Complete this form and bring it with the license plates, if any, to any Motor Vehicles office. The MV-327 form serves as a crucial document for the repossession of a motor vehicle or motorcycle, outlining the steps a repossessor must take.NOPE. The repo company may tell you or demand you exit the vehicle but they can not take the car with you inside of it. I sold my car, what do I do? The lender or leaseholder can repossess the car even if you are only a few weeks behind in your payments and even without any notice to you. As previously set forth, there is no notice required under most circumstances prior to the finance company retaking possession of this vehicle. A copy of your dated out-of-state registration. REPOSESSION: A dated letter from the bank or repossession company. When you take out a car loan, you're essentially agreeing that if you stop making payments, the lender has the right to repossess the vehicle. The same "get out of jail free" card would not apply to the purchase of vehicles.