You can sell it. Just call the finance company and see what the cash pay-off amount (the minimum cash amount that they will accept in order to give you the title free and clear) is. Sell the car for an amount equal to or more than the cash pay-off amount. Take the cash to the loan company and pay off the car. Get a clear title from the loan company and give it to the buyer.
If you have not been able to sell the vehicle, or don't want to bother, consider other options.
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.
No. You are the primary borrower, and it will be entered as a repo. on your credit report.
No, because you have your own separate credit report.
Normally your credit is ruined for 7 years.
A motorcycle that was paid for on a credit card can not be repossessed considering the credit card company paid the dealer. You must pay the card company back though or they can take you to court.
It has the same effect on the credit.
When people would buy expensive things on credit, and then buy more expensive things on credit, when the bill came around they couldn't afford it, and then what had been bought would be repossessed, but oftentimes what had been bought would lose value. thus, causing the great depression
Stays on your credit rating for 7 years. Has a very negative effect.
if you can afford it.