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They old creditor cannot reposess your new car, however, if you have a co-signer and you fail to make the payments, then your co-signer would be responsible for picking up the tab.
Also be aware that the new car loan will appear on both your credit report and your co-signer's so any late payments will reflect on the co-signer's credit.
*IMPORTANT NOTE* The monthly payment obligation will always be counted against the co-signer for any future loans the co signer will apply for. To prevent this, make sure that you pay your new car loan with a check from your own personal bank account directly to the creditor. Make sure that this bank account is not a joint bank account with the creditor--and that it is in just your name. That way if your co-signer applies for a new loan later and they "ding" him/her for your car payment, the co-signer can show that you were the one that's actually been paying for the car. Paying it this way will also establish your credit.
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