What Happens To The Loan If Car Is Reposed?

You still have to pay the loan you owe otherwise you will receive bad credit

When the bank repossess the car they will turn around and sell it for as much as they can get.  If you owed $5K and they sell the car for $4K you will still owe them $1,000 and if you don't pay they will report it to the credit bureau.  This will effectively ruin your life as you won't be able to buy things for descent rates for years to come.  Also many employers now look at your credit rating before they will hire you.  They have discovered that people who are deadbeats in their personal lives are often deadbeats on the job as well.

My advice: Get a second job and make your payments! Otherwise wash up your apron and man your grill, them burgers need flipping!