Unless the credt card company is the lienholder on your vehicle, no.
Your debt is then written off as the car covers the cost of the debt.
credit card
An example of unsecured debt is a credit card balance that is not backed by collateral like a house or car.
When credit cards are considered secured debt, it means that the credit card company can seize and sell the collateral (such as a house or car) if the cardholder fails to repay the debt. This can have serious consequences for the cardholder, as they risk losing their valuable assets if they are unable to make payments on their credit card.
Credit life insurance on a car loan can provide benefits such as paying off the loan in case of the borrower's death, protecting the borrower's family from financial burden, and ensuring the car is not repossessed due to unpaid debt.
Yes, you still own the debt.
Your debt is then written off as the car covers the cost of the debt.
credit card
NO. Only a lender with a lien on your vehicle has the legal authority to repossess it.
YES! It will lower your FICO score a lot!!
An example of unsecured debt is a credit card balance that is not backed by collateral like a house or car.
Yes. A car can be taken for a credit card debt if the creditor sues you in court, is successful and obtains a judgment lien. The creditor can use that judgment lien to take any property you own including your home and your car and your bank account.
No, because you have your own separate credit report.
Normally your credit is ruined for 7 years.
When credit cards are considered secured debt, it means that the credit card company can seize and sell the collateral (such as a house or car) if the cardholder fails to repay the debt. This can have serious consequences for the cardholder, as they risk losing their valuable assets if they are unable to make payments on their credit card.
A credit card company can sue someone for defaulting on debt. When they do this, they can be awarded a judgment. If the debtor has assets, such as a car or checking account, then they can be awarded those things. For property, usually the items are auctioned so that the collection agency (credit card company) can get the cash. If the person is deceased, you may be able to transfer ownership of the car before the credit card company tries to take it. Unless you are listed on the debt as a joint account owner, you are not liable for it. the FDCPA spells out your rights in terms of debt collection.
A credit card company can sue you and receive a judgment in court demanding you repay your debt, but they can't take your car (or any other property) or put you in jail. Check out the Fair Debt Collection Practices Act for your rights as a consumer.