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.Repossession occurs when your lender seizes this asset because you defaulted on what you owe. Cars are the most commonly repossessed assets. The lender must give you 15 days advance written notice (from when you receive it) to pay them the money you owe. What rights do you have when your car is being repossessed? 1. Initiating Repossession: This form is used when initiating the repossession process. A notarized affidavit of repossession. A lien release letter or a release on title. Repossession Checklist - Free download as PDF File (.