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. A Chapter 7 bankruptcy can stop a vehicle repossession if you aren't too far behind on payments to catch up within a few months and your vehicle is exempt.The Arizona Repossession Affidavit form, officially known as form 48-0902, is a crucial document used in the repossession process. This page will provide an overview of Arizona's Repossession Laws and what you should know if you've fallen behind on car payments. We will finance you even if you have a prior repossession. You can fill in the numbers of what your car is worth and come to a decent estimate of what you may owe. Any equity you have more than that in a financed vehicle will not be protected in an Arizona Chapter 7 bankruptcy. After repossessing your car, the loan company is usually required to send you some sort of notice of repossession form. There's something else that the other answers haven't addressed: Time. As in, the time it takes to process a vehicle.