Any type of monetary loan agreement you enter into makes you liable to the terms you signed on for. The car being repossessed is not a good thing. More than likely they will report you to the 3 top credit agencies and a mark will be on there in a number depiction to indicate how many times, months and amount defaulted on. You will likely have problems getting decent credit in the future with low rates and dont be surprised if your turned down for any credit, either. Well, this is my advice, create a budget for your finances, stick to it, live within your means, pay for items cash so you dont create more credit and see if there are any seminars in your area for financial planning or how to live moderately.
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.
Stays on your credit rating for 7 years. Has a very negative effect.
Goes on your credit as a repossession.
Only if the dealer reports it to the credit bureaus.
If your name was on the note, yes.
Yes it can and will effect your credit
A car reposession will leave a major black spot on your credit rating for 7 years.
Unless the credt card company is the lienholder on your vehicle, no.
Possibly up to 7 years.
Yes.
You end up with HORRIBLE credit if you don't pay your bills and you let your possessions get repossessed.