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. It's easier and less costly to keep the car than to get it repossessed and try to get it back.Repossessing a car doesn't make the loan go away. Our consumer protection lawyer in Los Angeles answer the most common questions. In California, a vehicle can be repossessed if the borrower fails to meet their loan obligations or fails to make insurance payments. You must receive notice of the sale before the vehicle is sold. Can I finance a car if I had a repossession? The release of liability form does not transfer a vehicle out of your name. It's simply a notification to the DMV that the vehicle was sold. Finally, ensure that the form is notarized after completion. imageSign.