What happens when your car gets repossessed? See your options for best handling this situation and how to avoid it in the first place.These voluntary industry agreements are used to facilitate settlements and reduce or eliminate legal fees and court costs. Learn what a repo car is and how repossession works. Understand the implications for buyers and owners with BrokerLink's clear guidance. These FAQs are provided for information purposes only and should not be relied upon as legal, financial or other professional advice. This form contains the basic terms and language that should be included in similar agreements. ❑ Both the creditor and agency must sign the service agreement. ❑. The lessor's notice and the lessee's response must be given within the deadlines indicated in the table below. You should use this form when engaging a repossession agency to recover a vehicle on behalf of a creditor.