The lender can still hold you responsible for the deficiency between what you owed on the car and what it sold for, plus the costs of picking the car up and the sale itself. Once that sale is completed, the deficiency balance will be reported to the credit reporting agencies, and it will show up should you try to finance another vehicle. So your effort to provide yourself with a new vehicle using a subprime loan might end up with you owing on that car and still having no vehicle in your possession.