Well, I'm making progress and closing in on some possibilities. Looks like it's going to be a late model Civic, Corolla, or Ford Focus.

Next question: have any of you had written "contracts" with your kids regarding the car? For instance, I'm considering a "deal" with my daughter that goes like this:

First year, I make the payments 100%. She finds job, starts saving, gets roommates and apartment, etc.

Second year, I make payments 75% and she makes payments of 25%.

Third year, I make payments of 25% and she makes payments of 75%.

Fourth year, I make payments of 0%, and she makes payments of 100%.

She's responsible for gas, I haven't figured out who pays for insurance yet (me at first, of course), and repairs we'll have to talk out. Maybe I'll make the insurance the same way.

Anyway, I'm thinking of putting that in writing not to be 'legal' but to be specific and clear about my expectations. I feel this way of arranging the finances does several things: it allows her to get into a vehicle, but it's not a free ride, but it's also not too high a burden too quickly. The car would be in my name for the four years, but I'd put her name on the loan to help her build a credit rating. After it's paid for, I'd gift her the car she's paid half of, and I've paid half of.

Am I forgetting anything?

Any of you have written agreements on stuff like this with your kids?