Chip Chick
Have you ever offered to help someone pay for something you thought would be at a set price, but then they ended up getting something more expensive, and you had to back out?
One woman recently offered to help her little sister with some of her first monthly payments for her first car but had to take back her offer when she got a car that was way more expensive than she had planned for.
Her little sister is 18, and she’s 27. Her sister will be heading off to college this fall and will need a car to get around since she’ll be living at home instead of on campus.
She told her sister she’d give her $5,000 for her first few monthly car payments as a graduation gift.
She wanted to do this for her sister, as she knew their parents didn’t have much to give and wanted her to be able to build a good amount of savings while she was in school.
After meeting with her sister and parents a few times, they decided her sister could only purchase a car worth $25,000 to $30,000 maximum.
“This car isn’t meant to last her a decade, [as] she’s never owned a car before,” she said.
“This is ‘baby’s first car.’ It’s supposed to be an affordable used car for a college kid to get around in. It should last her [through] college, and then she can figure out what to do from there. I was lied to because she and my parents went out and bought a brand-new Jeep. I’m livid [that] my parents co-signed for her to get this. Not only did they buy a $65,000 brand-new car, but they [also] financed a $10,000 down payment at an even higher APR.”
She’s extremely upset, as her parents can’t afford these car expenses and didn’t consult her before making such a big purchase.
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