Reply to Would you buy your nanny a car?

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[quote=Anonymous]We had pretty much the same situation 4 years ago.  Our nanny got into an accident and the damage to her car was more than the value so it was totaled.  She had poor credit from medical debt and wasn't going to be able to finance at an affordable rate (19% sounds about what she was being quoted).  DH and I agreed that she needed a car, we weren't willing to co-sign and didn't really want to buy one for her since it would be for more than just work.  We ended up financing the purchase and taking $60 out of each paycheck.  DH and the nanny went to the dealership together and he helped her with the negotiation and purchase, the loan is recorded in loanback.com and when she finishes paying it off we'll transfer the title.

She stopped working for us after a couple of years to go back to school, but she pays each month (and uses it as an excuse to visit the kids).  We get notification from her insurance company each renewal period, which confirms that the car is still insured.  Honestly, I was a bit worried that we were nuts for doing this, but we were in a position to help her out and it's worked out well.

For those who say not to do this, we always figured that as the worst case scenario and she stopped paying that we'd end up having to take possession of the car.  She was able to put a few thousand down, so even if we'd have to have gone that route we wouldn't have ended up way in the hole.[/quote]

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