If you're late with your car payments, or in some states, if you don't have adequate auto insurance, your vehicle could be repossessed. 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.Forms of payment accepted include: Cash (exact amounts only); Credit card (Visa, MasterCard, or Discover only). Third-party service fees apply. Complete this form and bring it with the license plates, if any, to any Motor Vehicles office. The Dealer Manual is provided primarily as a reference guide for Motor Vehicle Dealer Board. (MVDB) dealer transactions conducted in the State of Virginia. Repossession occurs when your lender seizes this asset because you defaulted on what you owe. Cars are the most commonly repossessed assets. Very often cars at repossession auctions get sold for less than market value.