We base this on the repossession of the vehicle or vessel. Date and place (city or county) signed.Signing this form, and tendering any coverage charge payment, does not bind the insurance company to complete the insurance. You have the right to redeem the repossessed item up until it is sold or within 21 days of receiving notice that the creditor is going to keep it. Use the Repossession Affidavit template to create a document without hassle and in minutes. -In recognition of the New Year's Day holiday, all DC DMV locations will be closed on Wednesday, January 1, 2025. If you get behind on your car payments or don't have auto insurance, the loan company can take your car. This is called vehicle repossession. Limited liability company form. Repossession contractors deal in a line of work that involves unpredictable risk and varying degrees of volatility.