Faster than ever wrote:
It is illegal. It is a breach of contract. If the bank knows that you are a millionaire but just walked away from your contract, they will take you to court and win.
It’s a civil debt, but it’s not illegal. You can’t get arrested for defaulting on a car loan. Sure, the bank can sue you but they won’t. It costs way more to sue someone than they will lose on the car.
Sure, maybe walking away from a Bugatti would be an extreme case but nobody is going to court for a Nissan Maxima.