No. INSTRUCTIONS > Lenders must complete boxes. If Lender is selling vehicle, Purchaser information is required in boxes. BORROWER. LENDER.Complete this form and bring it with the license plates, if any, to any Motor Vehicles office. Verify that the credit union has proper documentation securing your interest in the vehicle, manufactured home, or boat. A written agreement provides a clearer path for repossession because it's concrete evidence of the sale terms. The creditor can determine whether to sell the vehicle at a public auction or private sale. As for the mechanics of repossession, I think it would depend upon the state. But in New York, your car is up for repossession as soon as you're in default. Repossession in the arbitration agreement is excisable because it might be contrary to. If you do reach an agreement, ask the creditor to send it to you in writing.