Credit Union is authorized to accept applications and assignments of. Contracts from any person holding him or herself out to be a representative of Dealer.This guide explains how the repossession process works in Colorado and what you can do if you're facing repossession in the Centennial State. Question: How long does it take for an auto lender to repossess a vehicle after missed payment or defaulting on contract terms? The following are guidelines to help you formulate a repossession policy for the credit union to follow. To schedule an appointment call 803-326-1860. View current repossessions, request more information and submit offers. Credit Unions usually repo vehicles unless a reaffirmation agreement is signed and that they cannot repo until the automatic stay is lifted. The accounting for assets acquired in liquidation can be applied to both repossessions and foreclosures, whether voluntary or involuntary. Select the applicable "Method of Repossession" and attach any required documentation, if applicable.