It depends upon a few factors.
If the person drove the car with your knowledge and consent, was At Fault for the collision, caused damage that exceeds a statutory minimum, and fails to pay the damages, that person's license and tags, and yours, will probably be suspended for a period of time. The rules and potential penalties for this are generally outlined in your State's Financial Responsibility Law. This may occur even without a judgment.
If the person took the car without your expressed or implied consent, you should lay the groundwork for that defense. This is because in many States, motor vehicles are considered to be "dangerous instrumentalities", such that consent is presumed.
If there was liability insurance on the car at the time of the collision, the insurer should be immediately notified of the collision. If the driver was named on the policy as a permitted user, all other things being equal, the insurer should defend or pay the claim. If the driver was not named on the policy, or if a car other than the one involved was insured on the policy, the insurer may deny coverage. In all events, report the collision to the insurer so that it cannot use "late report" or "failure to cooperate" as an additional defense to coverage. If you are sued, be sure to get the suit papers to the insurer ASAP.
If there was no insurance, you may be sued for the damage caused by the collision. The amount in controversy will determine the court in which you are sued. If you lose at trial and a judgment is entered, there can be implications for your credit. Additionally, your license and tags can be suspended under the Financial Responsibility Law as described above. If your State adheres to a "joint and several liability" theory, both you and the driver can be sued, however, the claimant can collect only once--from either or some combination of the two of you.
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