If the car is filling with water then the air is compressing and not exhaling or starting with less air (ie yelling and not getting a chance to fully inhale before water covers face) would result in barotrauma. If you held your breath from the surface (example: windows were open and your face was in water on impact) then it would be like a free dive and your lungs would shrink on the way down and come back to normal on the way up.