This page will provide an overview of California's Repossession Laws and what you should know if you've fallen behind on car payments. A Certificate of Repossession (REG 119) form.Repossession and transfer fees, if the repossessor is not the registered owner. 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. California law permits cars to be repossessed after one late or missed loan payment. Cars may be repossessed after missed insurance payments as well. Unlike some other states, California does not require the finance company to notify you before they repossess your vehicle. So, items you purchased with a credit card can't be repossessed. Creditors Can't Repossess Property Named as Collateral in an Unenforceable Contract.