This form must be completed when a vehicle is repossessed. All fields are required to be completed.Edit, sign, and share repossession hold harmless agreement pdf online. No need to install software, just go to DocHub, and sign up instantly and for free. This page will provide an overview of Illinois' Repossession Laws and what you should know if you've fallen behind on car payments. In Illinois, a vehicle can be repossessed after just one missed payment. Lenders are allowed to seize your car as soon as you default on the loan terms. The security interest identified in the contract will legally allow you to repossess the vehicle as collateral. Repossession (attach copy of Repossession Letter). Of course you can repo the car.