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PaperclipPerfector  4mo ago (text post)   2527 thread views

Friday Fun Thread for December 13, 2024

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Random opinion from the US Tax Court:

During the years at issue Mohamad Nasser Aboui was the sole shareholder of HPPO [Corp. Autoville Motors], an S corporation for federal tax purposes. HPPO owned several used car dealerships. Mr. Aboui formed HPPO in 2009 by consolidating multiple used car lots that he owned. He contributed $5,167,089 of used cars to HPPO for its starting inventory.

Most of HPPO’s customers had poor credit. Many did not have checking accounts and paid HPPO in cash. Often HPPO used the cash to pay its employees and other expenses and did not deposit it into HPPO’s bank accounts. HPPO offered in-house financing to its customers. It financed approximately 90% to 95% of its sales and retained security interests in the cars. When HPPO financed a car purchase, it reported the sale price as income in the year of sale.

Customers repaid the loans in less than 10% of HPPO’s sales. HPPO repossessed approximately 25% of the cars within three to four months of purchase and approximately 50% within one year. During the years at issue HPPO was unable to repossess over 250 cars after the buyers stopped making payments. When HPPO repossessed a car, it typically was in worse condition than when HPPO had sold it, sometimes with serious mechanical issues from the buyer’s failure to service the car.

HPPO bartered with mechanics for repair services in exchange for rental of HPPO’s garage space or as payment for the purchase of a used car. Mr. Aboui started using the barter system to recoup equipment and other costs that he incurred to set up HPPO’s repair services. Typically, the cars that HPPO sold to the mechanics were older and required too many repairs for HPPO to fix for resale. The mechanics submitted invoices for their services. HPPO reported the invoiced amounts as expenses and also reported the related income.

Is this your introduction to buy here pay here dealers? They pooped up after cash for clunkers killed the supply of low end cash cars satellite location made repos cheaper and easier than before.

On 4chan's /o/ board I've read about the phenomenon of repeated repossessions from people too stupid to understand finances, but I never sought out any official materials on the topic, so I was surprised to stumble across it while browsing random (pseudo-)court opinions.

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