Normally your credit is ruined for 7 years.
if i get my car repossessed, can they put a llien on the house?
You loose your car...
Your credit is severely damaged. Stays on your credit report for 7 years. Don't let this happen. Contact the lender and work something out.
No, because you have your own separate credit report.
It has the same effect on the credit.
If you are in default (for any reason) they have the right to seize the asset (car)
The person or persons names that appear on the loan contract.
By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.
You can buy a car right after your car has been repossessed. It will however, depend on whether your credit is stable enough to qualify or if you have the cash to pay out of pocket.