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. Subsections (b) and (c) detail the options the holder of a retail installment contract has as to notice to the buyer regarding repossession. The car is the collateral for the loan, and you give the lender a security interest in the vehicle. 126) and defendant's motion for complete or, in the alternative, partial summary judgment (Doc. 146). If you get behind on your car payments or don't have auto insurance, the loan company can take your car. If you miss a payment or default on your contract in any way, such as letting your insurance coverage lapse, your creditor has the right to repossess your car. Understanding Nevada repossession law can help protect your property. When Can a Creditor Repossess Property in Nevada?