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.Repossession of motor vehicle or motorcycle; garageman's lien; notice to police. 1. These forms outline the steps they can take when a borrower defaults. 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. Lienholder Name. Owner. Settlement of a lien or mortgage on said vehicle. Repossessing Lienholder: Name: Lienholder ID: Daytime Phone Number: Lender's Federal Employer Identification Number (FEIN). or,. 1. Enter the lienholder's name and address. A Copy of letter from the repossessing lender notifying the second lien holder of the intent to repossess.