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Family member of mine has never been good with money and I've always been better off. The family member has 3 small children and one working vehicle a car. They have a van in the shop but its on its last legs. They just cannot afford to get a good decent van. Well my wife and I had a van and my wife didnt want it anymore. Family member had always said if we ever get rid of it they would love to have it. Our van was very well kept and very low miles for the year of it. Well we go and trade in the van and get $4500 for it. When family member hears about this they were sorta sad/upset/dissapointed saying geez i would of given you that much for it. I never took them seriously cause I never thought they could come up with the money for it. I felt really bad though. The retail sale price of the van in its condition is between $7500-8000 and I realized that yes I need to do what I can to help them get our old van. I called the dealership back and said if i come out and write you a check for $4500 can i have my old van back. I was surprised when they said yes I could do that.
So now time for the huge risk I took. Family member doesnt have any money right now. I paid for the van myself and
I borrowed the money from my heloc!! They swore they would pay me back even though I've been burned by them in the past but that was long ago. They were waiting for work bonus, some insurance money from a storm, and tax return. They were so happy and so was I now they had a dependable vehicle where they would of had to pay almost double from if they bought retail.
Well month or so afterwards they got some insurance money and paid me $1000. Then couple weeks ago they got the tax return and I got the rest of my money. I still lost in the whole deal because I had to pay interest on my heloc while the money was out of it. In the end I probably paid about $50 in interest on that money but I feel it was worth it to help out a family member.
Anyone else have a story of a huge risk that turned out ok?
So now time for the huge risk I took. Family member doesnt have any money right now. I paid for the van myself and
I borrowed the money from my heloc!! They swore they would pay me back even though I've been burned by them in the past but that was long ago. They were waiting for work bonus, some insurance money from a storm, and tax return. They were so happy and so was I now they had a dependable vehicle where they would of had to pay almost double from if they bought retail.Well month or so afterwards they got some insurance money and paid me $1000. Then couple weeks ago they got the tax return and I got the rest of my money. I still lost in the whole deal because I had to pay interest on my heloc while the money was out of it. In the end I probably paid about $50 in interest on that money but I feel it was worth it to help out a family member.
Anyone else have a story of a huge risk that turned out ok?
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