Only Evil People Loan Money and Expect It To Be Paid Back

By
Industry Observer

A friend wanted to buy a new car, and he had no money.  His credit wasn't very good, but he convinced me that he would pay me back if I loaned him enough to buy the car.  I took a chance on him and he got the car, new and nice, actually nicer and newer than mine.

For about the first year, he made good on our terms, that he pay me sixty equal payments that included a nominal interest amount.  As time went by, he began delaying his payments, first by a few days, and eventually he was a month behind.  He asked me if I could change the terms that he had agreed to, and I explained that I didn't think that was a good idea.  I had other plans for the funds he was using, and he would have to find a way to make the agreed payments.

He said that I was being unfair to him, and that, if he had good credit, he could now get an interest rate half what I was charging.  Furthermore, the car isn't even worth what he  now owes me.  I tried to explain that we had an agreement, and he had to live up to it.  Well, he didn't.  He stopped making any payments, and our relationship deteriorated.  Eventually, I felt that I had no choice but to try to repossess the car and sell it to reduce my losses.  I warned him of my intentions.

Well, he continued to ignore my request to resume paying, and I repossessed the car.  It was not in good shape with considerably more than just normal wear and tear.  I took a big loss including a pile of money and a friend.  As a matter of fact, he went to our Attorney General and asked for help.  The AG has contacted me and wants me to compensate my ex-friend for his inability to drive to work.  Apparently there were a couple forms that the state demands be filed, and I filled them out incorrectly.

All my friends and business associates think I'm an evil person because I stole my friend's car.  Perhaps I am.

Posted by

 Mike Carlier  Lakeville, MN

 

612-916-3033

 

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Ambassador
1,230,337
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

OKay, is this real or is it a metaphor? I'm thinking it is the latter, and a very good analogy (by the way).

Feb 11, 2012 01:39 AM #1
Rainmaker
3,985,569
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Real or analogy, doesn't matter.  It is what our society has become.  GIMME GIMME GIMME!!!

No pride in ourselves. No wonder many countries have looked down on us for years.

Really, you repossesed his car...You BAD man!

Feb 11, 2012 01:47 AM #2
Rainmaker
592,890
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

Great analogy. Too bad the average person does not understand this. OR they choose to ignore it when it is in their or a friends favor.

Personal responsibility goes out the window when the government 'protects' everyone.

Feb 11, 2012 02:02 AM #3
Rainmaker
1,607,755
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

I would find a new set of friends first and then I would see him in small claims court. But the moral would be

 Friends don't let Friends drink and drive

Friends don't let friends pay high commissions

Oh and Friends don't loan friends money

Feb 11, 2012 02:05 AM #4
Rainmaker
624,311
Lindsey Hasford
Edina Realty - Elk River, MN
Bringing you home...

It's not unlike a situation we are currently dealing with. We helped someone and had to put our foot down. Now those on the peripheral of the situation think that we are the 'bad omen' in the mix and they really don't know the nitty gritty and why we had to change our tune. Of course... these are the same people that told us in the beginning that we were 'foolish to help' someone in that situation.

Feb 11, 2012 02:18 AM #5
Rainmaker
298,606
Bud & Beth McKinney
RE/MAX UNITED - Cary, NC
Cary/Raleigh/Apex NC - The Team That Cares, RE/MAX United

I agree with you -- I would have done the same thing and I would feel pretty sick about it right now.   You are a great person

Feb 11, 2012 02:30 AM #6
Rainer
111,816
Leslie G. Rojohn
MoonDancer Realty - Sylva, NC
GRI, ABR ~ MoonDancer Realty

Interesting how Than went right to bashing government for something that was between two parties. Analogy or real, both parties made errors, both parties will suffer and in the end both parties will learn.  Government involvement on both sides will simply be to protect and impower.

Feb 11, 2012 02:49 AM #7
Ambassador
1,155,949
Bryan Robertson
Los Altos, CA

Good analogy.  The inability to pay isn't an excuse to not pay.  That said, sometimes bad things happen to good people.  There are times when simply following the letter of the agreement is less important than the spirit.

