You damaged the car you are liable. They can make you pay and if you don't you will be brought to court and lose big. If you have full coverage on your cobalt they can even contact your ins company and get their money from them.

Why would you try to screw somebody over when you caused the problem by damaging the car and not being able to get a loan on a mustang.

I hope they break your headlight and bumper on your cobalt. And call it even.