Repossession Affidavit. Lienholders use this form to report repossession of a vehicle or vessel.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. The lender must sell, lease, or otherwise dispose of the vehicle, unless you sign a statement after the default allowing the lender to keep the vehicle in full. Repossession is when a lender takes back property that was used as collateral for a loan. Washington has two state debt collection laws: the Washington Collection Agency Act (CAA) and the Washington Consumer Protection Act (CPA). Follow the instructions for completing form 6781 for the loss year to make this election. Voluntary repossession is when you return a car you can't afford to the lender. Continental airlines credit car repossession in washington state cards are issued by. Discover convenient banking solutions at iQ Credit Union.