Can you be charged for a car if you let the car be repoed?

Lets say your financing a brand new car. You owe $25,000 on it and when it gets reposessed you still owe $18,000. The reposession company will sell the car and that gets subtracted from what you owe. Lets say they sell it for $7,500. So they would subtract $7,500 from $18,000 which means when all is said and done, you still owe $11,500 on the car.