What will happen to me? Will I get in Trouble?Question: My car repossessed for late payment and I don't have insurance on the car as of now. I have made my payment to release my car. The Consumer Protection Lawyer can help with your repossession issue where the bank placed insurance on your vehicle without your knowledge. You can also file a complaint with your state attorney general or consumer protection office . How a repossession affects your credit. Call the prior lienholder and request a copy of the affidavit of repossession. To file a claim for benefits on credit insurance, ask your lender for a claim form and instructions on how to complete. DEBTOR. Get a receipt from the towing company, then cancel the insurance.