So for 6 years, he had to make a car payment. It didn’t matter if he lost his job or his income or whatever. Every month, that payment had to be made. And if the lender “lost” a payment, they would screw him like the slut he was until he could get it straightened out.
Oh yes they do get lost. It happens all the time. You may use autodraft but that doesn’t keep you from overdrafting. I’m sure your friend is incredibly adept with money but he still couldn’t afford the car he bought. That’s why he had to use the bank’s money.
A payment is called a liability for a reason. There is always risk involved.