I think that George would get sued by the bicycle seller, or the seller will ask for it back, and give george some of his money back.
I think that if george goes to court, he either will be given more time to pay the bike off, or he will lose the bike and get a small percentage of his money back, since he used it.
I think that if george gave the bike back, he would get some of his money in return. because he used it most of the summer, and it (probably) wasnt as used before he bought the bike.
I hope this helped, and no need to venmo me, just trying to help people out. I know times are tough right now in quarantine so have a good rest of your day :)