I have 3 more years to go

No, don't worry. I am not talking about my remaining years of existence on this planet. I'm talking about my auto loan. My beloved car which I purchased a couple of years back. The only reason why I even bothered to change my car (this is my second) was that back then, my kid sister had just started to work and it involved frequent traveling. She did scout around for a couple of used cars but didn't have the budget for it. I'm talking about decent used cars, not some 2 year old junk. Where I come from, used cars don't costs under $3K.

Her biggest problem was not the car loans that are out in the market place but the down payment for the purchase. She had only been working for a few months and haven't really been able to save much in that short period of time. My parents couldn't afford the down payment either as they are both retires. No bank would offer her a 100% financing. She needed an initial lump sum for her down payment if she wanted to get a car.

My first car was less than 5 years old and being the big sister that I am, I offered to “sell” my car to her and for the purchase price to be repaid in monthly installments. I don't actually get the money. The terms of this sale was that instead of “paying” me every month, she would give my mom. It was the most logical solution at that time as first of all, she knew the history and condition of the car. Secondly, she could do away with having to come up with the down-payment and also, forget about those auto loans.