ArcaMax

Dear Amy: I'm 24 and live on my own. I have generous, loving parents. They paid for college, still pay my car insurance and phone bill, and every so often will buy me groceries. My folks are not rich, but they would rather see my brothers and me benefit from the money they have, than spend it on themselves.

Last September, my car was totaled when someone slammed into it while it was parked on the street. I bought a new car, which cost $14,000. I used $8,000 of my own money, $4,000 from a bank account that my parents started for me after I was born (birthday money, baptism money, etc.), and $2,000 out of their pocket as a gift.

This summer, I'm planning to move to New York City. I won't need my car, and my mom will soon be in need of a new car. She loves my car. I was thinking of "leasing" it to her for $100/month, or asking them to contribute to my metro card balance while she drives my car.

Is this selfish, considering they've been so generous to me my whole life?

Should I sell her my car at a discount? Should I just give it to her?

I'm trying to be morally and financially responsible.

-- Loving Daughter

Dear Daughter: Your folks have already financed almost half of the cost of this new car ($4,000 from their gift fund and $2,000 outright). They are already paying for the insurance.

You should either give your mother the car outright, or sell it to her at a steep discount. (You could then use this money to finance a security deposit and first month's rent on an apartment.)

Don't lease the car to your mom. This puts you in the position of collecting payments. It also keeps you as the owner of the car, and given that someone else will be driving it, you don't need that responsibility.

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