Where is the car after repossession?

It depends, but as a general rule, the finance company that repossed it will keep possession of it, either on their own lot or at an auto auction for a certain number of days (usually 30-60) unless you pay the balance to get it back. After that, they will send sell it at auction and you will owe any deficiency balance. In other Words, if the balance on the car is $7000 and it sells at auction for $5000, you will still owe $2000 to the finance company.