Repossession occurs when your lender seizes this asset because you defaulted on what you owe. Cars are the most commonly repossessed assets.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. 1. Enter the lienholder's name and address. If you don't make your car payments on time, your lender might have the right to take your car without going to court or telling you first. The following is a list of some documents that may be recorded if they meet all requirements, and a description or definition of each document. Our KEYS Program does look at all applicants' credit reports but understands that many applicants have had difficulties in the past with credit issues.