I certify that I, or the firm, company, or corporation I am authorized to represent, am the legal owner within the meaning of California Vehicle Code. This page will provide an overview of California's Repossession Laws and what you should know if you've fallen behind on car payments.The total processing time for a company application is approximately 4 months provided the application is complete and contains no deficiencies. If you get behind on your car payments or don't have auto insurance, the loan company can take your car. This is called vehicle repossession. Who needs to fill out this form? Lenders, auction houses, and individuals involved in vehicle repossession must complete this form. California law permits cars to be repossessed after one late or missed loan payment. Cars may be repossessed after missed insurance payments as well. Must a person operating a storage facility accept credit cards for the release of impounded vehicles?