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It is called a hit and run which is a crime. After they finally ID you they will cite you for the accident, take you to court for the hit and run, and may take away your licence. Your car insurance will go up and if you are lucky they won't drop you for it totally. If another person was hurt then that can also be a problem. Of course, you will have to pay for any damages to the other car and medical expenses for the driver.
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