Who hasn’t gotten a little behind on bills? Is there anyone who hasn’t made an impulse purchase without figuring out the impact on the budget?

Narrowing the field a bit, let’s talk about automobile enthusiasts. Few professionals are better at getting consumers to opt for bigger and better than car salespeople. Almost every purchaser of a car has walked into a dealership with a specific budget in mind, only to see that budget disappear in a cloud of dust and car exhaust.

If you regret the size of your car payment, it might help to know that you’re not alone. There was another automobile enthusiast who outdid himself at the dealership and walked away with a much heftier payment obligation than yours. Of course, when you are the leader of a nation known for disregarding the rules, you can get away with not paying.

Nearly fifty years ago, Sweden wanted to enhance its automobile industry and increase its global market share. Its Volvo 144 was somewhat plain and boxy in appearance, but it was sturdy and affordable. It was just the sort of vehicle to capture the imagination of Kim Il-sung.

The autocratic leader of North Korea placed an order for 1,000 Volvo 144s. The government of Sweden saw the benefits of this boost to the economy and guaranteed payment to Volvo. The manufacturer was delighted and rushed the cars into production. As soon as they were ready, Volvo shipped the fleet of shiny new autos to North Korea, along with a bill for $131 million USD.

That was 1974. While many of the Volvos are still visible on the streets of North Korea, there is one thing that has never been seen: any payments of the bill.

For nearly half a century, Swedish authorities have been sending invoices to North Korea every six months, politely reminding the Hermit Kingdom of its contractual obligations. With interest and late fees, the unpaid debt has risen to over $314 million USD.

Since North Korea shows no intention of paying for the cars, this ill-fated transaction has been labeled as the biggest car theft in history — just one more of the dubious honors that makes up the magic that is North Korea.

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