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.