Feb 11, 2012 03:49 AM #8
Rainmaker
522,422
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

OK, it turns out that it was all a dream.  I should have known when everyone kept calling me Chase.  I'm sure glad that I actually never victimized anyone by loaning them money.  Yes, there are evil entities out there, mostly banks.  We hate them when they loan us money, and we hate them when they don't.  It all reminds me of another dream when I ran over a guy crossing the street.  The City got in big trouble for building the road.  I would have probably blamed Chrysler for that one. 

Feb 11, 2012 03:55 AM #9
Rainmaker
1,268,918
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

SO many lessons to be learned and found within this little story of yours, Mike.  Being a lender, I might see this a tad bit different than many here.  But there is a case to be made from many sides ... although I must admit I don't find the government to be at odds with common sense or duty here (at least this time).  Certain procedures must be followed, no matter.  I'm sure we all could have a good lengthy conversation over this one ...

I'm featuring this in BananaTude today ...

 

Featured in BananaTude! 

 

BananaTude Group Pic

 

Gene

Feb 11, 2012 08:40 AM #10
Rainmaker
522,422
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Thank you, Gene.  I'm just glad it was only a dream)))

Feb 11, 2012 09:37 AM #11
Ambassador
3,161,946
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Oh I love it when you set up a metaphor like this.  Yes, those darned evil banks. How dare they expect to take back the collateral they loaned against when someone turns out to not be good for the money. 

Feb 11, 2012 09:49 AM #12
Ambassador
3,161,946
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Featured in the group:  BARTENDER, MAKE IT A DOUBLE.

Feb 11, 2012 09:50 AM #13
Rainmaker
522,422
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Thank you, Chris Ann.  You're making me thirsty, and I do believe it's now happy hour.  Time to stuff a few olives with some locally produced blue cheese. 

Feb 11, 2012 10:12 AM #14
Rainer
21,789
Eric Everett
Keller Williams Realty Heritage - San Antonio, TX

Great metaphor Mike.  I know there were a few instances of "predatory lending" during the last few years of the boom - but seriously, if you're going to make such a large purchase take a little time to figure out the terms!  Most people screaming "predatory lending" just made a bad decision and assumed the asset would keep going up regardless of their ability to pay.  And now the evil banks are paying $25 billion so the American public feels like the current administration is "being proactive".  Oops, got into politics.  Ahh well!

Feb 12, 2012 02:26 AM #15
Rainmaker
522,422
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Eric, I don't understand how my dream prompted you to change the topic to housing and political issues 8-)  Anyway, what the heck is a metaphor?  I've heard of a pottiphor.

 

Feb 12, 2012 04:26 AM #16
Rainer
111,688
Caprice Couselle Realtor Morristown Homes For Sale
Keller Williams Realty - Morristown, NJ
First Time Home Buyers,Relocation,Horse Farms

Let no good deed go unpunished. Is what comes to my mind.

Caprice

Feb 14, 2012 01:08 PM #17
Rainer
111,688
Caprice Couselle Realtor Morristown Homes For Sale
Keller Williams Realty - Morristown, NJ
First Time Home Buyers,Relocation,Horse Farms

Happy Valentines Day

 

Caprice

Feb 14, 2012 01:10 PM #18
Rainmaker
1,027,150
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

ROFL....my, my, what a great little story, you evil man, you.  Yet, the country is full of people who would not only NOT "get" this post, but would agree you are evil.  Oh, wait, no, by my calculations, it's probably about half the country.  ;-)

Feb 19, 2012 01:13 AM #19
Rainmaker
522,422
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Susan, it sure is strange -- the dreams we have and how they seem so real. Actually, my lending experience began and ended while in high school, just a few short decades ago.  I loaned a classmate a quarter and she never paid it back.  Never again to anyone, and so far, so good.

Feb 19, 2012 01:34 AM #20
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Mike Carlier

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