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I have honestly NEVER had anything like that work out. Whether it be for the car dealership when I financed someone, car repairs on payments, or just straight out loans. NEVER was made whole... EVER.
Always some excuse as to why they can't pay. Always always. With the cars, they've always been cheap vehicles, and their down payment covers or almost covers what I had into them, but I've found after 3 failed attempts to do buy here pay here that it's not worth it. I totally respect the dealers who do this and totally understand why they charge $10,000 for a $1,000 car at 29.999% interest.
The worst one was a very skilled auto body guy I let set up in my back garage at the old dealership. I let him buy and sell a few cars on my license, and paid good money for him to do several repairs on my vehicles. He did really well for a year. When I made the choice to close the dealership, I helped him find a new place, get all set up, sold him some equipment on loan and paid for the sales tax on vehicles he had left to sell. The agreement was when he sold one of his cars he would pay me off.
He called me about a month after closing saying he sold a truck (worth about $5000, he owed me less than a grand) and that he needed help with the title work. I agreed and said we can meet and I'll help with the title and he can pay me off. The next day he texted saying he went to a title service place that helped him. I asked when he was going to pay me off. No response. Tried contacting him several times throughout the next few months, he obviously avoided me.
What the dummy didn't realize is I would have still given him lots of work and I would recommend him to everybody I knew. After everything I did for him as well. Just shocking, highly stupid.
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