There are quite a few demos out there on using the stencil buffer to do things like create reflections or shadow volumes. Some good resources are flipcode.com, gamedev.net, and gamasutra.com. Here's a link from google that describes using stenciling to create a reflection...
http://www.opengl.org/developers/code/mjktips/Reflect.htmlThe concept should be the same for creating a rear-view mirror: instead of using the floor as the reflection-area, you would define a polygon that represents the area of the screen that you want to draw into; and you wouldn't just draw a reflection of the current scene, but rather the scene from the rear of the car.
Sean