Thread: Loans?
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Old 10-22-2012, 08:47 PM
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Pietro Pietro is offline
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Join Date: Apr 2006
Location: The Garden State
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Originally Posted by larryinalabama View Post
If you go finance all new equiptment and dont make the payments, the bank will take it back and sell it for 1/3 of what you paid for it adn sue you for the rest of the balance on the loan plus a whole lot of fees and they will WIN THE LAWSUITE. No one but the signer on a loan is taking a risk, you will pay the money back one way or another. If you think you can screw over banks I can assure you that they have the "courts" on their side and have far better lawyers than you can get.

On the other hand if you pay cash on equiptment thats a good deal if you have too sell it you can make money!

actually, if you defalt, they can go after you...and repo the machines. But. If you sold the machines and filed for bankruptcy...there isnt much the bank can do other than deny you loans in the future. Once youre bankrupt, youre bankrupt. They cant sue you for something you dont have. However, I dont advise anyone to do this.
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