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[quote=Anonymous]Our nanny has been with us for nine months, but before that she was our cleaning lady for two years.  (Prior to cleaning she was a nanny for four years for my husband's co-worker, whose kids grew up and didn't need a nanny anymore).  She is with us 30 hours a week, and takes care of our child, cooks, cleans, does laundry etc.  In addition to being our nanny, she also cleans houses for other people in our town and neighboring towns.

Our nanny recently got into an accident and completely destroyed her car, which she was financing.  It was her fault.  Her insurance will pay off the car loan, but she now needs to buy a new car.  My nanny is an honest, hardworking mother of 3, but she has bad credit.  She is also an immigrant with so-so English skills and easily intimidated by people in positions of authority.  The bank charged her 19% interest on the car that she wrecked.  19!! Because my nanny does not have money for a down payment, the bank was dragging its feet regarding the terms of a new loan, so I went to the car dealership with her to see if we could get more information.  We were told that if she could put down $5,000, it would greatly reduce her interest rate.  My husband and I are willing to put down the $5,000 for her, and pay her $80/week less until she works it off.  With the deposit, The bank is offering 14.99% interest, which is still highway robbery.

My husband and I are debating whether to buy the car ourselves, give it to our nanny, and have her sign a contract saying that she will pay us X amount each week until the car is paid off. We don't want to own the car ourselves, since she drives it around for her cleaning jobs, and we are leery of taking on the liability. It is a big risk though, to buy a car for her.  And it comes with the headache of what happens if the car breaks down? If she gets into an accident?   If we want to part ways?  On the other hand, it seems unconscionable that she pay 14.99% interest.   Our nanny is a good person - she works very hard to support her children and her parents, and we hate to see her being taken advantage of.  It just seems so unfair.

What would you do?  [/quote]

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