Originally Posted by CL&T
Example: a person bought a car or a truck for instance and couldn't keep up the payments. They sell it to pay off the loan or the person who buys it assumes the loan. Ok, depending on what the vehicle is worth at the time maybe they had to kick in a few bucks but it wasn't the end of the world and the bank didn't send the storm troopers out to get them and their children. Hopefully they learned from the experience.
You sir are the one who needs to learn about the real world and lose the ignorance. If being debt free makes you feel warm and fuzzy that's your personal choice. But making the blanket statement as fact that debt will ruin your business just illustrates your ignorance.
Wrong again. Bank will not allow the sale of a car that has an outstanding loan unless the 2nd buyer can satisfy the original loan. There is no automatic assuming of the original loan by the 2nd buyer.
The bank will come after what ever they recovered on what they sold the repo'd car and will come after any part of the outstanding loan that the repo sale did not cover from the original buyer.
Then you gloss over how getting loans at low interest rates will be gone for a very long time. Making borrowing even more expensive.