For a lienholder to certify that a vehicle has been legally repossessed. The Arizona Repossession Affidavit form, officially known as form 48-0902, is a crucial document used in the repossession process.Any personal property left in the repossessed vehicle will be held for thirty (30) days from the date of the mailing of this notice. Example Wording of Third Party Release Letter: "I (Your Name Goes Here), authorize the release of my vehicle a (Vehicle Description goes here) Repossession of Property Financing occurs when you buy property (a vehicle, mobile home or furniture) but do not pay the entire sales price at once. For example, if you don't carry the required insurance coverage on your car, you may be in default of the loan terms. If the creditor has a secured interest in the vehicle, they have the right to conduct a repossession once the consumer enters into default. Was the sale handled in a commercially reasonable manner, e.g. , advertising for bids, contacting various dealers, etc.? Repo's Allowed: Yes, As per UCC, repossession allowed without committing a breach of the peace.
