How to setup PyCharm Settings Repository

I'm trying to setup a Settings Repository in PyCharm, but I'm running into some issues. Basically I want to save a setting to the repository, and then pull that change. I don't want any time anyone makes any modifications to their local area for that to affect the repo. I am on windows using git. Here is what I did:

1. Create directory at C:\foo

2. Export settings file File | Export Settings... -> Select all -> C:\foo\settings.jar

3. Create git repo at C:\foo using MINGW64. cd C:\foo -> git init

4. Add settings to git repo. git add . -> git commit -m "bar"

5. Setup Settings Repository Settings | Tools | Settings Repository | + -> C:\foo

6. ...? File | Settings Repository -> Overwrite Remote

At this point to my knowledge the repository is setup. Now I try making a local modification, and pull what was stored in the repo.

7. Change something locally -> Settings | Tools | External tools -> delete something

8. Restart (since Auto Sync is turned on by default).

When PyCharm starts up again, EVERYTHING goes away as if I never had PyCharm settings. I was able to eventually revert things back because I had backups of my settings.jar file.

Does anyone have any idea of what I'm doing wrong here?