Complete this form and bring it with the license plates, if any, to any Motor Vehicles office. Learn more about New York's repossession laws, what New York repo agents can and cannot do, and what happens after the car is taken away.The following are guidelines to help you formulate a repossession policy for the credit union to follow. If you don't make your car payments on time, your lender might have the right to take your car without going to court or telling you first. The MV-327 form serves as a crucial document for the repossession of a motor vehicle or motorcycle, outlining the steps a repossessor must take. This title will officially establish your ownership rights to the repossessed vehicle. In the agreement the lending institution stipulates the amount of the loan, the interest, payment schedule and length of the loan. Personal property in a repossessed automobile. The creditor can determine whether to sell the vehicle at a public auction or private sale. You should use this form when engaging a repossession agency to recover a vehicle on behalf of a creditor.