If your car is financed ( leased / hire purchase / contract hire ) it is unlikely that the finance company will allow more than a few months of missed or partial payments before they take action to reposess their goods.
If your car is wholly owned then should a creditor take court action it may be at risk if bailiffs become involved.
Obviously if your car has significant value it is good to consider downgrading your car to release funds to help clear some of the debts.
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