"remaining balance" as in what you are behind OR the remaining balance due on the loan??
The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.
In the state of Michigan, if you probation or parole fees have not been paid by your release date, you will be released from parole or probation, but the remaining balance will be turned over for collections, and regular collections procedures will begin.
Because all employment benefits are paid from a state unemployment fund, the balance is reserved for any remaining claims.
They burn it
The lender will sell the vehicle and you are responsible for the deficency. They will sue you for the balance left on the loan after the sale of the vehicle. The court will order you to pay and they can garnishee your wages.
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
If the finance company has sold it, you have you answer. How can you be so stupid?
The company physically takes possession of the car. They sell the car, and apply the sale price to the outstanding loan. You are then responsible for the remaining balance.
Your credit is shot to hell, you have no car, and you probably have to pay the remaining balance of whatever you owe minus the value of the car they took back.
Then you have to balance it. If it does not balance it cannot exist. Equations in chemistry have to balance.
You can be sued for the amount owed. Pursuant to that, you could have your wages garnished or be arrested for contempt if a judgment is placed against you and you refuse to pay.