Lease issuers argue they own the car in name only, and exercise no more control over how it's driven than a bank that finances a car purchase. (Banks take liens, not titles, for cars.) Most states agree, but a handful of eastern ones--including Connecticut, Maine, Maryland, New York and Rhode Island--don't.

FORBES: Guilt by Association

If you want to exercise greater control over how much your child can spend, consider a no-fee prepaid card.

FORBES: Credit Cards For Kids