They can easily raise debt, but it will still be a liability on their balance sheet and they will have to pay it back. What if the stock price falls by the tim

They can easily raise debt, but it will still be a liability on their balance sheet and they will have to pay it back. What if the stock price falls by the time they have to re-pay the loan? What if free cash flow dries up (as most of it comes from selling credits, not cars)? You’re assumptions paper over the risks/liability of debt while also assuming the stock price stays at today’s level (or keeps rising).