to write a letter explaning derogotory item on credit report?

Can anyone help me? My fiance and I are trying to buy a house. The lenders need a letter explaining a voluntary repossession of a vehicle from five years ago. What is it the lenders are looking for (accountability, explanation..) I'm realy having a hard time gettting started, any advise would be helpful. Thanks!
Update: We paid it off, we debt free now, but we still have to explain ourselves
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