Please see link below for details. I dont want to explain too much here. This is an idea Devon had that I am also behind.

http://www.g35driver.com/forums/showthread.php?t=101401

 

Is this some sort of pyramid or ponzi scheme???

 

go go

I heard John is buying a house and needs money

im in

 

it's a pyramid scheme. he wants all active NGC member's to get naked, drive out to his house for his pants party and form a sweaty man pyramid on his living room floor

 

ahaha, I knew it was a scam. um...can I get my money back John?


~Khoa

 

its a scheme to get you all naked for pictures.

 

It's basically a no intrest loan on money that would have taken you a year to save. Benifet is to the person who waits the longest. Since SO many of us buy stuff for our cars (well except Porea, he buys then sells at a discount???) 1 person a month could get a much more expensive toy instead of waiting the time to save that money. AGAIN, it would be only a few of us (can't trust all of you) that would take up this deal. But, even 45 people at say $20 a head, that's $80 more then you started with.

 

Dude its a pyramid scheme and someone gets screwed when it ends. Its a classic example. Thats not gonna fly.

 

How would you get screwed if you are the one that let them in to begin with?

I TRUST some people, others I like. If I trust you, I would trust you with money. No one gets screwed. That's another reason it's voluntary.....don't do it if your scared.

 

yeah seriously man, you are takin this the wrong way. We already have 3 members focused on this. We can do it with 3 but not trying to exclude anyone in it.

The numbers can be turned around in many diff ways to benefit everyone in diff ways.

 

I don't have access to the members forum, but from the general descriptions and hints above, it sounds like a monthly pool where each member gets to take home the pool during each rotation.

If so, this is a common practice done amongst many Asians who run cash based businesses. There are obvious benefits to this arrangement, but there are some serious disadvantages to consider.

1. Most of these arrangements are informal. There is no binding contract or legal recourse that forces participants to make the monthly payments. If one guy drops out after bagging his pool, it's an uphill legal battle to recover the money. Not to mention, there may be legality issues with such financial arrangements. So most people who have been jilted don't bother reporting it to authorities. I've heard horror stories within the Asian community involving tens of thousands of dollars. It's "When I find you I'm gonna kill you!" money.

2. The other issue is that this IS borrowed money that will be paid back over time with some interest. Most financial arrangements like this allow a person to reinvest this capital and recoup the interest and make a bigger profit than they could with smaller amounts of their own capital. This sounds like a loss/loss arrangement with the only benefit being that you will have a lump sum of cash to spend on depreciating items such as car parts. Why not just use a 0% or low interest credit card?

I gotta admit, I'm in the same boat as many of you. I got bills to pay and it has taken me two years to slowly save up and waste my $$$ on pleasure inducing shiny car parts. ^_^; I wish I could just take a bone stock car, envison a plan and do a month long "Overhaulin" endgame upgrade to my G. I'd say the only way I'm gonna do this is to be old, filthy rich, and have a lot of free time. So I'm puttin my resume on Monster and try to get my *** paid.

Good Luck!!!

 

I understand completely what you are saying. 0% credit cards are only that low for a limited time and yeah, you can keep dropping one credit card for another but your score will decrease with each new open credit, so yeah, there are plusses and minuses. its just a thought.

 

1. I dont understand why everyone isn't pay the same amount every month

2. If you are saying that you will only allow people who you trust...then I am assuming you already know which one of us you would let in....then why dont you just invite the people who you trust?

 

We are open to more people, it would have to be voted on by the members that are already in.

 

IMO devon, we should just close this and keep this internal. This is causing more pain then it should.