Complete this form and bring it with the license plates, if any, to any Motor Vehicles office. The following are guidelines to help you formulate a repossession policy for the credit union to follow.The lender or leaseholder can repossess the car even if you are only a few weeks behind in your payments and even without any notice to you. You can still purchase another vehicle while it shows on your report but you will not qualify for tiers 0, 1 or 2 interest rates on a new loan. There are several options available, including voluntary surrender, loan reinstatement, or repossession and liquidation of the collateral on a delinquent loan. Can a credit card company repossess the bedroom furniture I charged? 7. A creditor is threatening repossession. How it impacts your credit; Deciding between voluntary and involuntary repossession. 1. Initiating Repossession: This form is used when initiating the repossession process. You'll avoid the costs of repossession and a negative entry on your credit report.