Repossession of Property Financing occurs when you buy property (a vehicle, mobile home or furniture) but do not pay the entire sales price at once. This page will provide an overview of Arizona's Repossession Laws and what you should know if you've fallen behind on car payments.How do I fill this out? Abandoned Vehicle Application, 46-4402, For any person having possession of an abandoned vehicle to submit an application to MVD. 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. Proof that the person acting as the company representative is indeed an employee. By completing and submitting this form, the repossessor ensures legal compliance with Vehicle and Traffic Law Section 425. You have signed a contract and the bank will hold you to it. Use the Repossession Processing window to record the repossession status of vehicles. Most reputable dealers facilitate financial agreements between you and a lending institution.