I certify that I, or the firm, company, or corporation I am authorized to represent, am the legal owner within the meaning of California Vehicle Code. The total processing time for a company application is approximately 4 months provided the application is complete and contains no deficiencies.Edit, sign, and share repossession online. No need to install software, just go to DocHub, and sign up instantly and for free. Upon filing, you will fill out a form titled the Statement of Intention for Individuals Filing Under Chapter 7. Repossession is lawful only when the written contract for the purchase or lease of the vehicle states that the creditor has the right to repossess the vehicle. This page will provide an overview of California's Repossession Laws and what you should know if you've fallen behind on car payments. Under California law, your lender can repossess your vehicle the instant you default on your loan terms. When you borrowed the money to buy the car, the bank asked you to sign an agreement called a Note. If you don't reach an agreement, your lender may demand that you return the car.