If you car is repossessed it will be shown on your credit. So when you go and try to find someone to refinance you another car they will see what you have done. So either, A; They laugh and say "What makes us think you will make payments with us if you couldn't with that other company?" B: Sure but your interest rate is going to be 21% and you need half down for the car.......Best to just get you old car out of impound.
If your car has been repossessed it makes your credit record look bad. The repossession is shown and it can take you up to seven years to get another loan or credit. It's advisable to avoid the repo man's fees. Check out www.leaseguide.com.