am paying a car off. Is this the right way to go about it?

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