This page will provide an overview of Arizona's Repossession Laws and what you should know if you've fallen behind on car payments. 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.Edit, sign, and share az repossession online. No need to install software, just go to DocHub, and sign up instantly and for free. In order for the debt to be completely valid and collectible, the loan company must send you "The Article 9 Letters". Looking for court forms or information about representing yourself in a court case? A valid Driver License. Even if you successfully complete a voluntary repossession, the payments you missed on the auto loan will still appear on your credit report. Take the necessary steps to avoid incurring negative items in the future. If you've stopped paying your creditors for unpaid debts, they will likely report your account as a charge-off after four to six months of non-payment.