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The original was posted on /r/maliciouscompliance by /u/ZacZupAttack on 2024-06-09 18:41:12+00:00.
Used to sell cars, one year I sold a V6 Premium Mustang to a client, who became my friend. Lets call this guy John.
John was a good guy, a troubled guy, but a good guy. He liked to drink. I liked to drink too, he loved his Mustang from me, and that’s how we became friends. He bought the car from me, we when out drinking together, became friends.
Johns drinking got worse…a lot worse. John story doesn’t have a happy ending. Long story short John drunk himself out of a job, ended up getting evicted and moved in with his parents at 50 years old. Obviously John was no longer making payments on the Mustang.
The Mustang sat in John’s parents garage. Which made it super hard for the repo man to get. One day John is telling me the bank is trying to repo the car, but he hates the bank, and he is going fuck them over and never let them have the car. Thinking I go “What if I buy the car?” John goes “What ya mean” and I tell John since he’s active repoession I can try to buy the car from the bank at a super big discount. John tells me he still owes nearly $30k on this Mustang and its not worth anywhere close to that. And I tell John I would have no intentions of paying anything close to what the car is worth. John tells me if I can buy the car from the bank, he’ll hand over the car to me, I tell him if this happens I’ll give him some cash.
So I contact the bank, get to the bank manager and tell them I’d like to buy Johns vehicle, and I’m willing to pay $7k for the car. The car is worth closer to $20k. I get told my offer is absolutely insane and there is no way they’d ever accept that offer. I tell the bank that’s fine, that’s their business.
The bank calls me back, and asks me if I know where the car is. I tell them I do, they ask me where it is I tell them its in a locked garage. The banks know they can’t break and enter into that garage to get the vehicle and as long as its there…they can’t really touch it.
I tell the bank “$7k, you give me the paperwork for the vehicle I’ll worry about the rest” they go “That’s not even close to what its worth” and I go “And your not even close to getting the car”
A week passes, the bank calls me up “We’ll sell you the car if you pay us $10k” I go “I’ll go up to $8k and thats my last offer” bank goes “Deal”
I wire over them $8k, they give me the title/etc all the paperwork.
I call up John, tell him I just fucked his bank for over $20k and they are going take a massive loss on his deal. John and I plan a time for me to come collect the car from me. I go down there, give John $300 for his troubles and take his car.
I drove that car for a year
I sold it for $16,000
TL:DR I used my inside access to a vehicle to bend a bank over the barrel and buy a car for well under book value
O yea car was in good condition too, John drinking had gotten to the point where he never drove, but he didn’t have money, the car had been sitting in the garage for about 6 months when I got it. Ran great, had no issues with the vehicle.
John passed away from liver failure about a year later. He refused to get sober, he was offered lots of help.
O yea I also carried risk, had John had a change of heart that car could have set in his garage and there would be little I could do to get it out. I could have ended up with a title to a Mustang I can’t access.