I'm assuming it was already charged off? Are they coming to get the car?
Basically what's going to happen is they should repo the car and sell it at auction. The repo, towing, storage, and auction fees will be added to the amount owed and then they'll subtract what it sells for. At that point, it will act like any other charge off. They'll try to collect, hire someone to collect, or sell the debt. If sold, a collection agency will start reporting it on your credit so that you have 2 negatives accounts for the same debt. Somewhere along the line, the original creditors, or CA may try suing you.
As for a new car, stick with Toyota, Lexus, or Honda as they tend to be most reliable. Typical repairs depending on mileage are oil leaks, control arms, ball joints, or sensors. You'll want to have a pre-purchase inspection done as something like control arms can cost $800-4300 depending on car and whether you get it repaired at a dealership.
