Happened to my friend the other day: he lost 8 cars and had them replaced by the intro car for the deleted character.
Aside from money they don't share anything. Shitty system imo, especially since you can't really change your appearance post lvl 6. I'd be fine with it if things weren't locked by rank and were instead locked by money.
Annoying. What's the reason you can't change appearance past level 6? Seems dumb.