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September 01, 2014

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Happy Labor Day to you and your family.

I want to tell you about our experience buying a used car for our teen this weekend. We went to look at some used cars at the Honda dealership that I have used for almost twelve years (and been very happy with their service). We found a late model car with low mileage at a good price (of course we negotiated) that we all liked. The first thing they did after we agreed on a price was give us Credit Application paperwork to fill out. They didn't even ask if we were planning to finance the car. I of course told them I had our checkbook with me and that we would pay cash. It seems crazy to me that they assumed we would finance a $13k purchase, I guess it goes to show how most people acquire their used vehicles.

K D
My approach back in the late 70's was to give my teens an interest free loan myself. I also gave them a payment book. They never missed a payment. The difference between then and now may be that my teens each had a variety of jobs such as working at a car wash, deli, stacking shelves in a drug store or market, flipping burgers, doing house work, delivering papers etc. They also didn't have cell phones & computers - it was a very different world back then. Now I see young adults (frequently minorities) doing those jobs.

Happy Labor Day. Thank you for working so that I can continue to draw Welfare and food stamps.

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