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[quote=Anonymous]OP, it sounds like you have known your nanny for a while.  My advice first and foremost is to advice her to repair her credit. She could start off by paying off any debts that she has and then getting a secured CC. After 6 months or so, she could consider applying for a CC with capital one.

My nanny has been almost in the same position like yours. She has 2 kids, bad credit, single mom etc. When she was expecting her second, I considered several options such as cosigning for her, loaning her $10K to buy a nice used car. I even took her to a dealership that I had a great relationship with. The dealership actually offered to give her a good interest rate.

However, all the cars that the nanny wanted were $18k before tax and tags and she only wanted an Acura. She would not consider another model. She was also dragging to pay off a $300 debt with a bank ( this is what was ruining her credit). At that point I gave up.

Looking back, I am glad I didn't loan her the $$ or co-sign for for her. It would have been one of the worst mistakes of my life.  My relationship with her went south after she had her 2nd child. More than 3 times I have considered letting her go for cause. One time she didn't call or show for 4 days because of boyfriend drama...

As someone who has been there and almost done that, I would say give her tough love or at least give the situation another month or so. She needs to take responsibility for her actions- in this case she needs to repair her credit first. Let her pay that 14 % interest rate if she desperately needs a car. [/quote]

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